Bank of Springfield, the primary financial institution for the cannabis industry in Illinois, is closing all accounts associated with marijuana businesses, effective May 21. 

The Chicago Tribune first reported this story this week, pointing out that bank executives had been mulling the decision for a few months.

Bank of Springfield spokesperson Andrew Mack told Cannabis Business Times that the board of directors took a number of issues into consideration, including U.S. Attorney General Jeff Sessions’ Jan. 4 repeal of the Cole Memo. 

“When Illinois jumped into the fray a couple of years ago, things really seemed to be moving in a general direction,” he said. “The Cole Memo provided a lot of guidance and assurance—and then the Rohrabacher-Blumenauer amendment—and more and more states were moving toward serving the cannabis industry. The rhetoric coming out of Washington and then the actions by the attorney general rescinding that memo just really shook the bank.”

The Illinois General Assembly first passed the Compassionate Use of Medical Cannabis Pilot Program Act in 2013. Sales began in November 2015.

“They didn’t arrive at the decision lightly,” Mack said. “Banks, by nature, are pretty conservative. They have a lot of other customers outside of the cannabis industry. They just thought that it was most prudent to step back from the issue, and they arrived at the decision to pull out.”

According to the Illinois Department of Financial and Professional Regulation, Illinois has 54 active dispensary licenses, and industry database Cannabiz Media lists 21 active cultivator licenses. Mack could not say how many cannabis businesses this will affect, citing the confidential nature of the letter.

As part of a broader sense of financial uncertainty in the industry, the Bank of Springfield news will cause a shakeup in the normal course of business. The Tribune reports the state’s medical marijuana program generated $8.5 million in sales in February of this year.

“For the industry at large, it’s a real kind of punch in the gut,” Jeremy Unruh told the newspaper. Unruh is the director of public and regulatory policy at PharmaCann, which owns two cultivation centers and four dispensaries. “If you’re a dispensary, you need to pay for a wholesale product, and you don’t have a bank. How do you do it? That transaction might have to be in cash.”

VERNON, BC – April 4, 2018 – True Leaf Medicine International Ltd., the quality of life cannabis company for people and their pets, has announced it will present at the 7th Annual MicroCap Conference from April 9-10, 2018, at the Essex House in New York City, according to a press release.

Darcy Bomford, Founder and Chief Executive Officer of True Leaf, will present to investors on the True Leaf story and speak on a cannabis investing panel featuring industry thought leaders.

To view True Leaf’s presentation, join the webcast live at www.investorcalendar.com/event/27484 or visit the link online at www.trueleaf.com on Monday, April 9, 2018, at 11:00 a.m. Eastern Time. The webcast will remain available online for one year following the presentation.

“Our mission is to be a leading purpose-driven cannabis company,” said Mr. Bomford. “True Leaf exists to help people and their pets live healthy, happier lives by providing effective plant-based alternatives to patients who find their pharmaceutical treatments ineffective or intolerable. We have assembled a world-class team of medical, genetics and cultivation experts to research and develop a medicinal cannabis product line that will address, among others, neurological, musculoskeletal, gynaecological and gastrointestinal conditions.”

The company is currently building True Leaf Campus, a 25,000-square-foot cannabis cultivation facility in the North Okanagan region of British Columbia. Construction is expected to be completed in late summer 2018.

Through its other division, True Leaf Pet, the company has pioneered hemp-seed based pet supplements that provide calming support, promote hip and joint health, and boost immune and heart function. The company’s True Hemp dog chews, dental sticks and supplement oils are currently sold in 1,800 stores worldwide and online on Amazon and WholesalePet.com.

The MicroCap Conference is an exclusive event dedicated to connecting small and micro-cap companies with high-level, institutional and retail investors.

The list for pesticides that can be used on cannabis without being a violation of the Pesticide Applicators' Act has been updated, according to a press release. Please note the following products have been added:

• Regalia CG Biofungicide
• VivaScential Mite
• Finalsan Herbicidal Soap
• Stop Bugging Me! Nematode RTU
• Stop Bugging Me! Nematode Ready to Spray
• DiPel DF Biological Insecticide
• DiPel PRO DF Biological Insecticide
• DiTera DF Biological Nematicide
• ProGibb TVO Plant Growth Regulator

To view the updated list, click here for a pdf or click here for an Excel form. For questions regarding this change, contact Laura Quakenbush at (303) 869-9060 or email Laura.Quakenbush@state.co.us.

The Colorado Dept. of Agriculture (CDA) is currently reviewing pesticide labels upon request and maintaining a list of products whose label it has reviewed that it believes could be used on marijuana without violating 35-10-117(1)(i), as long as the applicator follows the label directions.

TORONTO--(BUSINESS WIRE)--In anticipation of the historic legalization of adult-use cannabis in Canada, Tilray, Inc. has announced the creation of wholly-owned subsidiary High Park Company to produce and distribute a broad-based portfolio of cannabis brands and products. The company also announced that it is making an investment of up to $10 million in a new facility located in London, Ont., to process and distribute finished cannabis products, according to a press release.

“Excitement is building for the launch of the world’s largest federally legal cannabis market and High Park will be a part of history when it happens,” said Brendan Kennedy, Tilray CEO. “We are proud that the addition of High Park will bring our total investment in Canada to more than $100 million and grow our Canadian workforce to more than 500 professionals in the next several years.”

Broad-Based Brand Portfolio

Based in Toronto and led by a team with deep experience in cannabis and global consumer brands, High Park has secured the exclusive rights to produce and distribute a broad-based portfolio of adult-use cannabis brands and products in Canada, subject to applicable laws and regulations. These brands include:

• Marley Natural, crafted with deep respect for wellness and the positive potential of the herb. Marley Natural products include whole flower, pre-rolls, vape oil cartridges and cannabis-infused edibles.

• Irisa, a women’s wellness brand. Irisa products include milled blends, pre-rolls and elixirs.

• Dutchy, for the more frequent consumer. Dutchy products include whole flower, pre-rolls and vape oil cartridges.

• Grail, a luxury brand. The Grail brand offers a unique variety of products, including rare strains with exotic cannabinoid and terpene profiles.

• Headlight, for the experienced consumer. Headlight products include cannabis concentrates, waxes and vape oil cartridges.

• Goodship, makers of damn fine edibles. The Goodship brand is known for its delectable cannabis-infused baked goods, chocolates and confections.

• Wallops, creators of high-intensity chews and confections.

In addition to acquiring the rights to bring the brands listed above to Canada, High Park has developed new brands and products for the Canadian market.

State-of-the-Art Cultivation and Processing Facilities

Tilray and its affiliates currently own and operate federally-licensed medical cannabis cultivation and processing facilities, located in Nanaimo, British Columbia. The $30 million facility will continue to serve the medical cannabis market in Canada and internationally.

In response to rapidly growing global demand for cannabis products, Tilray previously announced an investment of up to $30 million in a second facility featuring 13 acres of greenhouse located on 100 acres of property in Enniskillen, Ont. The facility, now called High Park Farms, is currently under construction and is expected to begin cultivating cannabis in the first half of 2018 subject to the receipt of necessary regulatory approvals.

High Park announced that it will invest up to $10 million in a third facility located in London, Ontario. The 56,000-square-foot facility will process dried cannabis grown at High Park Farms into finished products. The High Park processing facility is expected to begin operations in the third quarter of 2018 subject to the receipt of necessary regulatory approvals.

The addition of High Park will bring Tilray’s total investment in Canada to more than $100 million and grow the company’s Canadian workforce to more than 500 professionals in the next several years.

National Supply Partnerships

In anticipation of adult-use legalization, Tilray has formed partnerships to supply Quebec and Manitoba with adult-use cannabis products. Tilray expects to sign additional supply agreements with crown corporations or private entities in other provinces and territories this year and will fulfill these agreements through High Park.

High Park Relationship with Tilray

High Park is a wholly-owned subsidiary of Tilray, a cannabis cultivation, processing and distribution company. Tilray will continue to serve patients in Canada and around the world with a diverse range of pharmaceutical-grade medical cannabis products as High Park focuses on creating distinctive products for adult consumers.