Cannabis sales in Michigan approached $1 billion in 2020, state records show. According to data from the Michigan Marijuana Regulatory Agency (MRA), combined sales of medical marijuana and adult-use cannabis reached $984.7 million.
Former NBA All-Star Chris Webber has teamed up cannabis investor Jason Wild, who runs the New York based investment firm JW Asset Management, to launch a $100 million private equity fund for minority cannabis business owners. The fund will “level the playing field” for BIPOC entrepreneurs who want to break into the booming cannabis industry but lack the access to funding and resources.
The latest cannabis industry jobs report from Leafly has arrived. According to the online cannabis information resource and e-commerce platform, which once again partnered with consulting firm Whitney Economics to produce its 2021 report, the U.S. marijuana industry added 77,300 jobs in 2020, up 32% versus 2019.
Canada’s HEXO Corp announced Tuesday plans to acquire competing cannabis firm Zenabis Global Inc. in an all-stock transaction valued at $235 million.
Chicago-based multistate operator Green Thumb Industries (GTI) has raised $100 million via the sale of 3.1 million registered subordinate voting shares to a single institutional investor at $32.03 per share.
New York-based Bimble Beverages makes a line of “chill sparkling drinks” infused with at least 25 milligrams of broad-spectrum hemp extract. Available in three flavors — Blueberry Lemon Ginger, Cucumber Melon Lime, and Grapefruit Basil Mint — Bimble’s bubbly beverages are made with a blend of clarified lemon juice concentrate, raw honey, and natural flavors.
A new nonprofit organization that “aims to advance social equity and racial justice and end federal cannabis prohibition" has been formed. Announced Monday, the U.S. Cannabis Council brings several North American cannabis industry stakeholders together in hopes of convincing policymakers in Washington D.C. to legalize marijuana.
Adult-use cannabis will soon be legal in Virginia. Both chambers of Virginia’s legislature passed separate bills on Friday that would legalize, regulate and tax cannabis for adults over the age of 21.
Eaze, and online cannabis marketplace, recently published its 2020 “State of Cannabis” report highlighting trends and insights from the country’s largest marijuana market: California. According to the company, 400,000 Californians purchased a cannabis product via the Eaze platform in 2020, many of them for the first time as coronavirus-induced shutdown orders forced customers online.
After selling more than $1 billion worth of cannabis products last year, dispensaries in Illinois got off to a blazing start in 2021 by taking in more than $121 million in January. According to new data from the Illinois Department of Financial and Professional Regulation, adult-use cannabis dispensaries sold a record $88.8 million worth of cannabis during the first 31 days of the new year.
Jazz Pharmaceuticals PLC announced Wednesday plans to acquire U.K.-based GW Pharmaceuticals, which makes the cannabis-derived drug Epidiolex that is used to treat childhood-onset epilepsy. The cash-and-stock deal is valued at $7.2 billion and is expected to close in the second quarter of 2021.
Three top Senate Democrats plan to pursue “comprehensive cannabis reform legislation” during the 117th session of Congress. In a joint statement issued Monday, Senate Majority Leader Chuck Schumer (D-NY), and Sens. Ron Wyden (D-OR) and Cory Booker (D-NJ), said they would prioritize ending cannabis prohibition and work together to introduce new cannabis reform legislation in the coming weeks.
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