Silicon Valley Bank Could Have Ruined The Cannabis Industry: Here's Why

With marijuana being classified as a Schedule I drug under federal law, state-licensed cannabis businesses are cut off from accessing capital financial institutions such as banks.
This leads to the question of how economic storms like the one caused by the recent failure of Silicon Valley Bank, a unit of SVB Financial Group (NASDAQ: SIVB), can affect the cannabis industry.
Even though SVB is not known for funding cannabis companies — roughly 10% of all U.S. banks and approximately 5% of all credit unions provide cannabis banking, according to analysts' estimates — it did provide services to ancillary businesses, explained Morgan Paxhia, who co-founded cannabis hedge fund Poseidon Investment Management along with his sister Emily Paxhia.
Emily will bring her vast industry expertise to the Benzinga Cannabis Capital Conference as the event's Honorary Chair this coming April 11-12 in Miami Beach.
A “risk-off mentality” will likely lead to banks being “more restrictive with lending,” he said according to Reuters.
SVB's collapse affected other banking players such as First Republic Bank (NYSE: FRC), Charles Schwab Corp. (NYSE: SCHW), U.S. Bancorp (NYSE: USB) and JPMorgan Chase & Co. (NYSE: JPM). A …Full story available on

Measure Aims To Safeguard Medical Marijuana Patients And The Environment, Says Bill's Sponsor

The Targeting and Offsetting Existing Illegal Contaminants (TOXIC) Act, sponsored by lawmaker Scott Peters (D-CA) to protect the environment from illegal cannabis growers, was recently re-introduced by the House Natural Resources Federal Lands Subcommittee.
The bill seeks to crack down on the use of banned pesticides on illegal marijuana grows on public land and rectify the environmental damage being done by illegal pesticides.
During a hearing, Peters emphasized that illegal pesticides used on cannabis plants can seep into the plant and ultimately end up in consumer products.
“This …Full story available on

Michigan AG Issues Warrants For Dispensary Break-Ins, Urges Passage Of SAFE Banking Act

Michigan Attorney General Dana Nessel has authorized warrants for 12 people suspected of committing over 20 break-ins at marijuana dispensaries throughout the state.
The majority of the defendants are facing charges of safe breaking, a felony that can result in a life sentence, as well as a criminal enterprise, which carries a 20-year felony charge. Breaking and entering a building with the intent to commit a crime carries a 10-year felony charge, per an official press release.
Nessel believes this underscores the urgent need for Congress to pass cannabis banking reform, citing the incident as “an unfortunate example of why Congress must pass the Secure and Fair Enforcement (SAFE) Banking Act,” reported Marijuana Moment.
Moreover, the lack of access to mainstream banking …Full story available on

Cannabis Investing Got You Down? Confused? You're Not Alone, Help Is On The Way

Viridian Capital Advisors, founded and launched in 2014 by Scott Greiper is one of the earliest institutional financial and strategic advisory firms in the legal cannabis sector. And in our humble opinion, you don't want to jump into the swirling waters of cannabis investing without taking a good long look at what this firm does and has to offer.
Here's why. Under Greiper’s skilled eye, Viridian Capital Advisors provides vital insights that inform strategic decisions on financing, investment opportunities, company valuations and potential mergers and acquisitions, which have guided so many aspects of the cannabis industry, from the largest investors to cannabis watchers who are keeping their eyes …Full story available on

Atai Life Sciences Hopes Hercules Can Help 'Sustain' Operations Until 2026

Biopharma company Atai Life Sciences' (NASDAQ: ATAI) fourth quarter and full year 2022 consolidated financial results show:

Cash, cash equivalents, and short-term investments totaling $273.1 million as of Dec. 31, 2022, lower than the $362.3 million in Dec. 31, 2021. The company expects its term loan facility with Hercules Capital Inc. to sustain operations into the first half of 2026.

R&D expenses totaled $21.9 million and $74.3 million for the three and twelve months ended Dec. 31, 2022, respectively, as compared to $13 million and $48.0 million for the same periods in 2021.

G&A expenses were $15.7 …Full story available on

What Is Cannabis Ruderalis And What Are Its Effects?

This article was originally published on 2Fast4Buds and appears here with permission.
Cannabis ruderalis was considered not worth growing for a lot of years. However, for some years breeders have been crossing Ruderalis to Indicas and Sativas to produce one of the strongest THC-rich strains.
In the botany world, a ruderalis plant is one that can grow despite the environment, being able to withstand harsh conditions. This makes sense as this subspecies of cannabis is highly resilient and enduring. Native to the harsh climates of Russia, central Europe, and central Asia, ruderalis was officially identified in the wild regions of South Siberia by Janischewski, a Russian botanist, back in 1924.
Some scientists believe ruderalis may have started with Indica genetics, although it is not confirmed. Either way, the characteristics that made this subspecies so famous don’t have anything to do with Indica or Sativa genetics. 
Ruderalis’ characteristics may have developed from their exposure to really harsh climate conditions, including extreme heat or cold, inadequate humidity levels, and weak or excessive light, among others. These conditions can cause deficiencies in cannabis Sativa or Indica. Since ruderalis starts the flowering stage on its own, it is not a photoperiod plant and doesn’t need a particular light cycle to be able to flower.
The difference between Sativa, Indica and Ruderalis plants.
This occurred because ruderalis needed to be able to completely mature and reproduce before it would freeze to death, so generally ruderalis will begin flowering between 3 – 5 weeks into its life cycle.
•  Grows between 30 – 120cm, being much smaller than most Indicas and Sativas.
•  Small and dense buds.
•  Stocky plant with thick stem and branches.
•  Resistant to pests and harsh climates.
The original ruderalis landraces contain very low to nothing THC levels. Naturally, ruderalis strains are high in CBD. Just like our CBD Auto 20:1, purely medicinal strain with an extremely high level of CBD 20%.
Even though it can provide medicinal properties, it will not get you high. For this reason, ruderalis has been crossed with THC-rich Sativas, Indicas, or Hybrids to be able to have a plant that will deliver an effect while also maintaining the non-photoperiodic characteristics it has.
Because there was no effect when consuming it due to its low THC levels, ruderalis wasn’t popular among recreational users. But when its characteristics became known, ruderalis became of high interest to cannabis breeders. Breeders started developing ruderalis hybrids that had high THC or CBD levels and only needed around 9 weeks to completely mature. These ruderalis hybrids …Full story available on

ECGI To Acquire 8bit Cannabis Brand As Target Distribution Widens To 20 Dispensaries

ECGI HOLDINGS INC. (OTCPK:ECGI), D/B/A Elite Cannabis Group Incorporated, announced the signing of a binding letter of intent toward the acquisition of the key personnel, intellectual property, business operations, and future business operations of Endless Consciousness, Inc., a California corporation involved in the legal cannabis product marketplace.
“We are very excited to move this deal forward, and assigning the 'binding' designation to our existing relationship helps to foster credibility with our current and future capital partners, driving value for our shareholders as we ramp up commercial operations,” stated ECGI CEO, Danny Wong. …Full story available on

South Dakota's Hemp Industry Facing Setback After Gov. Noem's Veto

A bipartisan measure that would allow hemp products to contain up to 5% THC was vetoed down on Thursday by South Dakota Gov. Kristi Noem, reported Valley News Live.
House Bill 1209, sponsored by Rep. Oren L. Lesmeister and a dozen other lawmakers, sought to increase the amount of THC allowed in industrial hemp. The Department of Agriculture and Natural Resources gathered with hemp industry members and lawmakers last year to negotiate to allow a product in the process to contain up to 1% THC.
“If this bill were to become law, South Dakota would allow hemp products and crops to contain over sixteen times more THC than is currently allowed at the federal level,” Noem said.
Under federal law, the use, sales and possession of cannabis that contains more than 0.3% THC is illegal and considered marijuana. To …Full story available on

Lifeist's CannMart Accelerates Momentum For Roilty In Saskatchewan And Manitoba

Lifeist Wellness Inc. (OTCQB: NXTTF) (TSXV:LFST) (FRANKFURT:M5B) announced that its subsidiary CannMart Inc.’s in-house concentrates brand Roilty has achieved strong sales performance and store penetration in the two provincial markets where it sells direct to retailers: Saskatchewan and Manitoba.
Unlike in the large provinces such as Alberta and Ontario where CannMart sells wholesale to provincial controlled regulatory agencies, in Saskatchewan and Manitoba CannMart can sell direct to retailers through provincial sales and key account managers. Collectively, these two provincial markets account for approximately one-third of CannMart’s gross sales.
Roilty highlights in Saskatchewan, February 2022 to February 2023 are:

Khiron Stock Trading Lower On Announcing Pricing Of Marketed Offering Of Units

Khiron Life Sciences Corp. (OTCQX: KHRNF) (TSXV:KHRN) announced the pricing of its marketed public offering. Pursuant to the offering, the company will issue units of the company at a price of CA$0.05 ($0.036) per unit. Each unit will consist of one common share of the company and one common share purchase warrant of the company, with each unit warrant being exercisable to acquire one common share at an exercise price of CA0.08 for a period of 24 months following the closing date of the offering.
The size of the offering will be determined in the context of the market. The offering will be conducted on a best efforts agency basis by Canaccord Genuity Corp., as agent …Full story available on