Business

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 ...

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 ...