Kentucky regulators have awarded 26 medical marijuana licenses for cultivators and processors seeking to operate in the state’s impending industry. The businesses chosen Monday in the Office of Medical Cannabis’ lottery must pay a licensing fee within 15 days or forfeit their ability to receive a license, the agency’s executive director, Sam Flynn, told the […]
A rebate program aimed at encouraging indoor farmers – those growing cannabis and other crops – to switch to LED lights proved so popular that Minneapolis-based utility company Xcel Energy ran out of money to pay for it. The funding shortfall has left cannabis ancillary companies such as Scynce LED on the hook for hundreds […]
In a letter to the U.S. Department of Treasury and the IRS, the American Institute of CPAs (AICPA) is trying to provide guidance aimed at cannabis businesses and tax professionals ahead of potential marijuana rescheduling. “Since the beginning of decriminalization and legalization of marijuana across a growing number of states, cannabis businesses and their CPAs […]
Delaware on Thursday awarded the state’s first adult-use marijuana licenses to cultivators and manufacturers via a lottery. Of the 1,260-plus license applications, 727 made it to the Office of the Marijuana Commission’s lottery, which the agency hosted on Facebook Live. Delaware’s 13 existing medical marijuana dispensaries already applied for and were awarded adult-use licenses, which […]
Specialty marijuana finance company Chicago Atlantic Real Estate Finance closed on a $50 million loan to fund future investments and other corporate purposes. Chicago Atlantic, an Illinois-based commercial mortgage real estate investment trust, withdrew the entire loan at closing to repay its outstanding borrowings on its $110 million senior secured revolving credit facility and for […]
Canadian cannabis operator Canopy Growth Corp. made an early payment to reduce a loan term by $100 million (roughly 138.5 million Canadian dollars). The prepayment enables Canopy Growth to reduce its debt at a discounted price of $97.5 million and results in annualized interest savings of about $14 million, according to a news release. The […]
Financial institutions that serve licensed marijuana businesses in Delaware will be protected from state-level prosecution under a bill that Delaware’s governor recently signed into law. The new law – which Gov. John Carney signed Oct. 9 – protects banks, credit unions, armored-car services and accounting firms from state prosecution for working with regulated cannabis operators. […]
Cannabis sales in Ontario, Canada, surged during the first half of the year, with licensed retailers selling 21% more marijuana by volume than they did during the same period last year. According to a report from the Ontario Cannabis Store (OCS), the government-owned marijuana wholesaler shipped 50.2 million units of regulated products to retailers in […]
New York City has launched a low-interest loan program designed to provide affordable capital to licensed cannabis social equity retailers. A total of $2 million is available in the first phase of the Cannabis NYC Loan Fund, which might have one or more application cycles, depending on how many businesses apply. Three-year loans of up […]
Total cannabis sales in Connecticut dropped 12% in September, according to recently released data. Recreational and medical marijuana sales declined from a $25.6 million in August to $23.4 million in September, according to the state’s Department of Health and Human Services. Adult-use sales fell 7.6%, from $18 million in August to $16.6 million in September. […]
