California

Tue
03
Jul

A craft marijuana brand has raised a total of $50 million from VCs including an early Facebook ...

Tech investors are seeing green in the marijuana industry.

Flow Kana, a craft marijuana brand based in San Francisco, has closed a $22 million round of financing to scale the supply chain across California. Combined with earlier funding from notable angel Roger McNamee, an early Facebook investor who served as an advisor to Mark Zuckerberg, the raise brings its total funding to $50 million.

Mon
02
Jul

Why (and how) California is destroying mountains of marijuana

Call it the California Marijuanapocalypse of 2018. As of January 1, recreation cannabis has been legal in the state. A black market still runs underneath it all (Northern California alone supplies perhaps 75 percent of all marijuana across the United States), but cultivators and distributors are going legit, bringing themselves up to the rigorous testing and packaging standards mandated by the state.

Fri
29
Jun

California's marijuana black market ramps back up

California’s move to open up its cannabis market to recreational users has had an unexpected result: A growing segment of the industry may be moving back into the shadows.

Thousands of manufacturers, growers and retailers have lost their licenses amid tighter regulations on marijuana and more oversight from local authorities, some of which aren’t too keen on the plant. The cannabis companies that still operate legally face a dizzying array of new taxes.

“Industry insiders have been referring to this as the moment of reckoning,” said Kenny Morrison, president of the California Cannabis Manufacturers Association. “Some people are going to be left flat footed, and others are going to expand their market share.”

Wed
27
Jun

California moves closer to creating cannabis bank

SACRAMENTO, Calif. (CN) – California is on the verge of creating a first-of-its-kind safety net for marijuana retailers to deposit cash gleaned from legal pot sales.

Wed
27
Jun

Pot shop fire sale: Dispensaries slash prices to sell non-compliant weed by July 1

For the next four days in California, every weed must go.

Since the state fully legalized cannabis on Jan. 1, the industry had a six-month transition period to adopt new testing, packaging and ingredient standards. Businesses can continue to sell products that don’t meet the new requirements until June 30, but will be forced to destroy any leftovers come July 1.

The deadline has many in the cannabis industry scrambling to sell tens of thousands of dollars worth of old, non-compliant stock by the end of June, touting discounts and parties to lure customers. And some patrons can’t resist a deal.

“It’s just like Toys ‘R’ Us going out of business,” said Scott Lambert, CEO of The OG Collective in Cathedral City. “People are buying stuff they don’t really need.”

Tue
26
Jun

California cannabis industry bracing for July 1st compliance regulations

As she checked ID cards at the front counter of MedMen on Broadway in downtown Los Angeles the other night, the woman at the front desk nodded toward the back of the store.

“We’re having a sale,” she said.  “Seventy percent off.”

Closing time was just fifteen minutes away, but the place was packed, as customers sifted through bins of discounted products, then lined up to pay before the cash registers shut for the night promptly at 7:45 pm.

Someone asked, “Is there anything wrong with this stuff?”

“Nothing,” said a clerk, shaking his head.  “July 1st is coming.”

Tue
26
Jun

Small California pot farmers struggle to survive, worry that central coast growers are using loophole to skirt size restrictions

Northern California pot farmers spent decades turning the Emerald Triangle into the cannabis industry’s most rock-solid brand. But just six months into California’s legal weed foray, it’s clear that growers and governments along the state’s Central Coast are making an aggressive push to crown themselves a new pot powerhouse. According to data from the California Department of Food and Agriculture, many of those Central Coast cultivators are taking advantage of a regulatory loophole that small farmers – mostly in the Emerald Triangle – say could lead to a big business takeover of the industry.

Tue
26
Jun

High Hampton Holdings expands it's footprint in a leading U.S. market

Over the last quarter, we have highlighted High Hampton Holdings (HC.CN) (HHPHF) as an attractive play on the California cannabis market. The company has been executing on all cylinders and is a stock that investors need to watch.

From acquisitions to the appointing of key personnel to the board of directors and management team, High Hampton is a company that is focused on creating value for shareholders and we are bullish on this opportunity. 

A California Execution Story

Fri
22
Jun

California cannabis market expected to reach $5.1 billion market value

The cannabis market could triple in size in the next four years, according to Arcview Market Research and BDS Analytics new report, 'The State of Legal Marijuana Markets'. In fact, by 2022, the global cannabis market could be worth as much as $32 billion, a three-fold increase in just five years with the U.S. expected to fuel much of that growth with an expected market value of $23.3 billion. Much of the current growth we're seeing comes from California's cannabis market, which is expected to exceed $5.1 billion market value in the next year after legalizing its recreational use on January 1, 2018.

Fri
22
Jun

California considers licensing its own banks for the cannabis industry

California’s legislature is considering licensing its own cannabis banks to give the cannabis industry access to financial services not available to them federally.

Despite the fact that cannabis businesses operate within their state’s legally regulated industries, they still represent a risk to federally licensed banks which could be charged for aiding in the trafficking of a federally banned substance. Consequently, many state-legal cannabis businesses are unable to access bank accounts, forcing them to largely operate in cash and forgo basic financial services like loans.

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