News
Federal Policy Uncertainty Continues to Challenge U.S. Cannabis Industry
LOS ANGELES- The U.S. cannabis industry remains in a state of flux due to ongoing federal policy uncertainties, impacting market dynamics, investment strategies, and regulatory compliance. In August 2024, the U.S. Drug Enforcement Administration (DEA) postponed a hearing on reclassifying cannabis from a Schedule I to a Schedule III substance under the Controlled Substances Act. ...
New York’s Legal Cannabis Sales Approach $1 Billion Milestone
LOS ANGELES- New York State's legal cannabis market is on track to surpass $1 billion in sales by the end of December 2024, marking a significant achievement since the market's inception two years ago. As of the latest reports, cumulative sales have reached approximately $863.9 million, with projections indicating that the billion-dollar threshold will be ...
Green Thumb Industries Secures $150 Million Credit Facility to Retire Existing Debt
LOS ANGELES- Green Thumb Industries Inc. (GTI), a national cannabis consumer packaged goods company and owner of RISE Dispensaries, has closed a $150 million five-year syndicated credit facility led by Valley National Bank. The company plans to use the proceeds, along with existing cash, to retire its $225 million senior secured debt due April 30, ...
LeafLink Acquires Leaf Trade to Enhance Cannabis Wholesale Platform
LOS ANGELES- LeafLink, a cannabis wholesale platform, has acquired Leaf Trade, a wholesale marketplace serving multi-state operators (MSOs) and enterprise cannabis companies. This strategic move aims to streamline operations for cannabis businesses of varying scales. The combined entity is projected to facilitate approximately $9 billion in annual gross merchandise value (GMV). Initially, both platforms will ...
Canopy Growth Appoints New CEO Amid Financial Challenges
LOS ANGELES- Canopy Growth Corp., a cannabis industry, has announced the appointment of Luc Mongeau as its new Chief Executive Officer, effective January 6. Mongeau succeeds David Klein in this leadership role. With over 25 years of experience in the consumer packaged goods sector, Mongeau has previously held significant positions, including CEO of eSolutions Furniture ...
Nebraska Judge Upholds Voter-Approved Medical Cannabis Initiatives
LOS ANGELES- A Nebraska district court has affirmed the validity of two voter-approved measures concerning medical cannabis, dismissing allegations of fraudulent signature collection. The legal challenge aimed to invalidate Measures 437 and 438, which were approved by 71% and 67% of voters, respectively, during the recent election. Measure 437 permits qualified patients to possess and ...
Germany’s Cannabis Legislation Faces Criticism
LOS ANGELES- Germany's recent legalization of cannabis has encountered significant criticism from various stakeholders, highlighting challenges in its implementation and effectiveness. Criticism from Berlin's Justice Senator Felor Badenberg, Berlin's Justice Senator, has expressed concerns that the new cannabis laws have hindered efforts to combat the black market and organized crime. She points out that police ...
Cannara Biotech Reports Record Growth in Fiscal 2024
LOS ANGELES- Montreal-based Cannara Biotech Inc a vertically integrated cannabis producer, announced record-breaking financial results for its fiscal year ended August 31, 2024. The company reported total annual revenues of $82.2 million, a 43% increase year-over-year, driven by strong growth across its operations and expanding market share. Key Financial Highlights Q4 and Fiscal Year Revenues: ...
A LIFE IN A DAY: Guy Rocourt: CEO of GR Consulting and Papa & Barkley
In this edition of A LIFE IN A DAY, we catch up with Guy Rocourt, a pioneering force in the cannabis industry with more than 25 years of experience. Guy Rocourt is the Co-Founder and former Chief Product Officer of Papa & Barkley, where he revolutionized cannabis wellness products and championed clean manufacturing practices. Now, ...
Texas Attorney General Challenges Dallas Cannabis Decriminalization Measure
LOS ANGELES- Texas Attorney General Ken Paxton has initiated legal action against the City of Dallas following the adoption of Proposition R, a voter-approved measure aimed at decriminalizing the possession of up to four ounces of cannabis within city limits. The lawsuit, filed in Dallas County District Court, contends that the amendment contravenes state law ...
Tennessee Lawmakers Implement Hemp Product Ban
LOS ANGELES- In November 2024, numerous licensed cannabis dispensaries in the Los Angeles area received notices from the California Department of Tax and Fee Administration (CDTFA) indicating a shift in their tax payment schedules from quarterly to monthly, effective January 1, 2025. This change is attributed to the increasing tax liabilities within the cannabis industry. ...
Senate Farm Bill Draft Proposes Redefinition of Hemp
LOS ANGELES- The U.S. Senate Agriculture Committee has released a draft of the 2024 Farm Bill, introducing significant changes to the federal definition of hemp. The proposed legislation aims to address concerns over intoxicating hemp-derived products, such as delta-8 THC, which have proliferated due to ambiguities in the 2018 Farm Bill. Under the 2018 Farm ...
California Cannabis Dispensaries Face New Tax Payment Rules
LOS ANGELES- In November 2024, numerous licensed cannabis dispensaries in the Los Angeles area received notices from the California Department of Tax and Fee Administration (CDTFA) indicating a shift in their tax payment schedules from quarterly to monthly, effective January 1, 2025. This change is attributed to the increasing tax liabilities within the cannabis industry. ...
Week’s In Review: GOP Senator Calls for Comprehensive Cannabis Reform, Criticizes Partial Measures; MAPS Wins FDA Approval for Clinical Trials of Medical Cannabis; Curaleaf Secures Massachusetts’ First Cannabis Research License
LOS ANGELES — Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets with some states doing amazingly well. And some, well...they're not doing so well (hello New York). Let's get to it! Cannabis Industry Highlights #1) GOP Senator Calls for Comprehensive Cannabis Reform, Criticizes Partial Measures: In ...
Willow Biosciences Reports Q3 2024
LOS ANGELES- Willow Biosciences Inc., a biotechnology firm specializing in the industrial production of functional ingredients, has reported its financial results for the third quarter of 2024. The company achieved record revenue of $1.7 million during this period, marking a significant increase from the $674,000 reported in the same quarter of 2023. Despite this revenue ...
UK Explores Raising THC Limits for Industrial Hemp to Boost Farming Prospects
LOS ANGELES- The United Kingdom is evaluating a proposal to increase the permissible tetrahydrocannabinol (THC) content in industrial hemp from 0.2% to 0.3%, aligning with standards in the European Union and the United States. This consideration follows a recommendation from the Advisory Council on the Misuse of Drugs (ACMD), which suggests that the potential economic ...
FDA Approves Cannabis Trial for Treating PTSD in Veterans
LOS ANGELES- The U.S. Food and Drug Administration (FDA) has approved a clinical trial investigating the use of smoked cannabis as a treatment for post-traumatic stress disorder (PTSD) in military veterans. The study, led by the Multidisciplinary Association for Psychedelic Studies (MAPS), marks a significant step in exploring alternative therapies for PTSD, a condition affecting ...
Cannabis History: William Brooke O’Shaughnessy: The Irish Cannabis Pioneer Who Changed Medicine Forever
In the history of medical advancements, a few figures stand out as transformative pioneers. Among them, William Brooke O’Shaughnessy is celebrated for introducing cannabis into modern medicine, setting the stage for today’s understanding and use of cannabinoid-based treatments. His groundbreaking research and clinical applications during the 19th century paved the way for contemporary movements advocating ...
French Parkinson’s Patients Indicate Strong Support for Medical Cannabis and CBD Use
LOS ANGELES- A recent study published in Clinical Parkinsonism & Related Disorders reveals that a significant majority of individuals in France diagnosed with Parkinson's disease (PD) are in favor of utilizing medical cannabis and cannabidiol (CBD) for symptom management. The nationwide online survey, which included 1,136 participants with PD, found that 81.7% expressed support for ...
Distru Secures $6 Million Series A to Expand Cannabis ERP Leadership
LOS ANGELES- Distru, a enterprise resource planning (ERP) platform serving the cannabis industry, has successfully secured $6 million in a Series A funding round led by Poseidon Investment Management. This strategic investment aims to bolster Distru's expansion efforts and enhance its suite of products, reinforcing its position as a leading system-of-record for cannabis operators. Since ...
MAPS Wins FDA Approval for Clinical Trials of Medical Cannabis
SAN JOSE-- The U.S. Food and Drug Administration (FDA) Division of Psychiatry Products has cleared the Multidisciplinary Association for Psychedelic Studies (MAPS)’ Phase 2 study of smoked cannabis in Veterans for the treatment of PTSD (MJP2) to proceed. Initially placed on partial clinical hold by the FDA in 2021, MJP2 is a randomized, placebo-controlled study ...
Curaleaf Secures Massachusetts’ First Cannabis Research License
LOS ANGELES- In a significant development for the cannabis industry, Curaleaf Holdings, Inc., a leading multistate operator, has secured Massachusetts' inaugural cannabis research facility license. The Massachusetts Cannabis Control Commission (CCC) unanimously approved the license for Curaleaf Processing, Inc., a subsidiary of Curaleaf, during its November 14, 2024, meeting. This license permits Curaleaf to operate ...
Cybin Reports 79% Remission in MDD with CYB003, Prepares for Phase 3 Trials
LOS ANGELES- Cybin Inc., has announced promising results from its Phase 2 study of CYB003, a proprietary deuterated psilocybin analog developed for the treatment of major depressive disorder (MDD). The study demonstrated that 79% of patients achieved remission from depression symptoms six weeks after receiving two 12mg doses of CYB003. The trial also reported rapid ...
Blunt Brunch Nationals: A Night of Glitz and Glam Celebrates Women in Cannabis
Las Vegas, NV – Blunt Brunch, a leading women’s empowerment organization in cannabis, is elevating its annual event to dazzling new heights. This year’s Blunt Brunch Nationals transforms from a traditional brunch into an elegant evening affair—a *Night of Glitz and Glam*—designed to celebrate the resilience, achievements, and contributions of women in the cannabis industry. ...
GOP Senator Calls for Comprehensive Cannabis Reform, Criticizes Partial Measures
LOS ANGELES- In recent discussions on federal cannabis policy, several Republican senators have expressed diverse viewpoints regarding the regulation and legalization of cannabis. Senator Thom Tillis (R-NC) has advocated for treating cannabis similarly to tobacco, emphasizing the need for federal policies that allow a regulated market to develop. He stated, "I think we need to ...
