MMJ Business Daily

Oregon Marijuana Banking Bill Heading to Governor’s Desk

A marijuana banking bill is heading to the desk of Oregon Gov. Kate Brown after sailing through the state legislature last month.

The bill, HB 4094, exempts financial institutions from state criminal prosecution for providing financial services to legal marijuana businesses, so long as those companies and financial institutions don’t violate other state laws.

What the bill cannot do, however, is guarantee that the federal government won’t shut down banks for providing financial services to marijuana businesses.

The Department of Justice issued guidelines in 2014 stating that federal law enforcement will not give priority to

Oregon Marijuana Banking Bill Heading to Governor’s Desk is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Report: VC Investments in Cannabis Companies Hit $215M

Marijuana businesses landed $215 million in venture capital investments last year, more than double the $97 million they secured in 2014, according to a new report from CB Insights.

The 2015 figure is even more impressive considering that venture capitalists put just $8.7 million into the cannabis space in 2013.

The growth reflects increased investor interest in marijuana companies as the industry becomes more mainstream and the risks of getting involved subside.

Cannabis-related venture capital investments in the first quarter of 2015 – which totaled $94 million – nearly matched the total for all of 2014.

While the sheer amount of money changing

Report: VC Investments in Cannabis Companies Hit $215M is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Detroit Medical Marijuana Dispensaries Might Get Crucial Lifeline

By John Schroyer

Perhaps many of Detroit’s 200-plus medical cannabis dispensaries won’t be driven out of business by new zoning and licensing restrictions after all.

A coalition called Citizens for Sensible Cannabis Reform (CSCR) said it turned in just enough signatures this week to buy some time before two new ordinances go fully into effect.

The group, which is comprised of dispensary owners, local activists and other stakeholders, needed to get valid signatures from 4,055 Detroit voters on two separate petitions to force the city to put the new ordinances to a vote in August instead of unilaterally

Detroit Medical Marijuana Dispensaries Might Get Crucial Lifeline is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Hemp Cultivation Programs Get Green Light in MN, WA

Two states have gotten the green light to move forward with limited industrial hemp programs, which could pave the way for future businesses opportunities.

The U.S. Drug Enforcement Administration has issued Minnesota a permit to start a hemp pilot program approved by the state legislature in 2015, according to MPR News. Officials with the state’s agriculture department will now begin looking for farmers, and the agency’s head says he hopes to have “a few acres” planted this year.

In Washington State, the legislature approved a research program that allows officials to oversee cultivation and production of industrial hemp for

Hemp Cultivation Programs Get Green Light in MN, WA is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Maine Rec Initiative Fails to Qualify for Ballot

It looks as though Maine voters won’t have the chance after all to legalize adult use cannabis this November.

Although the Campaign to Regulate Marijuana Like Alcohol collected more than 103,000 signatures, and only needed 61,123 to make the November ballot, the Maine Secretary of State’s office announced on Wednesday that only 51,543 signatures were technically valid.

However, there may still be a chance the initiative will go before voters. The campaign said in a release that it appears that roughly 17,000 signatures were invalidated due to a discrepancy with the signature of a single notary whose commission is still

Maine Rec Initiative Fails to Qualify for Ballot is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Polls: Majority Support for Cannabis in FL, NH, Canada

A recent trio of polls suggest that attitudes towards cannabis reform continue to spread, with support for marijuana legalization evident in Florida, New Hampshire and Canada.

In Florida, 65% of voters said they will vote for one of the two medical marijuana legalization efforts being pushed in the state, compared to 28% who are against such measures, according to Public Policy Polling. A referendum in that state needs 60% of the vote to be adopted. According to the study, MMJ legalization has the support of Democrats, 75%-18%, independents, 70%-22%, and Republicans, 53%-40%.

In New Hampshire, a WMUR news poll

Polls: Majority Support for Cannabis in FL, NH, Canada is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Massachusetts MMJ Bottleneck Moves From State to Local Level

By Omar Sacirbey

The opening of two new dispensaries in Massachusetts since the start of the year has buoyed hopes that the state’s medical cannabis industry has moved past a serious bottleneck and that more storefronts will launch in the coming months.

Don’t count on it.

Observers expect that only a handful of new dispensaries will open between now and the end of the year, as many businesses are running into issues at the local level.

What’s more, at least a few dispensaries that are far along in the licensing process may have to pull out completely because they are running out of

Massachusetts MMJ Bottleneck Moves From State to Local Level is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Illinois MMJ Sales Still on the Rise

Illinois’ fledgling medical marijuana industry, which is just months old, saw more sales growth in February, seemingly indicating that there’s nowhere to go but up for companies in the state.

According to state-reported numbers, patients in Illinois bought $1.47 million worth of MMJ in February, up from $1.24 million in January. That’s an increase of nearly 19%, after a previous month-to-month increase of 20% from December to January.

The vast majority of February sales were attributable to flower, with almost 84,000 grams accounting for $1.1 million in sales. Concentrates and edibles sales, meanwhile, accounted for just over $362,000.

Illinois MMJ Sales Still on the Rise is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Australian Medical Cannabis Firm Raises $3.59 Million

An Australian medical cannabis company has raised $3.59 million ($5 million Australian) in an institutional placement, according to Business News of Australia.

The company, MMJ Phytotech, which develops medical cannabis pills, capsules, and dosage regulators, announced the placement the same day that it announced it had lost $2.5 million in the last six months of 2015, on revenue of about $200,000.

To raise the money, MMJ Phytotech put out about 20.8 million shares at 17 cents per share to institutional clients of Merchant Corporate Finance.

The company hopes the capital infusion will help it break into the new market

Australian Medical Cannabis Firm Raises $3.59 Million is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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Ohio MMJ Initiative Language Released

Full details of Marijuana Policy Project’s ballot initiative to legalize medical cannabis in Ohio have been published online, and in a conference call with reporters Tuesday morning, MPP head Rob Kampia expressed confidence that his organization will prevail in November.

“If we’re able to collect these signatures by early July, then this initiative will pass in November,” Kampia told reporters. “The support for medical marijuana is at 74% in Ohio, and that’s pretty traditional across the states.”

If MPP is successful, the provisions of the initiative could lead to one of the largest MMJ markets east of the

Ohio MMJ Initiative Language Released is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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