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A day after winning Pennsylvania’s medical marijuana seed-to-sale tracking contract, MJ Freeway said Friday it has received $3 million in Series B extension financing.
The financing – which comes from existing investors Tao Capital Partners, based in San Francisco, and venture capitalist Roger McNamee – brings to $11 million the amount of money Denver-based MJ Freeway has raised in its Series B round, according to a news release.
The money will fund market expansion, the company said.
On Thursday, the Pennsylvania Department of Health announced a five-year, $10 million deal in
Oregon vineyard owners in the heart of the state’s wine region filed a lawsuit asking a judge to ban a neighbor from cultivating marijuana, complaining that the smell of cannabis could drift over and taint their grapes.
The suit could foreshadow a larger issue: Will expanding cannabis cultivation, particularly in states such as California and Oregon, cause conflicts with the already-established wine industry?
The Oregonian reported that Momtazi Vineyard – in Yamhill County, southeast of Portland – is joined by vineyard owners Harihara and Parvathy Mahesh in the suit against Oregon resident Richard Wagner.
The Momtazi Vineyard claims it
Aphria, one of Canada’s largest licensed medical marijuana producers, announced it has secured 100 million Canadian dollars ($74 million) in financing.
The financing will be used mostly to expand Aphria’s production capacity, which “is expected to supply more than 75,000 (kilograms) of high-quality cannabis at one of the lowest costs in the industry,” CEO Vic Neufield said in the release.
According to the release, CA$75 million of the total funding comes from equity financing, while the remaining CA$25 million comes via a five-year term loan.
Aphria, based in Leemington Ontario, trades on the Toronto Stock Exchange under
Three marijuana business events have been named among the 50 fastest-growing trade shows in the United States, reflecting the cannabis industry’s rapid expansion and future potential.
The Fall Marijuana Business Conference & Expo ranked second nationally for growth in attendance and net square feet of paid exhibit space from 2015 to 2016, according to Trade Show Executive’s newly released “Fastest 50” list.
The event – hosted by Marijuana Business Daily each November in Las Vegas – also took the No. 4 spot for growth in number of exhibiting companies. Last year, it ranked first in all three categories for growth
By Omar Sacirbey, John Schroyer and Bart Schaneman
Adult-use legislation takes a hit in Rhode Island, California Gov. Jerry Brown’s proposal for cannabis regulation faces opposition, and a marijuana-related firm sets up shop in China.
Here’s a closer look at some notable developments in the marijuana industry over the past week.
Rhode Island rec resistance
Prospects for legalizing recreational marijuana in Rhode Island hit a speed bump this week after Gov. Gina Raimondo called on lawmakers to delay passing adult-use legislation this year. Instead, she asked the legislature to create a 15-member study commission to
Florida lawmakers are working out a compromise to implement a voter-approved constitutional amendment legalizing medical marijuana, and any deal is unlikely to allow smokable MMJ as a form of treatment.
Smokable medical cannabis would help attract patients to the program and in turn bolster revenue for the state’s MMJ industry.
But Sen. Rob Bradley, an MMJ proponent and bill sponsor, told The News Service of Florida smokable flower is off the table.
“There is agreement between the majority of the House and Senate that the smoking of cannabis is not an act that is consistent with a
Embattled MJ Freeway received a key vote of confidence Thursday after Pennsylvania awarded the Denver company a $10 million contract to provide a seed-to-sale tracking system to keep tabs on the state's new medical marijuana program.
The five-year contract is a shot in the arm for MJ Freeway, given that Pennsylvania's MMJ market is forecast to generate more than $100 million in annual sales a few years after it's up and running.
By John Schroyer
Colorado State Bank Commissioner Chris Myklebust flew to Washington DC in March to meet with a group of state bank regulators.
He also met with U.S. Sen. Cory Gardner, a Colorado Republican, and a staffer for U.S. Rep. Ed Perlmutter, a Colorado Democrat. He brought up cannabis banking, and was encouraged.
Marijuana Business Daily spoke with Myklebust after he returned to Colorado to see what he learned from his trip.
Myklebust estimated that only about five or six financial institutions in Colorado serve marijuana-related companies. And while multiple states have tried to figure out their own
To protect the state’s recreational marijuana industry from a federal crackdown, Oregon Gov. Kate Brown signed a bill that prevents rec retail businesses from storing private data about customers’ identities or purchases.
The new law is designed to shield adult-use marijuana consumers by barring retailers from sharing or keeping their personal data. Oregon marijuana retailers have 30 days to destroy the data, according to The Oregonian.
Senate Bill 863 sped through the state Legislature and was one of the first bills the governor signed.
Brown has said she’s concerned about what the Trump administration, particularly Attorney
It’s official: West Virginia has become the 30th state in the nation to legalize medical cannabis, and the first to do so in 2017.
Gov. Jim Justice on Wednesday signed Senate Bill 386, the Medical Cannabis Act, and said it was “a monumental day,” MetroNews reported.
The legislature approved the bill the first week of April, and even though the program has its critics – in large part because it bans smokable MMJ, as do Minnesota and New York – the new law is another victory for the overall cannabis legalization movement and the marijuana industry.