Author: Solomon Israel

[ad_1] Major marijuana multistate operator Columbia Care has a new corporate identity after rebranding as The Cannabist Co. The new corporate name is The Cannabist Company Holdings, the company said in a Tuesday news release. The rebrand comes shortly after the New York-headquartered company and rival MSO Cresco Labs terminated a high-profile merger earlier this year because of “the evolving landscape in the cannabis industry.” The Cannabist Co., which already operated 36 cannabis stores under the Cannabist name, said it “will continue the process of converting its retail portfolio to the Cannabist brand across the country in 2024.” “The rebranding…

[ad_1] Nearly five years after legalizing recreational marijuana at the federal level, Canada is approaching 4,000 regulated cannabis stores spread unevenly across the enormous country, according to data compiled by MJBizDaily. The latest quarterly store tally comes as Canada’s cannabis retail sector continues to transform. Some private-sector retailers are failing, such as major retail chain Fire & Flower, which entered creditor protection in June after years of operating at a loss. Other retail operators, meanwhile, are acquiring: Fika Cannabis successfully bid 36 million Canadian dollars ($26.7 million) for Fire & Flower at a recent auction. Still other retailers have simply…

[ad_1] Cannabis is typically grown in a medium, often a soilless medium such as rockwool or coco coir, or in living soil. Aeroponic cultivation eliminates that growing medium entirely: Exposed, hanging plant roots are misted directly with a solution of water and nutrients. Combined with careful environmental controls, the method can accelerate crop growth. “The speed is basically unbeatable,” said Jim Strain, director of cultivation for Cranbrook, British Columbia-based cannabis producer Dycar Pharmaceuticals. “I’ve done them all side by side, I’ve tried every system, and aeroponics is incredibly vigorous when done right and when the system is healthy.” Aside from…

[ad_1] A Michigan businessman has been sentenced to 28 months in federal prison for bribing a former head of the state’s now-defunct Medical Marihuana Licensing Board (MMLB). John Dalaly bribed Rick Johnson, former chair of the MMLB, with cash and favors including flights to Canada, the Associated Press reported. Johnson also received “thousands of dollars’ worth of commercial sex with a woman in the adult entertainment industry,” according to a court filing quoted by the Detroit Free Press. “In return, Johnson provided an unfair advantage to bribe payers in the form of his favorable vote on license applications, his help…

[ad_1] Consumers spent a record amount on legal marijuana in New Mexico in August, with combined medical and adult-use sales totaling more than $48.2 million. August adult-use sales in the state exceeded $34.7 million, a 1.8% increase over July’s sales total, according to data provided by the Cannabis Control Division (CCD) of New Mexico’s Regulation & Licensing Department. Medical sales totaled more than $13.5 million, a decline of 1.2% from July. Recreational sales have swelled and medical sales have shrunk since New Mexico launched its adult-use market in April 2022. Compared to August 2022, adult-use sales in August grew by…

[ad_1] Hemp-CBD products company Charlotte’s Web Holdings has appointed Bill Morachnick as chief executive and board director, replacing Jacques Tortoroli, who resigned as CEO and from the company’s board. However, Charlotte’s Web rejected the resignations of three other board directors after a withhold campaign by a group of activist shareholders in June, according to a Wednesday news release. Morachnick previously served as president of Santa Fe Reynolds Tobacco International and “led the subsequent integration” of the company after it was acquired by the Japan Tobacco Group. Colorado-based Charlotte’s Web hailed Morachnick in the release as “a proven entrepreneurial professional skilled…

[ad_1] E-commerce platform Leafly Holdings is the latest publicly traded company in the marijuana industry to consolidate its shares to keep its listing on the Nasdaq stock exchange. The share consolidation, effective Tuesday, combined 20 Leafly shares into one. “The primary goal of the reverse stock split is to bring the company into compliance with the minimum bid price requirement for maintaining the listing of its common stock on Nasdaq,” Seattle-based Leafly said in a news release. “There is no guarantee the company will meet the minimum bid price requirement.” The Nasdaq requires listed companies to maintain a bid price…

[ad_1] Connecticut’s regulated marijuana industry has been left with a single licensed testing laboratory after the closure of one of the state’s two authorized labs. New Britain-based AltaSci Laboratories closed in March, the New Haven Register reported. The lab’s closure was not related to any disciplinary action by the state government, a Connecticut Department of Consumer Protection spokesperson told the newspaper. AltaSci’s accreditation from the International Organization for Standardization (ISO) was suspended by the American Association for Laboratory Accreditation for an undisclosed reason in March, according to the Register. Northeast Laboratories, based in Berlin, is now the only laboratory licensed…

[ad_1] With its right hand, Tilray Brands has consolidated a swath of the Canadian cannabis market, most recently buying Hexo Corp. in its quest to grow market share. With its left hand, Tilray has gone on a beverage alcohol acquisition bender in the United States. After several alcohol acquisitions that turned Tilray into one of the largest U.S. craft brewers, the company recently announced an $85 million deal to acquire eight craft beer brands from brewing behemoth Anheuser-Busch InBev. As the dust settles on Tilray’s latest alcohol purchase, a question lingers for investors: Will the company be able to build…

[ad_1] Members of a Native American tribe in North Carolina on Thursday voted to legalize recreational marijuana on their territory. The measure passed by a vote of roughly 2,400 to 1,000, Blue Ridge Public Radio reported. The outcome of the Eastern Band of Cherokee Indians’ referendum allows the EBCI to legalize marijuana possession and use for people at least 21 and requires the tribal government “to develop legislation to regulate the market,” according to the tribe’s election board. “For us, as the EBCI, as a sovereign nation, we are going to move forward with the results of tonight with an…

[ad_1] The parent company of cannabis publication and brand High Times is selling its intellectual property and “18 licensing agreements across various product categories” to publicly traded Lucy Scientific Discovery in an all-stock deal. The intellectual property (IP) will be used for “a stream of high-margin licensing and royalty income from the well-regarded High Times, Cannabis Cup, and 420.com brands,” Lucy Scientific, based in Victoria, British Columbia, said in a news release. Lucy Scientific said it will also license back to Hightimes Holding Corp. “the right to operate retail stores and manufacture and sell THC products in the United States,”…

[ad_1] Marijuana multistate operator Green Thumb Industries is poised to repurchase as much as 5% of its outstanding subordinate voting shares over the course of a year. The Chicago-based MSO will spend up to $50 million on the share buybacks, at its discretion, according to a news release. The buybacks could start Sept. 11. However, Green Thumb management is not obligated to buy the shares if “it has a better use for its cash reserves.” Green Thumb CEO Ben Kovler called the share buybacks “an appropriate tool for creating shareholder value without compromising our growth initiatives.” The plan was underway…