Report: Cannabis industry capital raises reach $1.8B in 2017

Capital raises in the North American cannabis industry have reached a staggering $1.8 billion in the first three quarters of 2017, up from $720 million a year ago, according to Viridian Capital Advisers’ Cannabis Deal Tracker.

The raises are a compilation of deals brokered by 164 public companies and 105 private ones, with an average raise of $6.7 million. That’s more than twice the average raise amount from a year ago of $3 million, Benzinga reported.

More than $1.5 billion of those raises were in exchange for company equity, however, while only $247.5 million were for debt,

Report: Cannabis industry capital raises reach $1.8B in 2017 is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


$20M sale of Pennsylvania MMJ grower, permit is suspended

A Pennsylvania marijuana cultivation business that had put itself on the block for $20 million has pulled the plug on the sale after the state’s governor threatened to revoke the company’s coveted new license.

Franklin Labs, which was put up for sale this year after winning one of 12 MMJ licenses, is led by John Hanger, a former adviser to Pennsylvania Gov. Tom Wolf.

In a letter, the director of the state Office of Medical Marijuana called the sale proposal “disturbing,” and on Monday Franklin Labs “took the offer off the table,” the Philadelphia

$20M sale of Pennsylvania MMJ grower, permit is suspended is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


Michigan regulators release more details on MMJ licensing

The Michigan agency responsible for developing medical marijuana industry rules on Thursday released more information about how hopeful business licensees can obtain a state permit for the upcoming regulated MMJ market.

The Michigan Department of Licensing and Regulatory Affairs (LARA) announced that starting Dec. 15 it will begin accepting license applications, and the process will include extensive screening for applicants.

That screening will include criminal and financial background checks, regulation and taxation compliance, and any history of business litigation.

Also, to pass the first pre-qualification phase, applicants will have to submit names and financial information for every individual

Michigan regulators release more details on MMJ licensing is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


Week in Review: California wildfires, Maryland medical cannabis lawsuit & Arkansas CPAs + MMJ

By John Schroyer, Bart Schaneman and Omar Sacirbey

California’s wildfires could adversely affect marijuana crops, Maryland’s MMJ commission is taken to court, and Arkansas accountants get permission to serve cannabis firms.

Here’s a closer look at some notable developments in the marijuana industry over the past week.

Fires + industry vulnerability

A series of raging wildfires in Northern California that have killed at least 21 have also wrought havoc on the state’s marijuana industry, with the San Francisco Chronicle reporting that at least two dozen cannabis farms have burned to the ground.

The fires haven’t

Week in Review: California wildfires, Maryland medical cannabis lawsuit & Arkansas CPAs + MMJ is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


Maine appoints new medical cannabis program director

Maine’s medical marijuana program finally has a new director, after the position went unfilled for a year.

Marietta D’Agostino, a former director of the state’s MMJ program, left in 2016 for a job in the private cannabis sector, and Craig Patterson, an analyst with the state’s health department, was chosen this week to fill her shoes.

A health department spokeswoman declined to offer specifics about Patterson’s hiring, according to the Portland Press Herald, but he’s been with the agency for roughly two years and is taking on the role just as the state is preparing to launch

Maine appoints new medical cannabis program director is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


California tribes worry they’re being shut out of state’s regulated marijuana industry

By John Schroyer

Dozens of California’s 109 federally recognized Native American tribes have reportedly expressed interest in entering the state’s regulated cannabis market when it launches.

But as the state’s unfinished regulations stand, those tribes may be forced to make a choice: Participate in the licit cannabis market or retain their sovereignty.

California tribes worry they’re being shut out of state’s regulated marijuana industry is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


Louisiana doctors not showing much interest in MMJ program

As Louisiana’s medical marijuana program nears its launch, only two doctors have applied for permission to recommend the drug, raising questions about whether the state’s MMJ system will need tweaking in order to establish a viable industry.

One application for the permit required to recommend MMJ to patients has been approved for a Baton Rouge physician and the other application is under review, according to the Louisiana State Board of Medical Examiners.

The pharmacist who sponsored the state’s MMJ laws said he’s not worried just yet.

Republican Sen. Fred Mills hopes to see an uptick in permit

Louisiana doctors not showing much interest in MMJ program is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


First Texas CBD dispensary aiming for December opening

Epilepsy patients in Texas will be able to purchase low-THC, high-CBD medical marijuana at a dispensary beginning in December, one of the state’s three licensees announced this week.

Cansortium Texas will open a CBD dispensary by the end of the year in Schulenburg, about halfway between Houston and San Antonio, according to Houston Public Media.

Cansortium Texas, which does business as Knox Medical, also holds MMJ business licenses in Florida and Puerto Rico.

Patients will be able to place their orders online at Knox Medical’s website and either pick it up in person or have

First Texas CBD dispensary aiming for December opening is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


Obama-era attorney general blasts Jeff Sessions over cannabis views

A U.S. attorney general under President Barack Obama laid into the nation’s current top law enforcement official and said that current AG Jeff Sessions has an “almost obsession with marijuana.”

Eric Holder – who served as U.S. attorney general from 2009 to 2015 – said during a speech at the John Jay College of Criminal Justice in New York that, under his watch, the Department of Justice was correct to issue the 2013 Cole Memo and let states take the lead on regulating the cannabis industry, the Washington Examiner reported.

But Holder critiqued Sessions in

Obama-era attorney general blasts Jeff Sessions over cannabis views is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


California wildfires could adversely affect legal marijuana crops

Wildfires raging in Northern California could have a serious impact on the state’s legal outdoor marijuana harvest, much of which would supply the January launch of recreational cannabis sales.

Across a number of “cultivation websites,” the East Bay Express reported Monday, marijuana growers are already saying that fires in 14 counties are leaving their cannabis reeking of smoke, thereby undercutting the crop’s market value and making it more vulnerable to contaminants.

If outdoor marijuana grows are exposed to wildfire smoke and ash, it could pose a health risk, such as lung infections, to cannabis consumers.

Hezekiah Allen, the executive director

California wildfires could adversely affect legal marijuana crops is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs