Marijuana Business Daily

Marijuana financier Safe Harbor resolves $64.7 million debt

Published

2 years ago

March 30, 2023

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Colorado-based marijuana finance company SHF Holdings, which does business as Safe Harbor Financial, agreed to settle its $64.7 million debt with Partner Colorado Credit Union.

Under the agreement, SHF Holdings will resolve the debt in exchange for a five-year, $14.5 million senior secured note with a 4.25% interest rate as well as 11.2 million Class A common stock shares of the company.

Partner Colorado Credit Union (PCCU) was Safe Harbor’s parent company before Safe Harbor went public on the Nasdaq through a special purpose acquisition company last fall.

Safe Harbor owed PCCU the funds as part of that deal.

“A testament to the strong business we have built, we believe this Agreement reflects our strategic partner’s confidence in our ability to execute our long-term growth plans and build shareholder value,” Safe Harbor CEO Sundie Seefried said in a statement.

“Importantly,

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California’s capital city OKs marijuana consumption lounge licenses

Published

3 days ago

November 20, 2024

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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.

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

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

Published

5 days ago

November 18, 2024

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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.

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

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Feds again delay requirement for hemp to be tested at DEA-licensed labs

Published

1 week ago

November 15, 2024

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The U.S. Department of Agriculture has again extended a deadline for federally approved hemp to be tested at Drug Enforcement Administration-licensed labs.

Now, hemp produced under the USDA’s Domestic Hemp Production Program can have products tested at labs that aren’t certified by the DEA through the end of 2025, according to a Thursday news release.

The USDA delayed the requirement last year, pushing a planned Dec. 31, 2023, deadline to the end of 2024.

Testing laboratories apparently are having difficulty meeting DEA requirements or receiving certification from the agency, according to feedback the USDA has received from state and tribal governments as well as labs themselves.

The USDA noted in its release there have been “setbacks” and “delays” for labs attempting to

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