Marijuana Sales, Funding & Banking News

Michigan marijuana firm raises a total of $25 million

C3 Industries, a cannabis producer and retailer based in Ann Arbor, Michigan, raised $16.5 million in private financing, allowing it to expand into existing markets and enter a new one. C3, which has raised more than $25 million this year, including the last financing round, said Monday it plans to expand operations in Massachusetts, Michigan […]

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Cannabis firm Green Thumb refuses to recognize Illinois union effort

Chicago-based Green Thumb Industries, a vertically integrated multistate cannabis company, is refusing to recognize a newly formed Teamsters unit at its cultivation facilities in Rock Island, Illinois, saying the union failed to hold a vote among GTI’s employees on the decision. “GTI respects the rights of our employees,” the company told Marijuana Business Daily in […]

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Massachusetts plans marijuana, tobacco vape financial impact estimate

Massachusetts Gov. Charlie Baker’s administration on Friday plans to file a statement estimating the financial impact to small-business owners from the statewide ban on all vaping products. The Republican governor also plans a Nov. 22 public hearing on the statewide ban, which was the first in the nation. In September, Massachusetts banned the sale of […]

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Michigan adult-use cannabis market likely won’t launch until spring

Michigan regulators will start taking recreational marijuana business applications on Nov. 1, but sales aren’t expected to begin until March or April at the earliest. There are a number of factors delaying the launch, according to the Detroit Free Press, including: The state is concerned about a medical cannabis shortage and hasn’t yet decided if […]

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Hexo slashes workforce by 200 amid lower marijuana revenue expectations

Troubled Canadian cannabis company Hexo, which this week postponed the release of financial results amid lower revenue expectations, said it is cutting about 200 jobs across multiple locations and divisions. The cuts represent approximately 20% of the Quebec-based company’s workforce and include the elimination of some executive positions and the departures of Arno Groll, chief […]

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Cannabis giant Trulieve signs $17 million Florida warehouse leaseback deal

Innovative Industrial Properties, a real estate investment trust (REIT) that focuses on buying and leasing warehouses in the marijuana space, paid $17 million to Trulieve Cannabis for a five-building cultivation facility in Florida. Trulieve will lease back the 150,000-square-foot marijuana cultivation centers in Quincy, Florida, from IIP. The initial lease is for 10 years, with […]

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Marijuana firm Holistic Industries raises $55 million

Washington DC-based Holistic Industries, a multistate cannabis operator, closed $55 million in financing at a time when many other MJ firms are struggling to raise capital. Holistic Industries plans to use the $55 million to “accelerate expansion” and to better serve patients and consumers who use its cannabis products, the company said in a statement. […]

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CEO of DionyMed cannabis company leaves amid possible default

Toronto-based DionyMed, a multistate marijuana brands operator, is under pressure after key executives stepped down amid a possible credit default. CEO Edward Fields and Mark Zinselmeier, the chief operating officer, resigned from the company, which has businesses in states including California and Nevada. DionyMed received a notice of default under an existing credit agreement demanding […]

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BNY Mellon’s cannabis-limiting move highlights inconsistencies in banking but could help in the long run, sources say

Just as potential marijuana banking progress appears on the horizon at the federal level due to the U.S. House of Representatives’ passage of the SAFE Banking Act, one major bank has stopped clearing a significant chunk of cannabis-related trades. The move by New York-based BNY Mellon’s Pershing unit immediately dashed some of the optimism from […]

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Chicago marijuana firm inks $29 million real estate deal

Revolution Global, a Chicago-based cannabis company, will more than double the capacity at its flagship cultivation facility in Illinois after securing $28.75 million in funding from Freehold Properties, a Las Vegas-based real estate investment company. The doubling of size is in anticipation of a huge increase in demand when recreational marijuana sales?begin in Illinois on […]

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Flowhub cannabis tech platform raises $23 million

Denver-based Flowhub, a marijuana software technology platform, raised $23 million in a Series A funding to bankroll its expansion. The raise was backed by numerous investors, including existing stakeholders Phyto Partners, based in Boca Raton, Florida, and San Francisco-headquartered Poseidon Asset Management. The $23 million of financing closed on this round brings the privately owned […]

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