On Tuesday, March 26th, the House Financial Service Committee will take up, debate and vote on the Secure and Fair Enforcement (SAFE) Banking Act, a bi-partisan bill addressing the cannabis industry’s banking crisis. A yes vote on the SAFE Act would represent a crucial milestone in federal marijuana policy and pave the way for major financial institutions to work with legal cannabis businesses. But just days ahead of the committee markup, a key sponsor of the bill moved to add provisions that would help to further diversity and inclusion across the industry. Continue reading “Bipartisan Cannabis Business Banking Bill Goes to House Committee”
Tag: banking
MedMen Announces US$250 Million Investment From Gotham Green Partners
MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF) (FSE: A2JM6N) (“MedMen” or the “Company”), is pleased to announce that it has signed a binding term sheet for a senior secured convertible credit facility of up to US$250,000,000 (the “Facility”) from funds managed by Gotham Green Partners (“GGP” or the “Investor”), an investor in the global cannabis industry. Management believes this is the largest investment to date by a single investor in a publicly traded cannabis company with U.S. operations.
Continue reading “MedMen Announces US$250 Million Investment From Gotham Green Partners”
Billionaire Nelson Peltz Joins Aurora Cannabis as Strategic Adviser
Billionaire investor Nelson Peltz is joining Aurora Cannabis Inc. as a strategic adviser and is receiving stock options that could make him the pot firm’s second-largest shareholder.
Peltz, whose New York-based Trian Fund Management LP has more than $10 billion under management, will advise Aurora on potential partnerships, the company said in a statement Wednesday. Aurora’s shares gained 8.5 percent to C$11.54 as of 10:43 a.m. in Toronto. Continue reading “Billionaire Nelson Peltz Joins Aurora Cannabis as Strategic Adviser”
The 2018 Farm Bill – What it Means for Hemp Farmers’ Tax Bill
The Agriculture Improvement Act of 2018 (the 2018 Farm Bill) has officially been signed into law. One of the major components of this legislation of industrial hemp. This blog post will mainly focus on what the tax implications of this legalization and contrast tax differences of a federal legal hemp business versus a federally illegal business subject to section 280E. Continue reading “The 2018 Farm Bill – What it Means for Hemp Farmers’ Tax Bill”
Canopy Growth CEO says ‘For sure there’s a marijuana bubble’
Canopy Growth Corporation saw its shares fall 13% on Wednesday after reporting disappointing earnings that included a revenue decline. Analysts had expected better results from Canopy after Canada launched legal recreational marijuana sales on Oct. 17. Continue reading “Canopy Growth CEO says ‘For sure there’s a marijuana bubble’”
A Half-Banked Industry — New Cannabis Businesses Need Access To Financial Service
If you ever open a cannabis business, you will have this meeting: Some really big guys will contact you about your cash problem. A cash problem only they could solve. It will require unmarked, bullet-proof vans, guns, more big guys, and some special relationships with government officials. At one point, when you ask how they get the money through a specific checkpoint, one of them will reply, “We know a guy.”
Continue reading “A Half-Banked Industry — New Cannabis Businesses Need Access To Financial Service”
Cannabis Strategies Acquisition Corp. Announces Proposed Qualifying Transaction
CSAC has executed agreements to acquire 5 existing companies to create an anchor portfolio (the “Anchor Portfolio”) of vertically integrated operations in the Eastern and Western United States, pending regulatory approval on licensing and structure… Continue reading “Cannabis Strategies Acquisition Corp. Announces Proposed Qualifying Transaction”
Pot stocks rally after Canopy Growth buys US hemp researcher to help it grow marijuana better
Marijuana stocks rallied Monday after one of the largest Canadian cannabis companies announced that it has agreed to acquire a U.S.-based hemp company.
Canopy Growth told investors its purchase of Evergreen, Colorado-based ebbu will “complement and accelerate” its ambitions to expand into new types of consumer products. Continue reading “Pot stocks rally after Canopy Growth buys US hemp researcher to help it grow marijuana better”
TGOD Announces C$75 Million Bought Deal
The Green Organic Dutchman Holdings Ltd. (the “Company” or “TGOD”) (TSX:TGOD) (US:TGODF) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (the “Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 10,950,000 units (the “Units”) at a price of $6.85 per Unit (the “Offering Price”) for aggregate gross proceeds to the Company of $75,007,500 (the “Offering”). Continue reading “TGOD Announces C$75 Million Bought Deal”
Is This the Solution to the Marijuana Banking Problem?
There are many aspects of the marijuana banking problem that are a long way from being solved. One of the biggest problems is payment processing – getting money from consumers’ hands to marijuana businesses’ bank accounts. In June of this year, both the Senate Appropriations Committee and the House Appropriations Committee voted to block marijuana amendments and proposals that would allow marijuana businesses to store their profits in banks. Continue reading “Is This the Solution to the Marijuana Banking Problem?”