Nevada Approves Early Start Program for Retail Marijuana Sales

Today, the Nevada Tax Commission adopted temporary regulations proposed by the Department of Taxation allowing the state to issue recreational marijuana licenses by July 1, 2017. The ballot measure requires the state to initiate sales by January 1, 2018, but this “early start” program will allow businesses to open six months sooner.

Only medical marijuana establishments that are already in operation can apply to function as recreational retailers during the early start period. The establishments must be in good standing and must pay a…

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Marijuana tech company MJ Freeway nets $3M in financing

A day after winning Pennsylvania’s medical marijuana seed-to-sale tracking contract, MJ Freeway said Friday it has received $3 million in Series B extension financing.

The financing – which comes from existing investors Tao Capital Partners, based in San Francisco, and venture capitalist Roger McNamee – brings to $11 million the amount of money Denver-based MJ Freeway has raised in its Series B round, according to a news release.


MJBizCon
The money will fund market expansion, the company…

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Canadian medical marijuana grower Aphria lands CA$100M

Aphria, one of Canada’s largest licensed medical marijuana producers, announced it has secured 100 million Canadian dollars ($74 million) in financing.

The financing will be used mostly to expand Aphria’s production capacity, which “is expected to supply more than 75,000 (kilograms) of high-quality cannabis at one of the lowest costs in the industry,” CEO Vic Neufield said in the release.

According to the release, CA$75 million of the total funding comes from equity financing, while the remaining CA$25…

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Cannabis banking still unpredictable: Q&A with Colorado Bank Commissioner Chris Myklebust

By John Schroyer

Colorado State Bank Commissioner Chris Myklebust flew to Washington DC in March to meet with a group of state bank regulators.

He also met with U.S. Sen. Cory Gardner, a Colorado Republican, and a staffer for U.S. Rep. Ed Perlmutter, a Colorado Democrat. He brought up cannabis banking, and was encouraged.

Marijuana Business Daily spoke with Myklebust after he returned to Colorado to see what he learned from his trip.

Myklebust estimated that only about five or six financial…

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Three cannabis companies raise over $7 million

It’s money week in the cannabis industry: Three Colorado-based ancillary marijuana companies announced multimillion-dollar capital raises totaling $7.35 million.

BDS Analytics on Monday revealed it had successfully completed a $2.1 million round of fundraising from investors, BizWest reported. The capital influx will be spent on expanding the data analytics firm’s sales and marketing departments.


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On Tuesday, Wurk – a tech company offering a platform that helps cannabis companies…

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Cannabis investment climate warming, but big investors not writing checks

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By Omar Sacirbey

Investor interest in cannabis businesses is growing since the 2016 election, a development that ultimately could lead to more dollars flowing to cash-squeezed marijuana companies.

The growing interest comes after seven states legalized medical or recreational marijuana last November, providing more opportunities for investors.

New investors already are jumping in.

Last week, for instance, a venture capital firm that’s bankrolled non-MJ companies – including the news website…

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BuzzFeed investor leads $3M funding for marijuana tech firm

A cannabis-focused e-commerce platform has netted $3 million in funding from a venture capital firm that has made early investments in several non-marijuana companies, including the popular news website Buzzfeed.


Mirth Provisions
LeafLink, a New York-based wholesale management platform for cannabis businesses, will use the money to expand its B2B platform into newly legal markets, including California, Nevada, and Oregon, the company said in a press release.

Leaflink launched in March 2016 and is live in…

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Nevada medical cannabis licenses fetch almost $2 million

Oregon-based cannabis oil company Golden Leaf Holdings paid $1.925 million to acquire cultivation and extraction licenses from NevWa, a Nevada company that does business as Grassroots.

NevWa’s two licenses allow for distribution and sales in Nevada, including prominent tourist destinations Las Vegas and Reno, according to a news release.


Spring 2017 MJBizCon
Golden Leaf Holdings’ move comes as Nevada is preparing to introduce
recreational marijuana into a state that already has a medical cannabis market.

A preliminary framework for Nevada’s adult-use…

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Pacific Northwest marijuana investment network set to launch

Cannabis-related companies in Alaska, Oregon and Washington seeking capital may find some investors through the Cannabis Investment Network, an organization launching this week that aims to connect marijuana firms with financial backers.

Cannabis Investment Network (CIN) is hoping to serve smaller-scale firms that are looking to raise from $500,000 to $3 million, according to a news release. The self-described “angel group” will function more as a conduit to connect investors with potential investments, instead of…

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Aussie medical cannabis company raises AU$10 million

Australian medical marijuana firm MGC Pharmaceuticals raised 10 million Australian dollars ($7.7 million) to foster development of MMJ products and purchase other companies

According to Business Insider Australia, the medical grade cannabis company will use the funds for clinical trials and research and development involving pharmaceutical-grade MMJ products.


Spring 2017 MJBizCon
The company is also seeking acquisition prospects at home and abroad in the MMJ industry, Business Insider Australia reported.

MGC…

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Cannabis grow-equipment company completes $1M-plus raise

Another Denver-based company connected to the marijuana trade revealed this week it has completed a $1.65 million round of fundraising.

GrowGeneration Corp., an ancillary business that specializes in gardening supplies for commercial and home grows, told the Denver Business Journal it secured the funds in equity financing from Merida Capital Partners, “a cannabis infrastructure fund.”


Spring 2017 MJBizCon
GrowGeneration is the second Denver-based firm this week to announce a capital raise of over $1 million. Baker, a cannabis software business, raised $1.6…

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An industry in flux: Cannabis mergers, acquisitions on the rise

By John Schroyer

Cannabis industry mergers and acquisitions have been on the rise over the past year, and industry watchers say the number of sales and transactions is almost certain to continue as the marijuana trade at large matures.

A few examples from recent months:

  • One of the oldest marijuana dispensaries in Denver was sold to a Colorado chain.
  • The two top-selling recreational marijuana retailers in Washington state went on sale with an initial price tag of $50 million.
  • A 58,000-square-foot MJ…

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Canadian medical cannabis grower added to key stock index

The Canadian cannabis industry has taken another leap toward the mainstream now that Canopy Growth Corp. is being added to the influential S&P/TSX Composite Index.

Canopy, one of Canada’s federally licensed medical marijuana cultivators, will be the country’s first cannabis company to be included in the index’s health care sector, The Globe & Mail reported.

The company, which trades on the Toronto Stock Exchange, will be added to the index prior to the start of trading next Monday.


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New Jersey medical marijuana program doubles patient count

New Jersey’s medical marijuana program saw its patient count nearly double last year, breaking the 10,000 mark for the first time, according to an annual report released by the New Jersey Department of Health.

The jump in patients should be welcome news for New Jersey’s five operating medical marijuana dispensaries, which will likely see an increase in demand. Last year, the dispensaries sold a total of 2,694 pounds of cannabis.


Spring 2017 MJBizCon
New Jersey’s program registered 5,060 new medical marijuana patients in 2016, although 303 of them died and…

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CO Dept. of Revenue Reports $1.3 Billion From Marijuana Industry in 2016

The Colorado Department of Revenue’s announcement that $1.3 billion in regulated marijuana sales took place in calendar year 2016, generating nearly $200 million in state tax revenue. These figures do not include millions of dollars in revenue generated by local taxes on marijuana.

The Cannabist reports:

To put the state’s third year of regulated recreational marijuana sales in perspective, Year One totaled $699.2 million (combined with medical sales) and Year Two jumped up to $996.2 million. The trend should continue in Year Four, but…

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Wall Street takes notice of marijuana: Q&A with cannabis analyst Vivien Azer

By Omar Sacirbey

Vivien Azer, apparently the first cannabis analyst at a mainstream investment bank, is bullish on the marijuana industry.

And her confidence in the market is a significant reflection of how Wall Street views cannabis. Azer is an analyst at Cowen and Co., a New York investment bank founded in 1918.

Her belief in the marijuana industry was reinforced last month when 150-plus investors – including representatives from such prestigious financial institutions as Blackstone Group, Fidelity Investments and Janus Capital Group –…

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Week in Review: Marijuana industry trademarks, cannabis banking & Oregon rec sales

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By Omar Sacirbey, John Schroyer and Bart Schaneman 

A prominent marijuana pipe maker sues to defend its trademark, another state seeks Trump’s guidance on MJ banking, and adult-use cannabis sales continue to drop in Oregon.

Here’s a closer look at some notable developments in the marijuana industry over the past week.

Trademark rights

Roor might be the Gucci of marijuana paraphernalia.

Both the German glass pipe maker and the iconic Italian handbag label purvey high-end products, are counterfeited ruthlessly and have sought aggressively to…

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IL state treasurer asks Trump for clarity on MMJ banking

Illinois’ state treasurer has joined California’s in requesting guidance from the new administration of President Donald Trump on banking regulations regarding its medical marijuana industry.

The California treasurer in December sent a letter to Trump noting that the refusal by many banks to work with state-legal cannabis companies could pose a serious threat to public safety in coming years, as well as create issues related to tax collection.


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Illinois Treasurer Michael Frerichs has voiced similar concerns, the Associated Press…

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Marijuana data firm announces $2.5 million capital raise

One of the cannabis industry’s leading sales data firms announced Wednesday it has secured $2.5 million in private funding to expand its product line.


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Seattle-based Headset, which specializes in business intelligence for marijuana-related companies, revealed that it has partnered with Arizona-based Hypur Ventures, a venture capital fund, and Salveo Capital, an Illinois-based private equity fund, to bolster its services for clients in the cannabis trade.

Headset did not specify what exactly it intends to use the $2.5 million for, but…

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Canadian consumer-oriented marijuana firm raises CA$3 million

A Toronto-based cannabis, coffee and clothing business, Tokyo Smoke, secured 3 million in Canadian dollars ($2.25 million) from investors, claiming it’s the first marijuana-related consumer brand in Canada to raise capital.

The company, which describes itself as a premium cannabis-oriented lifestyle brand, said in a news release that the first-round raise was oversubscribed and that the amount was more than 50% above its initial target.


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Investors hail from Canada, the United States and South America and include Chuck Rifici, co-founder of…

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Report: $740K in sales for NH medical marijuana businesses

New Hampshire’s four fledgling medical marijuana dispensaries racked up a combined $740,000 in sales during their first few months of operation last year, indicating that the companies have a long way to go before breaking even.

The figures, which are included in a new report by the state’s health department, cover sales from the time each dispensary opened last year through Sept. 15. The report also lists how much money each company raised and how much it spent by that date as well.

The sales haul was dwarfed by the $10 million the…

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Top four U.S. banks have had cannabis accounts, study shows

Whether they know it or not, America’s four largest banks have held accounts for marijuana businesses, in contrast to public pronouncements that they steer clear of the cannabis industry.

An analysis by RB Monitor, a Chicago-based firm that pinpoints the risks financial institutions might face working with the cannabis industry, found that 29 of 84 applicants for marijuana business licenses in Massachusetts had an account with one of the nation’s big four banks: Bank of America, Citigroup, JP Morgan or Wells Fargo.

Marijuana remains…

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Week in Review: Sessions’ sleight of hand, scofflaws in CA & risky business in NY

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By John Schroyer, Bart Schaneman and Omar Sacirbey

Attorney general nominee Jeff Sessions plays his cannabis-enforcement views close to the vest, dispensaries sidestep California’s adult-use law, and an L.A. marijuana company attempts a risky rescue in New York.

Here’s a closer look at some notable developments in the marijuana industry over the past week.

Sessions hints at future enforcement

The likely next attorney general of the United States hinted at what may be to come for cannabis businesses during his first day of confirmation…

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MMJ company CannaKorp raises $5.7 million in 2016

CannaKorp, a Massachusetts company that’s been dubbed the “Keurig for marijuana,” said it raised $4.1 million in its latest round of fundraising to help manufacture and distribute its pod-based medical cannabis vaporizing system.

For all of 2016, the company raised $5.7 million. The total includes an initial $1.6 million seed funding earlier that year, CannaKorp said in a news release.


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The company’s CannaCloud vaporizer is designed to allow medical cannabis patients to consume MMJ using a single-use, dose-controlled cup, or…

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MassRoots receives $2M in proceeds from warrant exercise

MassRoots, the popular social network for cannabis enthusiasts, said it has received more than $2 million in cash from the exercise of warrants so far in 2017, providing additional financial stability to the once-wobbly Denver company.


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This capital infusion will help us continue building momentum with the success we are having within the rapidly emerging legal cannabis industry,” MassRoots CEO Isaac Dietrich said in a news release. “We can now better focus our attention toward increasing revenue, expanding our market presence and…

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MedMen acquires troubled New York medical cannabis licensee

MedMen, a California-based marijuana management and consulting firm, has acquired Bloomfield Industries, a financially troubled New York cannabis business license holder that in recent months has been unable to pay vendors and has been casting for new investors.


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A New York Health Department spokeswoman emphasized to Politico that Bloomfield would not be transferring its license to MedMen, a move that is prohibited under state cannabis business laws. Rather, she described the transaction as a change in ownership, which is permitted if…

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MJ Freeway: Full recovery from software outage could take weeks

MJ Freeway said Monday it could take two or three weeks to fully restore service to dispensaries and recreational marijuana stores after an alleged cyber attack knocked out the company’s software platform over the weekend.

The Denver-based firm – which provides software that helps businesses manage inventory, handle sales transactions and comply with regulations – initially expected to have all of its 1,000-plus customers in 23 marijuana states fully up and running on the system again by Tuesday.


Trump Special Report
But an MJ Freeway executive said…

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Oregonians to banks: Cannabis clients are OK

How can banks in Oregon improve their reputation? Serve cannabis clients.

That’s the finding of a survey by Portland-based LT Public Relations and DHM Research that suggests financial institutions could better their public standing by providing financial services to marijuana businesses.

Most banks in Oregon and nationwide reject cannabis clients, arguing that it will hurt their reputation to offer services to businesses that break federal law. Serving marijuana companies also could land banks and other financial institutions in legal hot…

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Colorado Sees More Than $1 Billion in Marijuana Sales in 2016

Legal marijuana businesses in Colorado made more than a billion dollars in sales during the first 10 months of 2016, exceeding sales numbers from last year.picstateflag_1

The Cannabist reports:

Recreational and medical cannabis shops in America’s first 420-legal state have sold nearly $1.1 billion of marijuana and related products in 2016, according to the new October data from the state’s Department of Revenue.

When 2015’s year-end marijuana tax data was finally released in February, Cannabist calculations showed $996,184,788 in sales at Colorado…

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Colorado cannabis sales in 2016 already exceed $1 billion

In a significant milestone for the cannabis industry, Colorado’s combined recreational and medical marijuana sales hit $1.1 billion in the first 10 months of 2016.

That total eclipsed Colorado’s combined cannabis sales in 2015 of just over $996 million, according to The Cannabist. Colorado is now the first state with medical and recreational program to officially top the $1 billion mark in a calendar year, underscoring the growth in the marijuana industry.


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At the current pace, marijuana sales in Colorado could hit more than $1.3 billion…

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Testing rules sinking Oregon marijuana sales, report shows

Marijuana sales in Oregon have been sliding since the state implemented stringent new testing rules on Oct. 1, dropping 8.5% to $29.5 million that month.

The October decline marked the first time since May that the market posted sales below $30 million, according to a new report.

The report, by Colorado-based BDS Analytics, shows the impact of the new testing rules, which the state tweaked on Dec. 2 in a bid to offset supply shortages that arose after the regulations were introduced.


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The sales decline worsened in November, BDS said, based…

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An $8 billion night: 7 states legalize medical, recreational cannabis in historic election

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By Marijuana Business Daily staff

The cannabis industry scored a landslide victory Tuesday as four states legalized recreational marijuana and another three approved medical use, cementing the 2016 election’s place in the history books.

The developments could lead to $7 billion-$8 billion in additional annual retail cannabis sales, according to Marijuana Business Daily’s preliminary estimates.

California, Maine, Massachusetts and Nevada voted to legalize recreational marijuana, while Arkansas, Florida and North Dakota approved medical…

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Privateer raises $40M, exceeds $100M in total funding

Privateer Holdings, a cannabis-focused private equity firm in Seattle, announced Friday it has closed on $40 million in convertible bridge financing, bringing its fundraising total to $122 million.

The news marks the first time a cannabis-related investment company has raised more than $100 million, Privateer said in a press release. The funding increase reflects growing investor interest in cannabis-related businesses.

Privateer said it will use the money to launch new ventures, make strategic acquisitions and expand its three existing…

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Colorado cannabis sales still soaring

Marijuana sales in Colorado continue to reach new highs, fueled by increasing demand for recreational cannabis.

Sales of medical and adult-use marijuana hit $846 million during the first eight months of 2016, up 33% from the same period last year, according to calculations by Marijuana Business Daily based on the latest state tax data.


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Dispensaries and rec shops reported $126 million in cannabis sales in August alone – a new record for the state’s marijuana industry. Recreational cannabis accounted for nearly $85 million of the total,…

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MassRoots receives $1.1 million in new funding

Cannabis-centric social media site MassRoots received $1.1 million in funding on Friday, mostly from new investors, and disclosed it slashed the salaries of its top executives to cut costs.

MassRoots’ founder and CEO, Isaac Dietrich, led the latest funding round, with former MyPoints.com CEO Steve Markowitz also among the contributors. The announcement came as the company closed on $3.2 million in equity financing under an offering that was launched in August.

Dietrich said in a news release he expects the funds to make the Denver company…

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Developer may boost stake in Colorado marijuana chain

A longtime Vail developer with years of experience in the marijuana trade is poised to strengthen his ownership stake in Native Roots, one of Colorado’s largest cannabis retail chains.

Businessman Peter Knobel will boost his stake in Native Roots from 50% to 67%, pending state approval of the deal, according to the Aspen Times. The deal was recently approved by local officials in Aspen.

Native Roots operates 17 medical and recreational storefronts in Colorado, including one in Aspen that does business as RJJ Aspen.


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If the deal is approved…

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New CO Edibles Rules: Major Cost for Producers, ‘Blip on the Radar’ for Others

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By John Schroyer

New labeling rules that take effect Oct. 1 for marijuana edibles produced in Colorado have been a huge expense for many infused products manufacturers – and may cause headaches for retailers, too.

Edibles companies have spent upwards of six figures to retool manufacturing equipment, retrain employees and pay for new packaging. 

Retailers, meanwhile, could be left with unsold inventory that doesn’t meet the new standards, which apply to both recreational and medical products.

Any unsold inventory could prove a boon for…

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MJ Social Network MassRoots in Default on Loans

MassRoots, the popular social network for cannabis enthusiasts, has missed payments to some of its creditors and is considered in default, a notable turn of events for the once high-flying Denver company.

License Directory SidebarMassRoots disclosed in a Sept. 21 Securities and Exchange Commission filing that it didn’t make $966,000 in required payments to creditors who bought six-month convertible secured promissory notes from the company in March, according to BusinessDen.com.

The disclosure flies in the face of the company’s recent history. Less than six…

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DC Mayor: Double Amount of MMJ Patients Can Buy

The five medical cannabis dispensaries in the nation’s capital could see a big boost in sales if Washington DC Mayor Muriel Bowser gets her way.

She wants the city council to double the amount of MMJ patients are allowed to purchase each month, to 4 ounces from 2 ounces. City lawmakers must sign off on the change.

Bowser said the change would help accommodate the needs of patients, the Associated Press reported.

License Directory SidebarAs of Sept. 1, 3,986 patients were registered with the city’s MMJ program, according to Washington DC statistics. To serve those…

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Prominent Travel Writer: ‘Get Ready’ for Age of MJ Tourism

One of the most well-known travel writers in the world, Arthur Frommer, predicted recently that cannabis tourism is going to become big business after the November election, when up to five more states could legalize recreational use.

If accurate, marijuana tourism would present additional opportunities for entrepreneurs looking to capitalize on the legalization of marijuana.

“The prospects seem strong that marijuana is now about to be added to beer and wine as a permissible product to order,” Frommer wrote in a column last week, the…

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U.S. Bank Tells Alaska MJ Agency No Credit Card Payments

One of the nation’s largest banks has told Alaska’s Alcohol & Marijuana Control Office it can no longer accept credit card payments for marijuana licenses, a move that will no doubt crimp cannabis entrepreneurs trying to reduce their reliance on cash.

U.S. Bank didn’t go into details about the reasoning behind its decision, the Alaska Journal of Commerce reported, noting only that marijuana is illegal in the eyes of the federal government.

“Although legalized in many states, marijuana remains illegal under federal law,” the bank…

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The Improving MJ Investment Climate: Q&A With Al Foreman, Tuatara’s Chief Investment Officer

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By Omar Sacirbey

Tuatara Capital recently made history when it raised $93 million to wager on marijuana-related businesses, a record sum for a cannabis investment firm.

Tuatara secured the money mainly from deep-pocketed individuals. But a company executive predicts big institutional investors will begin focusing on marijuana businesses in as soon as 12 months.

Al Foreman, Tuatara’s chief investment officer, expects that major investors like banks will start doing their “homework and focus on the industry from an investment standpoint”…

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SoCal Marijuana Grower Raises $6.5M for Cultivation Facility

Canndescent, a commercial marijuana grower in southern California, announced Wednesday it has closed a $6.5 million funding round to bolster its cultivation facility in Desert Hot Springs.

The raise was completed from more than 30 investors, according to a press release, and will go towards “working capital, marketing, and additional property, plant and equipment.” The facility will start cultivation operations on Sept. 29.

MJBizCrashCourseThe Desert Hot Springs facility is the first in southern California to operate with a locally-issued business permit…

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Week in Review: Growth Potential in New York, Oregon Rec Market Red Hot & MI Stumbles

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By John Schroyer

New York’s health department recommends doubling the size of the state’s medical marijuana industry, Oregon recreational applications flood in as adult-use sales skyrocket, and Michigan’s MJ legal limbo may persist a few more years.

Here’s a closer look at some notable developments in the marijuana industry over the past week.

Doubling Down

In a rare move for a state agency, the New York State Department of Health this week issued a report recommending – among other things – that the number of MMJ business licenses

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MIT Grads Raise $4.5M to Fund Hemp Trading Platform

A pair of recent Massachusetts Institute of Technology graduates have packed up, moved to Chicago, and raised $4.5 million to launch a first-of-its-kind trading platform for industrial hemp.

The duo said traditional markets have overlooked hemp, Crain’s Chicago Business reported. And the two are off to a solid start, having won regulatory approval from the Commodity Futures and Trading Commission for a portion of their company, Seed CX, to become a swap execution facility.

The two twentysomethings also hope to become a “designated…

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Oregon Rec Marijuana Sales Pass $100M Mark Through July

Oregon’s recreational marijuana sales have passed the $100 million mark, and that’s just between January and the end of July.

Although rec sales began at medical dispensaries last October, the state didn’t begin taxing those sales until January, at 25%. The 2016 sales figures for the first seven months are in line with the $180 million-$220 million in retail sales the Marijuana Business Factbook 2016 projects for the entire year.

The total sales figure at the end of July is an estimated $102 million, according to the Oregonian.

Sales…

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Week in Review: Big Legal Victory, Nervous Credit Union & Unrequited Love in MA

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By Omar Sacirbey and John Schroyer

The marijuana industry scores a big legal victory, a credit union in Alaska gets cold feet, and a Massachusetts city nixes a controversial business deal with a medical cannabis dispensary.

Here’s a closer look at some notable developments in the marijuana industry over the past week.

A Big Win … For Now

A federal appeals court in San Francisco this week sided with the legal marijuana industry against the U.S. Department of Justice, ruling the federal government couldn’t spend money to prosecute…

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Minnesota MMJ Companies Lost Millions in First Year

Minnesota’s two licensed medical marijuana producers both lost millions of dollars in their first full calendar year since sales began July 1 in 2015.

That’s according to financial documents that were seen by the Associated Press, which reported the findings on Friday. Minnesota Medical Solutions lost $500,000 in 2014 and then $3 million in 2015. LeafLine Labs lost $2.2 million in 2015.

The numbers came from financial audits the AP obtained via an open records request.

Minnesota Medical Solutions CEO Kyle Kingsley told the AP he…

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Canna-Centric Software Company Nets $1.6 Million in Seed Funding

Baker, a Denver-based customer-engagement software company for marijuana dispensaries and edibles brands, announced on Friday it has landed $1.6 million in seed funding.

The funding round was led by Michael Lazerow, founder of Golf.com and Buddy Media, a social marketing software company purchased by another customer-relationship management business, Salesforce, for $800 million.

Other investors include the startup accelerator 500 Startups, Base Ventures, XG Ventures, Poseidon Asset Management, and other venture capital and angel investors,…

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Week in Review: Rescheduling Rumors, Nevada Targets California Docs & Pain Relief in MN

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By John Schroyer and Omar Sacirbey

Federal cannabis rescheduling rumors keep swirling, Nevada is poised to cut off a significant chunk of income for medical marijuana dispensaries, and Minnesota’s pair of MMJ companies get major relief from pain patients.

Here’s a closer look at some notable developments in the marijuana industry over the past week.

Don’t Hold Your Breath on Rescheduling 

The rescheduling rumor mill keeps on churning. And marijuana industry executives may not want to hold their collective breaths for a resolution just…

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