Marijuana Business Daily

Cronos Group pumps $51M into joint venture to expand cannabis production

Published

4 months ago

June 21, 2024

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Canadian cannabis producer Cronos Group is funding its joint venture, Cronos Growing Co., with a $51 million ($70 million Canadian dollars) secured credit line to expand operations to meet increased global demand.

As part of the transaction, Cronos will appoint three new members to the GrowCo board on July 1, according to a press release issued Thursday.

Under a new supply agreement, Cronos will have the option to purchase up to 70% of total production from the expanded facility.

“This investment enables GrowCo to increase its production of high-quality cannabis, which supports our ambition to expand across the markets we operate in and add new international growth opportunities where they arise,” Cronos Chair and CEO Mike Gorenstein said in a statement.

GrowCo intends

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Marijuana delivery company Eaze has new owner after assets auctioned

Published

4 days ago

October 1, 2024

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California-based marijuana delivery company Eaze Technologies has a new owner after a public auction of corporate assets.

The bundle of Eaze assets were purchased for $56 million in August via a telephone auction by a firm owned by Netscape co-founder James Henry Clark, according to Green Market Report.

Though Clark now has ownership of Eaze, the company’s future is up in the air.

“The new ownership group is evaluating the status of each state’s operations and expects to make a decision prior to year end about what will continue to operate or be closed down,” Eaze CEO Cory Azzalino told Green Market Report via email.

Clark’s FoundersJT acquired the following assets from San Francisco-based Eaze:

Accounts. Chattel paper, which denotes a

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Cannabis brand West Coast Cure asks court to toss pesticide-spurred lawsuit

Published

1 week ago

September 27, 2024

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The parent company of West Coast Cure (WCC), one of California’s largest and most well-known marijuana brands, has filed a petition to dismiss a class action lawsuit that claims the operator skirted state regulations and sold unsafe vape products that contained banned pesticides.

WeedWeek first reported the development, in which Shield Management Group, doing business as WCC, is named as defendant.

The class action lawsuit, filed in June by a WCC customer in Superior Court of the State of California in Orange County, alleged the company deliberately manipulated test results “to hide dangerous contaminants in the products” and issued inaccurate certificates of analysis.

WCC did not immediately respond to an MJBizDaily request for comment.

The Orange County-based company, which sells an extensive

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Sales of intoxicating hemp products in Missouri to resume despite gov’s order

Published

2 weeks ago

September 23, 2024

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Sales of products containing intoxicating hemp-derived cannabinoids may resume in Missouri after a top state official indicated a change in enforcement priorities.

That move defies an order from Missouri Gov. Mike Parson that led the state Department of Health & Senior Services (DHSS) to use state food law as the legal basis for a wide-ranging embargo on intoxicating hemp products.

Parson issued the order after Missouri’s secretary of state Jay Ashcroft rejected the governor’s ban of intoxicating hemp-derived products in an Aug. 1 executive order.

But that embargo is now over, the DHSS’ general counsel, Richard Moore, wrote in a Sept. 17 letter to the Missouri Hemp Trade Association, the Columbia Missourian reported.

According to Moore, Missouri regulators now will focus their attention on

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