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Tilt Holdings cannabis affiliate in Pennsylvania secures $10.5 million loan

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Pennsylvania’s Standard Farms, a subsidiary of Arizona-based cannabis multistate operator Tilt Holdings, secured a $10.5 million loan.

The loan will fund Standard Farms’ plans to build and run medical marijuana dispensaries in Pennsylvania, according to a news release.

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An unidentified “experienced retailer and operator” issued the secured promissory note, the release noted.

Standard Farms can borrow up to $10.5 million to build and operate up to three medical marijuana dispensaries.

The promissory note matures on Dec. 31, 2027, and the loan carries a 20% interest rate.

The interest increases to:

30% once Standard has opened its first dispensary and completed a sale. 40% six months after the first location opens.

No payments will be due before the maturity date, but

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New York court issues record $15 million fine to unlicensed cannabis operator

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A New York court has ordered David Tulley to pay a $15.2 million fine for operating six unlicensed cannabis stores in Cayuga, Oswego and Wayne counties, the largest penalty levied in a multiagency effort to curb illicit operations statewide.

Tulley, the owner of the I’m Stuck stores and two additional unlicensed shops in Monroe County, had been operating without a license since early 2022, according to a news release.

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Despite receiving cease-and-desist letters from the Office of Cannabis Management (OCM) and notices of violations, he continued to operate his stores, describing them as “consulting” businesses, state regulators said.

In response to Tulley defying the cease-and-desist order, the OCM inspected his stores in June and July 2023 and seized an undisclosed amount of

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Tribally owned marijuana store numbers up 25% since 2023

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(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.

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

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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.

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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

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