Business

LOS ANGELES-- TerrAscend Corp., a cannabis operator in North America, has successfully closed a commercial loan of $25 million with Stearns Bank. The loan proceeds will primarily be used to pay down existing debt with higher interest rates, effectively reducing the overall interest expense for the company. The loan carries an interest rate of prime ...

MICHIGAN - Wholesale prices for cannabis flower in Michigan have recently shown signs of leveling off and even a slight uptick, providing a glimmer of hope for producers who have endured a significant decline in prices over the past few years. Michigan is a crucial market for the legal marijuana industry and is projected to ...

  WHATELY, Mass. — In a surprising turn of events, the owners of Club Castaway in Whately have announced their plans to reopen the strip club next month. The establishment, Franklin County's sole strip club, has been closed since the onset of the pandemic in March 2020. However, the owners, Nicholas Spagnola and Julius Sokol, ...

Berlin--In a federal legal setback for the pending decriminalization of cannabis, the Karlsruhe-based Supreme Court has upheld its case law from the 1990s, disregarding several appeals. The ruling, issued by the Third Chamber of the Second Senate of the Federal Constitutional Court, addresses the constitutionality of banning cannabis products, as referred to it by courts ...

NEW YORK-Mars Wrigley, the maker of multi-colored fruit-flavored Skittles candies, has reached a settlement in a trademark infringement lawsuit against Terphogz LLC, a seller of cannabis-related merchandise. The lawsuit centered around Terphogz's marketing of products under the name "ZKITTLEZ," which Wrigley deemed to be a violation of their trademark. Under the proposed permanent injunction filed ...

TORONTO-Cronos Group Inc, (CRON.TO) the Canadian cannabis producer backed by Altria Group Inc, the cigarette maker, has confirmed that it is currently engaged in discussions with potential buyers to explore the possibility of a sale, according to sources familiar with the matter. The news comes after reports by Reuters shed light on the ongoing talks. ...

NEW YORK- In a significant development, league officials and the NBA Players Association have recently inked a comprehensive collective bargaining agreement that effectively removes cannabis from the league's list of prohibited substances. This landmark agreement formalizes the changes that were initially introduced as a temporary measure in 2020, curtailing the ability of league officials to ...

TORONTO-- BZAM Ltd., a Canadian cannabis producer, has successfully completed the divestiture of Galaxie Brands Corporation, according to a share purchase agreement. The transaction involved the sale of all outstanding shares of Galaxie to a third party for $556,522, subject to customary post-closing adjustments. This valuation aligns with the assessment of Galaxie's assets and liabilities ...

MIAMI- In a surprising about-face, Florida Governor Ron DeSantis has drawn criticism for his recent shift in stance on cannabis legalization, specifically regarding medical use. Once a proponent of cannabis legalization for medicinal purposes, DeSantis now finds himself in opposition to the overwhelming majority of Americans and Floridians who support the expansion of cannabis access ...

LOS ANGELES- In a surprising turn of events, the cannabis industry is witnessing an escalating legal showdown between two prominent players, Glass House Brands Inc. and Catalyst. The rift between these industry giants has reached fever pitch, with Catalyst publicly accusing Glass House Brands of knowingly supplying the illicit cannabis market. In response, Glass House ...

DENVER — The Psychedelic Science 2023 conference in Denver revealed a challenging financial landscape for publicly traded psychedelics companies. Several financial experts at the conference highlighted the sharp decline in valuations over the past two years, attributing it to the prolonged wait for federal approval on drug treatments and the subsequent financial spiral within the ...

LOS ANGELES-- StateHouse Holdings Inc. announced a 42% increase in revenues to $24.7 million for the first quarter ending March 31, 2023. Retail revenues also experienced substantial growth, rising 58% to $14.4 million compared to the first quarter of the previous year. However, the company saw a slight decline in revenues compared to the previous ...

MIAMI - Ayr Wellness, a multistate cannabis company, has successfully negotiated agreements to defer principal and amortization payments on debt obligations totaling approximately $69 million by two years. These deferrals were achieved through amendments to vendor notes and promissory notes related to a series of acquisitions. With these latest amendments, Ayr has now extended the ...

Los Angeles-In a recent display of law enforcement priorities, the Los Angeles Police Department (LAPD) has made headlines for the confiscation of a substantial quantity of magic mushrooms. This seizure comes amid growing concerns about the allocation of resources and the misdirected focus of authorities on substances that pose significantly less harm compared to deadly ...

TerrAscend Corp., a cannabis operator in North America, has received conditional approval to list its common shares on the Toronto Stock Exchange (TSX), according to an announcement made by the company on Wednesday. This development, subject to customary conditions, holds significant implications for the cannabis industry at large. Expressing his appreciation for the collaborative efforts ...

LOS ANGELES-- Acreage Holdings, a New York-based cannabis multistate operator, has taken steps to streamline its board of directors in preparation for its impending acquisition by Canopy USA, the American subsidiary of Canadian producer Canopy Growth Corp. The move aims to position Acreage for a seamless integration into Canopy's operations and solidify its role within ...

LOS ANGELES-- Body and Mind Inc has successfully obtained all required regulatory approvals to divest its Muskegon, Michigan, dispensary, the company announced on Friday. The transaction, originally outlined in a stock purchase agreement on April 14, reached its completion on June 13. DEP Nevada Inc., a wholly owned subsidiary of Body and Mind, sold all ...

LOS ANGELES–Leafly, a previously well-regarded online cannabis platform, has come under fire for removing two crucial articles that delved into the tragic death of Lorna McMurrey, a 27-year-old cannabis worker. McMurrey collapsed during her shift at a Trulieve cannabis factory in Holyoke, Massachusetts last year. The removal of these investigative pieces raises questions about ...

TORONTO— Humble & Fume Inc. a distributor of cannabis and cannabis accessories in North America, has announced the successful closing of its non-brokered private placement of convertible debenture units. The offering, which was previously announced on June 1, 2023, raised a total aggregate principal amount of C$1,540,000. Each Debenture Unit comprises a C$1,000 principal amount ...

LOS ANGELES-- TerrAscend Corp. a North American cannabis operator, recently finalized the sale of its head office in Mississauga for 19.7 million Canadian dollars ($15 million). The transaction, however, fell short of the initial asking price of CA$24.23 million, as indicated on the real estate website Zolo, which listed the property's address and square footage. ...

LOS ANGELES-- Multistate operator Red White & Bloom Brands (RWB) has announced its intention to acquire financially troubled Canadian cannabis operator Aleafia Health in a share-exchange agreement. The proposed deal comes shortly after Aleafia announced a strategic review following a breach of secured loan terms. Under the agreement, RWB will provide Aleafia with a $17.5 ...

TORONTO-- Canadian cannabis company Cronos Group Inc. has revealed plans to discontinue its hemp-derived CBD operations in the United States by the end of the second quarter of this year. The decision is aimed at bolstering the company's cash flow in the near term while positioning itself for direct entry into the U.S. THC market ...

LOS ANGELES-- Reunion Neuroscience Inc. a clinical-stage biopharmaceutical company specializing in innovative therapies for underserved mental health conditions, has announced a definitive arrangement agreement with MPM BioImpact, a leading biotechnology investment firm. Under the agreement, affiliates of MPM will acquire Reunion in a transaction valued at approximately US$13.1 million, to be paid in cash. The ...