MMJ Business Daily

Appeals Court: DOJ Can’t Prosecute State-Legal MJ Businesses

In a big win for licensed marijuana companies, a federal appeals court in California ruled Tuesday that the U.S. Department of Justice can’t spend money to prosecute cannabis businesses that comply with state laws.

The 9th U.S. Circuit Court of Appeals in San Francisco ruled that the DOJ must comply with the Rohrabacher-Farr Amendment, which Congress first adopted in December 2014. It prohibits the DOJ from spending federal funds to interfere with the implementation of state marijuana laws.

The case wound up before the court, which covers nine western states, because defendants in 10 cannabis-related cases in

Appeals Court: DOJ Can’t Prosecute State-Legal MJ Businesses is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Alaska Credit Union Ending Ties With MJ-Related Accounts

A federally chartered credit union in Alaska has moved to sever ties with 10 personal accounts linked to individuals launching cannabis-related businesses.

The decision by the Alaska USA Federal Credit Union underscores the hurdles marijuana entrepreneurs continue to face when dealing with banks and credit unions. Alaska’s new recreational MJ market is attracting prospective entrants.

The Fairbanks Daily News-Miner reported the credit union took the unusual step of breaking ties with the personal account holders as a preemptive move – one aimed at heading off possible federal scrutiny over business ties to marijuana-related businesses. None of the businesses

Alaska Credit Union Ending Ties With MJ-Related Accounts is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Tuatara’s Big Raise Underscores Improving Landscape for Cannabis Financing

By Omar Sacirbey

Tuatara Capital’s recent success at raising a record $93 million for marijuana industry-related investments signals that deep-pocketed investors increasingly are embracing cannabis businesses.

Moreover, the U.S. Drug Enforcement Administration’s decision to keep marijuana on its list of the country’s most dangerous drugs isn’t expected to curb that investor enthusiasm.

That’s good news for marijuana entrepreneurs seeking funding at a time when many banks and big institutional investors are on the sidelines of MJ financing, given that cannabis remains a Schedule 1 controlled substance.

On the flip side, Tuatara’s deal – announced last week – may even

Tuatara’s Big Raise Underscores Improving Landscape for Cannabis Financing is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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British Government to Test CBD Product

Britain’s National Health Service is set to run tests on a CBD product that’s been on the market in the United Kingdom for over a year.

The test results could lead to further acceptance of medical cannabis in the UK and provide new opportunities for medical marijuana entrepreneurs.

The NHS will be testing the MediPen, a small, portable oil-based vaporizer that’s used to treat symptoms ranging from from depression to arthritis and fibromyalgia, according to the Independent.

“We’ve recently been working very closely with a team of NHS production and regulatory support pharmacists,” MediPen Managing Director Jordan Owen told

British Government to Test CBD Product is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Medical Marijuana Inc. Partners With CannaNative on CBD Product

California-based Medical Marijuana Inc. and Native American company CannaNative have put together a hemp-derived CBD product line to be sold on tribal lands.

The companies said in a news release Monday that Medical Marijuana Inc. and its HempMeds subsidiary will produce the product line, which will be sold under the CannaNative brand.

It will be offered at tribal wellness centers, native doctor’s offices, pharmacies, and dispensaries on tribal lands. It is “intended to help the more than 560 U.S. tribal nations develop hemp- and cannabis-based economies to protect their sovereignty,” the companies said in their news release.

“We believe

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MD Names Preliminary Winners for Grower, Processor Licenses

Maryland’s Medical Cannabis Commission on Monday unveiled the names of the 15 cultivators and 15 processors who won preliminary approval to secure licenses, marking another step forward for the state’s medical marijuana program.

Maryland received 145 grower applications, 124 processor applications and 811 dispensary license applications. Dispensary winners – two for each of the state’s 47 senatorial districts plus potentially one for each of the preliminary cultivator winners – are expected to be announced in September.

Medical marijuana sales could begin in summer of 2017, commissioners said in the press release announcing the preliminary, or pre-approval, winners.

MD Names Preliminary Winners for Grower, Processor Licenses is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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New Mexico Lawyers Warned About Medical Marijuana Clients

The New Mexico State Bar Association is cautioning local attorneys about representing medical marijuana cultivators and dispensaries, warning they could be violating state rules of professional conduct.

An opinion issued last week by the association’s Ethics Advisory Committee isn’t binding. But it could make some lawyers think twice about representing marijuana-touching businesses, according to the Santa Fe New Mexican. That, in turn, could hamper some MMJ businesses.

The bar association’s ethics committee took up the issue after one anonymous attorney asked whether lawyers who represent licensed marijuana businesses in the state would be in compliance with the state’s code of conduct.

New Mexico Lawyers Warned About Medical Marijuana Clients is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Ohio MMJ Market Could Generate $200M-$400M in Sales

Ohio’s medical cannabis industry could eventually generate between $200 million and $400 million in annual retail sales via dispensaries once the market matures, according to preliminary estimates by Marijuana Business Daily.

That would translate into as much as $23 million in taxes for Ohio if state sales taxes of 5.75% are applied.

“Many rules and regulations that will ultimately affect the business landscape and size of the market are still being hammered out, as is the exact tax structure,” said Chris Walsh, editorial director of Marijuana Business Daily.

“But from what we can tell now, this will be one of

Ohio MMJ Market Could Generate $200M-$400M in Sales is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Chart of the Week: Estimated $100M in Colorado Recreational Sales Tied to Leisure Tourists

By Eli McVey

Cannatourism is alive and well in Colorado.

Travelers who visited the state primarily for leisure purposes spent roughly $98 million at recreational marijuana stores last year, accounting for nearly 17% of overall adult-use cannabis sales in Colorado, according to a first-of-its-kind estimate by Marijuana Business Daily.

The figures don’t include marijuana purchases by visitors who were in town primarily for business or other reasons, so the actual tourism impact on sales is higher.

While many stores in the Denver metro area primarily serve locals, some located along the highway leading to the city from the

Chart of the Week: Estimated $100M in Colorado Recreational Sales Tied to Leisure Tourists is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Minnesota MMJ Companies Lost Millions in First Year

Minnesota’s two licensed medical marijuana producers both lost millions of dollars in their first full calendar year since sales began July 1 in 2015.

That’s according to financial documents that were seen by the Associated Press, which reported the findings on Friday. Minnesota Medical Solutions lost $500,000 in 2014 and then $3 million in 2015. LeafLine Labs lost $2.2 million in 2015.

The numbers came from financial audits the AP obtained via an open records request.

Minnesota Medical Solutions CEO Kyle Kingsley told the AP he “expected to incur losses at the start” of the industry, and cited “high

Minnesota MMJ Companies Lost Millions in First Year is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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