Another Black-owned cannabis shop opens in Detroit

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1 year ago

March 27, 2023

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The second majority-Black-owned adult-use cannabis store in Detroit has opened in a week.

High Profile Cannabis Shop, co-owned by Najanava Harvey-Quinn, opened March 25 on the city’s east side, Detroit Metro Times reported.

The licensee, who went through Detroit’s social equity program, is considered a “legacy” applicant – a long-term resident who owns at least 51% of the business.

Low-income Detroit residents, people with marijuana-related convictions or those whose parents had MJ convictions before 2018 can also qualify for the license.

High Profile Cannabis Shop is run by Ann Arbor-based C3 Industries, a vertically integrated multistate operator.

The vast majority of social equity licensees nationwide partner with retail operators, typically MSOs or other companies with several retail outlets.

The first Black-owned store in Detroit with a social equity retail license opened March 18, four years after the City Council approved recreational marijuana sales.

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MedMen receiver sets date to meet with creditors after cannabis MSO’s bankruptcy filing

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1 day ago

April 30, 2024

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Creditors of cannabis operator MedMen Enterprises will meet in a few weeks as investors seek repayment for hundreds of millions of dollars in outstanding debt.

The cash-strapped company entered bankruptcy proceedings in Canada on Friday and placed its California retail assets in receivership, the first steps to unwind the business and sell off assets in liquidation.

The developments usher in the end of the company’s days as a marijuana multistate operator and cement perhaps the most precipitous downfall in the marijuana industry to date.

With creditors reporting more than 560 million Canadian dollars ($410 million) in claims, MedMen likely represents the largest failure in U.S. and Canadian marijuana retail history.

At one point, the company operated more than 20 stores nationwide, including about

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German cannabis imports rise to 34.6 tons as cultivators eye end of quota system

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5 days ago

April 26, 2024

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Germany imported a record amount of cannabis for medical and scientific use in 2023, as international businesses looked for sales opportunities in Europe’s largest federally regulated medical marijuana market.

In 2023, Germany imported 31,398 kilograms (34.6 tons) of cannabis products, according to the newest data from the country’s Federal Institute for Drugs and Medical Devices (BfArM).

That’s a 26.2% increase over the 24,876 kilograms imported the previous year.

In previous years, Germany imported:

24,876 kilograms (27.4 tons) of cannabis in 2022, up 19.8% over 2021. 20,771 kilograms (22.9 tons) in 2021, a 77% surge over the previous year. 11,746 kilograms (12,8 tons) in 2020, 46% more than in 2019. 8,057 kilograms (8.9 tons) in 2019, which was 80% more than 2018’s total

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Why are US officials seizing regulated cannabis in New Mexico?

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1 week ago

April 22, 2024

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A New Mexico congressman is pressing the U.S. Department of Homeland Security to account for what regulated marijuana operators claim is a rash of seizures of state-legal cannabis at Customs and Border Protection checkpoints.

Six incidents of product loss totaling hundreds of thousands of dollars have been reported by licensed marijuana companies in New Mexico since February, when operators first alerted the state’s Cannabis Control Division about the situation, according to documents shared with MJBizDaily.

In addition to border crossings, Customs and Border Protection (CBP) maintains inspection stations along major highways in border states.

Between Feb. 14 and April 18, agents intercepted state-regulated marijuana products at the Alamogordo and Las Cruces stations operated by CBP, state documents show.

Products seized by CBP included

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