I write about Colorado real estate and Denver real estate for my blog, DenverRealEstateWatch.com
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Articles by John Rebchook
These Are the Best Practices for Purchasing a Secondary Cannabis Business License
Stick to basics such as growth, profitability and management, and don't throw healthy skepticism out the window.
Funding for marijuana companies surges after Democrats win control of White House, Congress
Published 7 seconds ago | By John Rebchook A Democratic election trifecta – control of the White House and both chambers of Congress – is giving marijuana industry executives hope for federal reform and encouraging investors to pump a record amount of money into cannabis businesses during the initial weeks of the year.
An acquisition company can expedite going public, but research on the partner is key
Published 2 mins ago | By John Rebchook Special purpose acquisition companies—better known by the acronym SPACs—are an increasingly popular way for cannabis and mainstream companies to quickly launch on a stock exchange.
SPACs offer marijuana companies a source of funding - and a way to go public
Published 2 hours ago | By John Rebchook A meteoric rise in cannabis special purpose acquisition companies – better known as SPACs – is providing private marijuana and hemp companies an unprecedented opportunity to raise money and go public.
Cannabis companies secure fresh funding deals as investors wade back into capital markets
Published 51 seconds ago | By John Rebchook Marijuana businesses have raised hundreds of millions of dollars in recent months, a trend that is expected to continue as an investment dry spell that began late last year appears to be easing. Investors have shown renewed interest in U.S. cannabis companies after they were designated “essential” businesses during the coronavirus pandemic by most states, allowing them to keep their doors open.
Multifamily run not over, according to Jeff Hawks of ARA Newmark
Last year was the Year of the Monkey, according to the Chinese zodiac. But in Denver, 2016 was the Year of the Multifamily. The multifamily industry in the Denver area was one for the record books last year. More than $4.5 billion in apartments traded hands in 2016, according to Jeff Hawks, vice chairman of ARA Newmark. “To put that into perspective, there were $3.5 billion in apartment sales from 1990 to 2000,” Hawks noted.
Cannabis REIT Innovative Industrial Properties on a roll with $100 million in recent outlays on cultivation, distribution sites
Published 48 seconds ago | By John Rebchook Innovative Industrial Properties is on a marijuana shopping spree, having spent $100 million since April to buy cultivation and distribution facilities around the nation while providing cannabis operators with sorely needed cash. The San Diego-based real estate investment trust (REIT) now owns 61 cannabis industrial properties, more than double the 26 it owned a year ago.
Trying to navigate a city's cannabis zoning maze? Here are some things to consider
Published 1 min ago | By John Rebchook (This is an abridged version of a story that appears in the May-June issue of Marijuana Business Magazine.) Marijuana entrepreneurs seeking to open a business face a similar type of roadblock in virtually any U.S. market: municipal zoning regulations, which can be difficult and annoying. Even though the cannabis industry continues to grow around the nation, the regulatory situation hasn’t gotten better.
What's your take on COVID-19's impact on cannabis investments?
Published 1 min ago Coming Soon How will the coronavirus pandemic affect interest and investments in new cannabis licensing opportunities? There will be little effect. New license opportunities will continue to attract a lot of interest. It will have adverse effects. Investors will have difficulty moving forward in this environment. The impact is unclear. It will depend on the market. How will the coronavirus pandemic affect interest and investments in new cannabis licensing opportunities?
Marijuana technology firm Greenbits raises $23 million
Published 1 min ago California-based cannabis-technology firm Greenbits, which processes $3.7 billion in sales in more than 1,200 U.S. marijuana stores each year, raised $23 million in a financing round. Greenbits, based in San Jose, said it will use the Series B funding to: Accelerate sales. Fund marketing. Develop products. Expand into new markets. The company’s technology currently is used by recreational and medical marijuana stores in 13 states.
Washington DC allows medical marijuana deliveries, curbside pickups
Published 1 min ago The nation’s capital is the latest medical cannabis market to permit dispensaries to provide deliveries and curbside pickups to patients during the COVID-19 pandemic. Washington DC’s Democratic mayor, Muriel Bowser, signed an emergency rule allowing dispensaries to provide deliveries and curbside pickups until Aug. 12.
Michigan adult-use cannabis stores dealt supply setback
Published 1 min ago Recreational marijuana stores in Michigan could face a shortage of product after state regulators ruled that adult-use shops can no longer buy MJ from a network of caregiver growers. The Marijuana Regulatory Agency issued a bulletin reversing course that said only medical marijuana dispensaries can now buy and sell products from caregivers, the Detroit Free Press reported.
Tell us best perks for cannabis employees during COVID-19
Published 1 min ago Coming Soon As a cannabis business owner, the best way for you to reward employees is: With a raise or bonus. Educational opportunities. A fun perk such as a free subscription to Netflix As a cannabis business owner, the best way for you to reward employees is: With a raise or bonus. 2 ( 100 % ) Educational opportunities.
Burglaries double at Denver marijuana stores
Published 1 min ago There have been almost twice as many burglaries at Denver cannabis businesses – primarily marijuana retailers – this year as there were during the same period in 2019, according to police data obtained by Marijuana Business Daily. The Denver Police Department sent a bulletin to the city’s marijuana businesses Tuesday warning of a “slight increase” in burglaries during the coronavirus crisis.
Massachusetts marijuana commission member stepping down
Published 1 min ago Kay Doyle is leaving her spot on the commission that regulates medical and recreational cannabis in Massachusetts. Doyle, who was appointed to the Cannabis Control Commission when it was created in 2017, will leave the agency May 8 to return to the private sector, the Cannabis Control Commission announced Monday. Doyle was appointed to her three-year term on Sept. 1, 2017, by Republican Gov. Charlies Baker and other state officials.
Nevada's Planet 13 cannabis firm ends $10 million deal to enter California
Published 1 min ago Nevada-based marijuana company Planet 13 on Monday said it is terminating its $10 million acquisition of a cannabis sales license and lease in California, which would have served as the company’s entry into that key market. The stock and cash deal for Newtonian Principles, announced last June, was terminated “due to unmet conditions in the definitive agreement,” Planet 13 said in a news release.
Cannabis firm iAnthus can't make interest payments, Massachusetts governor sued, COVID-19 causes slide in adult-use marijuana sales & more
Multistate marijuana operator iAnthus defaulted on interest payments, in part blaming the coronavirus. In addition, the New York-based company revealed that its CEO is being investigated for a potential, but unidentified, conflict of interest. The company also postponed its financial results. MJBizDaily takeaway: COVID-19 aside, the disclosures from iAnthus are additional red flags for a company that already was facing capital issues as well as litigation with an investor.
Massachusetts marijuana firm cuts workers, blames COVID-19, governor
Published 1 min ago New England Treatment Access, a Massachusetts cannabis company, on Friday said it will reduce its workforce by an undisclosed number of employees as it has seen its store traffic drop by 85% during the coronavirus crisis. Amanda Rositano, the president of the NETA, blamed Republican Gov. Charlie Baker’s decision to not allow adult-use cannabis stores to remain open during the COVID-19 pandemic as “essential” businesses, MassLive.com reported.
Ohio medical cannabis sales hit record $13 million in March
Published 1 min ago Medical marijuana dispensaries in Ohio sold almost $13 million in product in March, setting an all-time record for one month as business surged during the coronavirus pandemic. Oregon also reported record marijuana sales in March. During a mid-March week, MMJ dispensaries in Ohio recorded $3.8 million in sales, by far the most ever sold in a single week since medical cannabis became legal in the state in 2016, Crain’s Cleveland Business reported.
LivWell buys Denver cannabis edibles firm Sweet Grass
Published 1 min ago LivWell Enlightened Health, one of Colorado’s largest marijuana store owners, has acquired Denver-based Sweet Grass Kitchen, one of the oldest marijuana edibles brands in the state. The acquisition price was not disclosed, according to Denver alt-weekly newspaper Westword. Sweet Grass products will be introduced into every market where LivWell has a presence and “as we continue our national expansion,” Michael Lord, director of development for the company, told Westword.
Spurred by COVID-19 buying, Oregon's $84.5M in March cannabis sales sets record
Published 2 mins ago Adult-use and medical marijuana stores in Oregon sold $84.5 million in products in March, a record for any month, as the market got a boost from coronavirus-driven purchases. Sales last month were 6.4% higher than the previous record of $79.4 million set in August 2019, Oregon Liquor Control Commission data shows. Year-over-year, Oregon cannabis sales jumped 30% from March 2019, according to the agency.
Denver medical cannabis dispensary loses court case with IRS
Published 1 min ago A medical cannabis dispensary in Denver lost an appellate court battle to prevent the IRS from obtaining business records from state regulators. The U.S. Court of Appeals for the 10th Circuit ruled that an IRS auditor did not act in a way that was “overbroad” or “violated the rights” of the four owners of Standing Akimbo, Colorado Politics reported. The IRS had sought the dispensary’s business records from the Colorado Marijuana Enforcement Division as part of an audit.
Massachusetts gov sued over closure of recreational cannabis stores
Published 1 min ago A handful of adult-use marijuana businesses on Wednesday sued Massachusetts’ governor, seeking a reversal of his executive order requiring recreational cannabis stores to close during the COVID-19 crisis. The lawsuit calls unconstitutional a decision by Republican Gov. Charlie Baker that adult-use marijuana stores are nonessential businesses and must remain closed until May 4.
MJBizDaily releases free marijuana crisis report
Published 14 mins ago Marijuana Business Daily published a free online report to provide cannabis companies with actionable information they can use to navigate a crisis such as the current coronavirus pandemic. The 28-page report, “Crisis Management in Cannabis,” offers dozens of prevention and management tips that marijuana businesses are using during the coronavirus pandemic.
Anchorage, Alaska, voters reject on-site cannabis consumption
Published 1 min ago In a blow to marijuana retailers in Anchorage, Alaska, voters overwhelmingly rejected a measure to permit cannabis consumption on store premises. According to unofficial election results, roughly 64.3% (28,409) of the voters on Tuesday rejected Proposition 11, which would have permitted “inhaling or smoking marijuana, in addition to eating marijuana edibles,” in cannabis stores. Only 15,786 voters, or 35.7%, favored the proposition.
DEA removes cannabis drug Epidiolex from controlled substances list
Published 1 min ago Epidiolex, the only plant-derived cannabis drug approved by the U.S. Food and Drug Administration, is no longer considered a controlled substance, providing a boost to its manufacturer’s stock price. GW Pharmaceuticals, a biopharmaceutical company based in London, saw its stock go up 7.6% on Tuesday, one day after the U.S. Drug Enforcement Administration said it would no longer classify Epidiolex as a Schedule 5 drug under the federal Controlled Substance Act.
Massachusetts marijuana bribery trial delayed because of COVID-19
Published 1 min ago The trial of a former Massachusetts mayor charged with extorting hundreds of thousands of dollars from prospective marijuana businesses has been delayed until September because of the coronavirus pandemic. The trial for former Fall River Mayor Jasiel Correia had been scheduled for May but now will begin Sept. 14, according to legal news service Law360.
DEA removes cannabis drug Epidiolex from controlled substances list
Published 2 mins ago Epidiolex, the only plant-derived cannabis drug approved by the U.S. Food and Drug Administration, is no longer considered a controlled substance, providing a boost to its manufacturer’s stock price. GW Pharmaceuticals, a biopharmaceutical company based in London, saw its stock go up 5.9% on Tuesday, one day after the U.S. Drug Enforcement Administration said it would no longer classify Epidiolex as a Schedule 5 drug under the federal Controlled Substance Act.
Armen Yemenidjian resigns as president of marijuana giant Green Thumb
Published 1 min ago Armen Yemenidjian resigned as president of multistate cannabis operator Green Thumb Industries. Yemenidjian, who is leaving the company to spend more time with his family, will continue to work with Chicago-based GTI for the next six months to ensure a smooth transition, the company said in a statement. During that period, he will focus primarily on GTI’s businesses in California and California.
MJBizDaily cannabis investor webinar on tap Tuesday
Published 1 min ago The clock is ticking to register for Marijuana Business Daily’s Investor Intelligence webinar, “State of the Industry and 2020 Trends,” which is scheduled for 1 p.m. ET/10 a.m. PT on Tuesday. Investor Intelligence analysts Craig Behnke and Mike Regan will provide a framework on how to invest in the cannabis sector now for the long term, including: Who does (and doesn’t) have the balance sheet and business plan to survive. Where valuations will bottom out.
Colorado eases hiring process for cannabis firms eyeing casino workers
Published 1 min ago In a positive business development for Colorado’s marijuana industry, state regulators are allowing cannabis companies to hire casino workers during the coronavirus crisis without having to obtain any additional credentials.
Illinois adult-use marijuana stores sell $110 million in first three months
Published 25 mins ago Adult-use cannabis stores in Illinois sold almost $110 million in products in the first quarter of 2020, state regulators say. In March, stores sold 812,203 marijuana products for a total of $35.9 million, according to the Illinois Department of Financial and Professional Regulations. Recreational retailers in Illinois sold $27.1 million, or 75.5% of total sales, to residents and $8.8 million to out-of-state customers.
Marijuana firms cutting costs amid COVID-19, L.A. marijuana licensing audit, & more
Published 1 min ago | By John Rebchook Three multistate marijuana operators – 4Front Venures, MedMen Enterprises and Acreage Holdings – announced cutbacks in bids to accelerate their paths toward profitability, even as some experts questioned the overall financial strength of the industry amid the coronavirus crisis and a contracting economic climate.
MJBizDaily podcast: Marijuana firms pivot to virtual 4/20 events, New York adult-use cannabis appears stalled and more
Published 1 min ago Cannabis companies are hosting virtual 4/20 events amid COVID-19 concerns, instead of the usual monthlong parties and celebrations.
Marijuana giant Acreage cuts 120 jobs, ends deals in light of COVID-19
Published 16 mins ago New York-based Acreage Holdings on Friday announced it is furloughing 122 employees and is taking other cost-cutting measures, becoming the latest multistate marijuana operator to slash costs in response to the coronavirus pandemic. As part of its efforts, Acreage also disclosed in a news release the resignation of a top executive and announced it is: Scrapping a $120 million Nevada acquisition involving cannabis company Deep Roots.
REIT inks $49 million cannabis sale-leaseback deal with Ascend
Published 1 min ago Innovative Industrial Properties, a real estate investment trust that specializes in the marijuana industry, bought a cannabis cultivation and processing facility in Massachusetts from Ascend Wellness Holdings in a $49 million sale-leaseback deal. San Diego-based IIP paid $26.8 million to Boston-based AWH – a vertically-integrated, multistate marijuana operator – for a 199,000-square-facility in Athol, Massachusetts.
Denver man sues cannabis firm for alleged spamming
Published 4 mins ago A Denver man has filed a lawsuit alleging that the operator of marijuana stores in Colorado, Nevada and Massachusetts violated the federal telemarketing law by sending him promotional text messages without his permission. In a proposed class-action suit, Bryce Abbink sued Denver-based Good Chemistry for the alleged spam promotions. The 13-page lawsuit states the “alleged Class consists of over 100 persons,” and when they are aggregated, the claims together exceed $5 million.
Massachusetts medical marijuana workers sick with coronavirus
Published 1 min ago In what could be a warning to medical cannabis business owners throughout Massachusetts, state regulators are looking into complaints that a large MMJ company was not following social-distancing guidelines and other measures to lessen the spread of the coronavirus after two employees were diagnosed with COVID-19.
Two Iowa medical cannabis stores close
Published 1 min ago Two medical marijuana dispensaries in Iowa permanently closed their doors. The dispensaries, in Council Bluffs and Davenport, were operated by Have A Heart Compassion Care, a multistate medical and recreational marijuana operator based in Washington state. It was unclear why the dispensaries closed. Have A Heart did not immediately respond to Marijuana Business Daily‘s request for comment.
Colorado marijuana retailers get OK to resume in-store sales
Published 1 min ago Colorado regulators delivered good news to the state’s recreational cannabis store operators: They can resume selling their products inside their storefronts. The state Marijuana Enforcement Division (MED) bulletin informing cannabis businesses they can allow customers in their stores comes days after the governor told retailers to limit transactions to curbside pickups in an effort to reduce the spread of the coronavirus. Democratic Gov.
Cannabis giant 4Front cuts workforce, appoints new CEO
Published 3 mins ago Multistate marijuana operator 4Front Ventures on Monday said it has slashed its corporate workforce by almost 40% and cut the number of employees at its recreational and medical cannabis stores by almost 45%. The company did not release the number of employees who lost their jobs. The cuts, which took place over the past four months, are expected to save the Phoenix-based company $7 million to $8 million annually. The company also said it promoted Leo Gontmakher to CEO.
Illinois extends adult-use marijuana licensing process
Published 1 min ago The application deadline for a number of Illinois’ recreational cannabis business permits has been extended by a month during the coronavirus crisis. According to the Chicago Sun-Times, Democratic Gov. J.B. Pritzker signed an executive order extending the license application deadline from March 30 to April 30 for: 40 cannabis infusers that manufacture edibles and other products. 40 small-scale marijuana growers. An unspecified number of transporters.
Massachusetts gov urged to reopen adult-use marijuana shops
Published 1 min ago Massachusetts Gov. Charlie Baker received requests from two different groups to reverse a decision and declare recreational cannabis businesses as “essential” and, thus, allow adult-use companies to remain open during the coronavirus crisis. The Republican governor heard from: A diverse group, including regulators and doctors, that argued permitting adult-use cannabis sales would be in line with stay-at-home orders in other states.
Recreational MJ sales tumble, cannabis stores open during pandemic, giant Harvest and Verano merger dead & more
COVID-19 causes cannabis sales to ebb, flow Only a few days after adult-use marijuana sales soared amid the coronavirus scare, they took a nosedive. MJBizDaily takeaway: The roller-coaster ride in marijuana sales was to be expected. Initially, consumers, panicked by the pandemic, stockpiled products.
Oklahoma allows curbside medical marijuana sales
Published 1 min ago Oklahoma medical cannabis dispensaries can provide curbside pickup service, but must ensure there is limited contact between employees and customers, according to state regulators. Dispensaries are exempt from Republican Gov. Kevin Safer-at-Home order for the elderly and “vulnerable populations” issued in response to the COVID-19 pandemic. Oklahoma is one of the many states where dispensaries have been identified as “essential” businesses.
Recreational marijuana sales fall after soaring on COVID-19 fears and more
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Cannabis firm Harvest Health seals $25M Franklin Labs purchase
Published 1 min ago Multistate marijuana operator Harvest Health & Recreation announced on Friday it closed on its previously announced $25.5 million purchase of Pennsylvania medical marijuana company Franklin Labs. The closing comes a day after Harvest revealed that it would no longer buy Chicago-based Verano Holdings, which was for a time was one of the biggest merger and acquisitions announced in the U.S. cannabis industry.
John Rebchook
John is an award-winning journalist who spent most of his decades-long career as the real estate editor of the Rocky Mountain News in Denver. At different times John also wrote about banking, economic development, cable TV, workplace issues, technology and national and local political issues impacting business. He has also freelanced for Marijuana Business Magazine. John also published his own real estate blog for almost seven years and was a columnist at the Colorado Real Estate Journal.
Marijuana packaging firm KushCo lays off 49
Published 9 mins ago KushCo Holdings, a cannabis company specializing in ancillary products such as packaging, on Thursday said it laid off 49 employees this month as the California company’s CEO noted that “the COVID-19 pandemic creates ever-increasing uncertainty in the cannabis industry.” The layoffs will save the company about $4 million, according to a company news release.
Marijuana giant Harvest Health's megadeal for Verano ends
Published 1 min ago What was one of the largest acquisitions ever announced in the marijuana industry – a deal valued at $850 million when Phoenix-based multistate marijuana operator Harvest Health & Recreation said a year ago it would buy Chicago’s Verano Holdings – has been mutually terminated, the two companies said Thursday. The coronavirus and other financial and regulatory challenges played a role in the deal collapsing, officials from both companies said.
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