Connect with us

Marijuana Business Daily

Forian exits marijuana industry with $30 million sale of BioTrack to Alleaves

Published

on


Technology company Forian said it is selling cannabis software provider BioTrack for $30 million in cash to Alleaves and exiting the marijuana industry to focus on health care.

The transaction is the second in just over two weeks in which a notable tech company has decided to leave the cannabis industry in the face of stiff competition, widespread layoffs and falling wholesale prices for marijuana products.

ADVERTISEMENT

Akerna Corp., the parent company of pioneering seed-to-sale tracking provider MJ Freeway, on Jan. 27 announced a $4 million cash deal to sell its cannabis software business to POSaBIT Systems Corp. and exit the marijuana industry.

At the same time, Denver-based Akerna said it was merging with cryptocurrency business Gryphon Digital Mining in an all-stock deal allowing the latter company to go public on the Nasdaq.

BioTrack was recently chosen by New York regulators to provide seed-to-sale tracking software for

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Rejected applicants sue Minnesota over marijuana social equity licensing process

Published

on

By


Two women are suing Minnesota’s cannabis regulator after being denied an opportunity to participate in the upcoming lottery for adult-use marijuana social equity business licenses.

Cristina Aranguiz and Jodi Connolly allege in a lawsuit they filed Thursday allege that Minnesota’s Office of Cannabis Management (OCM) made an “arbitrary and capricious decision” in denying their applications to participate in the lottery and offered no explanation, the Minnesota Reformer reported.

ADVERTISEMENT

Earlier this week, the OCM announced that roughly two-thirds of the 1,817 social equity license applicants had been disqualified because they failed to complete the application process, turned in multiple applications or disguised the true investors in their companies.

The plaintiffs’ complaint – which also names the OCM’s interim director, Charlene Briner – alleges

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

California’s capital city OKs marijuana consumption lounge licenses

Published

on

By


The Sacramento City Council approved a measure that paves a path for California’s capital to issue consumption lounge licenses sometime in 2025.

The ordinance was approved 5-4 on Tuesday, despite opposition from certain Council members, the American Heart Association and American Cancer Society, according to The Sacramento Bee.

ADVERTISEMENT

The organizations highlighted the effects of secondhand smoke on employees, customers and neighbors.

Similar concerns about smoke ventilation has led to lengthy delays in other markets, including Nevada, where regulators ultimately eased ventilation standards so operators could comply with the new rules without installing costly system overhauls.

Sacramento officials expect to issue permits in the first half of next year after the Council considers cannabis land-use and zoning amendments, the Bee reported.

When those

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Missouri’s double-tax practice on marijuana is unconstitutional, court rules

Published

on

By


Local governments in Missouri can add a 3% local tax on marijuana products to state sales tariffs, but the law forbids cities and counties to “stack” local levies on top of one another.

That’s the “unambiguous” language in the state constitution, according to a Missouri Court of Appeals decision that’s set to cut retail taxes on marijuana products in St. Louis County.

ADVERTISEMENT

Ninety of the state’s 114 counties imposed a 3% local cannabis tax on top of the state’s 14.98% sales tax, the Missouri Independent reported.

But 74 of those counties also include a city or town that’s imposed its own 3% on top of the county lax.

That’s the practice that the appeals court says is unconstitutional.

The challenge was centered

Read full article on Marijuana Business Daily



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media