Search Results: bloomberg (60)

And that’s the low estimate.

The following is excerpted from the newsletter WeedWeek. Get your free and confidential subscription at WeedWeek.net.

The industry employs between 100,000 and 150,000 Americans according to the Marijuana Business Factbook. Ancillary businesses that don’t touch the plant account for about 40 % of jobs.

In Massachusetts, cities are awarding recommendations for state licenses to dispensaries that promise payments in return.

Canada’s Canopy Growth Corp. will list on the Toronto Stock Exchange, the first cannabis producer to trade on a major exchange. It also announced plans to start selling MED in Germany.

The IRS is auditing 30 Colorado pot companies, mainly related to large cash deposits. (Cannabis companies still struggle to find bank accounts.) Criminal charges may follow.

Lots from New Cannabis Ventures: Social network MassRoots is launching a dispensary finder to compete with Weedmaps and Leafly. Ackrell Capital, the investment bank, is starting a cannabis business accelerator called Cannavator in Oakland. Nationwide there are at least three others. Canadian grower Aphria raised $25M.

NCV founder Alan Brochstein is skeptical of Cultivation Technologies Inc. which has a big project planned in Coachella, Calif. A guest post at the site recommended that companies create budget brands for lower income customers.

Gateway incubator co-founder Carter Laren says start-ups still confront the “ghost of Nancy Reagan.”

Data firm Headset determined that the average user in Washington state spends $647 on legal cannabis per year. Marketwatch has more data from the study.

An investor is suing California edibles company Altai for spending his cash on private jets, luxury hotels and personal legal bills.

The publishing industry is putting out a slew of weed books, including the Complete Idiot’s Guide to growing.

Entrepreneur spotlights the industry in Boulder. Despite difficulties in Pueblo, Colo., businesses continue to invest big there.

A British Airways flight turned around shortly after departing London due to an unexplained cannabis smell.

Big-money investors are starting to see the upside in going “green.”

Following Microsoft’s recent partnership with Kind Financial, Google may want to go green as well. John Lord, CEO of LivWell, a large vertically-integrated producer in Colorado, said the search giant had reached out to him. (On The Cannabist Show, Lord discusses the implications of industry-hated tax provision 280E.)

Venture capitalists are shaking off the stigma. The Bloomberg article contains the tidbit that New York’s health department uses Oracle software to monitor its MED program.

Jim Hagedorn, CEO of publicly-traded Scotts Miracle-Gro, said he want’s to “Invest, like, half a billion in the pot business…It is the biggest thing I’ve ever seen in lawn and garden.” Since 2015, Scotts has spent $255M acquiring companies that make soil, fertilizers, lighting and hydroponics. He pledges to invest $150M more this year.

Ohio is considering a cashless system — think pre-paid debit cards — for its newly legalized MED industry.

Colorado company Helix TCS acquired online wholesale platform Cannabase for an undisclosed sum. Wholesale prices are falling fast in Colorado.

Stock in Insys Therapeutics jumped after the FDA approved its cannabis-derived drug.

According to the Tampa Tribune, there are  15,000 businesses nationwide  providing ancillary products and services to the cannabis industry.
The Verdes Foundation is the  highest-grossing producer  in New Mexico. (The state’s MED industry is non-profit.) MED dispensaries in Hawaii can open next week but  most aren’t ready .
NORML executive director Allen St. Pierre reportedly resigned after 24 years. He will remain on the organization’s board. His interim replacement is treasurer Randy Quast.
Excerpted from the newsletter WeedWeek. Get your free and confidential subscription at WeedWeek.net.

FlickrCommons


In recent weeks, around a thousand marijuana dispensaries across the states of California, Colorado, and Washington have received a marketing flyer advertising a partnership opportunity with the 3rd richest man in the world, Warren Buffet.
Well, it’s not exactly a partnership, and the flyers didn’t exactly come from Mr. Buffet himself, and really, they weren’t even aimed primarily at the dispensaries they were sent to. But with weed growing faster than warehouse space, Berkshire Hathaway subsidiary Cubic Designs, Inc. has stepped into the industry with a proven solution that promises to double the yield on each harvest.


New Mexico’s Donna Smith says she was fired illegally for her off-work consumption of medical cannabis to deal with post-traumatic stress she was diagnosed with after serving in the military in the 1990s. New Mexico has laws against discriminating against people for their medical conditions, she argues.
But her employer, Presbyterian Health Services, says they are “protecting” their other employees from Smith and her off-work, medical use of cannabis.

FlickrCommons/stockmonkeys.com


Behavioral Health Services of Pickens County, South Carolina is the location of the latest in a growing list of regional centers receiving federal funding to study cannabis. They are actively seeking local marijuana users who are interested in being compensated for their time in exchange for participating in their research.
Perhaps it should be clarified, these studies only have one purpose in mind, and that is to discover and patent a pill-poppable form of relief from cannabis addiction. Let’s keep it real, many people still love the herb, but for any number of reasons may have a need to cut back for a while, or to put it away altogether.

The New York General Assembly yesterday approved a bill allowing medical marijuana use in the Empire State.
Assembly Bill 6357 was voted in with a 95-38 vote. The discussion now moves over to the state Senate in the next few weeks, which takes up the nearly identical Senate Bill 4406. If approved, the bill would allow for qualifying patients to receive a doctor’s recommendation to use cannabis. Patients would be allowed to possess up to 2.5 ounces purchased at one of several state-regulated medical marijuana dispensaries.

You probably know the rules by now: in New York City, if you’re caught in public view with pot, or in possession of 25 grams or more, you’re getting a violation. Because of this (well, at least, partially), New Yorkers made up 99.2 percent (149,951) of the entire state’s marijuana-related arrests of 155,048 stoners last year.
But lately, the external pressures placed on internal agencies by the incredibly high rates has become an engine for policy shifts. This is why Governor Cuomo continues to try to outlaw the public view provision in the criminal code last year. And why Bloomberg has opted out of the ‘stay overnight in jail, be at court in the morning’ situation for marijuana offenders. And why NYPD Commissioner Ray Kelly has even told his officers to chill with the pot arrests. Luckily, it looks like these efforts are actually showing real-time results. Village Voice has the 4-1-1.

Five New York men have filed a federal lawsuit claiming that New York City police regularly profile and harass black and Latino people to create marijuana charges.
The men argue that has routinely happened to them while they were going about their day buying groceries, on lunch breaks and simply walking down the street jamming out to their headphones. Pot was found that wasn’t even worth the time to bring it before a judge, but the police trumped up the charges and called it public display.

New York City police have spend more than 1 million man hours arresting making about 440,000 marijuana arrests since Mayor Michael Bloomberg took office, according to a study released by the Drug Policy Alliance earlier today.
That number could even be higher. The study, conducted by the Marijuana Arrest Research Project, used a two-and-a-half hour average for each arrest and multiplied that by the 439,056 arrests made in from 2002 through 2012.

Flikr.com
Let me grow.

The movement to reform our failed cannabis policies has grown tremendously in recent years and months. It’s not slowing down anytime soon. Cannabis reform is a mainstream issue, and frankly, there’s no denying it. A majority in the county support legalizing cannabis, and 81% support its legalization for medical purposes.
On top of this, a majority of states in our country (27 in total) have either decriminalized cannabis possession (14), or legalized it for medical and/or recreational purposes (18). The remaining states are hard at work towards reform, and advocates in the states mentioned above are vehemently trying to improve their situation. For those who have been on the line about getting involved in helping bring cannabis law change, now is absolutely the time to jump in.
Below is a breakdown of efforts going on around the country: