The three largest cannabis producers in Canada just had their 2022 sales forecasts cut by hundreds of millions of dollars.
Tilray (TLRY), Canopy (CGC), and Aurora (ACB) have come under pressure from falling stock prices, poor execution by executive teams, and an increasingly competitive landscape across the adult-use industry.
While most lenders have restrained from servicing or extending credit to the state-licensed cannabis industry, StandardC’s lending network has broken new ground, offering cost-effective financing.
StandardC’s lending partner has extended a $5 million loan from their newly established $200M fund to a leading marijuana cultivator in a groundbreaking move.
Robert Mann, CEO of StandardC, said, “for too long, the cannabis industry has been unable to obtain loans and lines of credit without paying a ‘Cannabis Tax’ where lenders charge exorbitant interest and fees. Our network is enabling a consortium of lenders that can offer cost-effective real estate loans, lines of credit, and more.”
For more than 50 years, there has only been one DEA-approved facility legally allowed to grow cannabis for research purposes.
However, in May of 2020, several companies received conditional approvals for their applications after the DEA said it would be taking steps to end that monopoly and authorize additional manufacturers.
There is trouble a-brewing between Ascend Wellness Holdings (AAWH) and MedMen Enterprises Inc (MMNFF). Despite Ascends’ repeated attempts to close a deal to invest approximately $73M in MedMen NY, a MedMen subsidiary, MedMen is “refusing to close an is attempting to terminate the transaction.” Continue reading “MedMen Backs Out of Ascend Wellness Deal”→
2021 was a year like no other for the cannabis industry. There was great hope that a new administration in the White House would usher in federal legalization. While that didn’t happen, cannabis sales still surged and five new states joined the legal cannabis market.
Germany is set to become the second European county to legalize cannabis. This game-changing comes after Malta’s recent legalization. Currently, purchasing cannabis is outlawed in Germany, but it’s not illegal to use cannabis under current German law.