MMJ Business Daily

DOJ mum on status of marijuana-protecting Cole Memo

Sometimes no news can be good news.

And so far, there’s no news from the U.S. Department of Justice on potential policy changes with regard to state marijuana programs, even though July 27 was the deadline for a DOJ task force to submit recommendations on marijuana.

National cannabis advocates have been worried that U.S. Attorney General Jeff Sessions may use those recommendations as a justification to throw out or redo the 2013 Cole Memo, which helped guide state laws on both recreational and medical marijuana.

But in a news release Wednesday, Sessions said only that the Task

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DOJ mum on status of marijuana-protecting Cole Memo is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Report: Cannabis magazine High Times to go public

High Times Holding Corp., the company behind High Times Magazine and other assets, reportedly plans to go public in October, a move that would make it the first marijuana-related company to list on the Nasdaq stock market.

Private equity firm Oreva Capital bought a controlling stake in High Times in June and will sell the magazine to Origo Acquisition Corp. – a so-called special purpose acquisition company – for $250 million, Reuters reported, citing anonymous sources.

According to earlier reports, Oreva, musician Damain Marley, cannabis-focused social media platform MassRoots and James Curnin of the

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Report: Cannabis magazine High Times to go public is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Could medical marijuana company’s past haunt its future?

By Omar Sacirbey

Vireo Health, a multistate medical marijuana business, has aggressive expansion plans. But the Minnesota company’s goals could be undermined by two former executives whom prosecutors allege moved cannabis across state lines, a violation of federal law.

There has already been fallout, and industry observers say there’s potential for more.

Could medical marijuana company’s past haunt its future? is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Marijuana companies bolstering California governor’s race

Cannabis-related firms have so far thrown over $300,000 behind Lt. Gov. Gavin Newsom, one of the top contenders to win the state’s governor’s race next year.

Newsom was one of the more prominent public officials to back recreational marijuana legalization last year when he campaigned for the successful Proposition 64 in California, and cannabis companies are both rewarding him for that and hoping he’ll continue his support of the industry as the state’s chief executive, the Los Angeles Times reported.

For instance, Newsom “expressed interest” in the concept of a special bank designed to

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Marijuana companies bolstering California governor’s race is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

NV judge won’t stop rules allowing retailers to distribute rec cannabis

A Nevada judge has denied a request by a group of alcohol distributors to halt emergency regulations allowing the state to license some recreational marijuana retailers to transport product from growers to storefronts.

After hearing arguments, a Carson City District Judge ruled in favor of the recently approved regulations, citing the state’s position that the rules are protecting Nevada tax revenue, the Las Vegas Review-Journal reported.

Nevada regulators earlier this month approved the emergency rules to speed up licensing for cannabis distributors, an issue that launched a legal battle and threatened the flow of supplies after dozens

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NV judge won’t stop rules allowing retailers to distribute rec cannabis is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

US fashion retailer, Canadian producer team for MMJ license

In a bid to acquire a medical marijuana license in Ohio, a major Canadian MMJ producer is partnering with a company in the Buckeye State known for retail clothing.

Canada’s Aphria and the Columbus, Ohio-based Schottenstein family – which owns fashion retailers American Eagle and DSW – are vying for one of the two dozen MMJ cultivation licenses up for grabs in the state, the Dayton Daily News reported.

Ohio doesn’t require residency for MMJ licensees, but having an in-state connection could certainly help Aphria’s chances. The state’s application fees are some

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US fashion retailer, Canadian producer team for MMJ license is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

City official pitches bank plan for Los Angeles’ marijuana businesses

Los Angeles’ City Council president wants to establish a municipal bank to serve marijuana businesses, including providing financing.

The proposed bank would also serve affordable housing developers and small businesses, the Los Angeles Daily News reported.

According to the newspaper, Council President Herb Wesson likely will direct a committee to study the practicality of a municipal bank.

Lack of access to banking services is a significant issue for marijuana businesses. Most financial institutions steer clear of the industry because cannabis remains illegal at the federal level.

Los Angeles isn’t the first city to consider

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City official pitches bank plan for Los Angeles’ marijuana businesses is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Cannabis social media platform MassRoots raises $1.2 million

MassRoots – a popular marijuana-focused social media platform based in Denver – has closed a $1,217,000 private placement of common stock and warrants.

The transaction follows the company’s late-May report in a financial filing that it was running low on capital and would need to raise $5 million in the next year to stay in business.

Chairman Isaac Dietrich – the only MassRoots shareholder with stakes greater than 5% – participated in the offering with unidentified “accredited investors” that include “family offices and high net worth individuals,” the company said in a news release.

The company

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Cannabis social media platform MassRoots raises $1.2 million is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Ohio OKs funding for medical marijuana seed-to-sale system

Ohio’s medical marijuana budget swelled to $11 million after state regulators received approval to spend an additional $6 million over the next two years, including the purchase of a seed-to-sale tracking system.

The funding for the Ohio Medical Marijuana Control Program is on top of the previously approved $5 million.

The largest sum of the money is earmarked for a seed-to-sale system, which can cost well over $6 million.

Ohio neighbor Pennsylvania agreed in April on a $10 million MMJ traceability contract with Denver-based MJ Freeway.

Ohio’s MMJ program will repay the state using revenues from

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Ohio OKs funding for medical marijuana seed-to-sale system is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Marijuana companies could soon face major upheaval at federal level

By John Schroyer

Life could get a lot harder for the marijuana industry in the next two months, with advocates warning that a pair of cannabis business-protecting federal policies could be in serious jeopardy.

At issue is what action the federal government may take involving the precarious 2013 Cole Memo and expiring Rohrabacher-Farr Amendment.

The 2013 Cole Memo has guided many state-level marijuana regulations – especially on the recreational cannabis side – and the Rohrabacher-Farr Amendment protects MMJ companies from federal prosecution.

But there are fears that anti-cannabis members of the Trump administration could take aim

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Marijuana companies could soon face major upheaval at federal level is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs