MMJ Business Daily

Ohio cannabis firms can turn to insurer for surety bonds

Entrepreneurs applying for medical marijuana business licenses in Ohio – but worried about having the financial cushion required by state law – can tap a source that’s typically not considered a go-to business resource for MJ firms: an insurance company.

Ohio’s medical cannabis law requires applicants to demonstrate their financial stability by showing escrow account balances of $750,000 for a Category 1 Cultivation license and $75,000 for a Category 2 cultivation license. In lieu of capital, companies also may post a surety bond issued by an authorized insurance company.

At least a couple of

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Ohio cannabis firms can turn to insurer for surety bonds is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Uruguay readies for launch of rec marijuana program

Uruguay this week took the final step needed to launch its legal recreational marijuana program.

Sixty-five post offices across Uruguay began accepting registrations from prospective cannabis buyers on Tuesday, the PanAm Post reported, setting the stage for registered cannabis customers to legally begin buying rec MJ in early July.

The adult-use cannabis will initially be sold at 16 licensed pharmacies, AFP reported, but as many as 30 pharmacies eventually could be online.

This marks the culmination of a journey that began in 2013 when Uruguay passed a landmark law making it the first

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Uruguay readies for launch of rec marijuana program is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

California draft MMJ rules offer opportunities for firms big and small as well as investors

By Bart Schaneman

Proposed rules governing California’s free-wheeling medical marijuana market could entice entrepreneurs large and small to set up shop in the state and encourage cannabis investors to open their checkbooks wide for local businesses.

Industry officials said the draft regulations, issued last week, provide a framework for a range of entrepreneurs to enter the market as growers, retailers, testing labs and more. A tiered licensing system would set fees based on size.

The regulatory blueprint also should encourage reluctant investors who have waited for regulatory clarity before pumping money into what will be the

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California draft MMJ rules offer opportunities for firms big and small as well as investors is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Deal extends Canadian medical cannabis grower’s footprint west

Canopy Growth, already one of Canada’s biggest licensed medical marijuana producers, finalized its purchase of rTrees Products, a move that extends Canopy’s cultivation operations into the western reaches of the country.

The two companies entered into the acquisition agreement in early April before finalizing the deal this week. Terms weren’t disclosed.

rTrees Products – which will be known as Tweed Grasslands going forward – is undergoing final inspections and expects to be awarded an MMJ cultivation license in a few months, a spokesman told CBC News.

Tweed Grasslands is located in Yorkton, Saskatchewan.

“Finding

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Deal extends Canadian medical cannabis grower’s footprint west is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Three firms win preliminary licenses under Texas CBD program

(Note: This story has been updated from an earlier version.)

Three companies got preliminary approval from Texas regulators to receive licenses to dispense CBD-based medicine with a low THC content in the state.

Cansortium Texas, Compassionate Cultivation and Surterra Texas received the initial green light from the Texas Department of Public Safety after compiling the highest scores in the licensing process. There were 43 applicants.

Under the Texas Compassionate Use Act that went into effect June 1, 2015, the companies may grow, extract and distribute CBD-based medicine. Texas has a

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Three firms win preliminary licenses under Texas CBD program is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Australia receives first cannabis oil imports

CanniMed Therapeutics, a Canadian federally licensed medical marijuana producer, said it delivered the first commercial shipment of cannabis oil to Australia and has received an additional order for more product.

Canadian MMJ companies increasingly have been tapping the export market. And CanniMed is among those – including Aphria and Tilray – targeting Australia’s emerging medical cannabis market.

The Saskatoon, Saskatchewan-based company said in a news release it completed the sale and delivery of 3,600 milliliters of CanniMed Oil to Health House International, a medical cannabis wholesaler in Perth, in Western Australia. The oils are for

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Australia receives first cannabis oil imports is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Canada’s rec marijuana market expected to help, not hurt, U.S. businesses

By Omar Sacirbey

Marijuana business owners and investors in the United States aren’t viewing Canada’s looming legalization of recreational marijuana as a potential competitive threat.

Rather, they see it as an opportunity to further grow the U.S. cannabis industry.

Canada’s rec marijuana market expected to help, not hurt, U.S. businesses is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Vermont House approves expansion of medical cannabis program 

Vermont lawmakers have approved a modest expansion to the state’s medical marijuana program, permitting dispensaries to open more locations and expanding the list of medical conditions treatable with MMJ.

The House gave the bill preliminary approval on a voice vote Monday. The Senate has already approved the bill.

Vermont has four licensed nonprofit dispensaries. The approved measure would allow each existing dispensary to open two more locations.

People suffering from Crohn’s disease, Parkinson’s disease and post-traumatic stress disorder would also be able to access medical cannabis under the measure, a move that could broaden Vermont’s patient count and boost MMJ

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Vermont House approves expansion of medical cannabis program  is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Colorado marijuana retailers fined more than $680K last year

(Note: This story has been updated from an earlier version.)

The Colorado Department of Revenue’s Marijuana Enforcement Division collected at least $683,500 in fines last year from marijuana retailers, including a number that allegedly duped the state’s seed-to-sale tracking system.

Fox 31 Denver reported 47 retailers broke the law in 2016. The broadcaster said a significant number of businesses cheated the state’s seed-to-sale tracking system, called METRC, by selling product under the counter without reporting the transaction to regulators.

In Colorado, each plant is tagged with a bar code that includes the plant’s location, weight

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Colorado marijuana retailers fined more than $680K last year is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Cannabis-based biopharma firm Teewinot raises $12 million

Teewinot Life Sciences – a Florida company that develops synthetic, cannabinoid-based medical therapies – raised $12.3 million in a Series B funding that attracted strong investor interest.

It’s the latest sign that investors remain keen on the marijuana sector. And it comes despite Trump the administration’s mixed messages about marijuana policy.

Teewinot said in a news release the funding was almost 25% oversubscribed, based on the company’s $10 million goal.

The company will use the money for research and development, landing more patents and increasing business development opportunities.

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Cannabis-based biopharma firm Teewinot raises $12 million is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs