Business

LOS ANGELES- High Tide Inc., known for its innovative approach to cannabis retailing, has announced a significant financial maneuver to facilitate its growth plans across Canada. Under the leadership of CEO Raj Grover, the company has successfully secured substantial subordinated debt financing, promising to bolster its expansion strategy and consolidate its market position. Financial Boost: ...

LOS ANGELES- A recent study has found that communities in Oregon with cannabis dispensaries nearby have lower rates of opioid prescriptions. The research, titled “Recreational cannabis dispensary access effects on prescription opioid use and mortality,” will be published in Regional Science and Urban Economics in September 2024. Researchers Steven J. Dundas of Oregon State University ...

LOS ANGELES- Michigan has overtaken California as the largest cannabis market in the U.S. in terms of sales volume, according to data from multiple market intelligence firms. Michigan surpassed California over the winter in the number of cannabis product units sold. Sales volume refers to the total number of units sold by a business over ...

LOS ANGELES- A new bill proposed by Assemblymember Matt Haney seeks to assist California's cannabis retailers in diversifying their revenue streams. This legislation would allow these businesses to sell non-cannabis food and non-alcoholic beverages and host live events such as concerts, offering potential financial relief amid ongoing economic challenges in the cannabis industry. Assemblymember Haney’s ...

ST. PAUL, Minn. — Criminal history records that qualify for automatic expungement under the Adult-Use Cannabis Act are no longer visible to the public in the Minnesota Criminal History System (CHS). The Minnesota Department of Public Safety Bureau of Criminal Apprehension (BCA) has expunged (also referred to as sealing) 57,780 records in CHS almost three months ahead ...

LOS ANGELES- In an unexpected development within the cannabis industry, Michigan has overtaken California in the number of legal cannabis products sold. This shift, initially reported by SF Gate, marks a significant change in market dynamics. In March 2024, Michigan sold 22 million cannabis products, surpassing California’s 21.3 million. This shift reflects Michigan’s rapidly growing ...

LOS ANGELES- Michigan sold more cannabis products in March this year than any other state, surpassing California for the first time in monthly sales, according to BDSA data outlined in an SF Gate report. Michigan retailers sold 22 million cannabis products in March, while California shops sold 21.3 million products. This marks the first time ...

LOS ANGELES- Canadian cannabis company Canopy Growth has agreed to acquire all issued and outstanding Class E shares of Acreage Holdings, a U.S.-based multistate cannabis operator. This acquisition is part of Canopy's broader strategy to expand its presence in the U.S. market. On Tuesday, Canopy Growth announced the agreement to fully take over Acreage Holdings, ...

LOS ANGELES- a Health Canada licensed GMP psychedelics pharmaceutical manufacturer, announced it has received an import permit from Mind Medicine Australia (MMA) to supply its GMP MDMA and psilocybin capsules to approved psychiatrists under Australia’s Authorised Prescriber Scheme. Mind Medicine Australia has been a partner of Optimi since February 2023 and played a pivotal role ...

NEW YORK—The leading East Coast cannabis conference and trade show, CWCBExpo, returns to the Javits Convention Center, June 5-6, 2024 with immersive exhibit floor experiences, top education as well as plenty of business building opportunities and after parties.  This year CWCBExpo has partnered with the New York Cannabis Workforce Initiative (CWI) offering attendees a unique ...

LOS ANGELES- Cansortium, a Florida-based vertically integrated cannabis operator, is set to merge with RIV Capital, operator of the Etain Health cannabis brand in New York. Under the merger terms, Cansortium will acquire all issued and outstanding Class A common shares of RIV Capital in exchange for Cansortium shares. Shareholders of Toronto-based RIV Capital will ...

LOS ANGELES- Missouri's cannabis tax revenue has generated over $19 million, which has been allocated to support military veterans, expand substance use treatment programs, and fund the state's Public Defenders System, according to the Missouri Independent. Last fall, each program received $1.3 million, with an additional $5.1 million each distributed earlier this month. Amy Moore, ...

NEW YORK- The owner of seven unlicensed cannabis shops in New York has been fined $15.2 million for operating without a license, ignoring multiple official notices, and selling cannabis to underage customers. New York Attorney General Letitia James announced the fines against David Tulley, owner of the "I'm Stuck" and "Weed Warehouse" chains, as reported ...

LOS ANGELES- Two cannabis dispensaries in Massachusetts, Island Time on Martha’s Vineyard and The Green Lady Dispensary on Nantucket Island, have filed a lawsuit against state regulators. The suit challenges restrictions that prevent them from shipping cannabis inventory by boat, endangering their operations due to their island locations. Filed in Suffolk County Superior Court, the ...

LOS ANGELES- atai Life Sciences, a leading company in the mental health biopharmaceutical sector, has announced significant progress in its clinical trials and a strategic leadership transition, underscoring its commitment to advancing mental health care. Clinical Trials: Breakthroughs and Expectations The first quarter of 2024 has seen notable milestones for atai Life Sciences. A major ...

NEW YORK- At 1 p.m. on May 16, Biden shared a video on X, declaring the U.S. Department of Justice's decision to reclassify cannabis. This announcement led to a swift increase in cannabis-related stocks, reflecting growing market excitement. Forbes reported that Canopy Growth Corp. shares closed at approximately $11, marking an over 11% increase to ...

LOS ANGELES- Canopy Growth, a cannabis producer based in Smiths Falls, Ontario, has raised approximately $50 million (68 million Canadian dollars) in gross proceeds through an exchange and subscription agreement with an institutional investor. The company announced this development on Friday, specifying that the net proceeds will be used for working capital and general corporate ...

WASHINGTON, D.C. - President Joe Biden is officially advancing plans to ease federal cannabis restrictions. Today, Biden announced his administration's intention to reclassify cannabis from the most restrictive category on the federal list of illegal drugs to a moderately restrictive category. "This is monumental," Biden stated in a video posted to X regarding the reclassification, ...

LOS ANGELES- The Ohio Joint Committee on Agency Rule Review (JCARR) has approved new regulations to allow medical cannabis dispensaries to sell adult-use products starting June 7, 2024. This development follows the voter approval of Issue 2 in November 2023, which legalized adult-use cannabis in the state, making Ohio the 24th state to do so. ...

NEW YORK-  Enveric Biosciences is actively pursuing licensing agreements that could potentially net the company up to $410 million in milestone payments. This initiative follows a newly announced partnership with MindBio and comes amidst the company's efforts to advance a leading non-hallucinogenic asset, according to an earnings release issued on Wednesday. During the first quarter ...

LOS ANGELES- As of April 2024, the global landscape for recreational cannabis legalization remains limited, with only nine countries having fully legalized its use nationwide, according to Visual Capitalist. Notably, Germany recently joined Malta and Luxembourg as the third European Union member to legalize cannabis for personal use. Among the countries where recreational cannabis is ...

NEW YORK- Cannabis retailers in New Jersey have achieved a new quarterly sales record of $201 million in the first three months of 2024. This represents a notable 38% increase in year-over-year growth and sets a new high for the state's burgeoning adult-use cannabis market. Despite this milestone, the New Jersey Monitor points out that ...