Category Archives: Sales, Funding & Banking News

Congressional hearing on marijuana banking boosts industry hopes for reform, but passage far from assured

Major issues facing the cannabis industry, such as limited access to banking services, have stalled in Congress without even getting a hearing, much less a floor vote. That will change Wednesday, when a subcommittee of the now-Democratic-controlled House Financial Services Committee hears testimony on the difficulty legal cannabis businesses have opening and maintaining bank accounts. The hearing […]

Inside Investor Intelligence: Acreage Holdings dishes on why size matters in marijuana

In the battle to become the leading cannabis brand in the United States, few companies have amassed the influence, reach or war chest boasted by Acreage Holdings. Join us Thursday, Feb. 7, at 1 p.m. ET for an exclusive webcast featuring a conversation with Acreage CEO Kevin Murphy. This webcast is part of a free […]

MJBizDaily launches content for high-level cannabis investors

Investment in cannabis has grown at a meteoric pace – in size and in volume – over the past 12 months. To keep investors apprised of the rapid changes, Marijuana Business Daily has launched a subscription service – Investor Intelligence – focused on the critical analysis, insights and data necessary for success in the sector. “The demand for […]

Weekly Deal Watch: Sizes of cannabis capital raises climb, though frequency lags

Fundraising among North American cannabis firms has yet to outpace levels logged this time last year, but the size of the average capital raise is steadily climbing, according to the latest data. Through the fourth week of January, public cannabis companies have raised $394.1 million, with an average funding round of $24.6 million, according to […]

West Virginia AG: Banks risk defying fed law when serving medical cannabis firms

West Virginia’s financial institutions face risks when providing banking services to medical marijuana businesses because cannabis is illegal under federal law, the state’s attorney general, Patrick Morrisey, wrote in a new opinion. Banking has been one sticking point in the rollout of West Virginia’s medical cannabis program, which has been delayed by disagreements over rulemakings. According […]

CIBC compares cannabis to gold rush, predicts ‘beginning of global seismic shift’

The birth of the legal cannabis industry in Canada is akin to the gold rush, but very few cannabis companies will live up to their lofty expectations, according to a new report from one of the country’s largest banks. CIBC World Markets, a subsidiary of the Canadian Imperial Bank of Commerce, made the sobering assessment […]

Marijuana firm Cresco Labs posts $3.9 million net income in third quarter

Chicago-based Cresco Labs posted $3.9 million in net income in its fiscal third quarter, reversing its year-ago loss of $200,000. The multistate cannabis operator saw revenues spike 335% in the quarter to $12.2 million compared to the same period in 2017. Year-to-date revenue was up nearly 250% to $25.1 million. Since the beginning of the year, […]

Bolstered cannabis sales, new stores boost Green Thumb’s Q3 revenue 344%

New store openings and a big boost in organic sales sent Chicago-based Green Thumb Industries’ third-quarter revenues soaring 344% – to $17.2 million – compared to the same period a year ago. The firm, which trades on the Canadian Securities Exchange under the ticker symbol GTII, reported revenue gains of 26% from the second quarter, […]

Multistate marijuana firm Cura Partners inks $75 million private placement

Oregon-based Cura Partners, a multistate cannabis firm, has completed a $75 million private placement. The capital will be used for product development, marketing and expanding operational infrastructure, the company said. The raise included investments from institutional investors in North America, Asia, Australia and the United Kingdom, “reflecting increasing global interest in the cannabis industry,” Cura […]

Marijuana firm MedMen scales back financing, appoints interim CFO

MedMen Enterprises is slashing its latest funding round as the firm’s stock tumbles and the California cannabis company hunts for a new chief financial officer. The multistate cannabis firm revealed Friday that CFO James Parker resigned. The company appointed Jim Miller, vice president of accounting, as interim CFO while the firm searches for a replacement […]