Author: Solomon Israel

[ad_1] Massachusetts regulators voted to permit cannabis transport businesses to send only one employee on deliveries, instead of two, in a move that could cut costs for such operators. By a 3-1 vote, the Massachusetts Cannabis Control Commission (CCC) on Thursday agreed to overhaul the state’s marijuana delivery rules by easing the two-person requirement. The rule change has not yet taken effect and requires a formal rewriting of the rules as well as a vote. Delivery operators had complained about the high costs of the so-called “two-agent rule” for marijuana deliveries, Boston TV station WCVB reported. Among states where recreational…

[ad_1] Cannabis industry financial services firm Safe Harbor Financial says it and its partners have provided a $1.17 million loan to a forthcoming Connecticut marijuana retailer operating under the Higher Collective brand. The Higher Collective store planned for Bridgeport is a social equity joint venture, according to a news release. Higher Collective CEO Patrik Jonsson identified the social equity partner as Keanaha in a statement. The Higher Collective website identifies the Bridgeport store owner as Keanaha Abrams. The $1.17 million loan to acquire and build the new store is secured by a first lien on the property. Colorado-based Safe Harbor…

[ad_1] The Oklahoma Medical Marijuana Authority (OMMA) wants to expand its jurisdiction to cover intoxicating hemp-derived products such as delta-8 THC. “There really is a gray area in the law right now in Oklahoma and even in the U.S. since the 2018 Farm Bill was signed,” OMMA Executive Director Adria Berry told Tulsa TV station KOKI. The OMMA plans to ask Oklahoma lawmakers for the power to regulate hemp-derived products. Oklahomans have complained to the regulator about those products, Berry told KOKI. “We have heard from consumers about some issues surrounding intoxicating hemp for a while, but we can’t take…

[ad_1] Shannon O’Brien allegedly made insensitive remarks leading up to her suspension as chair of Massachusetts’ Cannabis Control Commission, court documents show. Until recently, the exact nature of the allegations against O’Brien were unclear. She was suspended with pay in September by Massachusetts Treasurer Deborah Goldberg. O’Brien faced unspecified “serious allegations” and launched a lawsuit over the suspension, although she later dropped that suit after being granted a hearing. According to the court filing, the allegations involved an investigator’s report charging that O’Brien made “racially, ethnically, culturally insensitive statements” and used the word “yellow” to refer to “a person of…

[ad_1] California commercial mortgage broker Venture West Funding arranged a $17.5 million refinance loan for the headquarters of cannabis company Cal Grow. King City, California-based Cal Grow was described in a news release announcing the loan as operating a roughly 400,000-square-foot “fully integrated facility covering cultivation, manufacturing, and distribution.” The $17.5 million in funding was lent by Los Angeles-based Hanmi Bank, a Korean American financial institution. In a statement, Venture West principal Matt Douglas said Hanmi was able “to tailor the ideal loan structure for their client despite the challenges presented by today’s market.” Exact terms of the loan to…

[ad_1] Biotech company 22nd Century Group is selling off its hemp operations in a deal worth $2.25 million as part of an attempt to cut costs. “Substantially all” of the company’s GVB Biopharma division is being sold to Specialty Acquisition Corp., a Nevada business “affiliated with current GVB employees,” 22nd Century said in a Monday news release. The purchase price includes $1 million in cash, and the buyer is issuing a 12%, $1.25 million promissory note. “The company plans to use the proceeds from the sale to further deleverage its balance sheet,” 22nd Century said. The Buffalo, New York-based company…

[ad_1] MJBizCon, the world’s biggest event in the cannabis sector, kicks off Wednesday in Las Vegas as industry leaders wrap up a tough year and hope for positive change in 2024 – particularly, the potential reclassification of marijuana as a less dangerous drug by the U.S. government. As in previous years, the 12th annual MJBizCon attracts cannabis industry decision-makers: 72% of attendees in 2023 are at the vice president level or above. Participants are traveling to the Las Vegas Convention Center from every state in the U.S. and beyond as international attendance has bounced back to pre-pandemic levels. MJBizCon also…

[ad_1] The Toronto Stock Exchange isn’t the only tier one Canadian exchange for U.S. cannabis companies looking to raise capital outside their home turf. A growing number of multistate operators have chosen another tier one exchange, the Toronto-based Cboe Canada exchange, instead of the more junior Canadian Securities Exchange. Cboe (pronounced “see-bow”) Canada was known as the NEO Exchange before its 2022 acquisition by Cboe Global Markets, the parent company of the Chicago Board Options Exchange. These days, Cboe Canada is home to several U.S. marijuana operators: The Cannabist Company Holdings (formerly Columbia Care), Glass House Brands, Gold Flora Corp.…

[ad_1] Marijuana multistate operator Slang Worldwide could be putting itself on the auction block after the company hired outside advisers to launch a strategic review. Toronto-based Slang said it hired PGP Capital Advisors and formed a committee of independent directors to look at strategic alternatives “to maximize shareholder value.” Those options could include “a business combination, sale, divestiture, acquisition or merger that may involve all or part of our business or assets, restructuring, recapitalization, refinancing, or any other strategic transaction,” Slang said in a news release. Slang said it aims to cut “overhead costs associated with being publicly traded” as…

[ad_1] Multistate marijuana operator MariMed mistakenly transferred hundreds of thousands of dollars to a “fraudulent recipient” after receiving a “forged email,” according to the company’s latest quarterly filing with U.S. securities regulators. The fraud revelation comes shortly after the Massachusetts-based MSO’s chief financial officer resigned without explanation, although it is unclear whether the two events are linked. MariMed, which operates in five states, confirmed to MJBizDaily that the lost sum totaled $646,000. “We have nothing further to share other than that our expectation is we will recover lost funds either from the bank or through our cybersecurity insurance policy,” MariMed…

[ad_1] Cannabis multistate operator MariMed secured a new 10-year loan worth $58.7 million, most of which will be used to refinance existing debt at an unspecified lower interest rate. MariMed CEO Jon Levine said the refinancing “will generate significant cash savings.” “Importantly, we are pleased there is no warrant or other equity component resulting in dilution to our shareholders,” Levine said in a Monday statement. MariMed described the new 10-year loan as a construction to permanent commercial real estate mortgage from an unidentified U.S. chartered bank. The company did not disclose the interest rate but said in a news release…

[ad_1] Shawn Collins is resigning Dec. 4 as executive director of Massachusetts’ Cannabis Control Commission, ending months of uncertainty surrounding the agency’s leadership. Acting Chair Ava Callender Concepcion said the agency will find a new executive director and review the role’s job description, according to Springfield TV station WWLP. Confusion surrounded Collins’ status with the CCC in July after former commission Chair Shannon O’Brien announced that Collins had resigned but was later contradicted by the executive director himself. Then, in September, O’Brien was suspended as CCC chair and sued Massachusetts Treasurer Deborah Goldberg over the action. O’Brien later dropped the…