MMJ Business Daily

Live Election Updates: Ohio Set to Vote on Marijuana Legalization

Marijuana Business Daily is on the ground in Ohio covering Issue 3, which would legalize medical and recreational cannabis in the state.

It ranks as the only marijuana legalization measure on the ballot in the U.S. this election. We’ll provide updates in this post throughout the night (all times are Eastern).

7:45 pm: A judge has ruled to allow voting until 9 pm in Hamilton County after ResponsibleOhio filed an injunction requesting the extension.

The group said voters in the county, home to Cincinnati, were unfairly turned away from the polls and not allowed to vote.

“Any activity, or lack

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Live Election Updates: Ohio Set to Vote on Marijuana Legalization is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Cannabis Packaging Firm Nets $1M, Partners With Snoop

FunkSac, a packaging company catering to the cannabis industry, has reportedly received more than $1 million in funding from Casa Verde Capital and also struck a partnership with the investment firm’s managing member, Snoop Dogg.

FunkSac CEO Garret Fortune said the company will use the funding to pay off debt, open new facilities, expand into new markets and develop additional products, according to Crain’s Cleveland Business.

Snoop Dogg – who helps run Casa Verde, a marijuana-centric venture capital firm – will also work with FunkSac to co-brand and co-develop products for his recently launched cannabis web portal, Merry Jane.

The

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Cannabis Packaging Firm Nets $1M, Partners With Snoop is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Florida Dysfunction Jeopardizes CBD Deadline

Roughly 16 months after Florida’s governor signed a bill legalizing CBD-based oils, officials drafting guidelines for the new industry have not been able to decide which five nurseries they will approve to cultivate and distribute cannabis.

That means the goal of making the oils available to patients with cancer and epilepsy by Jan. 1 is highly unlikely, leaving many businesses and patients frustrated.

A decision could be made by Thanksgiving, but nurseries that don’t win a license may legally challenge state’s selections, according to the Palm Beach Post.

The CBD law divides the state into five districts, each

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Florida Dysfunction Jeopardizes CBD Deadline is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

North Carolina Now Permits Industrial Hemp

North Carolina farmers gained the right this week to grow industrial hemp when Gov. Pat McCrory declined to veto Senate Bill 313, which legalized the plant’s industrial cultivation.

McCrory, who had until midnight on Oct. 31 to veto the bill, also signed a law in July permitting doctors to offer CBD oil for patients with epilepsy. A House committee rejected a proposal to legalize medical marijuana in March, according to the Charlotte Observer.

The news bodes well for Hemp Inc., one of the nation’s only facilities that processes hemp to sell to textile manufacturers and other users. The

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North Carolina Now Permits Industrial Hemp is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Election Day for MJ: All Eyes on Ohio as Voters Decide Whether to Legalize Cannabis

By John Schroyer

COLUMBUS, Ohio – It’s Election Day, and the cannabis industry is focused squarely on Ohio, which could make marijuana history tonight on several fronts.

Ohio is the only state with a legalization measure on the ballot, and the initiative itself is quite controversial, creating a split within the cannabis industry.

Voters in the state will decide whether to pass Issue 3, which would legalize both medical and recreational cannabis. If Issue 3 passes, it would represent the first time a state has legalized both MMJ and adult-use marijuana at the same time and under a single measure.

The

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Election Day for MJ: All Eyes on Ohio as Voters Decide Whether to Legalize Cannabis is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Billionaire Behind New CA Marijuana Legalization Initiative

An existing campaign to legalize recreational marijuana in California next year will face some high-profile and well-funded competition from tech billionaire Sean Parker and a coalition he’s pulled together to support a differing version of legalization.

Parker has thrown his support behind the Adult Use of Marijuana Act measure that was filed with the California attorney general’s office on Monday. The move sets the stage for a possible political showdown between with Reform CA, which filed its initiative with the state last month.

At least another four groups have also filed ballot initiative language with the state,

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Billionaire Behind New CA Marijuana Legalization Initiative is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

New York MMJ Bill Could Speed Up Industry Launch

A new bill heading to New York Gov. Andrew Cuomo’s desk could possibly speed up the launch of the state’s medical marijuana industry by streamlining how soon prospective patients can get access to MMJ.

Though the bill has yet to be signed by Cuomo – and his office didn’t indicate whether or not he supports it – the timeline is also still in question. The bill simply “gives the state Department of Health the flexibility to modify requirements of the 2014 medicinal marijuana law and regulations to speed up the process,” according to a TV station report.

Cuomo has

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New York MMJ Bill Could Speed Up Industry Launch is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Illinois Dispensaries Gearing Up for Launch

Marijuana industry observers in Illinois say just about all the pieces are in place for the state’s medical cannabis program to launch within the next two weeks.

Illinois’ first cannabis crop has been harvested, processed and packaged, while the four state-certified laboratories are waiting for product to test, according to the Chicago Tribune. Regulators have started mailing the first of some 3,200 medical marijuana cards to registered patients, and a database that verifies patients and tracks product is already monitoring existing product in warehouses.

Six dispensaries and 13 cultivation sites have been approved to open.

Observers predicted the

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Illinois Dispensaries Gearing Up for Launch is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Federal Researchers Spend Week at WA Cannabis Farm

Four researchers from the National Institute for Occupational Safety and Health spent nearly a week recently at a medical marijuana cultivation operation in Washington State to learn more about the cannabis trade so they can come up with a set of best practices to help protect workers.

The researchers used a variety of monitoring systems, including electronic air sniffers used by employees, to check out the air quality at the farm’s greenhouse and processing facility, according to Komo News.

“This is the first time we have ever visited a grower,” a spokeswoman for the federal agency told the TV station.

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Federal Researchers Spend Week at WA Cannabis Farm is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Chart of the Week: Breakdown of Planned Exit Strategies in the Cannabis Industry

By Becky Olson

For many cannabis entrepreneurs, it probably feels far too early to be discussing exit strategies.

But establishing a roadmap to cash in on all your hard work and eventually step away from the business – or at least its daily operations – is an important aspect of long-range planning.Developing an overall exit strategy is also a critical aspect of the fundraising process, as investors want to fully understand how they will realize a return on the money they pump into companies.

So what types of exit strategies are most common among entrepreneurs seeking money?

Marijuana Business Daily

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Chart of the Week: Breakdown of Planned Exit Strategies in the Cannabis Industry is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs