Cannabis Industry & Marijuana Business Briefs

Marijuana compliance firm Akerna reports increased revenue, higher losses

Denver-based Akerna, a cannabis technology compliance provider, on Monday reported revenue of approximately $11 million for its fiscal year. The revenue figure for its fiscal year ended June 30 was 4.2% higher during the same period in 2018. Net loss for fiscal 2019 totaled $12.3 million compared with a net loss in fiscal 2018 of […]

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Cannabis firms must comply with federal overtime law, court rules

State-licensed marijuana businesses need to adhere to federal labor laws governing paying overtime to employees, an appellate court ruled, which is a decision that could have broad implications for the MJ industry. A three-judge panel of the U.S. Court of Appeals for the Tenth Circuit in Denver affirmed a decision by a lower court in the […]

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European Commission approves Epidiolex marketing authorization, GW Pharmaceuticals says

The European Commission granted marketing authorization to Epidyolex, the trade name in Europe for Epidiolex, GW Pharmaceuticals announced Monday. In June 2018, the U.S. Food and Drug Administration approved Epidiolex for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome in patients two years of age and older. The CBD-based medicine was greenlighted in Europe […]

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In historic move, US House to vote on cannabis banking bill next week

A bill that would create a federal safe harbor for financial institutions to serve state-lawful cannabis businesses and ancillary companies will be put to a landmark vote in the U.S. House of Representatives next week, House Majority Leader Steny Hoyer said Friday. Hoyer, D-Maryland, announced on the House floor that he will schedule the SAFE Banking […]

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Walmart pulls plug on all e-cigarette sales as vaping crisis roils marijuana industry

Walmart said Friday that it will stop selling electronic cigarettes at its namesake stores and Sam’s Clubs following a string of mysterious illnesses and deaths related to vaping. Walmart’s decision comes in the wake of the U.S. Food and Drug Administration (FDA) launching a criminal investigation into the vaping health crisis, bringing added scrutiny to the […]

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200 cannabis stores approved by Calgary, more than BC, Ontario & Quebec combined

The number of city-approved cannabis stores in Calgary surpassed 200 this week, while the province has licensed 63 of those to open their doors to customers. The city’s store approvals exceed Ontario, British Columbia and Quebec combined, the three most-populous provinces in the country. Experts say Calgary should be seen as an example for other […]

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Wisconsin lawmakers introduce bill to legalize medical cannabis

Three legislators introduced a bipartisan bill that would legalize medical marijuana in Wisconsin, creating a licensing system for growers, processors and sellers. Sens. Jon Erpenbach and Patrick Testin along with Rep. Chris Taylor introduced the bill Friday. Erpenbach and Taylor are Democrats. Testin is a Republican. The bill faces an uphill fight in the Republican-controlled […]

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Cresco Capital backs $25 million funding of CPG marijuana firm

Los Angeles-based Future State Brands, a consumer brands cannabis holding company, received $25 million of funding led by Cresco Capital Partners. Future State Brands has a portfolio of hemp, THC and CBD brands in a variety of sectors including beverage, clothing and cosmetics. The proceeds will be used by the holding company for product development […]

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New Hampshire lawmakers override governor’s medical cannabis veto

Certified New Hampshire patients soon will have the ability to buy medical marijuana even if they haven’t had the same doctor for three months – a development that could provide a sales boost to the state’s small MMJ market. Republican Gov. Chris Sununu vetoed a bill last month to eliminate the waiting period, but both the […]

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Marijuana industry veteran Vo leaves CEO job at BioTrackTHC

Patrick Vo exited his job as CEO of BiotrackTHC after resigning from the board of is parent company, Helix TCS. For more than seven years, Vo was an executive at Florida-based BioTrackTHC, a seed-to-sale software provider, most recently serving as CEO and president. Colorado-based Helix TCS acquired BioTrackTHC in June 2018. Helix is involved in […]

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Phoenix authorities bust cannabis vape operation

Law enforcement authorities found about 1,100 packaged vape cartridges in a raid of a suspected marijuana and THC vape cartridge operation in north Phoenix. The raid comes as hundreds of illnesses and seven deaths across the country are being linked to e-cigarettes and marijuana vaping devices, in both the legal and illegal markets. The vape cartridges […]

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