MMJ Business Daily

An $8 billion night: 7 states legalize medical, recreational cannabis in historic election

By Marijuana Business Daily staff

The cannabis industry scored a landslide victory Tuesday as four states legalized recreational marijuana and another three approved medical use, cementing the 2016 election’s place in the history books.

The developments could lead to $7 billion-$8 billion in additional annual retail cannabis sales, according to Marijuana Business Daily’s preliminary estimates.

California, Maine, Massachusetts and Nevada voted to legalize recreational marijuana, while Arkansas, Florida and North Dakota approved medical cannabis initiatives.

Montana, which legalized medical marijuana in 2004, also passed a measure to set up commercial cultivation operations and dispensaries.

“It’s a coast-to-coast landslide,” said

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An $8 billion night: 7 states legalize medical, recreational cannabis in historic election is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Election Updates: Live coverage of marijuana measures across the country

Marijuana Business Daily is providing live updates on cannabis ballot measures and related news throughout Election Day (all updates in Eastern time).

5:10 p.m. (Maine): Supporters of legalizing adult-use cannabis will gather at the Westin Portland Harborview Hotel in downtown Portland for what they hope will be a celebration of Question 1’s passage.

Maine’s Campaign to Regulate Marijuana Like Alcohol was expecting from 50 to 150 guests, including dispensary owners, state representatives and caregivers, said David Boyer, who heads the drive.

“The campaign is cautiously optimistic,” Boyer said. “Turnout is high here, and that helps us.”

5

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Election Updates: Live coverage of marijuana measures across the country is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Canadian tribe could become first of its kind to grow MMJ

The Siksika First Nation in Canada wants to build a 25,000-square-foot medical marijuana grow operation outside of Calgary on tribal land, which would make it the first tribe to produce medical cannabis in that country.

The Siksika Nation has joined with LDI Group and submitted an application to Health Canada for a license to grow medical cannabis, according to CBC News. The tribe hopes to have the production facility up and running by 2018.

The new company’s name would be Siksika Herbz Ltd., with projected annual revenue of $14.4 million. 

A tribal spokesperson said the

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Canadian tribe could become first of its kind to grow MMJ is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Handful of business and individual donors pump $21M into, against marijuana measures

By Eli McVey and John Schroyer

The nine cannabis-related measures on ballots across the nation have drawn immense attention, most notably in the form of tens of millions of dollars in political contributions.

Campaign finance data shows that only 20 businesses and individuals account for a whopping $20.8 million in donations on both sides.

Of that total, $13.7 million has come from 10 individuals and more than $7 million from 10 businesses.

Financial support has come hot and heavy on both sides of the legalization debate.

All told, billionaire Sean Parker has donated $9 million to California’s Proposition 64, which

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Handful of business and individual donors pump $21M into, against marijuana measures is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Live election updates on marijuana measures start at 3 p.m. EST

Marijuana Business Daily will provide live coverage of cannabis-related measures across the country on Election Day, offering readers frequent updates on state and local initiatives both before and after the polls close.

Coverage starts at 3 p.m. Eastern time and will continue throughout the night.

Updates on marijuana ballot measures in nine states will be posted on mjbizdaily.com from staff reporters on the ground in California and Massachusetts and the company’s Colorado headquarters.

The site will also update the status of local cannabis-related proposals in Denver and Pueblo, Colorado, and possible bans, taxes and restrictions on marijuana businesses in dozens of

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Live election updates on marijuana measures start at 3 p.m. EST is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Scotts huddles with EPA about offering marijuana pesticides

Lawn care giant Scotts Miracle-Gro, which has made a string of cannabis-related acquisitions, is now looking to get into another industry niche, albeit a controversial one: pesticides.

Scotts CEO Jim Hagedorn said during a conference call with analysts that his company has been in talks with the U.S. Environmental Protection Agency about creating a pesticide that can be used on cannabis, the Columbus (Ohio) Business Journal reported.

Scotts’ proposal is significant because the cannabis industry has no standard rules governing pesticide use. The EPA regulates pesticides in the United States but has not authorized their use on cannabis

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Scotts huddles with EPA about offering marijuana pesticides is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Helix TCS becomes largest single shareholder in MJ software firm

Colorado-based Helix TCS, which has been expanding its holdings in the marijuana trade, announced Monday it has become the largest shareholder in Florida-based BioTrackTHC, a longtime manufacturer and supplier of seed-to-sale cannabis tracking software.

Specific terms of the deal were not disclosed.

Helix and its capital partner, Rose Capital Advisors of Miami Beach, agreed to purchase the shares from BioTrackTHC founders Steven Siegel and Brian McClintock for a combination of cash and stock, making Helix and Rose the largest BioTrackTHC shareholder, according to a news release. However, the share purchase doesn’t represent a majority of BioTrackTHC’s outstanding stock.

Zach Venegas,

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Helix TCS becomes largest single shareholder in MJ software firm is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

OR issues health alert for 3 cannabis strains with pesticides

Oregon has issued its second health alert for cannabis contaminated with pesticides, flagging marijuana flower being sold at three dispensaries around the state.

Oregon has maintained a strict policy about pesticide use on marijuana. And, according to the Oregonian, the Oregon Health Authority has now found three strains of flower were contaminated.

 Some 30 customers bought “Dutch Treat” from Oct. 15-26 at the Flowr of Lyfe recreational store in Eugene. It was found to contain the insecticide spinosad. The two other strains, Pleeze and Dryzl, were both sold in North Bend and Salem in October. The

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OR issues health alert for 3 cannabis strains with pesticides is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Chart: Polls for marijuana measures tight heading into Election Day

By Eli McVey

Will Election Day lead to champagne showers and celebratory toasts in the U.S. marijuana industry or widespread heartache and disappointment?

Judging by the latest round of polling data, there’s reason to be optimistic – though cannabis executives might want to keep the bubbly on ice for now.

According to an average of all October polling data in states where marijuana legalization initiatives are on the ballot, the odds of success for many measures is to a large extent essentially a coin flip. Support in most states is just above or below the threshold needed to

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Chart: Polls for marijuana measures tight heading into Election Day is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Zacks Investment: 4 best stocks to cash in on MJ ‘green rush’

The decades-old Zacks Investment Research is recommending four “cannabist-related” companies – including some household names – for stock investors wanting to cash in on the so-called marijuana “green rush.”

The stock research firm, founded in 1977, projects that Tuesday’s election will yield yes votes in several states where marijuana legalization initiatives are on the ballot.

“This is reminiscent of 1933, when drinking cold beer after work was made legal,” according to an “analyst blog” on the Zacks website. “So, if you haven’t cashed in then, it’s time to do now.”

The four companies that Zack’s recommends as

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Zacks Investment: 4 best stocks to cash in on MJ ‘green rush’ is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs