Cannabis Business & Financial News

The couple behind the cannabis-friendly cryptocurrency ParagonCoin, which launched in 2017, failed to appear in court and may be on the run after they were fined $250,000 by the SEC and told to refund $12 million to investors.

Lygos, Inc. announced this week it had finalized a novel process of cannabinoid production that uses proprietary fermentation and processing technology.

Cannabis dispensaries in Portland, Oregon have been targeted by at least 47 break-ins since May; store owners believe it’s the same group hitting multiple dispensaries.

Medicine Man Denver announced it was terminating its deal with Schwazze and will look for new partners; it’s the second failed deal in as many months for Schwazze.

Adult-use cannabis sales in Maine are set to commence on October 9, more than four years after voter approval, and following an “indefinite postponement” due to the coronavirus pandemic.

Pennsylvania cannabis dispensaries recorded a 70% increase in weekly patient visits from February to August, which fully encompasses COVID-19’s spread throughout the United States.

A Florida-based attorney has filed federal lawsuits against at least three cannabis companies in Michigan, claiming the companies sent unsolicited marketing text messages or automated phone calls without proper consent.

Cannabis workers at Cultivate Holdings, a vertically integrated cannabis company in Massachusetts, have voted to join the United Food and Commercial Workers Union Local 1445.

Michigan regulators ordered the recall of about 3,200 pre-rolls after an employee allegedly licked one of the pre-rolls while making the product.

The SEC has filed charges against six people for allegedly defrauding more than 400 investors out of $25 million; the scheme supposedly took place between September 2017 and February 2019.

Hawthorne, an indoor cultivation and hydroponics brand subsidiary of Scotts Miracle-Gro, reported 72 percent growth for the third quarter, which ended June 27, 2020.

In 2018, Nevada awarded 61 state licenses to just 17 applicants, and many applicants who were not selected sued state officials. A recently proposed settlement to that lawsuit would see 10 cannabis licenses shifted to new owners in the state, but some of the plaintiffs are calling for the settlement to be thrown out.

A former Baltimore lawmaker admitted to accepting bribes related to cannabis, alcohol, and opioid regulations. She was recently sentenced to two years in prison.

Despite overwhelming public support, the Democratic Party will not include federal cannabis legalization as a part of its platform in the 2020 election.

With the legalization and regulation of cannabis, numerous states have attempted to address the lasting harms of the drug war by creating social equity grants for entrepreneurs from impacted communities. In Massachusetts, a bill is being considered that would offer loans instead.

Killer Mike and El-P, the rappers known collectively as Run the Jewels, have partnered with cannabis companies Cookies and Lemonnade to provide their first branded cannabis strain, Ooh Lala.

Voters in Portland, Maine will decide this November whether or not to remove the city’s cap on cannabis business licenses.

Lume Cannabis Company in Michigan has partnered with the Sault Ste. Marie Tribe of Chippewa Indians to open a new retail cannabis dispensary on tribal lands.

Massachusetts Cannabis Control Commissioner Shaleen Title says she is starting to feel “embarrassed” by inequities in the state’s cannabis industry.

Curaleaf has successfully completed its acquisition of Grassroots to become the largest vertically-integrated cannabis operator in the country.

Four New Mexico medical cannabis brands are accusing the state of adopting “arbitrary and capricious” rules, some of which appear to be copy-pasted from other states including a testing requirement for mycotoxins which have never been found in New Mexico-grown cannabis.

CW Nevada has received a $1.25 million fine from the Nevada Cannabis Compliance Board following multiple alleged violations, including selling untested and unregistered cannabis products.

A proposal from the California Assembly would levy civil fines up to $30,000 per day to anyone who provides building space, advertising platforms, and other services to unlicensed cannabis operators.

Full-spectrum hemp oil brand Synchronicity has become the first CBD company to land a partnership with the United Soccer League.