Connect with us

Marijuana Business Daily

Aurora Cannabis seeks Nasdaq compliance via share consolidation

Published

on


Canadian producer Aurora Cannabis said it’s planning to consolidate its shares to restore compliance with the Nasdaq’s minimum bid-price requirement and ensure continued access to a range of institutional investors.

Aurora’s board of directors approved the plan to consolidate outstanding common shares on the basis of one share for every 10 shares currently outstanding, subject to regulatory and stock exchange approvals, the Alberta-based company said in a Wednesday news release.

ADVERTISEMENT

The proposed plan would cut Aurora’s outstanding shares from 475,903,822 to 47,590,382.

Aurora expects the share consolidation to be effective around Feb. 20.

“We will continue to exercise financial discipline, and do not see this share consolidation as a distraction from our target of delivering positive free cash flow1 this calendar year,”

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Rejected applicants sue Minnesota over marijuana social equity licensing process

Published

on

By


Two women are suing Minnesota’s cannabis regulator after being denied an opportunity to participate in the upcoming lottery for adult-use marijuana social equity business licenses.

Cristina Aranguiz and Jodi Connolly allege in a lawsuit they filed Thursday allege that Minnesota’s Office of Cannabis Management (OCM) made an “arbitrary and capricious decision” in denying their applications to participate in the lottery and offered no explanation, the Minnesota Reformer reported.

ADVERTISEMENT

Earlier this week, the OCM announced that roughly two-thirds of the 1,817 social equity license applicants had been disqualified because they failed to complete the application process, turned in multiple applications or disguised the true investors in their companies.

The plaintiffs’ complaint – which also names the OCM’s interim director, Charlene Briner – alleges

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

USDA assumes oversight of Michigan hemp farmers

Published

on

By


Michigan hemp farmers are operating under the U.S. Department of Agriculture now that the state has shut down its industrial hemp program.

According to Hemp Today, the change means farmers are subject to stricter pre-harvest THC testing protocols that require all tests to be conducted at Drug Enforcement Administration-approved laboratories once that program is up and running.

ADVERTISEMENT

Compliance requirements also are more stringent, with more detailed recordkeeping and reporting mandated.

But some of the changes will benefit hemp farmers, according to Hemp Today.

For example, licensing fees will be lower than the $1,350 that hemp farmers were paying to grow their crops.

“Now that more uses of industrial hemp products in the building and animal feed sectors are starting to emerge, this

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

California’s capital city OKs marijuana consumption lounge licenses

Published

on

By


The Sacramento City Council approved a measure that paves a path for California’s capital to issue consumption lounge licenses sometime in 2025.

The ordinance was approved 5-4 on Tuesday, despite opposition from certain Council members, the American Heart Association and American Cancer Society, according to The Sacramento Bee.

ADVERTISEMENT

The organizations highlighted the effects of secondhand smoke on employees, customers and neighbors.

Similar concerns about smoke ventilation has led to lengthy delays in other markets, including Nevada, where regulators ultimately eased ventilation standards so operators could comply with the new rules without installing costly system overhauls.

Sacramento officials expect to issue permits in the first half of next year after the Council considers cannabis land-use and zoning amendments, the Bee reported.

When those

Read full article on Marijuana Business Daily



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media