Marijuana Business Daily

Cannabis MSO MedMen warns about cash situation, ability to stay afloat

Published

2 years ago

February 7, 2023

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California-based cannabis multistate operator MedMen Enterprises is warning investors that it might not have enough money to “meet its obligations” for the next year and that there are questions about its ability to stay in business.

MedMen’s latest quarterly filing with securities regulators noted that the company has only $15.6 million in reserves and a working capital deficit of $137.4 million.

MedMen also said in the Feb. 2 filing that it has defaulted on some debt payments and is looking into refinancing or extensions.

“The conditions described above raise substantial doubt with respect to the company’s ability to meet its obligations for at least one year … and therefore, to continue as a going concern,” the company said in the report, which was filed without an accompanying news release.

MedMen also noted that “its cash needs are significant and not achievable with the current cash

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Colorado cannabis operator seeks financial damages in counterclaim

Published

2 days ago

September 5, 2024

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Bonanza Cannabis Co. is seeking financial relief from one of Colorado’s largest cannabis cultivators that filed a complaint against the brand in June alleging it knowingly sold products with illegal hemp-derived THC.

In a Thursday news release, Englewood, Colorado-based Bonanza called the allegations levied by Mammoth Management and its affiliates – Mammoth Farms and Mammoth Manufacturing – “baseless” and an improper use of the legal system to hurt its business and boost Mammoth’s sales.

Bonanza said it is seeking financial damages to be determined at trial.

“We were leery of the allegation because there is currently no test identifying hemp-derived THC that has been required nor sanctioned by Colorado’s Marijuana Enforcement Division (MED),” Bonanza co-founder and co-owner Conlan Keller told MJBizDaily via

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Kentucky gets landslide of medical marijuana business applications

Published

4 days ago

September 3, 2024

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More than 2,600 applications for medical marijuana business licenses in Kentucky were filed before Saturday’s deadline.

That’s according to data from the Kentucky Office of Medical Cannabis, Louisville TV station WLKY reported.

Of those applications, more than 2,200 were for 48 MMJ dispensary licenses.

The application window in Kentucky was open from July 1 to Aug. 31.

The next step in the licensing process will be an October lottery to decide which operators will be licensed when the program launches in 2025.

MMJ license applicants have been tasked by the Kentucky Medical Cannabis Program with creating extensive business plans.

Pperhaps a bigger concern for MMJ license applicants, according to the Kentucky chapter of the National Organization for the Reform of Marijuana Laws

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Nebraska medical marijuana legalization measures near ballot certification

Published

1 week ago

August 30, 2024

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Two proposed referendums in Nebraska that would legalize medical marijuana and protect MMJ patients from prosecution appear to have qualified for the state’s November ballot.

But Secretary of State Bob Evnen has asked county election offices to continue verifying signatures until they reach the 110% threshold required by state law.

Separate petitions to put the Nebraska Medical Cannabis Patient Protection Initiative and the Nebraska Medical Cannabis Regulation Initiative on the ballot both surpassed the requirement of 87,126 valid signatures to make it onto the Nov. 5 ballot, according to a Friday news release from the secretary of state’s office.

The release noted that the petitions had not yet been certified but confirmed that 89,051 valid signatures had been collected.

The measures “will

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