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Photo courtesy of Eaze

Following through on a goal it set in November in announcing a rebranding and cash infusion, California-based marijuana operator Eaze has planted its first cannabis crop in its recently expanded Green Dragon Florida cultivation facility.

The expansion doubled the size of Eaze's indoor flowering canopy from 32,000 square feet to 64,000 square feet.

Products from the expanded facility will be available in Florida medical marijuana dispensaries in April, the company said.

Eaze also is opening its 40th dispensary location in Florida.

The company, which has 43 leases in the Sunshine State, expects to open the remaining three locations by the end of the year.

Eaze is now one of the bigger retail operators in Florida, behind medical marijuana companies such as Trulieve Cannabis Corp. with 160 dispensaries, Verano Holdings with 79, Müv with 74 and Ayr Wellness with 60.

It's an auspicious turnaround for Eaze.  Read story >

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Rescheduling process paused indefinitely after judge cancels hearing

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President-elect Donald Trump's choice to lead the U.S. Drug Enforcement Administration will wield a heavier hand than expected over the ongoing marijuana rescheduling saga after the agency's chief administrative law judge canceled hearings scheduled for next week.

DEA Chief Administrative Law Judge John Mulrooney issued a ruling late Monday that included the cancellation of a hearing scheduled for Jan. 21 pending the outcome of a yet-to-be-filed "interlocutory appeal" to the agency's eventual administrator.

Mulrooney's ruling came in response to a Jan. 6 request from two pro-rescheduling "designated participants" that DEA Administrator Anne Milgram and her agency be removed from the proceedings for demonstrating what they argue is bias. Read story >

Hemp-derived & medical cannabis news

DoorDash rushing to deliver hemp-derived cannabis products

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Product and food delivery app DoorDash is the latest major company to enter the hemp market.

The San Francisco-based tech giant, which connects consumers to local businesses, said it has started delivering low-dose hemp-derived beverages, gummies and other products with less than 0.3% THC, the legal threshold under the 2018 Farm Bill.

DoorDash said that eligible customers in markets where hemp-derived products are available can order a variety of hemp-derived THC and CBD products from a variety of vendors.

That includes newer platforms such as DashMart to traditional brick-and-mortar businesses including Total Wine & More nationwide and ABC Fine Wine & Spirits in Florida.

"With the growing demand for hemp-derived THC and CBD products, we're excited to expand access to a wide selection of products consumers crave," Jacob Morello, DoorDash's director and general manager of Alcohol and Emerging Categories, said in a statement. Read story >

Marijuana debt crisis looms as billions in loans come due in 2026

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As much as $3 billion in debt will come due for major U.S. cannabis operators by the end of 2026, a "wave" of maturities that could portend a significant shake-up in the regulated industry.

Most analysts contend that companies have enough time to craft solutions to refinance their debt on favorable terms

However, some factors not under the industry's control - such as major federal or state reforms that could open new markets and ease operations for existing companies, or a total lack thereof - will also determine whether companies are forced to sell assets, disappear entirely or cede more control to their lenders, observers told MJBizDaily.

"It paints a concerning picture," said Jesse Redmond, a California-based analyst and head of cannabis at Water Tower Research, an investment advisory firm.

"I think anyone investing in cannabis has to be concerned."

Marijuana companies raise capital by trading cash for an ownership stake (equity financing) or by obtaining loans (debt financing), but without access to traditional sources of capital, the industry has been more reliant on debt financing. Read story >

Ayr Wellness opens first medical cannabis dispensary in Florida's second-biggest city

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Ayr Wellness has opened the first medical cannabis dispensary in Miami nearly 10 years after Florida voters legalized MMJ sales.

"It's pretty exciting. This has been a five-plus-year process since we started planning this particular dispensary," said Rob Vanisko, Ayr's vice president of public engagement.

"From lease signing to all the approvals to the appeals to actually be able to get this open has been quite the process."

Ayr Wellness is a marijuana multistate operator that's headquartered in Miami.

The company plans to target "underserved" medical marijuana patients in Midtown of Florida's second-most-populous city, according to Vanisko. Read story >

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More Headlines

• Nation's oldest marijuana retailer facing multiple lawsuits related to unpaid bills. Read story >
• Judge nixes GTI plans to open medical cannabis stores at Circle Ks in Florida. Read story >
• Report: Hundreds of medical cannabis dispensaries could open in Washington, D.C., in 2025. Read story >
• California bill would end hemp-derived THC ban – but with limits. Read story >
• Opportunities abound with distressed marijuana businesses. Read story >

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