Democratic Governor Ralph Northam officially signed legislation today decriminalizing marijuana possession. The new law takes effect July 1, 2020 and reduces penalties for offenses involving the possession of up to one ounce of marijuana to a civil violation – punishable by a maximum $25 fine, no arrest, and no criminal record.
A Canadian oil-and-gas company expanding into hemp extraction has acquired a Canadian hemp company in an all-stock deal worth CA$20 million ($14.4 million). As part of the deal, HTC Extraction Systems, based in Regina, Saskatchewan, will acquire various assets including land and licenses from KF Hemp. Those assets include various licenses, including an industrial hemp […]
Ohio-based marijuana retailer and former CBD retail giant Green Growth Brands said this week it has filed for insolvency protection in Canada. The move comes two months after after the company abruptly shuttered its line of CBD retail kiosks in shopping malls as the coronavirus pandemic set in. The financially troubled multistate operator – with […]
A federal bankruptcy judge has approved the sale of the bulk of the assets for GenCanna Global, a hemp processor and CBD product manufacturer based in Winchester, Kentucky, to MGG Investment Group, a New York-based, private direct lender and one of GenCanna’s creditors. The deal, valued at $77 million, allows MGG Investment Group to recoup […]
Hemp and CBD companies, like other agricultural commodities and consumer product goods industries, are liable for the products they put on store shelves and in consumers’ hands. Along with that comes the high level of risk associated with producing a new crop from as-yet unstable genetics, as an ingredient for products that are still widely […]
A Seattle maker of CBD for pets and a holistic pet company that sold branded CBD treatments called the “Zen Pen” are now embroiled in a legal battle over shelf stability and expiration dates. Sage Fulfillment sued Earth Animal Ventures Inc. in April, accusing the Connecticut company of failing to purchase the minimum number of orders under a […]
A publicly traded agricultural technology company announced Monday that it has raised $6.8 million through warrants to fund new opportunities within its hemp division. Arcadia Biosciences, based in Davis, California, gave investors the chance to exercise existing warrants to purchase nearly 1.4 million shares of common stock at a reduced price of $4.90 per share. […]
Canadian marijuana giant Aurora Cannabis is further divesting itself of some of the hemp assets it began acquiring in 2017 as it tried unsuccessfully to profit from the CBD market. In its latest move, Aurora accepted an offer to sell a large greenhouse in Exeter, Ontario, for about half its CA$17 million ($12.1 million) listing […]
A Florida company is recalling a batch of CBD oil voluntarily after a state agency tested the product and found that it contained dangerous levels of lead. The Florida Department of Agriculture and Consumer Services tested a random sample of Summitt Labs’ Kore Organic Watermelon CBD Oil Tincture, which showed the product to contain 4.7 […]
Three lawsuits filed by Tennessee CBD retailers against local authorities for closing their legal stores during a sting operation in 2018 will move forward, despite the defendants’ appeal to dismiss the allegations against them. In the February 2018 “Operation Candy Crush” sting in Rutherford County, Tennessee, law enforcement officers padlocked 23 stores and charged 17 […]
