MMJ Business Daily

Obstacles, Pitfalls for Marijuana Companies Seeking Insurance

By John Schroyer

Finding the right insurance policy – or policies – in the cannabis industry can be tricky.

Although it’s typically fairly easy to get some kind of basic coverage, the devil is often in the details. Many marijuana businesses have been burned by plans that looked good at the 30,000-foot-view but failed to provide a safety net when they needed it most.

The stake are high, particularly for startup companies that could lose everything if they encounter a fire, a natural disaster or even a serious power outage, all of which could be devastating for cannabis companies

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Obstacles, Pitfalls for Marijuana Companies Seeking Insurance is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Report: Recreational Prices Stabilizing in Colorado

After dropping sharply in the first part of 2015, recreational marijuana prices in Colorado have somewhat stabilized in recent months, according to a survey of cannabis stores.
The survey, spearheaded by the research firm Convergex, found that prices f…

Tribe to Open Marijuana Resort on New Year’s Eve

A South Dakota Native American tribe that has been planning a recreational marijuana resort for months now says it’s scheduling the first sale to take place on New Year’s Eve.

The Santee Sioux Tribe, which decided in June to pursue the project, told the Associated Press that its resort will be the first of its kind, with tribal President Anthony Reider likening it to an “adult playground.” The resort will feature a consumption lounge, nightclub, arcade games, a bar and food, and grams of cannabis on sale for between $12.50 and $15 apiece.

The tribe estimates

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Tribe to Open Marijuana Resort on New Year’s Eve is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

On Eve of Rec Sales in Oregon, Concerns Over Local Restrictions

By John Schroyer

Come Thursday, Oregon medical cannabis dispensaries will be able to start selling marijuana to recreational consumers.

While many dispensary owners are bracing for a big spike in foot traffic, some are worried that new laws at the local level will sap some of their momentum.

“I’d say (sales are) probably going to double, but we’re handicapped right now,” said Justin Croy, owner of the Green Remedy in Portland.

Croy is concerned that the Portland City Council could adopt a new ordinance as early as this week that would prevent him from continuing to

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On Eve of Rec Sales in Oregon, Concerns Over Local Restrictions is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Maryland Opens MMJ Business Application Period

Business licenses are now officially up for grabs in Maryland.

The state began its licensing application period on Monday, and the window will close in early November.

Officials will ultimately choose 94 dispensaries, 15 cultivators and an undetermined number of processors. The scoring process is expected to be completed by January, when pre-approval will be granted for business permits.

Final licensees, however, may take up to an additional year to complete all the necessary steps to obtain a permit, according to a press release from the state’s Medical Cannabis Commission.

“These steps could include raising capital,

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Maryland Opens MMJ Business Application Period is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Here’s Who Stands to Control Ohio’s Cannabis Cultivation Industry

If Ohio voters legalize medical and recreational marijuana next month, a handful of wealthy investors who contributed to the campaign will get control of the 10 cultivation sites allowed under the initiative.

While some of the names of these investors have been public knowledge for months, a new report by Cincinnati.com provides the most comprehensive list yet.

Twenty individuals stand to gain control of the state’s cannabis cultivation industry, including several who don’t even live in Ohio.

The full list of investors who will own the 10 sites if the measure passes, courtesy of Cincinnati.com:

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Here’s Who Stands to Control Ohio’s Cannabis Cultivation Industry is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Tips for Hiring, Retaining Cannabis Employees

By John Schroyer

Although the marijuana industry is booming, the vast majority of cannabis-related companies are still small businesses employing anywhere from a handful of workers to a couple dozen.

So hiring – and retaining – the right employees is absolutely critical. Each worker plays a hugely important role in the success of the company, unlike at big firms where employees who aren’t a great fit can get by.

With that as the backdrop, Marijuana Business Daily talked to three staffing professionals that work with the cannabis industry to get some tips on how to hire and keep great

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Tips for Hiring, Retaining Cannabis Employees is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Boom in Nevada Patient Base

It looks like Nevada’s medical cannabis dispensaries will have plenty of customers to keep them busy.

There’s been a major uptick in the state’s MMJ patient base this year, with the total surging from around 8,000 at the start of 2015 to 10,119 at the end of August, according to the Las Vegas Sun. That’s an increase of roughly 25%.

There also were 560 pending applications left for the state to process at the end of last month.

This is only one part of the equation for dispensaries, as Nevada’s pioneering reciprocity provision allows out-of-state patients

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Boom in Nevada Patient Base is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Cannabis Business Named Runner-Up in Tech Competition

Maybe TechCrunch doesn’t have anything against marijuana companies after all.

The tech industry website, which regularly hosts events for fledgling firms, named cannabis-related software company Green Bits as a runner-up in its Startup Battlefield competition in San Francisco. That’s no small feat, given that a thousand companies applied for a spot in the mainstream tech contest.

TechCrunch previously rejected MassRoots, the popular cannabis-themed social networking app, for a place in the competition, saying its user base isn’t significant enough. Executives with MassRoots felt that their  company’s close association with cannabis culture played a role in the

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Cannabis Business Named Runner-Up in Tech Competition is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

California Tribe’s MJ Grow Raided

One of the most high-profile Native American marijuana grow operations in northern California was raided last week, illustrating how tribes are still operating in a legal area when it comes to cannabis.

Local law enforcement officials raided two grow sites in Mendocino County run by the Pinoleville Pomo Nation, which made headlines in January when it signed a $30 million deal with cannabis management firm FoxBarry. Deputies seized nearly 400 plants and over 100 pounds of processed marijuana.

The deputies had reportedly been keeping an eye on the tribe’s operations for months, according to the L.A.

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California Tribe’s MJ Grow Raided is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs