MMJ Business Daily

Analysts: High Times sale could buoy cannabis industry

By Omar Sacirbey

The marijuana industry can expect higher valuations, more capital injections and increased merger and acquisition activity after the sale of High Times and the iconic magazine’s Cannabis Cup.

That’s the assessment of investment analysts who have followed the deal, in which investors paid $42 million for a 60% stake.

The diverse investor group – which includes Los Angeles investment firm Oreva Capital, musician Damian Marley, cannabis-focused social media platform MassRoots, and James Curnin of the Le Parker Meridien hotel family – immediately rebranded the company as High Times Holding Company.

The magazine

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Analysts: High Times sale could buoy cannabis industry is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Massachusetts’ recreational marijuana bill causing concern

A sharply divided legislative committee in Massachusetts voted Wednesday to advance a bill calling for major changes to the voter-approved recreational marijuana law, including higher taxes on retail sales and handing more control over cannabis shops to municipal officials.

Some lawmakers suggested that as currently written, the proposal would give Massachusetts the highest tax among the eight U.S. states that already have legalized recreational marijuana.

Excessive taxes would discourage people from buying the drug legally and keep illegal marijuana dealers in business, critics said.

The current law calls for a 3.75% excise tax on top of the state’s regular 6.25% sales tax

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Massachusetts’ recreational marijuana bill causing concern is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Vermont adds medical cannabis dispensaries, qualifying conditions

With Vermont lawmakers working to fine-tune a recreational marijuana proposal, Gov. Phil Scott signed off on a bill to expand the state’s medical marijuana program.

The new law, which takes effect July 1, increases the number of dispensary licenses and expands the list of medical marijuana qualifying conditions, VTDigger reported.

The legislation creates a fifth dispensary license and allows another to be issued when Vermont’s MMJ patient count grows to 7,000, according to VTDigger. Lawmakers told the news website the patient count is now 4,000. The new statute also increases the number of locations a dispensary

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Vermont adds medical cannabis dispensaries, qualifying conditions is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Colorado trafficking case may bode ill for marijuana industry

A Colorado business owner with 14 company licenses and a former officer of the state’s Marijuana Enforcement Division have been indicted in connection with a black market cannabis trafficking ring, potentially fueling anti-cannabis moves by industry opponents.

U.S. Attorney General Jeff Sessions cited the Colorado case in his letter requesting that Congress not renew a federal law that prevents the Department of Justice from spending federal funds to interfere with state MMJ laws and businesses.

The case, which includes 16 indictments, centers on a huge MJ trafficking operation that allegedly used

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Colorado trafficking case may bode ill for marijuana industry is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Wall Street vet bullish on cannabis: Q&A with iAnthus Capital’s Hadley Ford

By Omar Sacirbey

In 14 years on Wall Street, Hadley Ford was involved in more than 150 deals worth billions of dollars. He later co-founded and scaled a cancer treatment facility to more than 300 employees and $100 million in annual revenue.

In 2014 he moved to the cannabis sector by founding iAnthus Capital.

Ford – a co-founder and managing partner – works out of iAnthus’ New York office, where the holding company raises American capital to finance cannabis companies.

But, through its Toronto office, iAnthus lists on the Canadian Securities Exchange, trading under the ticker symbol

Wall Street vet bullish on cannabis: Q&A with iAnthus Capital’s Hadley Ford is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Ex-Mexico president calls for NAFTA-like international MJ trade

Former Mexican President Vicente Fox called for cannabis to be included in international deals such as the North American Free Trade Agreement (NAFTA).

Speaking to reporters Tuesday before delivering a keynote address at the National Cannabis Industry Association conference in Oakland, California, Fox predicted the rise of a legal Mexican marijuana market that will lead to exporting and also said the barriers to international cannabis trade should be as low as possible.

“Now this new, newly born industry, economic sector, is already larger in jobs, larger in sales … than many other economic sectors in many other industries, and it’s

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Ex-Mexico president calls for NAFTA-like international MJ trade is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Ex-Mexico president calls for NAFTA-like international MJ trade

Former Mexican President Vicente Fox called for cannabis to be included in international deals such as the North American Free Trade Agreement (NAFTA).

Speaking to reporters Tuesday before delivering a keynote address at the National Cannabis Industry Association conference in Oakland, California, Fox predicted the rise of a legal Mexican marijuana market that will lead to exporting and also said the barriers to international cannabis trade should be as low as possible.

“Now this new, newly born industry, economic sector, is already larger in jobs, larger in sales … than many other economic sectors in many other industries, and it’s

…

Ex-Mexico president calls for NAFTA-like international MJ trade is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Canadian stock exchanges looking at US cannabis investment policies

Canadian marijuana executives and officials of two stock exchanges have been meeting about setting rules for investing in the U.S. cannabis sector.

According to the Canadian Press, attorneys representing publicly traded cannabis producers said “there is an unwritten rule” that companies listed on the Toronto Stock Exchange – the nation’s largest – and its junior Venture Exchange aren’t permitted to invest in the U.S. marijuana sector.

But the TMX Group – which owns both exchanges – is looking to formulate a specific policy for companies that want to wade into financial markets with different requirements than Canada’s, the Canadian

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Canadian stock exchanges looking at US cannabis investment policies is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

AG Sessions to Congress: Kill medical marijuana protections

U.S. Attorney General Jeff Sessions asked four congressional leaders at the beginning of May to omit key medical marijuana industry protections from a new federal spending bill.

Although the attempt was unsuccessful, the letter – first reported by cannabis-focused social media platform MassRoots – underscores that marijuana businesses are not yet totally safe from possible federal intervention.

Sessions specifically asked that language from the Rohrabacher-Farr Amendment not be included in any appropriations bill, or similar provisions, that would “in any way inhibit the (Department of Justice’s) authority to enforce the Controlled Substances Act.”

The

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AG Sessions to Congress: Kill medical marijuana protections is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

International standards organization to tackle cannabis

Pennsylvania-based ASTM International, a not-for-profit that has developed professional standards for a host of industries, is now going to tackle marijuana in a newly announced partnership with the American Herbal Products Association.

The groups have signed a memo of understanding to cooperate on a set of professional standards for the cannabis industry, and about 80 members of ASTM’s new cannabis committee, D37, met Sunday and Monday in Toronto, according to an ASTM spokesman.

The herbal products group will play a supporting role while ASTM will take the lead on crafting actual standards, according to

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International standards organization to tackle cannabis is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs