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Alert: January 24, 2023 CCB Issues Summary Suspension of North Las Vegas Cultivation/Production Facility

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January 24, 2023

CCB Issues Summary Suspension of North Las Vegas Cultivation/Production Facility

LAS VEGAS, NV – Pursuant to Nevada Cannabis Compliance Regulation (NCCR) 4.105, today the Nevada Cannabis Compliance Board (CCB) called an emergency telephonic board meeting to consider the summary suspension of the medical and adult-use cultivation and production licenses held by Helping Hands Wellness Center Inc. (C147/RC147-P092/RP092).

Board members present voted unanimously to summarily suspend Helping Hands Wellness Center Inc. located in North Las Vegas (Cultivation License #30364928071399411961 and 43239080077563699251 & Production License #53908146183081867945 and 60221456183974265627) effective immediately, citing a present threat to public health and safety.

Over a months-long investigation including a series of on-site inspections and review of surveillance camera footage, CCB Board Agents discovered Helping Hands’ employees concealed and intended to divert cannabis and cannabis products, in addition to other significant security deficiencies. Upon review of surveillance footage, Board Agents observed and heard Helping Hands’ employees, including a manager, attempting to hide cannabis and discussing plans to remove cannabis plants from the facility in December. During a follow-up visit in January, Board Agents uncovered untagged cannabis plants in the facility, which could not be properly traced in the State’s seed-to-sale tracking system. Diversion presents a threat to public health and safety as it results in untracked and untested cannabis and cannabis products that may enter the illicit market.

Helping Hands Wellness Center Inc. is required to submit a plan of correction to the CCB for approval in order to lift the order and shall not resume operations until the CCB has confirmed the deficiencies identified in the order have been corrected.

This is the first summary suspension issued by the CCB in 2023.



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Akerna Exits Cannabis & Moves Into Crypto

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Good riddance we say….

“After much consideration and evaluation, we believe it provides the best outcome for all of our stakeholders, including our team members and our valued clients.”

We could agree more with the sentiment…“After much consideration and evaluation, we believe it provides the best outcome for all of our stakeholders, including …….clients

MJ Biz report

Akerna Corp., the parent company of pioneering cannabis technology company MJ Freeway, said Friday it’s exiting the marijuana industry based on headwinds much of the market is facing.

Denver-based Akerna is merging with cryptocurrency business Gryphon Digital Mining in an all-stock deal that will allow the latter company to go public on the Nasdaq.

Akerna also is selling its software business to POSaBIT Systems Corp., which offers payment solutions to the cannabis industry, for $4 million in cash.

Akerna CEO Jessica Billingsley told MJBizDaily via email that the moves were influenced by federal marijuana legalization happening “slower than anticipated” and “a changing macroeconomic climate that is unfavorable toward our financial obligations.”

“This decision was not taken lightly,” Billingsley added in a separate LinkedIn post.

View profile for Jessica Billingsley

Founder, CEO & Board Chair at Akerna Corp. | Public and Private Board Member | Contributor to Entrepreneur and Rolling Stone Magazines

Today we announced Akerna’s merger with Gryphon Digital Mining and the sale of our software business. This decision was not taken lightly. After much consideration and evaluation, we believe it provides the best outcome for all of our stakeholders, including our team members and our valued clients. Alongside many others in the cannabis industry, we have faced challenges and changes in the market. Through it all, our commitment to delivering the best products and services possible has never wavered. This will continue, as we believe these transactions will bring long-term benefits to all those involved. On a personal note, I couldn’t be more proud of the impact we have made on the cannabis industry since we first invented seed-to-sale tracking with the inception of our flagship product over 14 years ago. To our team members: our impact was the direct result of the years of hard work, dedication, and passion each of you put into this company. I want to express my sincerest gratitude to each and every one of you who have been a part of this journey. It has been the highest honor to lead such an incredible team. To our clients: it has been an honor to serve you and watch you grow. On the other side of these transactions, we will be able to continue to serve you through our MJ Platform, Ample Organics, and Leaf Data Systems products in their strategic combination with POSaBIT. I wish you all nothing but success. To all members of the cannabis industry: together, we have advocated for a safe, regulated industry, and gosh darn it, we have changed the world. And we will continue to do so. Keep your head up and continue to fight for what is right. As we move forward and complete these transactions over the coming months, we will continue to work diligently to make this transition as seamless as possible for our team members, partners, and clients. We remain dedicated to providing quality, excellence, and value to all our stakeholders, and we look forward to supporting the company’s new vision and mission. Thank you for your continued support

“After much consideration and evaluation, we believe it provides the best outcome for all of our stakeholders, including our team members and our valued clients.”

Akerna will sell to POSaBIT:

  • MJ Freeway, a marijuana point-of-sale platform. In the LinkedIn post, Billingsley said the company invented seed-to-sale tracking more than 14 years ago.
  • Leaf Data Systems, a seed-to-sale tracking software for U.S. cannabis markets.
  • Ample Organics, a seed-to-sale tracking software for the Canadian market.

The software business combined with POSaBIT is expected to generate roughly $11 million in revenue and $6.8 million in gross profit during 2023.

The deal nearly doubles the number of merchant locations served by Kirkland, Washington-based POSaBIT.

“At a purchase price of 0.4 times 2022 estimated revenue, we are acquiring high-quality software assets at an attractive valuation,” Ryan Hamlin, CEO and co-founder of POSaBIT, said in a release.

“Despite the challenges facing our industry, our business is growing at a steady rate.

“We are adding new team members and our pipeline of both organic and strategic opportunities is expanding.”

The reverse merger with Gryphon Digital Mining will allow Akerna shareholders to access the bitcoin mining industry, according to a release, and the company will continue to be publicly traded.

If the deal goes through, Gryphon will become a wholly owned subsidiary of Akerna.

Gryphon equity holders are expected to own approximately 92.5% of the combined company, and current Akerna equity holders will own approximately 7.5%.

Akerna Corp. will be renamed Gryphon Digital Mining and headquartered in Las Vegas.

Rob Chang will serve as CEO of the combined company; Billingsley will retain a seat on the company’s board.

Akerna trades as KERN on the Nasdaq.

Earlier this month, Akerna sold enterprise resource planning software 365 Cannabis back to some of 365’s previous investors in a deal worth roughly $2.8 million, significantly less than what Akerna paid to acquire the company in 2021.

Read more https://mjbizdaily.com/tech-firm-akerna-sells-software-business-exits-marijuana-industry-to-join-crypto-venture/



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Health and safety advisory due to identification of potentially unsafe levels of Total Yeast and Mold and Aspergillus contamination in Regulated Marijuana flower (bud/shake/trim) produced by Physician Preferred Products LLC

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The Marijuana Enforcement Division is issuing a health and safety advisory due to the identification of potentially unsafe levels of Total Yeast and Mold and Aspergillus contamination in Regulated Marijuana flower (bud/shake/trim) produced by Physician Preferred Products LLC (dba Doc’s Apothecary).



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Curaleaf Heads For Exit In California, Oregon and Colorado, cuts workforce by 4%

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MJ Biz are reporting..

Marijuana multistate operator Curaleaf Holdings said Thursday that it will shutter the majority of its operations in three Western U.S. states – California, Colorado and Oregon – and reduce its payroll by 10% in the latest sign of the ongoing difficulties for the cannabis market as a whole.

The payroll reduction – which amounts to a 4% cut in Curaleaf’s workforce – will save the Wakefield, Massachusetts-based company $60 million in 2023, according to a news release.

In reporting third-quarter 2022 results last November, Curaleaf said it employed about 6,000 and operated in 22 states.

Curaleaf’s cutbacks come as a host of other cannabis companies have cut hundreds of jobs in recent months, including Oregon-based Dutchie, California-based WM Technology and Colorado-based Akerna Corp.

All three of the states Curaleaf is exiting have experienced falling wholesale cannabis prices because of excess cultivation capacity that outweighs demand.

 

Read more at  https://mjbizdaily.com/marijuana-mso-curaleaf-bails-on-california-oregon-colorado-cuts-workforce-by-10/

 

Of course it has nothing to do with these revelations last month!

Russia’s Abramovich Gave Largest US Weed Company Millions

The largest US marijuana company received hundreds of millions of dollars in financing from Roman Abramovich during its early years, but the Russian billionaire exited long ago, Curaleaf Holdings Inc. Executive Chairman Boris Jordan said in response to a media report.

Forensic News reported Friday that leaked documents show Abramovich funded Palliatech, the company that in 2018 became Curaleaf, as well as Measure 8, a cannabis-focused venture capital firm founded by Jordan. While the Russian background of key Curaleaf executives was already well known, Abramovich’s involvement wasn’t. Companies with connections to Russia have been under scrutiny since the invasion of Ukraine, which sparked sanctions on some Russian oligarchs and businesses.

https://www.bloomberg.com/news/articles/2022-12-23/curaleaf-curlf-chairman-confirms-abramovich-provided-early-funding?leadSource=uverify%20wall



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