Marijuana Business Daily

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

Published

2 years ago

February 13, 2023

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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.

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

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Nebraska medical cannabis qualifies for ballot amid controversy

Published

1 day ago

September 13, 2024

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Initiatives to legalize medical marijuana in Nebraska and set up a regulated MMJ market qualified for the November ballot on Friday, just hours after complications threatening the effort appeared.

Nebraska Secretary of State Bob Evnen certified the efforts of Nebraskans for Medical Marijuana on Friday, the same day prosecutors announced charges against Michael Egbert, a Grand Island man involved in the petition, for allegedly falsifying signatures.

Nebraska is one of a dwindling handful of states without any regulated marijuana program.

On Thursday, former state Sen. John Kuehn, a co-founder of the anti-legalization organization Smart Approaches to Marijuana, filed a lawsuit to stop Even from certifying two separate measures:

Ballot measure 437, Nebraska Medical Cannabis Patient Protection, to legalize medical marijuana. Ballot

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Hytn secures deal to supply medical marijuana to UK

Published

3 days ago

September 11, 2024

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British Columbia-based Hytn Innovations Inc. is teaming up with 4C Labs, a Canadian cannabis distribution and product-development company, to produce medical marijuana for distribution in the United Kingdom and, potentially, other global markets.

The partnership allows cannabinoid-focused pharmaceutical company Hytn to manufacture, package and export pharmaceutical-quality cannabis products in bulk and packaged formats for 4C Labs to distribute in the UK, according to a news release.

Hytn holds a good manufacturing practice (GMP) license from Health Canada as well as a PIC/S (Pharmaceutical Inspection Co-operation Scheme) certification from Australia’s Therapeutic Goods Administration, the news release said.

“This partnership validates the ongoing regulatory work Hytn has been undertaking,” Hytn CEO Elliot McKerr said in a prepared statement.

“By integrating 4C Labs’ deep understanding

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California issues emergency regulations to ban intoxicating hemp products

Published

1 week ago

September 6, 2024

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California Gov. Gavin Newsom on Friday issued emergency regulations for intoxicating products derived from hemp.

The regulations, proposed by the California Department of Public Health (CDPH), would result in “complete retail prohibition on 90%-95% of popular hemp products for adults,” Jonathan Miller, general counsel of trade group Hemp Roundtable, said in a statement.

According to the CDPH, the regulations come in response to increasing “health incidents related to intoxicating hemp products” and include:

Establishing a minimum age of 21 to purchase hemp products. Allowing no detectable levels of THC or other intoxicating cannabinoids per serving of hemp food, beverage and dietary products intended for human consumption. Limiting the number of servings of hemp products to five per package.

Speaking at a

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