Business

LOS ANGELES-- Colorado-based cannabis company Terrapin Care Station has decided to abandon its plans for a production facility in the town of Auburn, New York. The decision was reportedly made due to delays in the broader market becoming operational. Terrapin Care Station is a second-tier multistate operator that has a presence in several US states, ...

JOLIET, Ill.– A 13-day Unfair Labor Practice (ULP) strike led by Teamsters Local 777 members at two Rise Cannabis dispensaries in Joliet, Ill. and one in Niles, Ill. has forced the parent company, Green Thumb Industries (GTI), to raise wages by 50 percent during the strike. The workers are now returning to their jobs and ...

LOS ANGELES-- Glass House Brands Inc a vertically-integrated cannabis company in the United States, announced on Monday that it will release its financial results for the first quarter ended March 31, 2023, on Monday, May 15, 2023, after market close. Investors and analysts are invited to participate in the conference call scheduled for 5:00 p.m. ...

LOS ANGELES-- Oregon Secretary of State Shemia Fagan announced on Monday that she has terminated her consulting deal with a cannabis company, Veriede Holdings LLC, after the arrangement was discovered during an audit of the state's cannabis industry. Fagan admitted to exercising poor judgment by contracting with the company, which is owned by her political ...

LOS ANGELES Aurora Cannabis Inc., a leading manufacturer and supplier of medical cannabis worldwide, announced today the launch of two new high tetrahydrocannabinol (THC) cannabis flower products for medical patients in Germany. The products, Pedanios 27/1 FRG CA and Pedanios 29/1 SRD CA, are the latest additions to the company's international medical cannabis portfolio, providing ...

LOS ANGELES-- Simple Solvents and Florida Chemical Supply have announced a strategic partnership that will revolutionize the supply chain for the cannabis and hemp markets in Florida. Simple Solvents, a leading supplier of high-quality solvents, will focus on producing and delivering top-notch solvents to Florida Chemical's state-of-the-art warehouses, while Florida Chemical will provide regulatory support, ...

LOS ANGELES-- Aurora Cannabis Inc, the Canadian company that is paving the way for the cannabis industry, has announced the launch of a new program that aims to support and empower cannabis patients in their wellness journey. The program, called the Strainprint® App, is an award-winning journal that allows Aurora patients to track their medical ...

LOS ANGELES-- Missouri’s decision to legalize recreational cannabis last year has led to an impressive surge in job growth in the industry, with the number of active licenses rising from 9,800 in October to over 14,000 in March, according to the St. Louis Post-Dispatch. However, concerns are beginning to emerge as labor needs appear to ...

NEW YORK–As New York State finally legalized recreational cannabis use earlier this year, many hoped it would be a turning point for the industry. But so far, the implementation of the new law has been plagued with issues, leaving many wondering if the cannabis industry in New York will ever reach its full potential. One ...

LOS ANGELES-- SC Labs, a leading cannabis and hemp testing company in the U.S., announced today its acquisition of C4 Laboratories, a Scottsdale-based lab offering advanced testing capabilities to ensure quality and accuracy. With the addition of C4 Labs, SC Labs is now licensed and accredited in five states, including Arizona, California, Colorado, Michigan, and ...

LOS ANGELES- In a significant milestone for the growing cannabis industry, analysts predict that it will add a whopping $100 billion to the US economy by 2023. This projection, which comes from the newly published MJBiz Factbook, highlights the remarkable growth trajectory of the industry despite its relatively recent legalization. The cannabis industry's economic impact ...

MICHIGAN-- Michigan's legal cannabis retail market is seeing explosive growth as it enters its fourth year of adult-use sales, with licensed dispensaries recording a record-breaking haul of $249.7 million in March. This figure marks a 46% increase in sales compared to the first quarter of 2022 and a 6% increase compared to the fourth quarter ...

LOS ANGELES-- In March, out-of-state sales for cannabis in Illinois dropped by almost 17%, signaling that neighboring Missouri's thriving recreational market is still pulling customers away. This news comes just two months after Missouri allowed adult-use cannabis sales, and the state has already sold over $229 million worth of cannabis, setting it on track to ...

SACRAMENTO-- California, often considered a pioneer in the legalization of cannabis, has faced numerous challenges in regulating the industry. One of the most pressing issues is the overtaxation of legal cannabis farms, which has led to the loss of hundreds of licenses across the state. According to a report by SFGate, the number of legal ...

NEW YORK–In the affluent SoHo neighborhood of Manhattan, a new cannabis museum called House of Cannabis (aka THC NYC) is set to open on April 7. The museum is the brainchild of Robert Frey, the CEO of the company, who has previously co-founded Pure Management Group, the creator of Pure Nightclub in Las Vegas, and ...

LOS ANGELES-- Schwazze Inc., formerly known as Medicine Man Technologies Inc. and based in Denver, Colorado, has reported a net loss of $18.5 million for the full year of 2022, a significant downturn from its $12.8 million profit in 2021. The loss was attributed to the company's various acquisitions and expansion into New Mexico. Despite ...

LOS ANGELES-- Curaleaf, a cannabis giant based in Massachusetts, has announced that it will close its cannabis cultivation facility in Bellmawr, New Jersey. The closure will reportedly result in the loss of up to 40 jobs. The company’s grow operation in Bellmawr is one of its two locations in New Jersey. However, the two operations ...

LOS ANGELES-- Aurora Cannabis Inc., a major player in the Canadian cannabis industry, has been warned by Nasdaq Stock Market LLC that it risks losing its Nasdaq listing if it does not get its share price back above $1 in the next six months. The company's share price has remained below $1 for 30 consecutive ...

LOS ANGELES-- During a recent earnings call, Kyle Kazan, CEO of Glass House Brands, revealed that challenging market conditions in California are forcing cannabis operators to leave, leaving many vendors unpaid. Kazan stated that "many dispensaries are not paying their bills on time, and all branded players are facing a daily decision of whether or ...

PENNSYLVANIA-- As Pennsylvania's governor introduces a budget with details for taxing adult-use cannabis, lawmakers are exploring different options for how a recreational market could be structured. Among those options is allowing state-run liquor stores to sell cannabis instead of giving existing medical cannabis companies priority in the market. State Rep. David Delloso has introduced a ...

ILLINOIS-- Missouri’s new adult-use cannabis program may be impacting the sales of legal retailers in neighboring Illinois. According to a monthly report from the Illinois Department of Financial and Professional Regulation, total recreational cannabis sales fell to $120.5 million in February, the lowest since the same month in 2022. In addition, Illinois saw its lowest ...

LOS ANGELES-- Psychedelic medicine companies are facing financial challenges due to the long runway to commercialization. Unlike cannabis, which saw rapid changes in laws, quick establishment of programs, and the issuance of thousands of licenses, the psychedelics industry has always emphasized a long path to profitability. The industry is now facing the realities of producing ...