Author: Solomon Israel

[ad_1] Cannabis production technology company Agrify Corp. is being acquired by controlled environment agriculture tech firm Nature’s Miracle Holding in a deal that values Agrify’s equity at roughly $6.3 million. The total value of the deal was not disclosed. Under terms of the transaction, Upland, California-based Nature’s Miracle will issue 0.45 common shares to Agrify shareholders for each Agrify share they own, according to a Wednesday news release. Agrify CEO and board Chair Raymond Chang will become president of Nature’s Miracle’s Agrify division and sit on the company’s board. Additional terms The deal also involves Nature’s Miracle buying $750,000 worth…

[ad_1] Canada’s legal cannabis industry is not getting any excise-tax relief from the Liberal government’s 2024 budget. The budget comes shortly after two separate recommendations to the government proposing reform or review of the cannabis excise-tax structure – one from the House of Commons Standing Committee on Finance and the other from a legislative review of recreational marijuana legalization. Although those recommendations might have raised some hopes within Canada’s legal marijuana sector, insiders told MJBizDaily that the odds of excise-tax reform in this year’s budget were uncertain. Any remaining hopes for a tax cut were dashed when the budget was…

[ad_1] Shareholders of Canadian cannabis company Canopy Growth Corp. have voted in favor of a new exchangeable share structure meant to enable Canopy’s planned entry into the American marijuana market via a U.S.-domiciled holding company, Canopy USA. Canopy shareholders voted 95.5% in favor of the plan during a Friday meeting, according to a Monday news release. The new share structure will allow Canopy to issue “an unlimited number of a new class of non-voting and non-participating exchangeable shares” without voting or dividend rights, which can be converted into common Canopy shares. Acreage, Jetty Wana moves next Canopy USA will then…

[ad_1] Canada’s Liberal government unveils its 2024 budget on Tuesday, and the country’s cannabis industry wants one thing above all: relief from a heavy excise-tax burden. Struggling Canadian cannabis companies have been asking for a tax cut for years now, without success. However, the 2024 budget being released Tuesday afternoon comes soon after two recent developments that offered a shred of hope for tax reform. In a February pre-budget report, the House of Commons Standing Committee on Finance recommended limiting the excise-tax rate to 10%. Not long after, Canada’s long-awaited legislative review of recreational cannabis legalization recommended that the federal…

[ad_1] Oregon Gov. Tina Kotek has signed into law House Bill 4121, extending the state’s moratorium on new marijuana business licenses. An existing pause on new licenses in Oregon had been due to expire this month. The Cannabis Industry Alliance of Oregon had lobbied in favor of the legislation, arguing that too many businesses were competing in the state. The text of the law prohibits the Oregon Liquor and Cannabis Commission from taking new license applications unless certain thresholds are met based on the number of licenses per Oregon residents 21 and older: For production and retail licenses, not more…

[ad_1] California has issued a mandatory recall for cannabis flower branded by celebrity boxer Mike Tyson, citing contamination by aspergillus mold. The April 9 recall from California’s Department of Cannabis Control (DCC) applies to two lots of Tyson Undisputed Cannabis Flower products grown by Humboldt-based Northern Emeralds. It is the 13th recall issued by the DCC so far in 2024 and the ninth recall this year related to aspergillus contamination. The recalled cannabis flower was sold at 20 California retailers. The DCC advised consumers to dispose of the product or return it to the store where it was purchased. Tyson…

[ad_1] Marijuana and produce company Village Farms International is back in compliance with the listing rules of the Nasdaq stock exchange. Meanwhile, Weedmaps parent company WM Technology also on Tuesday reported receiving a notice that the company is out of compliance with Nasdaq rules. The Nasdaq requires listed companies to maintain a minimum bid price of $1 per share. Shares of Vancouver, British Columbia-based Village Farms (VFF) passed that threshold in March. The Nasdaq issued its low-share-price warning to Village Farms in April 2023 and gave the company an extension in October to meet it. Cannabis industry ancillary company WM…

[ad_1] Surrey, the second-biggest city in the Canadian province of British Columbia, will allow legal cannabis stores after unanimous Council approval. The city’s new cannabis retail framework OK’d on Monday will permit two stores for each of Surrey’s six town centers, for a total of 12 stores. City staff had originally proposed six stores but increased the number after public consultations. Surrey will now launch a screening and evaluation process for marijuana retail applicants as well as plans to accept applications during the second quarter of this year. A city manager said the number of stores could potentially be increased…

[ad_1] Canadian cannabis and beverage alcohol company Tilray Brands has lowered its financial guidance, reducing expectations for investors in its third-quarter earnings announcement on Tuesday. Tilray’s previous guidance for fiscal year 2024 of $68 million-$78 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) “is no longer feasible,” chief financial officer Carl Merton said during an earnings call on Tuesday morning. “We have therefore lowered our adjusted EBITDA range to be between $60 (million) and $63 million,” he said. Merton also said Tilray no longer expects to meet its previous guidance of achieving positive adjusted free cash flow for…

[ad_1] Ontario’s cannabis retail regulator, the Alcohol and Gaming Commission of Ontario (AGCO), fined Cannabis Xpress 200,000 Canadian dollars ($147,000) for allegedly violating the province’s anti-inducement law for cannabis retailers. The penalty marks the AGCO’s first-ever fine under the inducement provisions of Ontario’s Cannabis Licence Act, the regulator confirmed. Inducement agreements are akin to “slotting fees” in other retail sectors and involve product makers paying retailers for shelf space and preferential treatment. Cannabis Xpress founder and CEO Chris Jones declined to comment when contacted Monday by MJBizDaily. The AGCO’s enforcement move calls into question a sometimes-controversial revenue stream for some…

[ad_1] Canadian marijuana grower and manufacturer Decibel Cannabis Co. has appointed Benjamin Sze as CEO once again. “Mr. Sze’s transition into the role is expected to be very familiar for both him and the company as Mr. Sze previously served as the CEO of Decibel before resigning in late 2020 to focus on the health of his family,” Decibel said in a Monday statement. Calgary, Alberta-based Decibel announced the retirement of former CEO Paul Wilson in late March. The company also announced at the time that it was selling off its six retail cannabis stores in Alberta and Saskatchewan. Decibel…

[ad_1] Washington, D.C., lawmakers have voted to extend the length of a tax holiday on medical marijuana purchases surrounding 4/20. The bill also extends the validity period for MMJ registration cards and gives the District of Columbia’s cannabis regulator new powers against unlicensed retailers. The tax holiday was originally introduced in 2022. Under the new legislation, the tax holiday will last for an additional four days in 2024, from April 15 through April 28, which could boost transactions at D.C. dispensaries. Medical cannabis sales in Washington, D.C., are ordinarily taxed at 6%. The law will also make MMJ registration cards…