Connect with us

Marijuana Business Daily

Marijuana MSO MedMen evaluating sale of assets in three states

Published

on


California-based marijuana multistate MedMen Enterprises has hired ATB Capital Markets to review and potentially help the company divest assets in three states.

According to a news release, the assets under review include:

ADVERTISEMENT

A retail outlet and cultivation and production facility in Arizona. Two stores in Illinois. Two retail outlets in Nevada.

According to the release, MedMen’s recent restructuring efforts and rightsizing have reduced payroll expenses by 34% and helped the company return to a positive adjusted earnings before interest, taxes, depreciation and amortization.

ADVERTISEMENT

MedMen is also working to improve product quality and profitability in its cultivation facilities as well as implementing a loyalty program and new point-of-sale systems in its stores.

Earlier this month, MedMen warned shareholders in its quarterly earnings report that the company has a working capital deficit of $137.4 million and only $15.6 million in reserves.

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Oklahoma high court declines to hear challenge to medical cannabis fees

Published

on

By


The Oklahoma Supreme Court declined to hear arguments challenging a new law that significantly raises fees for medical cannabis operators.

Filed in late June, the petition will now be sent to district court in Oklahoma County, The Oklahoman reported.

ADVERTISEMENT

The petition – filed by Jeb Green, founder of Oklahomans for Responsible Cannabis Action, as well as the Bingo 101, Oklahoma Natural Cures and Pharside dispensaries – claims the new fee structure violates the state constitution and is a “revenue-raising tax disguised as a fee.”

The challenge also alleges the bill wasn’t passed through the three-fourths majority required by state law and its approval came within the last five days of the legislative session.

Oklahoma law prohibits lawmakers from passing revenue-generating bills during the last five days of a legislative session.

The state attorney general’s office argued the bill was not a revenue generator subject to constitutional

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

New York will open adult-use marijuana retail to multistate operators

Published

on

By


New York regulators voted Tuesday to allow the state’s medical marijuana operators to apply for adult-use retail licenses.

That means the multistate operators who years ago snapped up a majority of the state’s 10 “registered organization” permits will enter what observers say could be the largest market on the East Coast.

ADVERTISEMENT

Under the resolutions the Office of Cannabis Management approved Tuesday, regulators will accept applications seeking a retail or microbusiness license from Oct. 4 through Dec. 23.

Regulators also will accept applications from registered organizations during a still-unspecified window “to be set by the Office.” That action was approved in a separate resolution.

“Today marks a pivotal step toward expanding and sustaining the state’s medical program and creation of an economically viable and equitable adult-use cannabis industry in New York,” Barry Carmody, a spokesperson for the New York Medical Cannabis Industry Association (NYMCIA), said after a

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Judge blocks Arkansas ban on delta-8 THC, other hemp products

Published

on

By


In at least a temporary victory for the Arkansas hemp industry, a federal judge blocked enforcement of a recent state ban on products containing intoxicating hemp-derived cannabinoids such as delta-8 THC.

Calling the ban confusing and arbitrary, U.S. District Court Judge Billy Roy Wilson on Thursday granted an injunction that stops the state from enforcing it, according to Little Rock TV station KTHV.

ADVERTISEMENT

The judge’s ruling stemmed from a lawsuit filed by four hemp-product makers in July – the day before the ban was to take effect.

The suit argued the ban was “unconstitutionally vague.”

Arkansas in May became the latest state with a legal marijuana industry to regulate or ban intoxicating hemp-derived products, which have exploded in popularity since the 2018 Farm Bill legalized hemp production nationwide.

The judge wrote in his decision that “Arkansas law criminalizes hemp derived products without an effective exemption for

Read full article on Marijuana Business Daily



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media