The state approved its first licenses for commercial cannabis businesses Thursday, a major step for prospective retailers hoping to open shop before year’s end. Officially, the state’s first shop to be approved was Fairbanks’ Frozen Budz. The first for Anchorage is called Enlighten Alaska, located in Spenard. Jane Stinson is one of the co-owners of the business, and says getting the license is a major step forward.
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North American Marijuana Index Drops 15% in May, Worst Month in Over a Year
The North American Marijuana Index, a stock index that tracks the top performing cannabis stocks in the U.S. and Canada, decreased 15% in May as stocks sold off in both markets. This marks the worst performing month for the North American Marijuana Index since December 2015.
Marijuana Traceability: Washington Eyes METRC to Replace BioTrackTHC
On May 31, 2017, the Washington State Liquor and Cannabis Board announced that it had chosen Franwell as the Apparent Successful Vendor to replace BiotrackTHC, the state’s current marijuana traceability contractor. With Franwell scoring the highest out of the seven bids submitted, the state will now proceed by negotiating the contract with the company.
High Times Acquisition: Company Valued at $70 Million
On June 1, 2017, High Times announced that controlling interest in the company had been acquired by 20 investors, a group comprised of cannabis industry members, entrepreneurs and entertainment veterans. Oreva Capital, a Los Angeles-based investment firm, led the High Times acquisition, valuing the company at $70 million. The company will now operate as High Times Holding Company.