Marijuana Business News

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Thu
19
Mar

Medical Marijuana Facility in Leamington to Expand

As a result of policy changes introduced by the Conservative government, corporations are taking over medicinal cannabis, concentrating business in the hands of people with ties to Big Pharma.

One morning in February, Nanaimo councillors and business leaders met in an industrial area about 20 minutes from the city’s downtown.

The building they stood before is nondescript. But, recounted Sasha Angus, CEO of the Nanaimo Economic Development Corporation, “It’s like a vault wrapped by Fort Knox wrapped in a castle.

“Cameras, vibration sensors, and a lot of time and effort,” he continued, describing the facility’s security measures. “There’s a vault that’s two feet thick with more vibration sensors. It’s about one level below a nuclear-missile silo.”

Thu
19
Mar

Marijuana dispensary owner plans to stay open

Tomorrow is the day.

The RCMP told Bryan Raiser that he had to close his medical marijuana dispensary by Thursday, March 19.

Tuesday night he won, symbolically anyway, the support of district of Squamish council.

Raiser appeared before council Tuesday night and asked that they pass a motion in support of access to medical marijuana derivatives. The motion was similar to that passed in January by city council in Grand Forks, which is also an RCMP jurisdiction.

The motion stated that council will request that the federal government include marijuana derivatives, such as cannabis oils, be included in the legal marijuana program and that government further review legislation and options for greater local access.

Thu
19
Mar

Native American marijuana … the next tribal gaming?

STARKVILLE – Let's take a little trip down memory lane as it relates to casino gaming in Mississippi.

Casino gaming was legalized in Mississippi in 1990 and was by 1992 open for business on the Gulf Coast and the Mississippi River.

But Mississippi's gaming landscape – tied to the shores of the Gulf or the banks of the Mississippi by legislative intent – changed in 1992 when then-Gov. Kirk Fordice gave permission for the Mississippi Band of Choctaw Indians to develop a gaming enterprise under a gaming compact. The Silver Star Casino opened in 1994 and the Golden Moon Casino followed in 2002. By 2010, the MBCI had opened the Bok Homa Casino near Sandersville in Jones County.

Thu
19
Mar

Medical Marijuana Financial Landscape to Change: The Financial Ramifications of the CARERS Act

Aside from the obvious societal and legal implications, the proposal by Senators Rand Paul, Kirsten Gillibrand, and Cory Booker to change marijuana from a Schedule I drug to a Schedule II drug will also have financial ramifications. One of the difficulties in running a marijuana business is dealing with the IRS, still empowered to enforce IRC Code 280E. The code was created during the Reagan era to help in the administration's War on Drugs and specifically prohibits the deduction of normal business expenses from any income derived through the sale of illegal drugs. This includes expenses such as rent and payroll and has resulted in tax rates for some marijuana businesses to approach 70 percent as opposed to a more-normal 30-35 percent.

Thu
19
Mar

Paying for pot: Card company addresses high priority for marijuana industry

NEW YORK (MarketWatch)—Paying and accepting cash for “legal” marijuana transactions isn’t easy, or safe for that matter. But prepaid debit card processor Global Payout Inc. GOHE, +8.70%  is aiming to change that with a payment system unveiled Wednesday that’s exclusively for Mary Jane.

In the marijuana industry, even in the more than 20 states where recreational and/or medical marijuana is legal or decriminalized, cash is the sole method of payment between buyers and sellers. That creates both danger and inconvenience for producers and retailers, according to Global Payout Chief Executive Jim Hancock, as they are forced to handle large amounts of cash.

Thu
19
Mar

NY: Cuomo counsel, legislators and players on details of marijuana plan

ALBANY—Tensions between the private marketplace and state regulation can seem especially fraught in the burgeoning industry of medical marijuana, as illustrated in a discussion hosted by Capital New York today that included a Cuomo administration official, the legislative sponsors of New York's medical marijuana law and experts in the sector. 

Responding to criticism about restrictions on the size and scope of New York's planned medical marijuana program, Governor Andrew Cuomo's incoming counsel Alphonso David said, "The reality is marijuana is still illegal, so we had to create a balanced piece of legislation and regulations."

Thu
19
Mar

OK pot trades in Germany

A Lumby company hoping to procure a medical marijuana licence is expanding its investment opportunities.

Common shares of True Leaf Medicine International are now listed and trading on German stock exchanges in Frankfurt, Berlin and Munich. The stock is being traded under the symbol TLA.

This comes on the heels of an announcement last month that the stock would be trading on the Canadian Securities Exchange under the symbol MJ. 

True Leaf states in a news release that the new listing in Germany will provide the company with increased visibility for its activities in all European capital markets.

Company CEO Darcy Bomford anticipates the investment community in Europe will be interested in his company.

Thu
19
Mar

Aphria invests $1million for expansion of marijuana production

After only 3½ months of operation, Leamington’s Aphria Inc. is spending $1 million to expand its medical marijuana production.

The investment is part of a two-phase expansion plan for the business that just began operations in December. Startup costs were $6 million.

The phase one investment will increase the current growing capacity of 1,200 to 1,500 kilograms of marijuana to 2,500 kg annually.

But Aphria CEO Vic Neufeld said that’s still not enough to keep up with the growing demand.

“It’s not enough for us to service this business opportunity,” Neufeld said Wednesday of wholesale demand that has developed in the last two months.

Thu
19
Mar

'I believe it was eating part of my brain,' woman says of synthetic drug's effects

An Edmonton woman says her decision to smoke a synthetic drug to beat her employer's drug tests created a two-year addiction that ruined her financially and nearly killed her.

The drug is one of several that are illegal to market as cannabis alternatives, but until recently were sold openly in some head shops and convenience stores as incense, and labelled “not for human consumption”.

While recent police raids may have driven sales in Canada underground, the synthetic cannabinoids are still available on the internet.

"I wouldn't wish it on my worst enemy," said the woman.

While head shops may no longer be selling synthetic cannabinoids such as 'Spice' openly, the same drugs are widely available on the internet. (CBC)

Wed
18
Mar

Las Vegas Police raid home, arrest owner of marijuana delivery service

LAS VEGAS -- The owner of what's being called a marijuana delivery service business was arrested Wednesday night, Metro Police said.

The SCORE Taskforce found dozens of guns, marijuana and packaging in 36-year-old Christopher McDermott's home located in the 8300 block of Mount Logan Ct.

The packaging was similar to what was found earlier during a raid at the Super Budz business located in the 1900 block of Highland Avenue.

According to police, they served the warrant because they received multiple complaints about the business from neighboring stores in the area.

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