We've only passed Valentine's Day and the year's record-setting deals are begining to stack up. This week Flow Kana pulled down the biggest private funding raise yet. Its $125 million raise eclipses the $119 million Acreage Holdings’ scooped up last July.
In a reverse takeover that same Monday, Toronto's Lineage Grow Co. bought Oakland's Harborside, one of the largest dispensaries in the US. The Bay Area shaking dealallows Harborside to take the smaller Lineage Grow’s listing on the Canadian Securities Exchange.
The deal could not be more illustrative of the advantage Canada's flush industry has over US weed, which is hamstrung by being illegal at the federal level.
SAN FRANCISCO CHRONICLE
In a stunning Monday announcement, Toronto-based TerrAscend said it will take ownership of The Apothecarium, sending the San Francisco-based company $73M in cash and $44.7M in stock. The gives TerrAscend several storefronts, a manufacturing facility and other assets.
MJ BUSINESS DAILY
For perhaps the first time ever, this Sunday a cannabis-themed wedding expo will be held in a mall, San Francisco's Westfield Shopping center.
CANNABIS WEDDING EXPO
65. A Very Canadian Pot Scandal with Jesse Staniforth
Jesse Staniforth, Editor of WeedWeek Canada, updates Alex and Donnell on breaking Canadian stories. There is no lack of scandal: Cannabis giant Canopy Growth fired founder and CEO Bruce Linton and CannTrust, a major licensed producer, is estimated to lose C$350 Million for ignoring the law. New regulations limiting THC in edibles exacerbate the over-packaging crisis. The country continues to battle the illicit market which is now also available online and is known by the cool name "MOMS" (mail order marijuana sites). Plus, Alex and Donnell discuss Jay-Z's partnership with Caliva.
Wednesday saw the first Congressional subcommittee hearing on banking legislation for marijuana businesses. A draft bill circulating around the chamber proposed to protect banks who serve the industry from federal financial regulators. It would also clarify that profits from marijuana-related transactions “shall not be considered as proceeds from an unlawful activity.”
On Friday night in Oakland the Sweatleaf Collective and East Bay Healing Alliance launched a campaign to ensure that poor and terminally sick people have access to cannabis. The four surviving co-authors of Prop. 215 and State Senator Scott Weiner spoke to an audience full of compassionate care providers about legalization's impact on non-commercial business models.
Sen. Weiner announced his new bill, SB 34, which would remove the taxes on compassionate cannabis freebies.
The state spent a chunk of early February sorting out its new edibles regulations for companies that complained the permanent rules lacked clarity. Businesses complained that the opaqueness could cost them money in the form of lawsuits, increased regulation, and unplanned capital outlays related to testing failures.
MARIJUANA BUSINESS JOURNAL
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The world's greatest thinkers continue to debate whether AI is good or evil. Over at the grow operation, the answer depends more than ever on whether you trim bud for a living or you're someone who pays for bud to be trimmed.
Bloom Automation has an image-based robotic trimmer that can recognize all of a plant's parts. The machine can separate them faster than a human. And it's the future.
Senator Kamala Harris is the beneficiary of awesome timing. Awesome not because Harris' Presidential campaign arrives in a gauzy epoch when a jokey claim of Jamaican ancestry as pot bonifides -- only 17% of Jamaicans report using marijuana -- offends no one. But awesome timing because the Senator's sometimes unsettling record in law enforcement comes under national scrutiny when even hardened leftists look to D.C. and think, "Maybe a cop as President isn't the worst thing in the world."
As compelling as you may or may not find these pot-related issues, they're unlikely to get the traction of last week's big, dumb Harris controversy, featuring Snoop Dogg.