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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

Cannabis Stock Gainers And Losers From January 16, 2024 - AusCann Group Holdings (OTC:ACNNF), Blueberries Medical (OTC:BBRRF)

Benzinga-potprofits , Michael-berger ,

California Weed Co. Wraps Up Strategic Reorganization, This Is Unrivaled's New Name - Unrivaled Brands (OTC:UNRV)

California cannabis company Unrivaled Brands has completed its strategic reorganisation and reversed stock split. Under the reorganisation deal, Blum Holdings is now Unrivaled Brands' parent company, and each share of its common stock has automatically converted into equivalent shares of Blüm's common stock. As part of the restructuring, Blüm's common stock will trade on the OTCQB tier of the market under the "BLMH" ticker symbol. Directors and officers of Unrivaled Brands prior to the reorganisation will serve as the directors and officers of Blüm. This milestone is part of Unrivaled Brands' growth and development strategy. In Q3 2021, the company saw an 11.4% YoY drop in revenue to $8.6m, but managed to limit its net loss to $3.4m, compared to a $119.9m net loss in the previous year.

California , United-states , Delaware , Benzinga-potprofits , Michael-berger , Sabas-carrillo , Unrivaled-brands-inc , Blum-holdings-inc , Unrivaled-brands , Santa-ana-based-unrivaled-brands , Blum-holdings

Marijuana Stock Movers For January 15, 2024 - Trees (OTC:CANN), AusCann Group Holdings (OTC:ACNNF)

Michael-berger , Benzinga-potprofits ,

Conservative SC Lawmaker Says He Is Committed To MMJ Program And More Cannabis Updates

Minnesota regulator is seeking public input on cannabis packaging and labeling as well as the state's system for cannabis tracking, inventory and verification. The latest survey, which opened late last month by Minnesota's Office of Cannabis Management follows the agency's third survey that covered retail business operations, retail sanitary standards (facilities and handling) and expedited complaint process for local governments. The South Carolina Statehouse is once again embroiled in the debate over medical marijuana, with the chairman of the Senate medical committee pushing for a fresh start, while the measure that seeks to legalize medical cannabis is stuck in the chamber."I'm committed to a medicinal cannabis program that is for the health and well-being of South Carolinians," Senate Medical Affairs Chairman Danny Verdin told reporters earlier this week. In the meantime, Washington State lawmakers are looking to grant adults the freedom to cultivate their marijuana, under a newly introduced bill. HB 2194 seeks to allow the growing of up to six plants at home.

South-carolina , United-states , Minnesota , Washington , American , Bill-sandifer , Shelley-kloba , Michael-berger , Benzinga-potprofits , Danny-verdin , Tom-davis , Tim-walz