Connect with us

Marijuana Business Daily

Marijuana firm Bright Green’s immigrant fundraising plan draws scrutiny

Published

on


Nasdaq-traded marijuana company Bright Green Corp. is again attracting scrutiny and questions, this time for its audacious plan to raise $500 million through a federal investment program that targets immigrant investors.

The company announced in a February news release it would use the money generated through the EB-5 Immigrant Investor Program to build out its “world-class production and drug manufacturing facilities” in the small New Mexico town of Grants.

ADVERTISEMENT

Florida-based Bright Green also plans to use the money to bankroll research and development as well as federal clinical trials for drug development.

Bright Green’s CEO calls the strategy “quite a novel way” to raise money at a time when cannabis industry funding is tight.

However, experts familiar with the EB-5 Immigrant Investor Program are raising questions about the company’s use of the investment vehicle.

The program allows international investors to qualify for a U.S. green card,

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Tribally owned marijuana store numbers up 25% since 2023

Published

on

By


(This is a contributed guest column. To be considered as an MJBizDaily guest columnist, please submit your request here.)

Matthew Klas (Courtesy photo)

Marijuana businesses owned and operated by Native American tribes experienced strong growth in the past year.

Tribally owned cannabis retailers have continued to open across the United States as tribes have looked to diversify their economies, assert their sovereignty and seize the first-to-market advantage in certain states.

The U.S. government recognizes 574 Native American tribes, and roughly 350 are in the contiguous 48 states.

As sovereign nations, tribes’ marijuana laws might differ from state statutes that are applicable off tribal lands.

Tribal laws can be more restrictive – such as banning cannabis use even in states where recreational marijuana has been legalized – but they also can be more permissive than state laws.

<!– /22025623895/mjbizdaily/mjbizdaily_leaderboard

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Michigan is selling more cannabis, but retailers are taking in less money

Published

on

By


Michigan marijuana retailers sold about 9.3% more cannabis in April than in March, but they brought in about 3.5% less money.

In April, Michigan retailers sold 573,206 total pounds of cannabis – 569,620 pounds to adult-use customers and 3,586 pounds to medical marijuana patients – for a total of $278,546,444.

ADVERTISEMENT

Of that April total, $276,685,183 was spent by recreational shoppers and $1,861,261 by MMJ patients, according to monthly statistics from Michigan’s Cannabis Regulatory Agency (CRA).

In March, Michigan retailers sold 524,285 total pounds of marijuana – 520,469 pounds on the recreational side and 3,816 on the MMJ side – for $288,843,279.

Of that March total, $286,790,258 was spent by adult-use customers and $2,053,021 by MMJ patients, according to CRA data.

The agency reported

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

AI is making cannabis cultivation smarter

Published

on

By


(This story is part of the cover package in the May-June issue of MJBizMagazine.)

Machine learning is becoming increasingly common in indoor cannabis grows, as cultivators use sophisticated sensors and cameras to maintain optimal growing conditions, sound the alarm about threats such as pests or disease and reduce labor costs associated with both menial and high-level cultivation tasks.

“Cannabis has always been the enabler of some of these bleeding-edge technologies,” Nick Genty, CEO of North Carolina-based AgEye Technologies, said in an interview with MJBizMagazine.

ADVERTISEMENT

“They’ve had the margins, and they’ve had the budgets to support investing in new technology versus some of the vegetable guys who don’t.”

There are two main reasons why cannabis and other indoor agriculture companies are implementing artificial intelligence or machine-learning

Read full article on Marijuana Business Daily



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media