The long-predicted price drop, thanks to increased supply as more and more growers come on line, is likely smashing the margins of many in the industry. Lume opened its 31st retail outlet in Michigan last month with plans to open 13 more this year alone. House of Representatives last week passed a bill to decriminalize […]
Enter the consumption lounge. The state has allowed consumption lounge licenses, alongside retail, cultivation, transporting and other kinds of marijuana businesses, since recreational use sales officially began in late 2019. “We’ve heard from quite a few people who have interest in that, but obviously with the pandemic, that kind of derailed their plans,” said Andrew […]
Hemp, a cannabis plant variety, can be used to create CBD, a chemical compound used for various purported health benefits. …Read the full story
305 Farms LLC, financed by the Verleur Group in Florida — a private equity group co-founded by vape entrepreneur Jan Verleur — is building the facility in Lawrence, according to a news release. It’s nearly finished with the first phase of construction, a 44,000-square-foot indoor grow space and 16,000 square feet for work like trimming […]
ABKO LABS LLC: Amy Brown, founder and CEO of the cannabis testing and safety compliance company and a Birmingham native, crossed over from the financial services sector to the marijuana industry before Michigan legalized recreational use. At the time there were very few labs and being that it’s focused on the safety and health issues, […]
Anderson Economic Group, which conducted the study for the lobbying organization, estimates another $1.24 billion in sales from the illicit market along with the likely smaller adult-use home cultivation. The interest behind the illicit market and the legal home growers is sales and tax revenue. So if $1.3 billion of the $3.2 billion in estimated […]
The figure hit nearly $60 million a month in September, according to state figures, and dipped slightly in the fall before rising again. In the thick of it, cannabis businesses also had to deal with delays in shipments of packaging, PPE and cleaning supplies, Schneider said. Cloud, now with four stores, has also been struggling […]
The two merging entities claim in the release this will be the biggest company in the world that makes devices needed to extract oils from cannabis and hemp. The CEO of Precision, Marc Beginin, and Cascade CEO Lee Kearney will not remain employed with the new company. …Read the full story
However, patrons will see signs and branding for Lume around the park, under a five-year “exclusive” cannabis marketing partnership, according to a news release. and Pistons Sports and Entertainment — which controls most major venues in metro Detroit including Comerica Park, the Fox Theatre and Little Caesars Arena. Cannabis is legal in Michigan, but users […]
Frank has reported for Crain’s Detroit Business for more than four years, starting as a general assignment reporter and later taking on coverage of the city of Detroit. …Read the full story
Under the city’s regulations, longtime residents and those with marijuana-related convictions or low incomes get first priority in the license review process for opening a cannabis business. The new action Thursday shows the case is advancing, and that there’s more likelihood the plaintiff will succeed at trial. Detroit City Councilman James Tate spearheaded creation of […]