Business

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 ...

LAS VEGAS- In a historic move, the Las Vegas City Council voted 4 to 1 in favor of authorizing cannabis consumption lounges within the city limits today. While San Francisco is the first city in the US to allow cannabis consumption venues, Las Vegas is the first municipality in Nevada to do so, putting it ...

NEW YORK-- Cresco Labs and Columbia Care Inc., the parent company of Sunnyside dispensaries and Cannabist respectively, have agreed to extend the closing date of their $2 billion, all-stock megadeal to June 30, 2023. Despite months of speculation and turbulence in the cannabis industry, the two companies have hinted that the deal remains on. The ...

LOS ANGELES-- MedMen Enterprises Inc. has provided an update on its restructuring efforts, announcing that it has hired ATB Capital Markets Inc. to review and sell one or more of its non-core assets in Arizona, Illinois, and Nevada. This move is intended to boost liquidity and maximize shareholder value with an asset-light model. The company ...

LOS ANGELES-- Legal cannabis sales in California have hit a roadblock as consumers purchased $5.3 billion worth of cannabis in the state in 2022, an 8% drop from the previous year, according to a report by SFGate. This marks the first downturn in sales since the state's legal cannabis market was launched in 2018, and ...

WATERLO-- A new study published in the Harm Reduction Journal has revealed that Canadian cannabis consumers are increasingly turning to the legal market. Researchers from the University of Waterloo's School of Public Health conducted a survey of over 15,000 cannabis consumers, spanning from 2019 to 2021. The study found that more respondents were legally sourcing ...

LOS ANGELES--The global cannabis market is poised for massive growth in the next four years, with projected sales of nearly $60 billion by 2027, according to a recent market forecast by BDSA. This represents a nearly doubling of the industry's sales from $32 billion in 2022. The United States is expected to continue to dominate ...

NEW YORK- The legal cannabis industry in the United States has been growing at a rapid pace in recent years, with several states legalizing the use of cannabis for medical and recreational purposes. While the West Coast has been at the forefront of this movement, the East Coast has been slower to adopt these changes. ...

SAN JOSE, Calif. TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF), a consumer-focused California cannabis company, and Gold Flora, a vertically-integrated California cannabis company, today announced that they have entered into a definitive business combination agreement to combine the companies in an all-stock merger. Under the terms of the Merger Agreement, The Parent Company shareholders will own ...

LOS ANGELES, A new report by sale tracking firm Headset has found that new cannabis brands entering the market have shorter lifecycles than in the past. The report analyzed distinct brand launches in the first month of every year since 2020 and whether those brands recorded a sale after the following December. Overall, around 17% ...

SAN FRANCISCO-Twitter has become the first social media platform to permit cannabis companies to market their brands and products in the United States. While other social media platforms such as Facebook, Instagram, and TikTok follow a "no cannabis advertising policy" due to cannabis being illegal at the federal level, Twitter previously only allowed advertising for ...

NEW YORK - Acreage Holdings, Inc. (CSE:ACRG.A.U, ACRG.B.U), (OTCQX: ACRHF, ACRDF), announced that it: (i) obtained an interim order of the Supreme Court of British Columbia dated January 18, 2023, as varied on February 13, 2023, in connection with its proposed arrangement involving Canopy Growth Corporation (TSX: WEED, NASDAQ: CGC) and Canopy USA, LLC, ‎ ...

TORONTO - TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a North American cannabis operator, announced the appointment of Jeroen De Beijer as Chief People and Culture Officer, effective immediately. De Beijer brings more than 20 years of experience in global human resources and people management operations. De Beijer will manage TerrAscend's overall People team and strategy ...

MIAMI - Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), announced that Jonathan Sandelman has transitioned to Executive Chair, where he will continue to serve the Company’s Board of Directors, and David Goubert, current President of Ayr, has assumed the role of President and Chief Executive Officer. Mr. Sandelman commented, “I am pleased to announce today’s ...

LAS VEGAS - Football's biggest weekend of the year is here and there is no better way to prepare for Sunday than to listen to former NFL standouts and Detroit Lions teammates, 2021 Pro Football Hall of Famer, Calvin Johnson Jr. and Rob Sims, talk about football, cannabis and how they have built their own ...

MIAMI - Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), has signed a Definitive Agreement to sell Blue Camo, LLC, which comprises the Company’s Arizona assets, to AZ Goat, LLC, a group consisting primarily of the former owners of Blue Camo, who sold the business to Ayr in Q1 2021. The sale includes three Oasis-branded dispensaries ...

NEW YORK - Partnered Process has been recognized by Retailer News Network as the Best Contract Manufacturer in the market for CBD products. A botanical processor committed to creating exceptional hemp extracts, this award-winning manufacturer delivers products that are superior to those of its competitors -- many of which are larger and better-known companies – ...