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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Nebraska medical cannabis qualifies for ballot amid controversy

Published

4 days ago

September 13, 2024

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Initiatives to legalize medical marijuana in Nebraska and set up a regulated MMJ market qualified for the November ballot on Friday, just hours after complications threatening the effort appeared.

Nebraska Secretary of State Bob Evnen certified the efforts of Nebraskans for Medical Marijuana on Friday, the same day prosecutors announced charges against Michael Egbert, a Grand Island man involved in the petition, for allegedly falsifying signatures.

Nebraska is one of a dwindling handful of states without any regulated marijuana program.

On Thursday, former state Sen. John Kuehn, a co-founder of the anti-legalization organization Smart Approaches to Marijuana, filed a lawsuit to stop Even from certifying two separate measures:

Ballot measure 437, Nebraska Medical Cannabis Patient Protection, to legalize medical marijuana. Ballot

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Michigan sets record with $295.4 million in monthly marijuana sales

Published

4 days ago

September 13, 2024

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Michigan marijuana retailers sold $295,412,252 worth of medical and recreational cannabis in August, setting a new monthly record.

The previous record was set in March, when total sales hit $288,843,279, according to MJBizDaily’s analysis of the latest data released by the Michigan Cannabis Regulatory Agency (CRA).

Sales in August were up 2.7% over July, when retailers reported $287,743,072 in total sales.

Medical marijuana sales accounted for less than 1% of total regulated cannabis sales in August, according to MJBizDaily analysis.

August marked the third-consecutive month of increasing sales in the state.

Michigan retailers in August also broke a monthly record for selling 100,894 pounds of flower, Cannabis Business Times reported.

Meanwhile, the average price per ounce of flower was $80.14, a near-record

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Hytn secures deal to supply medical marijuana to UK

Published

6 days ago

September 11, 2024

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British Columbia-based Hytn Innovations Inc. is teaming up with 4C Labs, a Canadian cannabis distribution and product-development company, to produce medical marijuana for distribution in the United Kingdom and, potentially, other global markets.

The partnership allows cannabinoid-focused pharmaceutical company Hytn to manufacture, package and export pharmaceutical-quality cannabis products in bulk and packaged formats for 4C Labs to distribute in the UK, according to a news release.

Hytn holds a good manufacturing practice (GMP) license from Health Canada as well as a PIC/S (Pharmaceutical Inspection Co-operation Scheme) certification from Australia’s Therapeutic Goods Administration, the news release said.

“This partnership validates the ongoing regulatory work Hytn has been undertaking,” Hytn CEO Elliot McKerr said in a prepared statement.

“By integrating 4C Labs’ deep understanding

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