Business

LOS ANGELES-In a significant shift in federal policy, scientists from the Health and Human Services (HHS) have recommended reclassifying cannabis from a Schedule I to a Schedule III substance, as revealed in recently unredacted documents. This recommendation follows a detailed 250-page scientific review submitted to the Drug Enforcement Administration (DEA) in August 2023, which argued ...

LOS ANGELES— Maine's regulated adult-use cannabis industry recorded over $200 million in sales in 2023, marking a significant 36% increase from the previous year. Despite these robust figures, released by the state Office of Cannabis Policy, the industry faces potential hurdles due to declining prices and market saturation. John Hudak, Director of the Office of ...

NEW YORK – In a significant move to strengthen its financial position, Canopy Growth Corporation, a leading North American cannabis and consumer packaged goods company, has announced a major private placement offering. On January 9, 2024, the company confirmed its entrance into subscription agreements with various institutional investors for approximately US$30 million. This strategic financial ...

LOS ANGELES- In a pivotal development, 4Front Ventures Corp., a multi-state cannabis operator, has embarked on a transformative journey, reshaping its financial landscape and ushering in a new era of leadership. This strategic shift is marked by a significant agreement with LI Lending, LLC, the company's primary financier, to convert a major portion of its ...

LOS ANGELES-In the fast-evolving landscape of the cannabis industry, the constant shutdowns of credit card payment platforms for dispensaries have become a recurring theme. This article delves into the intricacies of the issue, exploring the underlying reasons for this financial tumult and presenting viable solutions that promise stability for cannabis businesses. The primary catalyst for ...

LOS ANGELES- Enacted by Congress in 2021, the Corporate Transparency Act (CTA) went into effect on January 1, 2024 and affects more than 30 million American small businesses and many smaller foreign companies doing business in the United States. Unless exempted, these businesses must provide ownership information to the Treasury’s Financial Crimes Enforcement Network (FinCEN) ...

LOS ANGELES — BetterLife Pharma Inc. ("BetterLife"), a biotech company at the forefront of mental disorder treatments, has announced the successful closing of $300,000 in convertible debentures. This funding is a strategic step towards the development of their lead compound, BETR-001, a non-hallucinogenic derivative of LSD, poised to revolutionize the treatment of psychiatric disorders. BETR-001, BetterLife's ...

NEW YORK- – In a significant shift in the business landscape, Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) and Jupiter Acquisition Corp. (Nasdaq: JAQC) have mutually decided to terminate their business combination agreement. This decision was reached following advice that substantial modifications were necessary to meet Nasdaq's listing requirements, underscoring the complex regulatory challenges companies face ...

LOS ANGELES- MedMen Enterprises Inc., a Florida-based cannabis company known for its extensive operational struggles, has taken a significant step in restructuring its business. On Wednesday, the company announced its decision to divest its cannabis assets in Arizona and Nevada, selling them to Mint Cannabis, an Arizona-based multistate operator. This strategic move signals MedMen's exit ...

LOS ANGELES- Clearmind Medicine Inc. has recently achieved a significant financial milestone. The biotech company, known for its innovative approach in developing psychedelic-derived therapeutics, announced its regained compliance with Nasdaq's minimum bid price requirement. This development marks a pivotal moment for the company, reflecting its growing stability and confidence in the financial markets. On December ...

LOS ANGELES- Algernon Pharmaceuticals Inc., a Canadian clinical stage pharmaceutical development company, has announced a non-brokered private placement aiming to raise $150,000. The offering comprises units priced at $0.075 each, with each unit consisting of one Class A common share in the company and one common share purchase warrant. These warrants allow the holder to ...

LOS ANGELES- Mind Medicine (MindMed) Inc., a clinical stage biopharmaceutical company, has reported promising results from its Phase 2b clinical trial of MM-120 (lysergide d-tartrate) in treating generalized anxiety disorder (GAD). The trial achieved its primary endpoint, with MM-120 showing significant improvements in the Hamilton Anxiety rating scale (HAM-A) compared to a placebo at Week ...

NEW YORK- New York's journey into the legal cannabis market has been fraught with challenges, marked by a series of setbacks including numerous lawsuits and regulatory hurdles. This tumultuous rollout has had a significant impact on the state's licensed cannabis growers, who now grapple with a surplus of unsold product and financial strain. Farmers across ...

NEW YORK-PharmaDrug Inc., a specialty pharmaceutical company, has recently provided a comprehensive update from CEO Robert Steen on their strategic acquisition of SecureDose Synthetics Inc. This move marks a significant step in PharmaDrug's ongoing efforts to research, develop, and commercialize controlled substances and natural medicines, including psychedelics and previously approved drugs. SecureDose Synthetics, a private ...

LOS ANGELES- MariMed Inc., a cannabis company with a multi-state presence, has announced the commencement of its cannabis product manufacturing and processing activities at its new facility in Mt. Vernon, Illinois. The move, despite encountering construction and regulatory challenges, signals the company's commitment to expanding its operations and product availability across the state, particularly with ...

LOS ANGELES- New Jersey's state cannabis market is witnessing a significant uptrend, both in sales and regulatory progress, as it matures into a robust industry. According to the latest report from the state’s Cannabis Regulatory Commission (CRC), licensed cannabis dispensaries in New Jersey achieved a record-breaking $206.2 million in sales for the quarter ending September ...

LOS ANGELES - In a notable expansion of its operations, Branded Legacy, Inc. announced on Tuesday the acquisition of Florida-based MariJ Pharmaceuticals, Inc., a company specializing in certified organic mobile extraction and production of CBD from industrial hemp. This strategic move, which was finalized on Monday, December 4, 2023, marks a significant milestone in Branded ...

Clearmind Medicine Inc. a biotech company at the forefront of developing novel psychedelic-derived therapeutics, has announced encouraging outcomes from its latest pre-clinical trial. The study, spearheaded by Professor Joseph Tam of The Hebrew University of Jerusalem, explored the efficacy of a groundbreaking treatment combination for obesity, metabolic disorders, and depression. This innovative trial utilized Clearmind's ...

LOS ANGELES- Clearmind Medicine Inc has announced the results of its pre-clinical trial involving a combination therapy, marking a significant step in the development of treatments for addictions, obesity, metabolic disorders, and depression. The trial evaluated the efficacy and safety of combining Clearmind's proprietary psychedelic treatment, MEAI, with SciSparc Ltd's Palmitoylethanolamide (PEA), an anti-inflammatory agent. ...

LOS ANGELES- The cannabis industry experienced a significant surge in sales on Green Wednesday, the day before Thanksgiving, marking it as a high-point in annual cannabis commerce. Jane Technologies reported recreational cannabis sales totaling an impressive $9,209,061.73 on November 22, 2023. This figure represents an 18.12% increase from the Green Friday sales of 2022, demonstrating ...

LOS ANGELES- October 2023 witnessed a modest reduction in medical cannabis sales in Arkansas, reaching $22.5 million, a slight decrease from the same period in 2022. This data, sourced from the state's Department of Finance and Administration and reported by Green Market Report, reveals a nuanced view of the state's cannabis market. Interestingly, Arkansas's medical ...

LOS ANGELES- Algernon Pharmaceuticals Inc., a Canadian clinical stage pharmaceutical development company, has announced a significant advancement in its research program. The company has signed a Letter of Intent (LOI) with Seyltx Inc., a U.S.-based drug development firm, to acquire Algernon’s NP-120 (Ifenprodil) research program. This partnership, valued at USD $2M in cash and a ...

LOS ANGELES- In the ever-expanding landscape of the cannabis industry, where green is not just a color but a thriving economic force, the question of taxation looms large. As states grapple with the complex task of regulating and taxing cannabis, a taxing dilemma has emerged, raising critical questions about fairness, sustainability, and the industry's long-term ...