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Marijuana Stock Movers For January 29, 2024 - Cannabix Technologies (OTC:BLOZF), Blueberries Medical (OTC:BBRRF)

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Cannabis Stock Gainers And Losers From January 26, 2024 - Cannabix Technologies (OTC:BLOZF), Blueberries Medical (OTC:BBRRF)

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Cannabis Distributor Petalfast Secures $8M Funding For Nationwide Market Expansion

Cannabis marketing and distribution firm Petalfast has raised $8m in an equity financing round. Led by a group of family offices, with interests including beverage alcohol distribution, the funds will allow Petalfast to expand its sales team and retail engagement services. The firm will expand further into markets where the adult use of recreational cannabis is legal. Petalfast brands sold in retail outlets include Lime, Sip Elixirs, Ciencia Labs, Hello Again and VetCBD, among others. CEO Jason Vegotsky acknowledged his company's new investors brought expertise from highly regulated industries.

Arizona , United-states , California , Massachusetts , Michael-berger , Jason-vegotsky , Benzinga-potprofits , Golden-state , Sip-elixirs , Ciencia-labs , Hello-again

Minnesota Cannabis Regulators Say Nearly 400 Weed Shops Will Open Amid Crackdown On Illicit Sales

Minnesota is expected to have a minimum of 381 cannabis dispensaries throughout the state, according to the regulatory body in charge of implementing state-wide legalization. The estimates are aligned with state law which requires a retail registration for every 12,500 individuals. OCM's new report stated that it is impossible to accurately assess demand and supply, emphasising the need for further research. Minnesota's legal marijuana sales will officially launch next year. In contrast, illicit marijuana sales have steadily increased throughout the state in the absence of a regulated market. The Minnesota Office of Cannabis Management (OCM) has announced plans to create an interagency plan to tackle a domestic hemp industry selling marijuana buds that contain above the 0.3% THC threshold.

Minnesota , United-states , Minnesotans , Michael-berger , Benzinga-potprofits , Minnesota-office-of-cannabis-management , White-earth-nation-tribal-council , Office-of-medical-cannabis , Department-of-agriculture , Cannabis-management , Medical-cannabis ,

Weed Giant Canopy Announces Upsized $35M Private Placement - Canopy Gwth (NASDAQ:CGC)

Canadian cannabis producer Canopy Growth has raised $35m from a private placement of tranched units with "certain institutional investors". Each unit comprised one common share and one class A or class B common share purchase warrant, with series A exercisable for five years immediately following the placement's close, and series B after six months. The proceeds will give the Ontario-based company more financial clout, allowing it to pay down debt and giving it some marketing cash. In November, Canopy cut its debt by C$364m, bringing its total debt reduction to C$1bn ($798m) since the start of the fiscal year. The company is now hoping to cut costs further, targeting a C$300m reduction by the end of the current fiscal year.

Benzinga-potprofits , Michael-berger , Cannabis-giant-canopy-announces , Private-placement , Where-the-money-will ,

Missouri Courts Work Overtime Clearing Marijuana Charges, Seek Additional $3.7M To Clean Up Backlog

Missouri circuit courts have cleared more than 100,000 marijuana charges from the criminal records of individuals according to the Missouri Independent. In order to address the burden of expungements mandated by law, state lawmakers set aside $4.5m to cover overtime expenses and temporary staff wages. The state county courts have had $4.2m in total funds from the Circuit Court Budget Committee, however, Betsy AuBuchon, a clerk of the Missouri Supreme Court, has requested an additional $3.7m for the next fiscal year. The source of the money is taxes levied on recreational marijuana and fees from cannabis businesses. The deadline for expunging all misdemeanour cannabis charges was 8 June with felony charges necessary by 8 December 2023. Speaking to a state representative, AuBuchon said the courts are "doing our best" to clear the backlog.

Missouri , United-states , Maggie-nurrenbern , Betsy-aubuchon , Beth-riggert , Michael-berger , Benzinga-potprofits , Circuit-court-budget-committee , Missouri-supreme-court ,

Bearish Sentiment Across The Cannabis Space - Check Full Movers For January 18, 2024 - Aurora Cannabis (NASDAQ:ACB), Blueberries Medical (OTC:BBRRF)

Michael-berger , Benzinga-potprofits ,

Here's What Made December Stand Out: These Two States Raked In Hundreds Of Thousands In Cannabis Sales - Cresco Labs (OTC:CRLBF)

Maryland residents spent a record $96.5m on cannabis products in December, according to data from the Maryland Cannabis Administration (MCA). Of that total, $61.5m came from recreational cannabis sales, while medical sales totaled around $35m for the month. Maryland has seen booming sales since the launch of the recreational market last summer. At the time, existing cannabis companies in the state switched to adult-use shops by paying an 8% one-time fee of their 2022 dispensary revenue not exceeding $2m. Licensed stores took in $20.9m in the first week of legal sales. In total, Maryland recorded $787.5m in sales of legal marijuana products in 2023. Over the same period, Rhode Islanders spent more than $107.8m on combined cannabis sales.

Maryland , United-states , Maine , Rhode-island , Marylanders , Rhode-islanders , Michael-berger , Benzinga-potprofits , Green-thumb-industries-inc , Verano-holdings-corp , Department-of-business-regulation , Maryland-cannabis-administration

Are Drug Tests Failing Us? Thousands Of Innocent People Get Arrested Every Year Due To Inaccurate Testing

Nearly 800,000 people will face arrest this year due to the use of field drug tests, known for their well-known accuracy issues. Out of that number, approximately 30,000 arrests will include individuals falsely accused by color-based presumptive tests, despite not possessing illegal substances themselves. That's according to researchers at the University of Pennsylvania Penn Carey Law School's Quattrone Center for the Fair Administration of Justice. Their recent study was based on a comprehensive survey conducted across the nation, revealing roughly 773,000 out of over 1.5 million drug-related arrests every year involving the application of presumptive tests. Ross Miller, Quattrone Center Assistant Director and lead author of the report said presumptive field drug test kits often produce ‘false positives,' adding their primary objective was never to yield definitive proof of drug presence.

United-states , Americans , Benzinga-potprofits , Michael-berger , Ross-miller , Fair-administration-of-justice , Drug-test-innocence-alliance , Quattrone-center , Pennsylvania-penn-carey-law-school , Fair-administration , Quattrone-center-assistant-director , Roadside-drug-test-innocence-alliance

New York Kicks Off 2024 With New Legal Weed Shops, Other Stores Open In OH, PA And FLA - Ascend Wellness Holdings (OTC:AAWH)

New York is starting off 2024 with the opening of several cannabis shops, demonstrating the growth and diversification of the state's industry. The Flowery on Staten Island is set to open on 17 January and will offer recreational cannabis in collaboration with local cultivators and brands. Meanwhile, The Herbal Care in New York City and Verona Collective in Verona have already begun selling cannabis, with both outlets exclusively featuring products from New York farmers. Orange County Cannabis in Wawayanda has also begun sales as the 45th adult-use dispensary in the state. In addition to New York, three other US states have seen new cannabis stores open. Ascend Wellness Holdings has set up its flagship store next to the Hard Rock Casino in Cincinnati, Ohio. Jushi Holdings has relocated its Beyond Hello Hazleton dispensary in Pennsylvania, while Verano Holdings has opened its 74th Florida dispensary, MÜV Yulee.

Cincinnati , Ohio , United-states , Pennsylvania , Orange-county , New-york , Staten-island , Monroe-county , Florida , Yulee , Kentucky , Michael-berger