Marijuana Business Daily

Arizona firm 1606 raises $20 million for hemp and CBD acquisitions

Published

2 years ago

February 17, 2023

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Phoenix-based hemp and CBD retail and distribution company 1606 Corp. raised up to $20 million through an equity financing agreement with GHS Investments.

According to a news release, 1606 will use the funds for acquisitions.

“This $20 million financing is going to allow us to buy profitable CBD companies and we’ll be a great investment opportunity for investors around the world,” 1606 CEO and Chair Greg Lambrecht said in a statement.

GHS Investments is buying equity in 1606 at 80% of the market price.

After 1606 uplists from the over-the-counter markets – where it trades as CBDW – to a larger exchange such as the Nasdaq, the purchase price will increase to 90% of the market price, subject to a $2-per-share floor.

Below that, the company will not deliver any put options.

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Colorado cannabis operator seeks financial damages in counterclaim

Published

2 days ago

September 5, 2024

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Bonanza Cannabis Co. is seeking financial relief from one of Colorado’s largest cannabis cultivators that filed a complaint against the brand in June alleging it knowingly sold products with illegal hemp-derived THC.

In a Thursday news release, Englewood, Colorado-based Bonanza called the allegations levied by Mammoth Management and its affiliates – Mammoth Farms and Mammoth Manufacturing – “baseless” and an improper use of the legal system to hurt its business and boost Mammoth’s sales.

Bonanza said it is seeking financial damages to be determined at trial.

“We were leery of the allegation because there is currently no test identifying hemp-derived THC that has been required nor sanctioned by Colorado’s Marijuana Enforcement Division (MED),” Bonanza co-founder and co-owner Conlan Keller told MJBizDaily via

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Kentucky gets landslide of medical marijuana business applications

Published

4 days ago

September 3, 2024

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More than 2,600 applications for medical marijuana business licenses in Kentucky were filed before Saturday’s deadline.

That’s according to data from the Kentucky Office of Medical Cannabis, Louisville TV station WLKY reported.

Of those applications, more than 2,200 were for 48 MMJ dispensary licenses.

The application window in Kentucky was open from July 1 to Aug. 31.

The next step in the licensing process will be an October lottery to decide which operators will be licensed when the program launches in 2025.

MMJ license applicants have been tasked by the Kentucky Medical Cannabis Program with creating extensive business plans.

Pperhaps a bigger concern for MMJ license applicants, according to the Kentucky chapter of the National Organization for the Reform of Marijuana Laws

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Nebraska medical marijuana legalization measures near ballot certification

Published

1 week ago

August 30, 2024

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Two proposed referendums in Nebraska that would legalize medical marijuana and protect MMJ patients from prosecution appear to have qualified for the state’s November ballot.

But Secretary of State Bob Evnen has asked county election offices to continue verifying signatures until they reach the 110% threshold required by state law.

Separate petitions to put the Nebraska Medical Cannabis Patient Protection Initiative and the Nebraska Medical Cannabis Regulation Initiative on the ballot both surpassed the requirement of 87,126 valid signatures to make it onto the Nov. 5 ballot, according to a Friday news release from the secretary of state’s office.

The release noted that the petitions had not yet been certified but confirmed that 89,051 valid signatures had been collected.

The measures “will

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