Earlier this year, Boston became the first major East Coast city to permit the opening of an adult-use cannabis dispensary. After years of planning, Pure Oasis opened its doors in early March, only to suddenly be forced to close after Massachusetts Governor Charlie Baker ordered all “non-essential” businesses to temporarily shutter in response to the global coronavirus pandemic.
Acreage Holdings is continuing to trim back its operations. On Monday, the New York-based multistate operator announced the sale of additional non-core assets in North Dakota and Massachusetts as it seeks profitability.
Recreational cannabis shops in Massachusetts will reopen on May 25, two months after they were deemed non-essential and ordered to close amid the coronavirus pandemic. On Monday, Massachusetts Governor Charlie Baker announced a four-phase reopening plan that will enable some of the state’s currently shuttered businesses to resume operations.
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.
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.
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.
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.
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.
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.
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.