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Cannabis producer Cronos Group ends year with $168.7 million loss

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Canadian cannabis producer Cronos Group lost $78.9 million in its fourth quarter ended Dec. 31, bringing the company’s net loss for the year to $168.7 million.

The Toronto-based company on Tuesday reported that its net revenue grew 23% year-over-year to $91.9 million in 2022.

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Cronos’ revenue in the United States fell 48% in the same time period, to $5.2 million in 2022.

That was offset by sales growth in Canada and Israel.

The company’s net revenue in Canada grew 12% in 2022 over 2021 to $56.2 million.

In Israel, net revenue increased 128% over 2021 to $30.5 million in 2022.

Cronos said net revenue increased primarily because of higher cannabis extract sales in the Canadian adult-use market and higher flower sales in the Israeli medical marijuana market.

In the October-December quarter, Cronos saw its consolidated net revenue fall to $22.9 million, down 11% over the

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Marijuana company involved in Missouri’s huge recall loses final license appeal

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Missouri marijuana processor Delta Extraction has lost its final appeal, resulting in the termination of its business license after its role in a massive 2023 product recall.

According to the Missouri Independent, the state’s Administrative Hearing Commission this week upheld an earlier decision by state regulators who suspended Delta Extraction’s marijuana business license in August 2023, accusing the company of sourcing materials from an unlicensed facility.

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The commission essentially agreed with the Division of Cannabis Regulation (DCR) that Delta Extraction violated Missouri law by infusing products with THCA sourced from outside the state.

In a 137-page ruling issued Tuesday, the Administrative Hearing Commission said the company had a “corporate culture of lax compliance with regulatory requirements,” the Independent reported.

An attorney representing

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Could 2025 be the year of university and cannabis industry partnerships?

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(This is a contributed guest column. To be considered as an MJBizDaily guest columnist, please submit your request here.)

Pam Chmiel (Courtesy photo)

2025 is poised to be a pivotal year for partnerships between the cannabis industry and universities, both in the United States and globally.

While academic collaborations are not a new concept, the cannabis industry has been slow to embrace them – mainly because marijuana is illegal on the federal level in the United States.

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However, as the industry matures, these partnerships represent the next logical step for companies with the vision and resources to drive innovation, influence policy and shape the future of cannabis.

The potential for collaboration spans research partnerships, sponsored research agreements, joint ventures and licensing arrangements through technology transfer agreements.

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The rapid collapse of MedMen co-founders’ latest marijuana venture

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The latest foray into the legal marijuana industry by MedMen Enterprises co-founders Adam Bierman and Andrew Modlin rapidly collapsed amid lawsuits alleging unpaid bills and a dispute with a business partner, court records and public licensing information show.

Megabud – described as a “chain of cannabis convenience stores” – launched in December 2022 with three locations in the San Francisco Bay Area.

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The chain, which had ambitious expansion plans, represented at least the third legal cannabis venture for Bierman and Modlin, whose infamous tenure as MedMen executives saw the marijuana multistate operator go public on the Canadian Securities Exchange with an implied valuation of $2 billion before an equally spectacular implosion.

A second cannabis retail chain in which Bierman and Modlin owned a

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