Cannabis Professional’s daily roundup of industry news. View archive here.
Chicago council rejects bid to delay marijuana sales until July
The Chicago City Council on Wednesday rejected an effort to delay marijuana sales until July 1.
The ordinance was defeated by 10 votes, a day after a council committee approved a delay amid complaints that minorities were being left out of ownership of Chicago marijuana businesses.
“This has been percolating for months, yet we are told to wait our turn," said Alderman Leslie Hairston, who is black. "The only people who benefit from this deal are white people. We get thrown in jail and they get thrown in the bank.”
Marijuana sales become legal in Illinois on Jan. 1.
Mayor Lori Lightfoot had opposed any delay in Chicago, saying concerns over diversity could be addressed without a postponement.
Alderman Jason Ervin said African Americans have “zero representation” among owners of 11 medical marijuana dispensaries that would quickly make the transition to recreational sales on Jan. 1.ext.
– Associated Press
Green Growth Brands ends bid for MXY Holdings
Green Growth Brands, Inc. and MXY Holdings LLC announced Wednesday the termination of their proposed business combination, “as the market adjusts to the changing macro environment.” Columbus, Ohio-based Green Growth said it will instead continue to focus on growth as a multistate operator (MSO) and with its CBD businesses. “As the market evolves, the attractiveness of our know-how, genetics and premium quality products in multiple states presents many opportunities as we actively grow our business and strengthen our relationships with cannabis industry leaders,” said Jordan Lams, MXY’s CEO.The companies say no break fee will be paid in connection with the deal’s termination. Green Growth says it has agreed to repay the advance of US$5-million by Jan. 31, 2020, and to reimburse MXY US$4-million in deal fees on or before July 1, 2020.
- Staff
U.S. deals cancelled, expansions dialed back amid capital crunch