Marijuana Business Daily

California county’s voters reject measure restricting marijuana cultivation

Published

2 months ago

March 8, 2024

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Voters in Humboldt County, California, soundly rejected a ballot initiative Tuesday that aimed to widely curb marijuana cultivation in that region.

According to the final election night report from the county, Measure A was opposed by nearly 73% of voters, a blowout by election standards.

Measure A, dubbed the Humboldt Cannabis Reform Initiative, featured several new business restrictions, including:

Capping the size of farms at 10,000 square feet, which would make more than 400 licensed farms noncompliant. Requiring public hearings for all grow operations larger than 3,000 square feet. Limiting farm locations on two-way roads that can accommodate speeds of 25-40 mph. Restricting noncompliant farms from expanding, including increasing space, water and energy use or any structures related to cultivation.

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Marijuana Business Daily

Canada’s medical cannabis exports jump to CA$220 million as domestic sales fall

Published

3 days ago

May 6, 2024

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Canadian exports of medical cannabis hit an all-time high last year as the county’s licensed producers continue to diversify from the competitive local market in favor of pursuing top-line opportunities overseas.

In the 2023-24 fiscal year, Canada exported roughly 218 million Canadian dollars ($189 million) worth of medical marijuana products for commercial and scientific use, MJBizDaily has learned.

That’s an increase of more than 36% from the previous year’s exports of CA$160 million.

The data from regulator Health Canada paints a picture of brisk and consistent growth in the export sector.

In previous years, the revenue of cannabis exports reported by licensed producers was:

CA$8 million in 2019-20. CA$39 million in 2020-21. CA$107 million in 2021-22.

Health Canada said the 2023

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US cannabis business licenses down 6% in first quarter of 2024

Published

1 week ago

May 2, 2024

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The number of active U.S. cannabis business licenses continued to shrink in early 2024, according to CRB Monitor, a marijuana intelligence firm that tracks and monitors licenses in the regulated industry.

Total active licenses – including those in regulated medical and recreational marijuana markets – fell 6% from the fourth quarter of 2023 and by 10% from the first quarter of last year.

The latest licensing numbers mark the fifth consecutive quarter of declines; the number of business permits began shrinking in 2022.

License totals declined on a year-over-year basis for the first time in 2023, when the number of active permits fell 4% compared to 2022 numbers.

The licensing declines come after years of nearly double-digit growth in the rapidly expanding marijuana

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

Published

1 week 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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