In #California, regulators #revoke and reinstate more than 370 #marijuana #business licenses within two days, rattling the state’s industry. On #February 1st, numerous retailers, delivery services, microbusinesses and distributors received emails from California’s Bureau of #Cannabis Control, notifying them of their permit revocation. The reason provided was that the companies had failed to update their annual license applications after further information was requested by the #BCC previously. Following confused and panicked reactions from affected business owners, almost all of the permits were restored by the following day. Because California cannabis #licenses are usually suspended before being revoked completely, many believe the situation must have been caused by an accidental #glitch in the BCC’s online system. Cultivation and manufacturing permits, which are overseen by other state regulatory bodies, were not impacted by the apparent malfunction. A BCC #spokesman is encouraging business owners to directly contact the agency regarding any potential missing information from their annual license #applications.

In #finance, #Planet 13 Holdings raises 53.9 #million dollars through a bought deal public offering. The #vertically-integrated, #LasVegas-based marijuana firm sold 9.9 million units priced at 5.48 each, including 1.3 million from the full #exercise of an over-#allotment option. The #financing round, which was announced in mid- #January, was co-led by underwriters #Beacon Securities Limited and #Cannaccord Genuity Corp. The net proceeds from the deal will be used to fund possible future #retail, cultivation, and production facility acquisitions outside of Planet 13’s home state of #Nevada. This comes after the company reported a record 22.8 million #dollars in revenue for the third fiscal quarter of last year, representing a more than hundred percent sequential increase despite #coronavirus-prompted lockdowns and a decline in tourism affecting its flagship #Vegas superstore. While #Planet13 currently only operates in Nevada, they recently began construction on their previously- #announced 55,000 square-foot #entertainment complex in #Orange County, California, which will consist of an expansive #adult-use #dispensary and #ancillary retail space. The company has not yet revealed any additional target cannabis markets.

In #Canada, cannabis producer #Terrascend recalls more than 330,000 packages of #THC-infused #gummies over possible #mold #contamination. The recall affects 33 lots of the Ontario-based company’s Wild Berry and #Sour #Watermelon #flavors of Haven Street branded gummies, which were sold between #September and #January at licensed retailers across 8 #provinces. Terrascend issued the recall voluntarily and notified #Health Canada after receiving 10 customer #complaints, none of which involved an adverse reaction. While temporary mold exposure does not usually result in long-term health problems, some people may experience temporary #allergy symptoms such as #sneezing, #coughing, or #nasal congestion. This isn’t the first incident of mold contamination in Canada’s marijuana market this year, as #Saskatchewan processor #Agro-Greens recalled more than 750 units of cannabis #flower in early January. Terracsend is in the process of reaching out to impacted customers, encouraging them to return any used or unused product back to their local retailer for a full refund or store #credit.

Overseas, global #drugmaker Jazz #Pharmaceuticals agrees to purchase #UK.-based medical cannabinoid firm #GW Pharma for 7.2 billion dollars, in the largest cannabis industry acquisition to date. Under the blockbuster deal, each GW #stockholder will receive 200 dollars in cash and 20 dollars in Jazz #stock, per share. According to analysts, the transaction signifies a growing confidence in the potential of cannabis-derived medical treatments, as well as a continuing normalization of the #industry. Leading #cannabinoid-based drug manufacturer GW Pharma is known for their #FDA and #DEA-approved anti-seizure epilepsy medicine #Epidiolex, which garnered roughly 510 million dollars in annual sales within the first two years of its launch. #Ireland-headquartered Jazz Pharmaceuticals, who specialize in #sleep and #cancer #medications, are looking to expand #European sales and utilize exclusivity, not only of Epidiolex, but for GW’s #neuroscience pipeline assets as well. GW is currently conducting #clinical trial programs for cannabinoid product candidates relating to multiple #sclerosis, #spinal cord injury, #autism, and #schizophrenia. The proposed deal has already been approved by each company’s board of directors, and is expected to close in the second quarter of this year.

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