Let’s Get Down to Business…
The latest industry news – in 60 words or less
- Grow Group has raised £3.4 million in Europe’s largest-ever medical cannabis crowdfunding venture following the acquisition of a production facility in Andalusia, Spain. The fundraiser – the highest amount raised by any cannabis firm on the Seedrs platform – will be used to expand operations throughout Europe and propel R&D programs.
- The Nevada Cannabis Compliance Board issued a summary suspension of cultivation license for Green Cross of America. Board members voted unanimously to suspend the firm after agents found more than 400 plants not tracked in the state’s seed-to-sale system, citing present threat to public health and safety.
- Alabama’s medical cannabis program might roll out slower than expected. The state’s agriculture department suggests that cultivation licenses will be issued no earlier than September 2022. Taking into account marijuana’s cultivation cycle, this means licensed product won’t be ready for sale until the following year.
- A Massachusetts firm has been ordered to pay US$300,000 for inadequately compensating employees for working Sundays and holidays – a stark reminder that cannabis operators must abide by nuances of states’ hourly wage provisions. In this case, labor law states that “premium pay” is 1.2 times the usual rate. The company put the issue down to “inadvertent payroll errors.”
- The smokable hemp ban has been removed from California’s contentious AB-45 bill, which heads to final vote next week. If passed, ingestible CBD products will be legal, as will the addition of cannabinoids and other hemp extracts to dietary supplements, food, beverages, cosmetics, and pet food – all currently prohibited.