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weathers - 1 Charles Bachtell - 1 Bachtell - 1 Nicholas Vita - 1 Sean - 1 Diddy - 1 Combs - 1
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☆ 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 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.
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