Failed deal, red ink, dwindling sales put MassRoots on the ropes
At one point, MassRoots was flying high, raising millions of dollars from investors and attempting to become the first cannabis company listed on the Nasdaq.
Over the course of 2017, however, the marijuana-centric social media network has nosedived and now finds itself in a precarious position.
Consider the following recent developments:
Last month, the companys board of directors abruptly fired CEO and founder Isaac Dietrich for undisclosed reasons.
A much-heralded $12 million stock deal to acquire the tech firm CannaRegs was scrapped just after Dietrichs ouster.
New York allows PTSD patients to use medical marijuana
New York military veterans and others diagnosed with post-traumatic stress will now be able to enter the states medical marijuana program.
Gov. Andrew Cuomo on Veterans Day signed legislation that adds PTSD to the list of qualifying health disorders for medical cannabis, according to an AP report.
Our veterans risked their lives in order to defend the ideals and principles that this nation was founded upon and it is our duty to do everything we can to support them when they return home, Cuomo said.
New York joins Arizona, Colorado, and Illinois as states that legally all....
Leading US marijuana retailer LivWell takes significant ownership stake in Canadian producer
One of the largest marijuana retailers in the United States has acquired a significant equity stake in an Alberta cannabis producer, a move that could pave the way for other U.S. companies to enter the Canadian market.
Denver-based LivWell Enlightened Health purchased the undisclosed stake in Lethbridge, Alberta-based 51st Parallel, Marijuana Business Daily has learned.
The deal essentially makes the Canadian company a LivWell affiliate.
Executives from the two privately held companies confirmed the transaction but declined to disclose the financial terms of the deal.
The Joint Blog | November 8, 2017 New Jersey voters have elected Philip D. Murphy as their next governor.
New Jersey Governor-Elect Vows to Legalize Marijuana in First 100 Days
The election of Governor-elect Murphy comes as amazing news to advocates of marijuana legalization; the former Wall Street banker says he has a plan to legalize marijuana in his first 100 days in office. If successful, New Jersey would become the 9th state to legalize marijuana for personal use.
Governor-elect Murphys position on legalizing marijuana couldnt be further from the position of outgoing Governor Chris Christie, who staunchly opposes legalization and has done everything in his power to weaken the states medical cannabis program. Christie is leaving office with th....
The New York Times | NOV. 4, 2017 | TIVERTON, Ontario
Ready or Not, Recreational Marijuana Use Is Coming to Canada
John Fowler, the chief executive of Supreme Pharmaceuticals, inside the greenhouse complex where the company grows legal marijuana. (image:Cole Burston for The New York Times)
Behind a forbidding high-security fence topped with razor wire, Supreme Pharmaceuticals is busy preparing for the legal marijuana trade, with workers expanding a greenhouse complex where the lucrative crop grows.
But while Supreme looks like it will be ready for the day when prohibition ends, Canadas governments still have a lot of work to do.
Proposing legislation to legalize the recreational use of marijuana was the easy part for Prime Minister Justin Trudeau. With about eight months to go before Canada becomes the second nation after Uruguay to take this step, the fede....
The Joint Blog | November 6, 2017 California Insurance Commissioner Dave Jones has announced that for the first time legal marijuana businesses in the state now have an insurance company willing to offer them commercial insurance.
California Company Becomes First to Offer Commercial Insurance to Marijuana Businesses
According to Jones, legal marijuana businesses are now able to purchase commercial insurance from Golden Bear Insurance Company, the first company willing to offer such services to the marijuana industry. The insurer was given approval last week to began providing commercial insurance to marijuana businesses that are explicitly following state law.
Consumers who visit cannabis businesses, workers who work there, businesses who sell products to or rent property to cannabis businesses, and the investors, owners and operators of cannabis businesses all should have insurance co....
The Joint Blog | November 1, 2017 The Food and Drug Administration FDA has sent warning letters to multiple companies involved in the distribution of products containing cannabidiol CBD.
FDA Sends Warning to CBD Companies
fdaThe FDA sent warning letters today to four CBD-related companies claiming them to be making unsubstantiated claims related to more than 25 different products spanning multiple product webpages, online stores and social media websites. The companies are Natural Alchemist California, Greenroads Health Florida, Thats Natural Marketing & Consulting Colorado, and Stanley Brothers Social Enterprises LLC also Colorado.
As part of the U.S. Food and Drug Administrations ongoing efforts to protect consumers from health fraud, the agency today issued warning letters to four compani....
The Joint Blog | November 1, 2017 The Appellate Division of the New Jersey Superior Court has ruled that the state must consider reclassifying marijuana due to the fact that marijuanas health benefits are abundantly and glaringly apparent now.
Court Rules New Jersey Must Consider Reclassifying Marijuana
The court ruled that Steve Lee, former director of the Division of Consumer Affairs, had the legal authority to reclassify marijuana away from Schedule 1 when he denied a request in 2014. The ruling says states that since New Jersey has now had a long-running medical marijuana program, the government must revisit the issue and again consider whether marijuana should be removed as a Schedule 1 drug, which indicates it has no medical value and is as dangerous as substances such as heroin.
According to Attorney Joseph Linares of Newark, who brought forth the case on behalf of ....
Domestic Hemp Production More Than Doubles In Past Year
Domestic hemp production increased dramatically from 2016 to 2017, according to data compiled by the advocacy organization Vote Hemp.
The group calculates that US farmers cultivated over 23,000 acres of hemp in 2017, up from fewer than 10,000 acres in 2016.
Under a 2014 federal law, states may license hemp cultivation as part of a university sponsored pilot program. Thirty-two universities in nineteen states including Colorado, Kentucky, Minnesota, New York, North Dakota, Oregon, and Tennessee have participated in hemp cultivation projects this year.
The majority of st....
Focus on marijuanas future, not the future of your MJ company: Q&A with marketing guru George Blankenship
The marijuana business has a lot to learn from Tesla.
Ever heard of Tesla? Of course you have, though youve never seen a TV commercial for its electric cars or seen a promotion from a local dealer.
Thats because Tesla used innovative showroom experiences to get people talking about its cars.
By focusing on showroom experiences and building personal connections with question-filled shoppers, the fledgling automaker became a household name with a years-long waitlist.
Tesla can thank George Blankenship, a retired marketing maven who led the carmakers retail strategy after ....
Corona beer owner buys $191 million stake in legal marijuana business
The beer baron behind popular brands like Corona and Modelo are now investing millions into legal pot.
Constellation Brands Americas third-largest alcohol company announced on Monday a $191 million stake in the Canadian marijuana holding company Canopy Growth, reports Business Insider.
The Victor, N.Y. based beverage company will own a 9.9 percent stake in Canopy, which is publicly traded on the Toronto Stock Exchange under the ticker WEED.
Our companys success is the result of our focus on identifying early-stage consumer trends, and this is another step in that direc....
Confusion Coming With California`s Legal Marijuana
Ready or not, California kicks off recreational marijuana sales on Jan. 1. And, mostly, it`s not.
Los Angeles and San Francisco are among many cities still struggling to fashion local rules for pot shops and growers. Without the regulations, there could be limited options in many places for consumers eager to ring in the new year with a legal pot purchase.
``The bulk of folks probably are not going to be ready Jan. 1,`` conceded Cara Martinson of the California State Association of Counties.
In general, California will treat cannabis like alcohol, allowing people 21 and ....
The Cannabist | OCT 30, 2017 ``Our company`s success is the result of our focus on identifying early stage consumer trends, and this is another step,`` says Costellation CEO
Beer and spirits giant sets its sights on cannabis, with massive $200M investment
Constellation Brands, the alcohol goliath that two years ago acquired craft beer darling Ballast Point Brewing & Spirits, is putting its money toward another emerging sector cannabis-based beverages.
The Victor, N.Y.-based Constellation plans to spend C$245 million $190.88 million U.S. to acquire a 9.9 percent stake in Canopy Growth Corp., a Goliath in the emerging Canadian and international cannabis markets, the companies announced Monday. Canopy produces and sells marijuana through its brands such as Tweed.
The Wall Street Journal first reported about the investment on....
Butane hash oil releases carcinogens if heated to high temperatures, study shows
Vapors from butane hash oil - a marijuana extract commonly heated, vaporized and inhaled- could produce significant amounts of carcinogens when heated to high temperatures, according to a Portland State University study published Monday.
The study, led by PSU chemistry professor Robert Strongin, showed that oils present in the extract release potentially cancer-causing chemicals when heated to temperatures above 750 degrees. When heated above 932 degrees, the oils released benzene, a known carcinogen.
``The higher temperatures go, the more risk that users will be inhalin....
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