Fresh off signing a historic 10-year contract extension worth up to $503 million with the Kansas City Chiefs, NFL superstar Patrick Mahomes has now inked a lucrative endorsement with Biosteel Sports Nutrition. The Toronto-based CPG company announced Tuesday that it had signed a multiyear deal with the 24-year-old MVP quarterback, who will receive an undisclosed equity stake in Biosteel.
Sales of adult-use cannabis in Illinois have surpassed $300 million through the first seven months of the year, the state’s Department of Financial and Professional Regulation (IDFPR) reported Monday. July marked yet another record-breaking month for recreational cannabis sales in Illinois, as adult-use dispensaries moved more than 1.2 million products and hauled in nearly $61 million.
The U.S. House of Representatives last week passed an appropriations amendment that protects state-legal cannabis businesses from federal interference. Introduced by Reps. Earl Blumenauer (D-OR), Barbara Lee (D-CA), Tom McClintock (R-CA), and Eleanor Holmes Norton (D-DC), the bipartisan amendment to H.R. 7617 — the Department of Defense Appropriations Act of 2021 — was approved in a 254-163 floor
U.S. sales of CBD are expected to grow 14% and reach $4.7 billion in sales in 2020, according to a new report from the Brightfield Group. However, growth in the CBD sector has been stunted by industry headwinds and other coronavirus-induced challenges.
The Nevada Cannabis Compliance Board (CCB) has opened an investigation into several dispensaries for allegedly selling tainted marijuana products, the agency announced Tuesday. The CCB said marijuana strain Cherry OG F3 twice failed microbial testing earlier this year. However, three Las Vegas retail shops continued to sell through inventory despite a March directive to halt sales.
Denver-based edibles and extracts company Medically Correct has terminated its acquisition agreement with fellow Colorado cannabis firm Schwazze. In a statement, Medically Correct president Bob Eschino said his company notified Schwazze, which is also based in Denver and was formerly known as Medicine Man Technologies Inc., of the decision to rescind an acquisition extension agreement on Monday.
Ask Emjay CEO Chris Vaughn for the keys to success in cannabis delivery, or any e-commerce business, and he’ll tell you that it always boils down three things: You must offer a great selection of products, at competitive prices, and be able to reliably get them in the hands of consumers quickly.
Less than a week after inking a $35 million agreement to purchase California-based cannabis company Platinum Vape, Toronto’s Red White & Bloom Brands (RWB) announced Monday plans to acquire Michigan’s PharmaCo Inc. In a news release, RWB said it had exercised its right to acquire 100% of PharmaCo via the company’s wholly owned MichiCann Medical Inc. subsidiary.
Massachusetts-based Curaleaf Holdings, Inc. has closed on its blockbuster acquisition of Chicago’s GR Companies, better known as Grassroots, the company announced Thursday. The deal makes Curaleaf the largest multistate cannabis company in the world. The firm now has a presence in 23 U.S. states and owns over 135 dispensary licenses.
Red White & Bloom Brands (RWB) announced Wednesday the signing of a letter of intent to acquire California-based Platinum Vape, which makes and markets a range of cannabis products including flower and edibles. According to a news release, RWB will pay $35 million for Platinum Vape, whose current revenue run rate exceeds $70 million.
More than a dozen national advocacy organizations have penned a letter to members of Congress asking for their support of the MORE Act, which would remove cannabis from the Controlled Substances Act. Known as the Marijuana Justice Coalition (MJC), the consortium includes several civil rights and criminal justice groups, along with pro-cannabis organizations like NORML and the Drug Policy Alliance.
A medical marijuana processor in Oklahoma has been fined $541,000 by the state’s cannabis regulatory agency and told to halt operations after the company allegedly sold products containing harmful pesticides. According to KWTV, Edmond-based Moon Mix, LLC sold contaminated cannabis offerings that tested positive for several pesticides earlier this year.