More financial institutions are servicing the marijuana industry, but depositories have terminated 5,650 accounts at an increasingly rapid clip. The data shows incremental improvement for a previously locked-out industry, but the gains are not keeping pace with the industry’s exponential revenue growth. Continue reading “Marijuana banking grows, terminations too”→
Visit a dispensary in one of the 28 states that legally sell marijuana and you’re likely to find products with monikers like God’s Green Crack, Super Lemon Haze, or Skywalker. That’s all about to change as a new breed of ganjapreneurs swoop into the fledgling industry with new marijuana marketing.
AmeriCann, a Denver-based medical cannabis facility developer, has acquired a 53-acre property in Freetown, Massachusetts, formerly owned by brewing giant, Boston Beer Company (SAM). The property will be home to a 130,000 sqft cultivation and processing facility, as well as a 30,000 sqft research and development building.
Amix Biotechnologies (AMIX) has developed a gum containing 50mg of hemp-derived cannabidiol per serving. The tests will look to see if the gum provides relief for the symptoms commonly associated with irritable bowel syndrome (IBS).
For the last two years, CEO of Mettrum, Michael Haines has been working with Bodystream, a network of medical cannabis clinics. After seeing Bodystream’s ability to scale while still maintaining professional integrity, Mettrum announced that they would acquire Bodystream and their 14 clinic locations across Ontario. Bodystream has approximately 6,000 active patients.
The cannabis industry is loaded with dozens of biotechs.
For example, if you take a look at the North American cannabis sector, you’ll see that the field is littered with biotechs such as Axim Biotechnologies (OTC: AXIM), Cara Therapeutics (Nasdaq: CARA) and Insys Therapeutics (Nasdaq: INSY).
It’s now legal to use marijuana, medically or recreationally, in 28 U.S. states. But many cannabis businesses still can’t access the banking system — and that has repercussions far beyond where dispensaries store their cash.
President Trump voiced support for medical marijuana and states’ rights during his campaign, but Jeff Sessions, his pick for Attorney General, has opposed legalization, and will have the power to enforce the federal drug laws that could send people to prison. This political uncertainty adds a new level of risk to entrepreneurs who already operate in an evolving landscape that requires flexibility and creativity. Continue reading “Marijuana Business Executives Offer Advice In A Time Of Political Uncertainty”→