SAFE Banking Act Included in New Coronavirus Relief Package
SAFE Banking Act Included in New Coronavirus Relief Package

Language from the cannabis industry’s long-sought banking reform bill, the SAFE Banking Act, has been included in the House Democrats’ new $3 trillion coronavirus aid package. Unveiled Tuesday, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act includes protections for financial institutions working with state-approved marijuana businesses.

Mark Dowley Resigns from iAnthus Capital Holdings' Board of Directors
Mark Dowley Resigns from iAnthus Capital Holdings' Board of Directors

Mark Dowley has resigned from iAnthus Capital Holdings’ board of directors, the company announced Friday. Dowley, and entrepreneur and marketer, joined the company’s board on December 5, 2019, as an independent director. 

High Times CEO Stormy Simon Resigns After 4 Months
High Times CEO Stormy Simon Resigns After 4 Months

Stormy Simon’s time as CEO of Hightimes Holding Corp. has come to an end after just four months. Simon will be replaced by Peter Horvath, a former Victoria’s Secret and American Eagle executive, but continue to serve on the Hightimes board of directors.

Alcohol Delivery Giant Drizly Launches On-Demand Cannabis E-Commerce Company
Alcohol Delivery Giant Drizly Launches On-Demand Cannabis E-Commerce Company

Boston-based alcohol delivery service Drizly has officially expanded into the cannabis sector with the launch of Lantern, a marijuana delivery platform that connects cannabis users to licensed dispensaries across Massachusetts. The service is currently available to medical marijuana patients in the greater Boston area who have access to products sold by Revolutionary Clinics.

Illinois Cannabis Sales Surpass $37 Million in April
Illinois Cannabis Sales Surpass $37 Million in April

Sales of adult-use cannabis are soaring in Illinois, even as residents remain under a coronavirus-induced stay-at-home order that was recently extended to May 30 by Gov. J.B. Prtizker. Recreational sales topped $37 million in April, the second-best month since adult-use shops opened their doors in January, according to data from the Illinois Department of Financial and Professional Regulation.

4Front Ventures Raises $22 Million
4Front Ventures Raises $22 Million

4Front Ventures, a vertically integrated cannabis firm with operations in multiple states, has raised $22 million via the sale of non-core assets and private debt financing from Navy Capital.

Constellation Brands Ups Stake in Canopy Growth
Constellation Brands Ups Stake in Canopy Growth

Constellation Brands -- which owns the Corona, Svedka, and Prisoner Wine Company brands, among many others -- has exercised more than 18.8 million warrants to buy shares of Canopy Growth, the largest cannabis company in the world. In a joint press release issued Friday, the two companies said the warrants -- originally issued on November 2, 2017 -- were exercised at a price of $12.97 CAD.

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.

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