Multistate cannabis company iAnthus Capital Holdings has failed to make $4.4 million in interest payments due on senior secured and unsecured convertible debts totaling roughly $160 million. In a press release, iAnthus said it asked debt holders for temporary relief, noting that poor public market conditions and the coronavirus outbreak had caused liquidity constraints.
In an effort to preserve cash, New York’s Acreage Holdings has made a number of strategic moves intended to help the company mitigate the economic impact of the coronavirus pandemic. In a press release issued last Friday, the company said it had temporarily furloughed 122 employees and closed certain U.S. operations.
Charlotte Figi, the young Colorado girl whose debilitating condition led to the development of an eponymous cannabidiol (CBD) brand called Charlotte's Web, died on Tuesday at the age of 13. Figi suffered from a rare form of epilepsy called Dravet syndrome and used CBD oil to help treat frequent seizures.
As cities and states increasingly decriminalize and legalize cannabis, public policy is trending toward expungement. It’s a start, and it’s one that’s happening at various speeds across the country. But justice doesn’t just mean pardoning those with low-level marijuana convictions. It means actively offering public and private programs to ensure minorities get more than an equal shot.
The coronavirus pandemic has forced thousands of “non-essential” businesses to temporarily shutter as America works to slow the spread of COVID-19, the disease caused by the novel coronavirus. One industry still deemed essential during the outbreak, however, is marijuana. A majority of Americans agree that cannabis is essential, according to a recent YouGov poll.
Healthcare workers across the U.S. are tirelessly combatting the coronavirus, but a critical shortage of personal protective equipment (PPE) is threatening their ability to continue the fight. The widespread demand for PPE coupled with a seemingly never-ending supply shortage could leave cannabis cultivators that use the same equipment on the outside looking in.
How are cannabis sales going to be impacted by the coronavirus pandemic? That's the question many cannabis professionals are asking themselves as the number of COVID-19 cases in the U.S. continues to climb and the economy grinds to a halt. Market research firm BDS Analytics has been tracking cannabis sales over the last two weeks, and on Friday advised firms to brace for a potential downturn.
The National Cannabis Industry Association (NCIA), a Washington D.C.-based trade group representing the marijuana sector, has pushed its annual business summit and expo back to September as a result of the coronavirus pandemic.
Several Massachusetts-based cannabis firms have stepped up to make thousands of gallons of much-needed hand sanitizer that will be donated to the Massachusetts Emergency Management Agency for distribution to hospitals throughout the Commonwealth.
Recreational cannabis dispensaries across Massachusetts have been forced to close their doors after Governor Charlie Baker issued an emergency order requiring all “non-essential” businesses to shutter until April 7, 2020 because of the coronavirus pandemic.
Nearly every major industry is feeling the ripple effects of the coronavirus pandemic, and responses from several notable cannabis firms are trickling in. As of press time, there were 255,305 confirmed and presumptive positive cases of COVID-19 worldwide and 10,444 deaths, according to Johns Hopkins University & Medicine.