Business

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 ...

LOS ANGELES- Recent reports have highlighted a significant decline in the number of registered medical cannabis patients in New Jersey and New Mexico, following the launch of adult-use cannabis markets in both states. According to the New Jersey Monitor, the count of medical cannabis patients in New Jersey has decreased to approximately 80,000 as of ...

LOS ANGELES- Recent data from New Jersey and New Mexico has highlighted a significant decrease in the number of registered medical cannabis patients, coinciding with the establishment of adult-use cannabis markets in these states. Reports indicate that in New Jersey, the count of medical cannabis patients has dropped from a peak of approximately 129,000 in ...

LOS ANGELES- Canopy Growth Corp., a Canadian cannabis producer, announced a new round of funding, securing approximately $50 million through a financing deal. This funding follows a $35 million capital raise in January and comes at a time when the company is grappling with financial difficulties, including high debt levels and operational losses. Under the ...

LOS ANGELES- Las Vegas-based multistate cannabis operator Planet 13 Holdings Inc. is poised to expand its footprint in the Florida medical cannabis market following regulatory approval to sell its existing license in the state. The company announced on April 29 that it received approval for the sale of its subsidiary, Planet 13 Florida Inc., to ...

WASHINGTON, D.C.- In a landmark development, the Drug Enforcement Administration (DEA) has made a historic decision, concurring with the recommendations of the top federal health agency to reclassify cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA). This shift represents a significant departure from the longstanding classification that has persisted for ...

NEW YORK- RIV Capital Inc. an investment and acquisition firm, today reported its financial outcomes for the fiscal quarter and the nine-month period ending December 31, 2023. This period marks a transition following the adjustment of the company's fiscal year end from March 31 to December 31. Comprehensive details about this fiscal change are documented ...

LOS ANGELES- On April 20th, the cannabis community celebrates a day of significance – a day marked not only by camaraderie but also by substantial commercial activity. However, this year’s 4/20 brought a bitter experience for many marijuana retailers relying on the Dutchie e-commerce system. According to reports by MJBizDaily, Dutchie's point-of-sale (POS) software experienced ...

LOS ANGELES- Nature's Miracle Holding Inc., a vertical farming technology, has successfully completed its acquisition of Agrify Corporation, a provider of advanced cultivation and extraction solutions. This merger positions the combined entity at the forefront of the Controlled Environment Agriculture (CEA) industry, leveraging each company's strengths to enhance their market presence and technological capabilities. By ...

LOS ANGELES- In a significant step towards the establishment of its medical cannabis program, Kentucky Governor Andy Beshear announced plans for a lottery to allocate the state's initial medical cannabis business licenses. Scheduled for October, this method aims to ensure a fair distribution process, set to precede the program's expected launch on January 1, 2025. ...

NEW YORK- Kentucky Governor Andy Beshear has signed House Bill 829 into law, accelerating the schedule for the state's medical cannabis licensing to July this year from the previously set January next year. This move aims to hasten the launch of the medical cannabis industry in Kentucky. New Licensing Period and Lottery System The new ...

LOS ANGELES- Governor Maura Healey of Massachusetts has allocated grants amounting to $2,350,000 to 50 cannabis social equity companies across 28 communities, utilizing funds from the state's Cannabis Social Equity Trust Fund (CSETF). This initiative aims to support entrepreneurs from communities disproportionately affected by previous cannabis prohibition and enforcement practices. Purpose and Impact of the ...

LOS ANGELES- Numinus Wellness Inc. , has completed its strategic review and announced plans to reshape its Canadian clinical operations. This reorganization, referred to as the "Canadian Reorganization," aims to refocus the company's efforts on expanding its more profitable U.S. operations. The strategic review, assisted by Stifel Nicolaus Canada Inc., has led to the decision ...

LOS ANGELES- The Internal Revenue Service (IRS) recently issued a memo that clarifies handling cash transactions within the cannabis industry, providing a potential shift in federal treatment of the sector. This guidance focuses on the correct usage of Form 8300, which is required for cash payments exceeding $10,000, a common occurrence in cannabis businesses due ...

DENVER-Vangst, the cannabis industry's leading hiring platform, has officially acquired CannabizTemp, the temporary staffing division of CannabizTeam. The acquisition was 50% cash, 50% stock, and is the first acquisition in the cannabis HR space. Vangst (PRNewsfoto/Vangst) Vangst launched Vangst GIGS, an on-demand hiring platform, in 2018 to address the cannabis industry's variable labor and hiring ...

NEW YORK- In a landmark move, California has allocated $12 million in grants to ten cities and counties, including Oakland and San Jose, as part of its commitment to fostering equity in the cannabis industry. This funding is aimed at supporting programs that assist communities historically impacted by the War on Drugs, ensuring fair participation ...

LOS ANGELES- In a significant legal development for New York's cannabis industry, the Supreme Court in Albany County invalidated several marketing restrictions on Monday, marking a pivotal moment for licensed cannabis businesses in the state. The challenged regulations had imposed stringent limits on the ability of cannabis retailers to advertise and promote their products, significantly ...

LOS ANGELES- In a landmark financial forecast, Ontario expects to garner over CA$379 million from its share of the federal cannabis duty for the fiscal year April 2024 to March 2025, marking a significant 22.2% increase from the previous fiscal period. This projection surpasses the combined revenue anticipated from taxes on beer, wine, and spirits, ...

NEW YORK- In a significant legislative update, Colorado's cannabis cultivators are set to benefit from an expanded array of genetic resources, thanks to the enactment of Senate Bill 23-271 in January. This move, part of a broader initiative to enhance the operational landscape for Colorado's cannabis industry while safeguarding public health and safety, introduces a ...