Report: Global Cannabis Sales to Hit $47 Billion in 2025
Report: Global Cannabis Sales to Hit $47 Billion in 2025

Global cannabis sales are expected to reach $47 billion by 2025, according to analysts at BDSA (formerly BDS Analytics) and Arcview Market Research. According to the firms, the global cannabis industry generated an estimated $14.8 billion in 2019, up a record 46% from 2018. The firms had previously predicted that sales would reach $14.9 billion in 2019.

Popular Pot Publication High Times Agrees to Purchase California Dispensaries in $80 Million Deal
Popular Pot Publication High Times Agrees to Purchase California Dispensaries in $80 Million Deal

Los Angeles-based Hightimes Holding Corp., which owns the eponymous “High Times” magazine founded in 1974, yesterday announced plans to acquire more than a dozen existing and planned California cannabis dispensaries from Arizona-based multistate operator (MSO) Harvest Health & Recreation Inc.

Cresco Labs Reports 2019 Results, Cancels Acquisition of Tryke Companies
Cresco Labs Reports 2019 Results, Cancels Acquisition of Tryke Companies

Chicago-based Cresco Labs (CNSX: CL) grew revenue 197%, to $128.5 million, in 2019, but the record growth wasn’t enough to keep the multistate cannabis operator out of the red. The cannabis firm’s net losses exceeded $65 million in 2019. Cresco also announced it would terminate a planned $282 million purchase of Tryke Companies.

Following Special Committee Probe, iAnthus Capital CEO Hadley Ford Resigns
Following Special Committee Probe, iAnthus Capital CEO Hadley Ford Resigns

Hadley Ford has stepped down as CEO of multistate cannabis company iAnthus Capital Holdings following an investigation into alleged conflicts of interest involving the former Wall Streeter.

New House Bill Would Give Cannabis Companies Access to Federal Coronavirus Relief Funds
New House Bill Would Give Cannabis Companies Access to Federal Coronavirus Relief Funds

A House bill that would make financial aid available to legal cannabis businesses impacted by the coronavirus has been introduced by Reps. Earl Blumenauer (D-OR) and Ed Perlmutter (D-CO). The “Emergency Cannabis Small Business Health and Safety Act” would give plant-touching marijuana companies and industry “service providers” access to federal coronavirus relief programs.

New Frontier Data: Cannabis-Infused Product Sales Will Approach $3 Billion in 2020
New Frontier Data: Cannabis-Infused Product Sales Will Approach $3 Billion in 2020

Sales of cannabis-infused products are poised to reach $3 billion in the U.S., according to New Frontier Data, a global marijuana research firm based in Washington D.C. In a recent report, New Frontier found that infused products such as edibles and beverages account for 14% of total U.S. cannabis sales. It is the third largest category behind flower (37%) and vape (32%).

Politicians Use 420 to Push Cannabis Legalization Agendas
Politicians Use 420 to Push Cannabis Legalization Agendas

While many marijuana enthusiasts may have spent yesterday toking up in celebration of the cannabis community’s official-unofficial holiday, several 420-friendly politicians used their platforms to call for legalization and other pro-pot policies.

Canopy Growth Continues Retrenchment, Cuts 85 More Jobs
Canopy Growth Continues Retrenchment, Cuts 85 More Jobs

In a continued effort to conserve cash, Canada’s Canopy Growth Corporation is trimming back its operations via the closure of several international locations. In a press release issued last Thursday, the vertically-integrated cannabis firm said it would shutter an indoor cultivation facility in Canada and halt hemp farming at a 1,000-acre site in Springfield, New York.

Lawmakers, Lobbyists Urge Congress to Consider Coronavirus Relief For Cannabis Companies
Lawmakers, Lobbyists Urge Congress to Consider Coronavirus Relief For Cannabis Companies

Cannabis advocates are pushing for marijuana businesses to be included in the next round of federal coronavirus relief. Over the last week, several lawmakers and lobbyists have penned letters to state and federal officials urging them to extend aid to cannabis businesses as part of a phase four stimulus package.

Greenbits Raises $23 Million in Series B Funding Led by Tiger Global and Casa Verde
Greenbits Raises $23 Million in Series B Funding Led by Tiger Global and Casa Verde

Cannabis retail management platform Greenbits has raised $23 million from a group of prominent investment firms including Tiger Global Management, Casa Verde Capital and DNS Capital. The funding will be used to grow sales and expand into new markets, according to the company.

Caliva Launches Delivery, Partners with Hypur on Contactless Payment Solution
Caliva Launches Delivery, Partners with Hypur on Contactless Payment Solution

California-based cannabis firm Caliva is bringing its products directly to consumers with a contactless payment and delivery option as the coronavirus pandemic continues to keep many of its core customers sheltered-in-place. The San Jose, California-based cannabis company has partnered with payment and banking technology firm Hypur to help implement a cashless payment system.

Aurora Cannabis Launches $350 Million Offering, Initiates Reverse Split to Avoid NYSE Delisting
Aurora Cannabis Launches $350 Million Offering, Initiates Reverse Split to Avoid NYSE Delisting

Cash-strapped Canadian marijuana firm Aurora Cannabis today announced plans to launch a $350 million at-the-market offering aimed at strengthening its balance sheet as the company navigates “macroeconomic uncertainty caused by COVID-19.” The company also said it plans to complete a 1-for-12 reverse stock split to avoid being delisted on the New York Stock Exchange.

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