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☆ Poseidon Dynamic Cannabis ETF to close as investors lose interest in marijuana industry
▼ + stars: | 2023-08-15 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

A leading exchange-traded fund in the cannabis space will close up shop as investor interest in the legally restricted industry wanes. AdvisorShares, the largest cannabis fund manager, said its Poseidon Dynamic Cannabis ETF will see its final day of trading Aug. 25. The closure comes as investors lose interest in the quasi-legal cannabis industry that has struggled to scale. Meanwhile, Pure US Cannabis ETF , another fund in the industry by AdvisorShares, plummeted about 60% during the same period. Mastercard, in a move that further alienates the cannabis industry from big banking, announced last month it will stop allowing cannabis transactions on its debit cards to be in compliance with federal law.

Persons: Emily, Morgan Paxhia Organizations: Florida Supreme, New York Stock Exchange, CNBC, Poseidon Investment Management, US Cannabis ETF, AdvisorShares, Cresco Labs, Columbia Care, Mastercard Locations: Florida, U.S

☆ Cannabis companies Cresco, Columbia Care call off $2 billion merger as industry awaits banking reform
▼ + stars: | 2023-07-31 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

A worker trims leaves of young cannabis plants in a greenhouse at a Cresco Labs Inc. facility in Indiantown, Florida, U.S., on Monday, March 28, 2022. A $2 billion mega-deal between cannabis multistate operators Cresco Labs and Columbia Care has gone up in smoke more than a year after the companies announced the acquisition, the companies said Monday. "In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco CEO Charles Bachtell said in a statement. Columbia Care has a market cap of about $200 million. Columbia Care CEO and co-founder Nicholas Vita added that after careful consideration, the decision to remain solo is "the best path forward for Columbia Care's employees, customers, and shareholders."

Persons: weathers, Charles Bachtell, Bachtell, Nicholas Vita, Sean, Diddy, Combs Organizations: Labs Inc, Cresco Labs, Columbia Care, Columbia Locations: Indiantown , Florida, U.S, Chicago, New York, New York , Massachusetts, Illinois

☆ Cannabis firms Cresco, Columbia Care to terminate $2 bln merger
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Cannabis producers Cresco Labs (CL.CD) and Columbia Care Inc (CCHW.NLB) have mutually terminated their $2 billion merger announced in March last year, the companies said on Monday. "In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco CEO Charles Bachtell said in a statement. Cresco and Columbia last month said they would not be able to complete the divestitures necessary to secure regulatory approvals to close the transaction. Meanwhile, Columbia Care separately said it had closed its Downtown Los Angeles facility and completed a previously announced corporate restructuring plan, including a 52-person headcount reduction. Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnnie Walker, Charles Bachtell, Sean, Diddy, Combs, Arshreet Singh, Krishna Chandra Eluri Organizations: Cresco Labs, Columbia Care Inc, Columbia, Downtown, Thomson Locations: U.S, Columbia, New York , Massachusetts, Illinois, Downtown Los Angeles, Bengaluru

☆ Sean 'Diddy' Combs to acquire cannabis businesses for up to $185M
▼ + stars: | 2022-11-04 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Sean 'Diddy' Combs accepts the Lifetime Achievement Award onstage during the 2022 BET Awards at Microsoft Theater on June 26, 2022 in Los Angeles, California. Hip-hop mogul and businessman Sean "Diddy" Combs is venturing into the world of cannabis. The transaction marks Combs' first investment in cannabis and will create the country's first minority-owned, vertically integrated multi-state cannabis company, as well as the world's largest Black-owned cannabis company, according to a release from Combs and the companies. The deal includes four retail stores and one production facility in New York state; three retail stores and one production facility in Massachusetts; and two retail stores and one production facility in Illinois. Combs will also be able to operate retail stores in the three states.

☆ Cannabis execs and employees are struggling to get mortgages and having their bank accounts canceled — even though the industry is legal in many states
▼ + stars: | 2022-06-06 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +5 min

Steven Kemmerling — the CEO of CRB Monitor, a corporate-intelligence firm that helps financial institutions navigate the cannabis industry — told Insider he sees problems like this frequently and doesn't see a fix coming soon. Banks are wary of taking risks"Getting loans and bank accounts is still a challenge for anyone in the industry," he said. 'There's still a level of discrimination happening'Several other cannabis execs told Insider they'd experienced banking problems too. Herold told Insider that their mortgage was denied less than a week before when they were supposed to close on their new home. Kemmerling told Insider that even if the SAFE Act passes, it won't be the "panacea," or cure-all, that many expect it to be.

☆ Cannabis companies are racing to cash in on New York's legal marijuana market, but illicit weed vans and galleries are posing a surprising threat
▼ + stars: | 2022-03-28 | by ( Yeji Jesse Lee | Jeremy Berke | ) www.businessinsider.com time to read: +5 min

These "gray market" sellers aren't paying taxes like regulated cannabis companies. On the streets of New York City, it feels as if the cannabis market is already in full swing. While cannabis is legal to possess and consume in New York, businesses need licenses to sell cannabis in the state. Unlicensed cannabis sales continue to compete with regulated cannabis companiesIn states and countries that have already legalized cannabis for recreational use, regulated cannabis companies have struggled to compete against their illicit counterparts. In Canada, which legalized cannabis in 2018, the rollout of the legal market was plagued by supply-chain issues and persistent illicit sales, as Insider reported.

☆ If you want to get paid a six-figure salary in the cannabis industry, these are the 9 companies you should work for
▼ + stars: | 2022-03-17 | by ( Jeremy Berke | Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

Salaries are skyrocketing at the biggest cannabis companies, according to recruiting startup Vangst. These nine cannabis companies are offering six-figure salaries in multiple states. The cannabis industry is expected to add over 100,000 jobs in the US alone this year, according to Vangst. And if you want to land a six-figure job in the cannabis industry, Vangst has identified 18 roles where job seekers can make over $100,000 a year. Unlike in past years, more employers are looking for people with specific cannabis industry experience because the industry has now been legal for nearly a decade in some states, she said.

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