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
By Omar Sacirbey
Marijuana companies are finding a new way to generate buzz beyond traditional advertising and marketing: They are snapping up properties that are historic buildings or were previously owned by an iconic brand such as chocolate maker Hershey.
Faced with major restrictions on their ability to advertise and market their goods and services, the purchases allow MJ companies to drum up free publicity and consumer interest by pointing to a property’s former occupants – be it a winemaker or a bank.
These businesses are borrowing a page from mainstream companies ranging from Starbucks
Marijuana companies capitalize on banks, factories and properties with past historical interest is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The board of directors at MassRoots, the cannabis-focused technology and social media giant, has fired CEO and founder Isaac Dietrich amid financial difficulties plaguing the Denver company.
The move was first reported by Benzinga.
MassRoots has been suffering from a high cash-burn rate and declining revenues.
Dietrich repotedly knew the vote was coming and spent last weekend trying to persuade MassRoots’ shareholders to fire the board.
But the board was able to oust Dietrich first, Forbes reported.
The board named vice president Scott Kveton as the new CEO.
Kveton was director of business development at Odava, a
Board at marijuana social media giant MassRoots ousts CEO is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Indoor Harvest Corp. (OTCQB:INQD), a Houston-based manufacturer of commercial aeroponic systems that can be used to grow cannabis, signed an investment deal with Tangiers Global for an equity investment of up to $2 million.
Tangiers Global is located in San Diego and provides funding to small and microcap public companies.
In addition to the investment agreement, Tangiers provided Indoor Harvest with additional bridge funding of $250,000 under an existing $550,000 loan facility that was agreed upon in March.
According to a new release, Indoor Harvest is finalizing plans to develop facilities in Arizona, Colorado and Texas.
In Arizona, the company is planning
Ancillary marijuana business inks $2 million equity deal is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
MJ Biz Daily report…”MJBizDaily’s anonymous online survey, conducted Aug. 9-13, includes responses from 389 marijuana business owners and founders.Over half of business owners in the ancillary products and services sectors who responded are looking to move their companies into new cannabis markets.”
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
Indicative of where the sector is going. Australian mining companies involved in medical cannabis. It doesn’t come as a surprise to us but it may to others
This is well worth a read …
A university in Michigan is offering a degree in marijuana that goes beyond simply classes related to cannabis, more evidence that MJ is being recognized as a mainstream industry.
Northern Michigan University in Marquette began its medical plant chemistry program this semester, with about a dozen students in the first class, the Detroit Free Press reported. The program combines chemistry, biology, botany, horticulture, marketing and finance.
Northern Michigan’s program is unique because the university is offering a four-year degree addressing the science and business behind growing marijuana.
Brandon Canfield, an associate chemistry professor at Northern Michigan, said students won’t grow marijuana plants in
Michigan university offers full-range cannabis degree is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Another Caribbean island’s public wants to join the fray, even if the government still a little wary.