United States regulators say hemp businesses should not be treated with any more suspicion than other bank customers. The number of banks in the United States willing to lend to hemp producers can be counted on one hand. That is about to change. Federal and state bank regulators announced Tuesday that they were scrapping a […]
Banking, Finance & Real Estate
Wave of European Cannabis Firms to List in 2020, Analyst Says
LONDON — Up to five companies active in the cannabis industry could go public in 2020 in Europe, a continent whose stock markets have largely missed out on the North-American “pot stocks” frenzy, a leading industry analyst said on Thursday. The legalization of cannabis, including for recreational use in Canada and a number of U.S. […]
Halo Announces Planned Purchase of Mendo Distribution and Transportation, An Operating Northern California Cannabis Distributor
PRESS RELEASE Enables Edibles and Finished Goods Manufacturing Not for Distribution to U.S. Newswire Servicers or For Dissemination in the United States All figures USD unless stated otherwise TORONTO–(BUSINESS WIRE)–Halo Labs Inc. (“Halo” or the “Company”) (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce it has executed on an Agreement and Plan of […]
The Pot Stock Bubble Has Burst. Here’s Why
Wall Street’s exuberance over legal weed has quickly curdled into sober reality. In a matter of months, white-hot cannabis companies have flamed out in spectacular fashion. Many have lost two-thirds or more of their value. Widespread legalization has been thwarted. Bank financing has dried up. Deep-pocketed institutional investors remain on the sidelines and old-fashioned black-market […]
MedMen Announces Layoffs and Overall Plan to Achieve Positive EBITDA
PRESS RELEASE LOS ANGELES–(BUSINESS WIRE)–MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) (“MedMen” or the “Company”), a leading cannabis retailer with operations across the U.S., today announced a strategic plan (the “Plan”) to achieve its target of positive EBITDA by the end of calendar year 2020. The 90-day plan will focus on five key objectives: 1) […]
Tilray, Inc. Reports Third Quarter 2019 Financial Results
PRESS RELEASE Revenue Increased 409% to $51.1 (C$67.8) Million in the Third Quarter of 2019 Compared to the Prior Year Period International Medical Revenue Grew More Than Five-Fold Compared to the Prior Year Period NANAIMO, BRITISH COLUMBIA – Tilray, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, […]
Columbia Care to Acquire The Green Solution, Colorado’s Largest Vertically Integrated Cannabis Operator
PRESS RELEASE Combination will bring together best-in-class medical, health & wellness and legalized adult use capabilities and product portfolios Columbia Care to become the leading operator in the $1.6B Colorado cannabis market – with proforma trailing-twelve month revenue of $138M, the combination will expand the Company’s footprint to 74 dispensaries and 19 cultivation/manufacturing facilities November […]
Cannabis stocks fall as Curaleaf becomes latest company to scale back a big acquisition
Altria CFO says tobacco company is happy with its investment in Cronos, touts acquisition of Lord Jones brand Cannabis stocks were mostly lower Thursday, led by Curaleaf Holdings, after the company became the latest to scale back a previously announced acquisition following a massive re-rating of risk in the sector in the past few months. […]
Kraft Heinz’s VC arm leads $23M investment in cannabis startup
Less than a month after announcing a new Denver HQ, cannabis tech startup Flowhub has closed a $23 million Series A. Flowhub is a cannabis retail software company that helps dispensaries by delivering compliance, point of sale, inventory tracking and business intelligence data from a customizable platform. The company processes over $1 billion in cannabis sales annually and […]
Innovative Industrial Properties Acquires Michigan Property and Enters Into Long-Term Lease with LivWell
PRESS RELEASE SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in Warren, Michigan, which comprises approximately 156,000 square feet of industrial space. The […]
One of the biggest deals in the cannabis industry just fell apart. What the MedMen-PharmaCann breakup means for marijuana in Illinois.
When MedMen Enterprises agreed to buy Chicago-based PharmaCann last year, the $682 million deal was one of the biggest in the history of the legal marijuana industry. Now, it’s one of the biggest to fall apart. On Tuesday, the companies announced they were abandoning a transaction that already had been delayed by regulatory hurdles, but MedMen is […]
MedMen Plunges After Scrapping PharmaCann Merger; Marijuana Stocks Slide
California-based marijuana retailer MedMen (OTC:MMNFF) on Tuesday said it would terminate its merger with PharmaCann and appointed a new CFO, killing off a deal that would have made it one of the biggest cannabis companies in the U.S. MedMen stock plummeted, while Canadian marijuana stocks reclaimed gains. The announcement came a little less than a […]
Cresco Labs Announces Closing of Acquisition in New York State
PRESS RELEASE Acquisition Adds One of Only 10 Vertically Integrated Cannabis Business Licenses Issued by the State of New York CHICAGO–(BUSINESS WIRE)– Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that it has closed its acquisition […]
Nearing finish line, fight for cannabis banking bill shifts to the Senate
Advocates are hopeful that a bill that would allow the financial sector to finally serve cannabis businesses could head to President Trump’s desk by the end of the year. The House in a strong bipartisan vote last week passed the Secure and Fair Enforcement (SAFE) Banking Act, which would allow banks and financial institutions to work […]
Commercial Leasing in the Cannabis Age
Cannabis is on fire. And as more and more jurisdictions move to legalize marijuana for medical and/or recreational use, would-be players in the cannabis space are lining up to sign leases on commercial property from which they hope to operate. Which begs the question: do these cannabis-related leases require any unique terms given the nature […]
Colorado’s top federal prosecutor says banks working with marijuana industry have “no carve out” from prosecutions
Colorado’s top federal prosecutor says that he would never tell banks working with legal marijuana businesses in the state that they are devoid of criminal liability. “As federal prosecutors,” Jason Dunn told The Colorado Sun on Tuesday, “we will never tell them that what they are doing is lawful under federal law. There’s always a […]
Cresco Labs Enters Into Sale-and-Leaseback Agreement With Innovative Industrial Properties for Illinois Facilities
PRESS RELEASE CHICAGO–(BUSINESS WIRE)–Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that it has signed a binding agreement to sell its Joliet and Kankakee, Illinois properties to Innovative Industrial Properties, Inc. (“IIP”) for approximately $46.3 million, […]
Marijuana expected to get traction in Senate — as a banking bill
The Senate is poised to take up legislation to boost the nation’s booming cannabis industry, with its backers feeling bullish and selling it as a bill that is more about banking than marijuana. Their confidence follows action in the House on Wednesday, where Democrats and Republicans joined forces to pass an historic bill that would give […]
