High Times may have to cease operations due to lack of funds, the N.Y. Post reports. “Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about the company’s ability to continue as a going concern for one year,” parent company Hightimes Holding said in a recent SEC filing.
It's not the only cannabis media company in a difficult position.
Meanwhile, Isaac Dietrich, CEO of once high-flying social media startup MassRoots, insists the company is in business, despite reports to the contrary.
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Six Massachusetts patients with probable cases of Vaping Associated Pulmonary Injury (VAPI) reported using regulated cannabis products bought at legal dispensaries. Of the more than 2,300 cases identified nationwide, almost none have been connected to licensed companies.
The consensus remains that VAPI is caused by vitamin E acetate oil and that most of the risk is with unlicensed cannabis vapes. However, counterfeits of well known vape brands potentially pose a hazard to consumers who mistake them for regulated products.
Two years after REC went on sale, California cannabis businesses are calling for an "emergency summit" with Gov. Gavin Newsom (D) and regulators to address the licensed industry's ongoing woes. In short, high taxes, onerous regulations and the lack of access to legal dispensaries make it difficult for licensed businesses to compete with the illegal market. 🌴WW California has more.
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Federal and state regulators dropped a requirement which forced banks to treat hemp companies as suspicious entities. The move clears the way for hemp companies to access the financial system.
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Billionaire former New York City Mayor Michael Bloomberg (D) might want to be president after all. While he previously called legalizing marijuana "perhaps the stupidest thing anybody has ever done," he's now moderating his tone. He now says he supports decriminalization and believes the feds shouldn't interfere "with states that have already legalized."
While more Democrats then Republicans favor REC legalization, supporters in both parties consider it one of their top priorities.
In other state political news:
Business Insider talks to John Sandelman, CEO of Ayr Strategies, a vertically integrated cannabis company which generates $12M in annual revenue per shop, twice as much as its closest competitor, Florida-based Trulieve.
Sandelman, a former Bank of America president, says Ayr's success depends on information flowing from customers to its cultivators and manufacturers.
MJBiz Magazine has a report on how cannabis businesses can improve their environmental practices. However, consumers looking to support environmentally responsible brands should be aware of "greenwashing:" environmental claims which turn out to be empty.
Brazil's pharmaceutical regulator approved rules for MED products, which will be available in certain pharmacies with a prescription. The country will not allow it to be grown domestically, potentially creating a major import market.
In other international news, New Zealand Prime Minister Jacinda Ardern declined to say how she'd vote in next year's REC referrendum.
CEO, Critical Mind Inc., Adelanto CA Affiliations: CA State Bar; Board member, Adelanto Growers Association
Critical Mind, Inc. is a Medical Cannabis Cultivation and Manufacturing Facility located in Adelanto, CA. Providing the highest quality Cannabis products. Compliance without Compromise! criticalmindinc.com
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Former executives from some of Canada's largest cannabis companies are pioneering the psychedelic drug industry.
Toronto-based MindMed plans to test microdosed LSD as a treatment for ADHD and a molecule derived from the psychoactive compound Ibogaine as a treatment for opioid addiction. (Ibogaine is a psychoactive compound found in Iboga, a shrub native to West Africa.)
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