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Governor positions California cannabis businesses for interstate commerce

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California marijuana businesses will be able to do business with other markets that allow medical and recreational cannabis under a new state law.

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Gov. Gavin Newsom on Sunday signed Senate Bill 1326 to create interstate commerce pacts, but the law is contingent on a few pressing factors:

Federal legalization, which is not imminent. Interstate marijuana commerce “wouldn’t put the state at risk of federal enforcement, will not result in significant legal risk to the State of California under the federal Controlled Substances Act, based on review of applicable law, including federal judicial decisions and administrative actions.”

The bill was introduced by Democratic Sen. Anna Caballero, who represents nearly 1 million residents in predominantly rural, agricultural communities in central California.

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The idea of interstate marijuana commerce pacts has been picking up momentum across the country, particularly in neighboring states to California that

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Another lawsuit targets Detroit’s adult-use marijuana licensing ordinance

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Detroit’s revised adult-use marijuana ordinance has provoked yet another lawsuit, this time from a hopeful MJ business owner and a company that operates multiple medical cannabis dispensaries in the city.

According to the Detroit Free Press, plaintiffs Arden Kassab, an aspiring cannabis entrepreneur, and PharmaCo, a subsidiary of marijuana multistate operator Red White & Bloom, want the court to halt the city’s application process for limited retail, microbusiness and consumption lounge licenses.

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The plaintiffs:

Allege that the licenses are being unfairly allocated to longtime residents. Want Detroit to create a new ordinance, which would be the city’s third.

The current ordinance, which was passed in April, allocates half the limited licenses to candidates who qualify under the social equity program and includes longtime residents of the city and neighboring communities that have been disproportionately impacted by the war on drugs.

The city of Pontiac is

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Cannabis financier Safe Harbor renamed SHF Holdings after SPAC acquisition

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Special purpose acquisition company (SPAC) Northern Lights Acquisition closed its acquisition of cannabis financial institution Safe Harbor Financial, taking the company public on the Nasdaq Capital Market and changing its name to SHF Holdings.

SHF Holdings shares started trading on the Nasdaq SHFS on Sept. 29.

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The acquisition, originally worth $185 million, was announced in February.

At the time, New York-headquartered Northern Lights and Denver-based Safe Harbor touted “a fully committed $60 million PIPE (private investment in public equity) from institutional investors.”

However, SHF said last week the PIPE was ultimately worth just under $20.5 million.

That reduced equity investment was offset by an amended purchase agreement with Partner Colorado Credit Union (PCCU), which was previously Safe Harbor’s parent company.

PCCU was originally owed $70 million in cash at closing.

Under the amended agreement, roughly $57 million of that amount has been deferred.

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CT city approves zoning of marijuana cultivation site in former warehouse

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The Planning and Zoning Commission in Hartford, Connecticut, approved plans that would convert a former warehouse into a marijuana cultivation and manufacturing operation.

The site, submitted by Rivers Growers CT, initially would have a cultivation capacity of 30,000 feet and 5,000 feet for manufacturing, but the entire 140,000-square-foot warehouse could be used when it’s fully built out, according to CT Insider.

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The law allows cultivation operations in Connecticut’s capital city of up to 250,000 square feet.

Rivers Growers CT plans to build out the operation over two years.

Despite the proposed location being near a school and a park, the building has the support of several local community leaders, CT Insider reported.

Cannabis companies in neighboring New York have made similar plans to invest in large facilities, including a former prison and a “cannabis campus.”

The Hartford approval happened while the state is dealing with multiple lawsuits by

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