Week of September 2 - September 8, 2023
Do you love data and staying up to date with the latest cannabis-related headlines? Are you searching for industry news to inform your institution’s approach to cannabis risk and compliance?
You've come to the right place.
Hashing Out the Truth
CRB Monitor’s database growth by the numbers.
Tier 1 Marijuana-Related Business Counts
Weekly Summary (September 2 - September 8, 2023):
73,663 1A MRBs + 3,804 1B MRBs = 77,467 total
Tier 1A defined: Businesses in this tier literally touch the cannabis plant at some point along the supply chain from "seed to sale," and are generally licensed by a government agency or regulator. Effectively all of their actual or expected revenue is derived from the cultivation, production, testing or sale of cannabis.
Tier 1B defined: Businesses that have a financial or controlling interest in a Tier 1A CRB. CRB Monitor generally considers 1B businesses as seemingly unrelated businesses highlighted as red flags by FinCEN in its marijuana banking guidance and are similar in nature to individual beneficial owners.
Marijuana Business Licenses
Note: Inactive licenses, unlicensed, and unknown licenses have been excluded.
Beneficial Owners Count
Beneficial owners defined: For beneficial owners, each economic owner or controlling person is classified into one or more categories based on their relationship to the linked CRB including: (1) Owner/Investor, (2) Board Member, (3) Corporate Officer, (4) Executive, (5) Non-commercial Registered Agent or (6) Senior Manager.
News of Note
A selection of relevant cannabis-related news. Items marked with indicate links to licensed business profiles in the CRB Monitor database.
Mergers & Acquisitions
Michigan Marijuana Dispensary Owner Convicted of Tax Evasion and Obstructing the IRS
RI regulators move to revoke license of a top marijuana grower Fire Ganja
California AG Files Lawsuit Against 9 Companies for Illegal Sale of Inhalable Hemp Products
Trulieve Files Racketeering Lawsuit Against Former Employees, Vendors in Arizona
Lawsuit Seeks to Undo Virginia’s 0.3% Limit on Hemp-Derived THC Products
Lawsuit accuses N.J. mayor of helping cannabis retailer win approval in his own town
Investors Say 22nd Century Group Board Hid SEC Investigation
Legalization & Regulation
Maine Legislators Demand Action on Alleged Illegal Chinese Grow Sites
Missouri's Cannabis Regulator Faces Audit Amid Product Inversion Crisis
Cherokee Tribe in North Carolina Legalizes Cannabis
Virgin Islands Cannabis Advisory Board Releases Draft Copy Of Rules And Regulations
California Bill Allowing Cannabis Cafes Goes to Governor
Montana regulators update rules concerning outdoor marijuana cultivation, testing and other issues
Prohibitionist Group Narcs on Wells Fargo and MD Officials Over Tax Revenue Accounting
NJ Cannabis Union Bid Extinguished Over Techs' Eligibility
The Leech Lake band of Ojibwe in Minnesota is preparing to legalize marijuana
Oregon Health Authority to suspend rule requiring aspergillus testing on cannabis products
NJ Relaxes Restrictions on Marijuana-Infused Food and Drinks
Florida Black farmers were promised equity in marijuana. Some question it.
Alabama Medical Cannabis Commission to start negotiations with legal challengers
Maryland sets social equity eligibility criteria for adult-use cannabis licenses
Michigan regulators posted new bulletins on marijuana business requirements
Massachusetts bank enters cannabis industry with new service unit
Cresco Labs Launches First-Ever Cannabis Advertisements on Spotify
Springbig announces transition to the OTCQX Best Market, changes in its board of directors