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.
Consumer interest in products containing cannabidiol (CBD) is growing, according to New Frontier Data, a global cannabis research firm based in Washington D.C. A pair of recent white papers published by New Frontier help to illustrate the opportunity in the burgeoning American CBD market, which could be worth $20 billion by 2024 according to Colorado-based cannabis research agency BDSA.
Colorado cannabis retailers sold a record $192 million worth of marijuana in May, according to data from the Department of Revenue’s Marijuana Enforcement Division. By comparison, $143 million worth of cannabis was sold last May, state records show.
Illinois has hauled in $52 million in tax revenue from the sale of $239 million worth of adult-use cannabis this year, Governor JB Pritzker announced Tuesday. According to a news release, the Illinois Department of Revenue collected $34.7 million worth of excise taxes and approximately $18 million in sales taxes through the first six months of 2020.
Florida-based cannabis and hemp firm Jushi Holdings has updated a previously announced debt raise, confirming that it has secured an additional $2.1 million in funding. The company, which is in the process of acquiring Vireo Health’s cultivation and processing facilities in Pennsylvania, has brought in a total of $17.425 million to help fund the deal.
Holders of common iAnthus Capital Holdings stock could be left on the outside looking in under a proposed restructuring arrangement announced Monday. In a news release, the multistate cannabis firm said it struck a deal with all secured debt holders and most unsecured debt holders that will give the two groups control over a combined 97.25% of common shares following a recapitalization.
The Massachusetts Cannabis Control Commission has issued hundreds of thousands of dollars in fines to three cannabis firms for not complying with agency regulations. During a July 9 public meeting, chairman Steven Hoffman and commissioners Jennifer Flanagan, Britte McBride, and Shaleen Title unanimously voted to fine two companies for using banned pesticides on their cannabis plants.
Marijuana connoisseurs are likely aware of how long flower will typically last and the factors that contribute to the degradation of cannabinoids and terpenes. But consumers buying cannabis for the first time are likely less familiar with shelf life expectancy. A desire to deliver fresher marijuana products to consumers is what drove Vireo Health to develop new packaging technology.
Sales of adult-use cannabis in Illinois hit a new record high last month, as recreational marijuana dispensaries sold more than $47.6 million worth of legal products – a 7.5% uptick versus the previous month. According to the IDFPR, which tracks sales at licensed adult-use shops, nearly $240 million worth of recreational cannabis has been sold in Illinois through the first half of 2020.