Virginia lawmakers on Saturday narrowly approved compromise legislation legalizing a commercial recreational marijuana program that could generate nearly $1.5 billion in annual sales within five years of the scheduled Jan. 1, 2024 start. But there̵…
Author: Terry Hacienda
VA lawmakers scramble to agree on adult-use marijuana bill before deadline
Legislative negotiations in Virginia to resolve differences over two adult-use marijuana bills are down to the wire. A conference committee is trying to agree on a measure so it can be passed before the end of a special legislative session. Saturday is…
Ascend acquires most of MedMen’s NY cannabis operation for $63 million
Massachusetts-based Ascend Wellness Holdings is acquiring an 86.7% interest in financially strapped MedMen Enterprise’s cannabis operation in New York for $63 million, according to a definitive agreement announced Friday. Multistate operator Ascend Wel…
Lawsuit casts spotlight on New York’s initial medical cannabis licensing, questions scoring
A new lawsuit sheds light on New York’s licensing of 10 medical cannabis operators in 2015 and 2016, raising questions about how regulators scored the applications and whether other unsuccessful applicants could raise their own legal objections. …
New Jersey fills remaining slots on marijuana oversight commission
New Jersey Gov. Phil Murphy moved quickly to complete the five-member Cannabis Regulatory Commission, only two days after signing adult-use marijuana implementation legislation into law. State regulators now have 180 days from the bill’s enactmen…
Acreage selling Florida marijuana arm to Red White & Bloom for $60 million
Multistate marijuana operator Acreage Holdings said it has a definitive agreement to sell its medical cannabis operation in Florida to Red White & Bloom Brands for $60 million in cash and stock. The deal reflects a further retrenchment by New York-…
Marijuana packaging firm KushCo raises $40 million in direct stock offering
California-based marijuana company KushCo Holdings said it expects to net about $40 million from the sale of securities in a direct offering to investors. The provider of packaging and other ancillary products to the cannabis industry said it will use …
Virginia OKs smokable flower in move that could spur medical marijuana sales
Virginia lawmakers overwhelmingly passed legislation that would allow smokable marijuana flower sales later this year, a reform that will dramatically boost sales in the state’s nascent medical cannabis market. Flower sales often account for roughly 50…
Ex-Eaze CEO pleads guilty in $100 million cannabis payment scheme
The former CEO of California cannabis delivery platform Eaze pleaded guilty to one count of conspiracy to commit bank fraud in connection with an alleged scheme to deceive banks into processing more than $100 million worth of credit and debit payments …
New Jersey recreational marijuana implementation law signed, setting stage for $1 billion market
New Jersey Gov. Phil Murphy on Monday finally signed a law to implement a projected $1 billion recreational marijuana market, hours after lawmakers agreed on a “clean-up measure” that had held up the process for months. Adult-use Sales could begin befo…