Michigan’s adult-use cannabis program is expected to kick off Dec. 1 with about a dozen stores initially, setting into motion a market projected by Marijuana Business Daily to reach $1.4 billion to $1.7 billion in sales a year at maturity. The launch comes at a time that: Nearly eight in 10 municipalities in the state […]
Potential $1.7 billion adult-use cannabis market in Michigan gears up for Dec. 1 launch is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
MedMen, a Los Angeles-based multistate marijuana operator, announced it is laying off more than 190 employees to shore up its bottom line, joining a growing list of cannabis companies shedding workers amid falling MJ stock prices and a dearth of outside funding. The cash-strapped, vertically integrated company also disclosed plans to scale back its store […]
Major cannabis firm MedMen slashes more than 190 jobs, unloads assets to bolster bottom line is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Australia’s Senate is launching a formal inquiry into issues involving patient access to medical cannabis. Limited access to medical marijuana has restricted the accessible domestic market in Australia. Improvements to availability pathways and regulatory overlap could brighten business prospects for local entrepreneurs. The Community Affairs References Committee’s inquiry will examine the degree of patient access […]
Australia launches inquiry into medical cannabis access is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Layoff announcements continue to weigh on the marijuana industry, state regulators focus on vitamin E acetate additive in vaporizer products as the vape crisis continues, Michigan businesses set their game plans for a December adult-use MJ launch, and more of the week’s top cannabis news. Pink slips pile up Three well-known California cannabis companies this […]
Week in Review: Cannabis layoffs, regulators scrutinizing vitamin E acetate as vape villain, MI adult-use launch looms & more is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
An industry group representing Canada’s biggest cannabis companies is appealing to Prime Minister Justin Trudeau to help address some of the industry’s most persistent challenges. In a letter sent to Trudeau on Nov. 9 and made public Thursday night, the Cannabis Council of Canada highlighted a number of areas in need of improvement, including a […]
Canadian cannabis group appeals to Trudeau to help fix industry challenges is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Aurora Cannabis is ceasing construction at its large second-phase facility in Denmark and deferring most of the final construction at its Aurora Sun facility in Medicine Hat, Alberta, as the company’s losses widened substantially in the quarter. The moves would save Aurora a combined 190 million Canadian dollars ($143 million) in the coming year. Aurora said the […]
Aurora Cannabis ceases construction at Alberta, Denmark facilities as losses widen is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
British Columbia's plan to slap a 20% tax on retail sales of cannabis vaporizer products imperils the success of legalization, a marijuana industry group said.
Overtaxation of legal cannabis must stop, group says of planned BC vape tax increase is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
New Brunswick’s government is getting out of the cannabis retail business, presenting an opportunity for the private sector. The province issued a request for proposals to open privately-owned cannabis retail locations for a single operator in the new year. New Brunswick is looking for a quick sale, indicating that applicants have until Jan. 10, 2020, […]
Opportunity: New Brunswick to pivot to private-sector cannabis retail model is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Canopy Growth’s net revenue plunged 15% compared with the previous quarter, a development the Ontario-based company attributed to a “challenging” period in the Canadian cannabis sector marked by provincial wholesalers reducing purchases and disappointing retail store openings - particularly in its home province.
Canopy’s net revenue plunges as challenges pile up in Canadian cannabis sector is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Outdoor marijuana growers are reporting an increase in cross-pollination from hemp farms, a development that could mean MJ cultivators might lose upwards of tens of thousands of dollars if their plants become unmarketable as flower products.
Cross-pollination could cost marijuana farmers several thousand dollars as hemp production expands nationwide is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Cresco Labs, a Chicago-based multistate cannabis operator, and Origin House are overhauling the terms of their merger announced earlier this year, as falling cannabis stock prices and other factors slashed the value of the transaction in half to approximately $400 million. Because of the revised terms, the transaction also will now not close until approximately […]
Cresco Labs, Origin House revamp cannabis merger as value falls more than 50% and close delayed is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Australia’s westernmost state is making it easier for patients to access medical cannabis. Western Australia said it will allow general practitioners to prescribe medical marijuana without the need for referral to a specialist, bringing the state in line with other jurisdictions, including New South Wales, Queensland and Victoria. The state is expected to see a […]
Western Australia cuts red tape for medical cannabis in boost for patients, industry is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
A North Macedonian draft bill that proposed modifications to the current medical cannabis framework has been removed from parliament’s agenda, according to Telma Television. The bill would have created a legal framework for the export of cannabis flower, which is currently not possible. That means local companies that have been stockpiling flower for export are going to […]
Proposed law in North Macedonia to allow cannabis flower export shelved is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
After a turbulent transition into a legal market in 2018, marijuana cultivators and other cannabis companies in California's famed Emerald Triangle are finally finding their footing and are optimistic about the future a they finish off the fall harvest.
California Marijuana Notebook: Emerald Triangle growers show confidence in market health but prep for challenges ahead is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Massachusetts regulators maintained a ban on the sale of cannabis oil vaporizers and devices after ordering marijuana retailers to quarantine the products on Tuesday, dealing a financial blow to MJ companies hoping for a speedy resumption of vape sales. In making its decision, the state Cannabis Control Commission (CCC) also focused on the need to test for vitamin […]
Massachusetts keeps cannabis vape ban, orders quarantine of products as regulators focus on suspect additive is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
British Columbia-based cannabis producer Tilray reported third-quarter revenue of $51.1 million (CA$67.8 million), a 408% jump from the same period a year earlier. Tilray also booked an 11% improvement from the second quarter’s $46 million, in line with consensus estimates. The higher revenue was driven by medical sales in Canada and overseas. Bulk shipments of […]
Canadian, overseas medical cannabis sales drive Tilray’s revenue higher is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Canada’s securities watchdog is warning the nation’s cannabis businesses of “deficient” corporate governance disclosures and urging them to address concerns related to potential conflicts of interest. The Canadian Securities Administrators (CSA) issued a notice providing guidance related to the disclosure of financial interests in the context of mergers and acquisitions, as well as the independence […]
Canadian cannabis firms rapped over ‘deficient’ corporate governance disclosures is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
New British guidelines for the first time recommend that two plant-based cannabis medicines – Sativex and Epidiolex – be covered through the United Kingdom’s National Health Service (NHS), a significant step that is likely to boost sales of both products. Health regulators also are recommending the NHS make available a synthetic cannabinoid known as nabilone. […]
New UK guidelines recommend public insurance coverage for two GW Pharma cannabis medicines, plus a synthetic cannabinoid is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Ontario-based Cronos Group reported quarterly revenue of 12.7 million Canadian dollars ($9.6 million), an improvement over the previous quarter’s CA$10.2 million but slightly lower than consensus estimates. The cannabinoid company’s adjusted EBITDA loss widened quarter-over-quarter to CA$24 million. Cronos said it shipped 3,142 kilograms (6,927 pounds) of cannabis in the third quarter, double the amount […]
Cronos to convert some cultivation space, reports revenue growth is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
On the heels of recent news that several U.S. and Canadian marijuana companies were slashing employee headcounts, two more California companies announced job cutbacks. CannaCraft and Grupo Flor both told Marijuana Business Daily they undertook cost-saving layoffs as a result of financial challenges, which along with previous downsizing disclosures by other cannabis firms might suggest larger underlying financial […]
Two more California cannabis companies disclose layoffs is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Citing Ontario’s slow cannabis retail build-out, Organigram Holdings issued revenue guidance for expected fourth-quarter net revenue of 16.3 million Canadian dollars ($12.3 million), a substantial decline from the previous quarter’s CA$24.8 million. Analysts had expected the New Brunswick producer to report quarterly net revenue of about CA$27 million. That prompted a downgrade from Bank of […]
Organigram blames Ontario’s slow retail build-out in lower revenue guidance is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
A rush of applicants - including several prominent multistate operators - are vying for plant-touching licenses in Missouri’s highly anticipated medical marijuana market.
Chart: Missouri’s medical marijuana market draws thousands of applications is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Jamaica plans to overhaul the interim regulations governing legal marijuana businesses and create a national road map to support the development of the island’s regulated industry. The support could help businesses overcome obstacles hindering the sector’s growth, which include banking issues and finding markets for products. The Agriculture Ministry (MICAF) will reconstitute the National Cannabis Advisory […]
Jamaica plans cannabis regulations overhaul, blueprint for industry support is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
A fledgling United Kingdom-based trade group, which represents about 25 companies from Europe and North America, is seeking to allow its members to sell CBD products even though they might be in violation of European Union regulations.
New European trade group hopes to help its members put CBD products in stores is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
