cannabis industry

Raekwon Kicks Off New Cannabis Business In New Jersey

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The Wu-Tang Clan icon continues to win as of late. Raekwon is building upon a top-notch rap legacy, that is now including opening his very own cannabis franchise. The dispensary is expected to open its doors with the plan to build it in New Jersey’s capital, Newark. The company is called Hashtoria and you can find it on Instagram by simply searching “Hashstoria.” However, there is still just one more obstacle to clear before Hashstoria can provide its services to the public.

They are still requiring the final approval from the New Jersey Cannabis Regulatory Commission for things to get moving. Additionally, the approval was given by the board during the meeting last month on July 24 after the first denial to open a Class 5 cannabis retail facility. Furthermore, Raekwon is not tackling this on his own, though. Charlamagne Tha God is joining forces with the Wu-Tang artist as one of the main supporters of this exciting project. He was elated as well to be a part of this opportunity commenting under Raekwon’s Instagram post saying, “I Love The Brick City and I love that we get to create jobs for our people We Thank GOD for it ALL!”

Read More: Jay-Z Once Told RZA He Inspired “The Blueprint,” The Wu-Tang Clan Legend Says

Raekwon Speaks On His Instagram Page

 
 
 
 
 
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A post shared by Raekwon The Chef (@raekwon)

Raekwon shared his uncontrollable excitement for this news on his Instagram account a few days ago. With joy he says, “THANKYOU NEWARK , NEW JERSEY !!!!!!!!!!and all my Amazing Partners @jeddcanty @bakarisellers @cthagod on this wonderful and culture shifting Endeavor,” he wrote while thanking his partners.@hashstoria is Guaranteed to be the top tier consumption lounge / dispensary to hit the east coast period ! you heard it from chef himself .we will be right in the heart!”

How do you feel about Raekwon beginning his new business venture? Do you think it will succeed or flop? Do you plan on checking it out when it is open? Be sure to tell us your answers to the questions in the comments section below. Additionally, keep it locked in with HNHH for the news surrounding the music industry in every shape and form.

Read More: Travis Scott’s “UTOPIA” Breaks Vinyl Sales Records

The post Raekwon Kicks Off New Cannabis Business In New Jersey appeared first on HotNewHipHop.

Cannabis chain once worth $1.7 billion is nearly failing as the pot industry faces a major reckoning

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A regulatory filing report shows how a chain of cannabis stores that was once deemed as the “Apple store of weed” is impending financial collapse. Once valued as high as $1.7 billion as a public company, MedMen reported it has only $15.6 million in cash remaining. This is no match for their $137.4 million in debt. 

“The conditions described above raise substantial doubt with respect to the company’s ability to meet its obligations for at least one year,” the company said in its filing last week.

The Los Angeles based company currently operates 23 stores across California, New York, and Illinois. With an eye toward cutting losses, MedMen sold its stores in Florida last year and is trying to sell its New York stores. The company further aims to renegotiate leases for the stores that remain in an effort to save the business. 

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Numerous weed retailers are struggling to stay afloat while being vastly outnumbered by illicit competitors that have sprouted all around, even in cities like New York where the state legalized weed for adults nearly two years ago. MedMen is just the latest of these businesses to face extreme adversity. 

As the industry bubble of five years deflates due to excessive debt, falling marijuana prices, competition from illegal sellers and high taxes, increased emphasis is placed on the risk of entering the cannabis industry. Despite increased legalization of the substance, overhead costs can easily become overbearing and debt by nature is a nuisance. 

Shares in other pot-related companies have suffered as well since the cannabis business lost its luster with investors. In fact, stock of Tilray Brands, a cannabis producer that is among the industry’s largest companies, and Canopy Growth, another big dog, is down more than nearly 90% from their all-time high.

The filing also shows that the company has already defaulted on some of its debt and it needs to obtain an extension or to refinance it. In 2018, MedMen went public on the Canada Stock Exchange through a reverse merger amidst an inrush of cannabis businesses.At the time, its shares rose to over $8, but today its stock trades for just 4 cents.

The post Cannabis chain once worth $1.7 billion is nearly failing as the pot industry faces a major reckoning appeared first on The Source.

New York Welcomes First Legal Recreational Marajuana Dispensary

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Despite illegal seller operations around the city and across the state, Thursday morning marks the first legal sale of pot at Housing Works Cannabis Company in New York’s Greenwich Village. Housing works is a nonprofit that helps the HIV/AIDS community and also formerly incarcerated people. This new cannabis extension succeeds numerous other additions from thrift shops to bookstores. 

On Tuesday morning, a press conference attended by the Office of Cannabis Management Executive Director, Chris Alexander, was held. Public sale begins at 4:20 p.m., a time well suited for cannabis consumption as it reflects the April 20th holiday. The involvement of nonprofit organizations in the distribution of weed and local farmers in production, aims to make the industry as equitable as possible.

In 2012, Washington and Colorado became the first states to legalize cannabis for recreational use, which quickly set the precedent. On March 31, 2021 Governor Andrew Cuomo signed into law the New York State Marijuana Regulation and Taxation Act (“MRTA”) which legalized recreational use of marijuana for adults over the age of 21. The bulk of the cannabis industry is still in the black market, bringing in more than $100 billion each year. By 2026, BDSA predicts the legal U.S. cannabis market will reach $42 billion in annual sales (bigger than Craft beer). 

So far, the New York State Cannabis Control Board has approved 36 additional Conditional Adult Use Retail Dispensary Licenses. In the coming months, the state is expected to issue 139 more. To promote the success of these new businesses, the state released guidance earlier this month to allow licensed vendors to deliver marijuana by bikes and scooters.

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The grand opening of Housing Works Cannabis Company begins to heal the wounds caused by the mass incarceration of people due to marijuana-related convictions, especially men of color. 

Before purchasing cannabis at these dispensaries it is important to come prepared. The guidelines include proof of age (21 and older), limitations on the amount of weed being bought, cash only, limited initial product offerings, prohibited travel across state lines with cannabis products, and long wait times. 

The dispensary is located at 750 Broadway and future selling hours will be from 11 a.m. until 7 p.m. daily. All proceeds from dispensary sales go to their parent organization.

The post New York Welcomes First Legal Recreational Marajuana Dispensary appeared first on The Source.