PRESS RELEASE Cannabis Industry’s Largest Private Round to Date Helps Drive Adoption of Sustainable Agricultural Model Structured Around Decentralized Small Farms REDWOOD VALLEY, Calif.–(BUSINESS WIRE)–Flow Kana, the leading sustainable supply chain company and distributor of sungrown cannabis products and services, today announced the completion of a $125 million round of financing – the nation’s largest […]
Banking, Finance & Real Estate
Harvest Health & Recreation Agrees to Acquire California’s Falcon International Corp.
Press Release Acquisition will substantially increase Harvest’s cultivation, manufacturing and distribution capabilities in California, add a suite of brands and augment Harvest’s management team February 14, 2019 08:30 AM Eastern Standard Time PHOENIX–(BUSINESS WIRE)–Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company with one of the largest footprints in the […]
TILT Holdings Reports Preliminary Consolidated Revenue for January 2019 and Fiscal Year 2018
PRESS RELEASE February 14, 2019 08:00 AM Eastern Standard Time CAMBRIDGE, Mass.–(BUSINESS WIRE)–TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTC: SVVTF) today announced preliminary and unaudited pro forma January 2019 gross revenue of US$18.3 million(1). This compares favorably to the Company’s unaudited pro forma 2018 annual gross revenue of US$97.3 million(2). Gross margins […]
Impact of Wayfair on the Cannabis Industry
On June 21, 2018, the United States Supreme Court decided South Dakota v. Wayfair, Inc., 585 U.S. __ (2018). In a 5-4 decision, the Court found in favor of the State of South Dakota and overturned its prior holdings in Quill Corp. v. North Dakota, 504 U.S. 298 (1992) and National Bellas Hess, Inc. v. […]
Cannabis Real Estate Evolution: What you need to consider
By Jacques Santucci The cannabis industry is evolving rapidly and so is your view of the real-estate market From coast to coast, America’s real estate markets are facing considerable shifts due to the advent of the legal cannabis industry, prompting once derelict store fronts and industrial warehouses to skyrocket in price, with competition for precious […]
Congress Taking First Step to Get Weed Companies Bank Accounts
Since marijuana is federally illegal, banks haven’t been able to work with cannabis companies — but a law that could change that is hitting committee this month For the first time since 2011, the Democrats have the majority in the House of Representatives, and it appears that reforming federal marijuana laws is one of their highest […]
Agricultural Sales Tax Exemption and Medical Marijuana
Much has been written about Section 280E of the Internal Revenue Code and how it impacts the cannabis industry. State and local tax issues, however, have received very little attention. The CohnReznick State and Local Tax team is working diligently to identify state tax incentives that could benefit cannabis businesses, as well as potential hazards […]
iAnthus and MPX Bioceutical Announce Closing of Transformational $1.6 Billion Business Combination
PRESS RELEASE iAnthus’ Multistate Operations Expands to 11 States Forming Super-Regional Footprints NEW YORK and TORONTO, Feb. 5, 2019 /CNW/ – iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company“) (CSE: IAN, OTCQX: ITHUF) and MPX Bioceutical Corporation (“MPX“) (CSE: MPX; OTC: MPXEF) are pleased to announce the closing of the previously announced plan of arrangement (the […]
Marketing a Cannabis Company for Sale, Part 2
Step 2: Put Your Team in Place In the series “Marketing a Cannabis Company for Sale,” Dena Jalbert walks through the nuances and intricacies involved in preparing a business for sale in the cannabis industry. This article, “Step 2: Put Your Team in Place,” is part two of a five-part series. After mapping out your strategy […]
Tilray® to Acquire Natura Naturals Holdings Inc. for up to C$70 Million Subject to Performance Milestone
PRESS RELEASE Acquisition increases the Company’s capacity to supply branded cannabis products NANAIMO, B.C. – Tilray, Inc. (“Tilray” or “the Company”) (NASDAQ:TLRY), a global leader in cannabis research, cultivation, production and distribution, today announced it has entered into a definitive agreement (“the Agreement”) pursuant to which Tilray, through a wholly-owned subsidiary, will acquire all of […]
MedMen Releases Preliminary Second Quarter 2019 Systemwide Revenue Results
PRESS RELEASE LOS ANGELES–(BUSINESS WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF) (FSE: A2JM6N) announced today unaudited systemwide revenue for its fiscal 2019 second quarter ended December 29, 2018. Across the Company’s operations in California, Nevada, New York and Arizona, systemwide revenue was US$29.9 million (CA$39.7 million). This represents a 40% quarter-over-quarter […]
Tilray® and Authentic Brands Group Sign Global Revenue Sharing Agreement to Develop and Market Consumer Cannabis Brands
PRESS RELEASE Agreement leverages Tilray’s cannabis expertise and ABG’s extensive portfolio of iconic brands that span the entertainment, fashion, streetwear, active, home and health and wellness sectors NANAIMO, B.C. – Today, Tilray, Inc. (NASDAQ:TLRY), a global pioneer in cannabis production and distribution, and Authentic Brands Group (ABG), an owner of a portfolio of global lifestyle and […]
Aphria Records 63% Net Revenue Growth in Fiscal 2019 Second Quarter; Announces Executive Team Transition
PRESS RELEASE Net revenue of $21.7 million up 63% from prior quarter on initial sales to Canadian adult-use market; adjusted gross profit of $10.2 million To accelerate the production ramp-up post-Health Canada approvals, yields were lowered to build stockpiles for expanded facilities and to implement highly automated cultivation and harvesting Licence applications submitted for […]
Canopy Rivers Announces $80 Million Bank Debt Facility at PharmHouse
PRESS RELEASE TORONTO, Jan. 07, 2019 (GLOBE NEWSWIRE) — Canopy Rivers Inc. (“Canopy Rivers” or the “Company”) (TSXV: RIV) today announced that its 49%-owned joint venture PharmHouse Inc. (“PharmHouse”) has entered into a syndicated credit facility (the “Credit Facility”) with the Bank of Montreal (“BMO”), as agent and lead lender, and with Canadian Imperial Bank […]
Aphria Completes Acquisition of CC Pharma, Leading German Pharmaceutical and Medical Cannabis Distributor
PRESS RELEASE Leamington, Ontario – January 9, 2019 – Aphria Inc. (“Aphria” or the “Company”) (TSX: APH or US OTC: APHQF) today announced that it had completed its previously announced acquisition of CC Pharma GmbH (“CC Pharma”), a leading distributor of pharmaceutical products, including medical cannabis, to more than 13,000 pharmacies in Germany, as well as throughout Europe. The Company continues to strengthen its end-to-end cannabis operations and […]
What Contributions Did the Harborside Tax Court Case Make Towards the Development of Marijuana-related Case Law?
On November 29, 2018, the United States Tax Court (“Tax Court”) handed down a highly-anticipated decision in Patients Mutual Assistance Collective Corporation dba Harborside Health Center v. Commissioner (“Harborside”). The Harborside case involved a dispute over the deductibility of business expenses taken by Harborside Health Center (“Harborside dispensary”), recognized as the largest marijuana dispensary in the […]
Cannabis Investments Nearly Quadrupled in 2018
This year has been a turning point in the maturing marijuana market. Cannabis-related companies raised nearly $13.8 billion so far this year, compared to just $3.5 billion in 2017, according to data from Viridian Capital Advisors, a financial and strategic advisory firm for the cannabis industry. The spike in capital flowing into marijuana businesses in […]
The 2018 Farm Bill – What it Means for Hemp Farmers’ Tax Bill
CPA Covers The Income Tax Implications for Hemp Farms after the new 2018 Farm Bill The Agriculture Improvement Act of 2018 (the 2018 Farm Bill) has officially been signed into law. One of the major components of this legislation of industrial hemp. This blog post will mainly focus on what the tax implications of this legalization and […]
