MMJ Business Daily

Court-appointed receivers an option for troubled marijuana companies

By John Schroyer

Business partnerships in the cannabis industry have become increasingly common. But what happens when such a partnership goes down the tubes and the parties wind up in court?

In that situation, who’s left to run day-to-day operations?

Court-appointed receivers an option for troubled marijuana companies is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

More legal troubles for marijuana firm Pineapple Express

Pineapple Express, which provides consulting, financial and real estate services to marijuana businesses, is being sued by three companies that allege the Los Angeles firm owes them nearly $685,000.

The plaintiffs – MSA Consulting, Orr Builders and Prest-Vuksic Architects – charge that Pineapple Express failed to pay for their work designing and building Pineapple Park, a 10-acre cultivation complex in Southern California, The Desert Sun reported.

Pineapple Express said the debt stemmed from a bad real estate deal, The Desert Sun reported. The publicly traded company added that it planned to sell a subsidiary to help resolve

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More legal troubles for marijuana firm Pineapple Express is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

New cannabis advocacy group aims to sway federal government

A group of cannabis companies has banded together to form a nonprofit political advocacy group designed to protect the legal marijuana trade – and it includes the unit of a major mainstream company that is a relative newcomer to the MJ industry.

The organization, called the New Federalism Fund (NFF), is made up of industry heavy hitters that include:

• Scotts Company LLC, a subsidiary of the Scotts Miracle-Gro Co., a lawn and garden company that has been investing heavily in the cannabis market and trades on the New York Stock Exchange
• Colorado retail chains LivWell Enlightened Health,

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New cannabis advocacy group aims to sway federal government is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Pacific Northwest marijuana investment network set to launch

Cannabis-related companies in Alaska, Oregon and Washington seeking capital may find some investors through the Cannabis Investment Network, an organization launching this week that aims to connect marijuana firms with financial backers.

Cannabis Investment Network (CIN) is hoping to serve smaller-scale firms that are looking to raise from $500,000 to $3 million, according to a news release. The self-described “angel group” will function more as a conduit to connect investors with potential investments, instead of raising and deploying capital itself.

A spokeswoman said CIN welcomes all comers in the cannabis space, including both plant-touching and ancillary firms, during the launch

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Pacific Northwest marijuana investment network set to launch is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

What’s in a strain name? Q&A with Canndescent CEO Adrian Sedlin

By Bart Schaneman

Walk into any marijuana outlet and you’ll find jars of flower strains with names like Golden Goat, Ghost Train Haze or Robert Plant.

Such names convey minimal information to novice consumers, forcing them to do further research before they can purchase any cannabis. California-based cultivator Canndescent is trying to simplify that experience.

What’s in a strain name? Q&A with Canndescent CEO Adrian Sedlin is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Study: Cannabis is making a dent in beer sales

Almost 30% of Americans say they are now buying legal marijuana instead of beer or would consider doing so if it were sanctioned in their states, according to a study by Cannabiz Consumer Group.

The results shed light on a potentially large customer base for cannabis companies.

Research by Cannabiz Consumer Group, also known as C2G, shows that 27% of U.S. beer drinkers say they have or would switch to legal marijuana, based on the answers of 40,000 participants surveyed in 2016. Wine and liquor sales also could be affected, according to the C2G report.

Looking ahead, Cannabiz Consumer Group said

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Study: Cannabis is making a dent in beer sales is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

RI medical marijuana panel sets first meeting in eight years

Eight years after its formation, a legislative committee tasked with overseeing Rhode Island’s medical marijuana program will meet for the first time on March 28.

It’s unclear why the “Legislative Oversight Commission of the Edward O. Hawkins and Thomas C. Slater Medical Marijuana Act” wasn’t formed until now. But the Providence Journal reported that the oversight committee simply was overlooked until media reports raised the issue in 2015.

When the commission gathers for its inaugural meeting, it won’t have any members from the state’s three dispensaries, according to the newspaper. The Journal noted that dispensary representation isn’t required by

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RI medical marijuana panel sets first meeting in eight years is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Aussie medical cannabis company raises AU$10 million

Australian medical marijuana firm MGC Pharmaceuticals raised 10 million Australian dollars ($7.7 million) to foster development of MMJ products and purchase other companies

According to Business Insider Australia, the medical grade cannabis company will use the funds for clinical trials and research and development involving pharmaceutical-grade MMJ products.

The company is also seeking acquisition prospects at home and abroad in the MMJ industry, Business Insider Australia reported.

MGC Pharmaceuticals has experience working with the Israeli medical cannabis market and works with high-CBD strains to create extracts, including resins and oils.

Last year, the firm signed a

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Aussie medical cannabis company raises AU$10 million is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Chart: Licensing bottlenecks hamper growth of Massachusetts MMJ program

By Eli McVey

Still reeling from a sluggish start statewide, Massachusetts’ medical marijuana program also is hindered by local-level licensing bottlenecks that have allowed just a handful of dispensaries to open to serve nearly 35,000 MMJ patients throughout the state.

According to data from the Massachusetts Executive Office of Health and Human Services, the state’s MMJ program has added more than 15,000 patients since January 2016. Yet only five additional dispensaries became operational over the same period.

That means a substantial number of patients who’ve received recommendations are unable to purchase MMJ, because many still don’t live near one

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Chart: Licensing bottlenecks hamper growth of Massachusetts MMJ program is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Canadian marijuana cultivators are raking in capital

Canada’s federally licensed medical marijuana cultivation companies have raised roughly 700 million Canadian dollars ($524 million) in the past six months, according to canna-centric analysis firm Canaccord Genuity.

The investment frenzy started in the third quarter of 2016 when investors injected more than CA$150 million ($112 million) into publicly traded and privately held Canadian MMJ growers, the Canaccord report said, according to the Calgary Herald. But that amount more than doubled in the final three months of the year to more than CA$350 million ($262 million), while this year’s first quarter, which ends March 31, has seen close to

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Canadian marijuana cultivators are raking in capital is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs