The Michigan Cannabis Industry Association (MiCIA) invites members and industry stakeholders to the 2024 MiCIA Summer Annual Conference and Chronic Cup Championship, set to take place from August 7th-9th at the picturesque Shanty Creek Resort in Bellaire, Michigan. This event promises to offer invaluable insights into the future of Michigan's burgeoning cannabis industry, combined with ample networking opportunities amidst the scenic beauty of Northern Michigan.
Note: Attendance at any conference events requires the purchase of general admission tickets. This is a MiCIA members-only event. For membership details, sponsorship opportunities, or room reservations, please visit the MiCIA website.
The MiCIA Summer Annual Conference is a significant event for anyone involved in Michigan's cannabis industry. It features a mix of educational sessions, networking opportunities, and leisure activities. Attendees can expect to:
Agrify (NASDAQ: AGFY), a cannabis technology company, has successfully converted approximately $13.8 million in debt to equity, enabling it to regain compliance with Nasdaq's stock listing rules.
CP Acquisitions, an entity under the control of Agrify's Chair and CEO Raymond Chang, alongside board member I-Tseng Jenny Chan, converted $11.5 million of its senior convertible notes into a prefunded warrant. This warrant is exercisable for up to roughly 8.6 million shares of Agrify's common stock, according to a recent news release.
Additionally, GIC Acquisitions, another entity controlled by Chang, converted $2.29 million of its junior secured notes into a prefunded warrant. This warrant can be exercised for up to about 3.2 million shares of common stock.
These prefunded warrants include adjustment provisions that may be activated if Agrify engages in equity financing within the 12 months following these conversions, pending shareholder approval.
With these conversions, Agrify's shareholder equity will surpass $2.5 million, allowing the company to regain compliance with Nasdaq listing standards. Agrify trades on Nasdaq under the ticker symbol AGFY.
In a statement, CEO Raymond Chang remarked, "The decision to convert a substantial portion of the senior debt demonstrates the management and shareholders' commitment to the future of Agrify."
Earlier this week, Agrify announced the cancellation of its plan to acquire the ag-tech firm Nature's Miracle (NASDAQ: NMHI), citing "unfavorable conditions."
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Among various drug categories—including cannabis, amphetamines, cocaine, and opiates—6.8% of employment-related drug tests in Michigan returned positive results last year, according to Quest Diagnostics, the nation's largest drug testing lab. This rate significantly surpasses the national average of 4.6%.
The surge in Michigan's positivity rate is largely attributed to an increase in cannabis use. Positive results for cannabis in employer-required drug tests have risen from 1.9% in 2008, when medical cannabis was legalized, to 3.3% in 2018, coinciding with the legalization of recreational cannabis, and reaching 5.8% in 2023. Quest Diagnostics did not disclose the number of drug tests conducted in Michigan or the sample size included in their analysis.
Nationally, the average positivity rate for cannabis in workplace drug tests is 4.7%, based on data from 9.8 million tests conducted last year.
Despite the rising positivity rates, fewer employers are treating a positive cannabis test as a barrier to employment, especially given its legal status in Michigan. For instance, the state ceased drug testing for most state government positions, encompassing around 54,000 full-time roles, as of October 1 last year.
However, Michigan's status as a manufacturing hub means safety-critical jobs still require drug testing. Additionally, companies with federal contracts are mandated to conduct drug tests for numerous positions.
Nationally, the cannabis positivity rate in safety-sensitive jobs decreased slightly to 0.95% last year from 0.98% in 2022. However, post-accident cannabis positivity rates have risen dramatically—up 114.3% since 2015. It is important to note that a positive test post-accident does not necessarily indicate active use, as cannabis can remain detectable in the body for weeks or even months.
Cannabis positivity is notably higher in office jobs, with increases seen in 13 out of 15 industries. Workers in finance and insurance led this trend, with a 35.7% increase from 2022. Public administration experienced a 23.5% rise, while real estate and leasing saw a 22.2% increase.
"It isn't clear why we're seeing an increase in overall and cannabis drug positivity in office workers, but it isn't a stretch that a combination of unprecedented stress and isolation during the pandemic with work-from-home policies during and post-pandemic may be contributing to greater drug use in employees in traditionally white-collar fields," stated Sam Sphar, Vice President and General Manager of Workforce Health Solutions for Quest, in a press release. "The results underscore the growing need for mental health support and drug education programs to ensure employees are safe and productive, whether working at home or in the office."
While cannabis positivity has increased in both Michigan and nationwide, the positivity rates for other drugs have generally declined over the past five years.
In Michigan, the positivity rate for natural opiates decreased to 0.15% last year from 0.26% in 2019. This category includes drugs such as heroin, morphine, and codeine. Semi-synthetic opiates like hydrocodone and oxycodone saw their positivity rates drop to 0.38% from 0.5% in 2019.
Cocaine positivity fell to 0.19% in 2023 from 0.25% pre-pandemic.
Amphetamine positivity has remained stable, with a positivity rate of 1.4%.
The third annual Cannabash festival is set to deliver an unforgettable three-day celebration of cannabis culture and community from July 12th to 14th, 2024. This eagerly awaited event promises a vibrant atmosphere filled with camaraderie and appreciation for cannabis, drawing enthusiasts from all over to Baldwin, Michigan.
Cannabash will showcase a diverse array of musical performances, featuring top talents from across the nation. The festival's lineup spans multiple genres, including rock, country, and hip-hop, ensuring there's something for everyone. Notable artists such as Wiley J. Paso, Jodi Dro, DJ Prim, and Blake Banks will bring their unique sounds and infectious energy to the stage.
This year, Cannabash is offering promotional codes to enhance the festival experience. Use the code "BOGOCB" for buy one, get one free weekend passes, or "25%" for discounted single-day passes.
In an exciting development, festival organizer Grams & Jams Productions plans to build a permanent cannabis-friendly outdoor music venue in Baldwin. This venue, dubbed the Field of Greens, is believed to be the first of its kind in Michigan, designed to host numerous events throughout the year. Although the initial plan included launching with five events this warm season, the schedule has been adjusted to include two events. Following Cannabash, the next event will be the Summer Sendoff festival on August 23rd-24th, featuring the band Marcy Playground.
Cannabash first launched in Muskegon in 2022, with a focus on hip-hop, featuring acts like Bone Thugs-N-Harmony and Trick Trick. The festival has since grown in popularity, drawing around 12,000 attendees in 2023, with performances by Ludacris and Sada Baby. This year's expansion to three days and the introduction of the Field of Greens venue marks a significant milestone in its evolution, promising an even more engaging and immersive experience for attendees.
Join the Cannabash community this July to celebrate cannabis culture, enjoy exceptional music, and be part of a growing movement that champions both creativity and camaraderie.
At the May 16th Marine City Commission meeting, City Attorney Robert Davis provided an update on the development of the adult-use cannabis facilities ordinance.
Addressing concerns about delays, Davis reassured the commission, stating, "Concerns that we're kicking this issue down the road too often are unfounded. I think what you've been doing is you've been giving this matter strong consideration and I appreciate that effort."
Davis explained that under the Michigan Regulation and Taxation of Marihuana Act, if a community sets a cap on the number of cannabis facilities, it must establish a competitive process to select these facilities. He cautioned that for smaller communities like Marine City, such a process could strain local resources. Instead, Davis suggested allocating specific areas where these facilities could be permitted. "So if you're in that turf, you can have a facility. If you're not, you can't," he clarified.
The primary issue with competitive processes, Davis noted, is that they often lead to litigation. The commission has been exploring a property-oriented approach, considering setbacks from schools, residential areas, and other sensitive locations. However, Davis and City Manager Scott Adkins encountered challenges in identifying available properties that meet these criteria.
Davis emphasized that the commission cannot create a turf-based ordinance that fails to designate adequate space for facilities. The commission is also in the process of updating its master plan and zoning ordinance, which will provide an opportunity to designate suitable areas for cannabis facilities.
"We might come back and recommend that [the turf-based approach] is not going to work," Davis said, suggesting the creation of a specific zone for these facilities within the community. This approach would be integrated into the master plan and zoning discussions to establish a designated area for cannabis operations.
Davis reiterated that the city is not delaying the issue unnecessarily but is struggling to find appropriate properties within the desired setbacks. Commissioner Sean O'Brien sought clarification on the difference between the current mapping and the proposed zoning approach. Davis explained that the master plan outlines desired land uses, allowing the commission to select specific areas and incorporate zoning criteria to make the area work for cannabis facilities.
Commissioner Brian Ross proposed creating "green zones" that might not perfectly meet setbacks but could still accommodate facilities. Davis agreed, suggesting that additional restrictions could be placed on these zones to address any discrepancies.
The possibility of splitting lots to fit within setbacks was also discussed. Davis mentioned that minor adjustments could potentially make a significant difference in creating a meaningful ordinance. He also suggested considering variances for minor deviations from the established buffer zones.
Commissioner William Klaassen noted that the city has not received any voter-initiated proposals regarding cannabis facilities, mentioning that Algonac recently rejected such a proposal. O'Brien added that the commission's ongoing discussions might prevent the need for petitions, as residents see the city actively working on the issue.
O'Brien requested data from other communities that have implemented similar ordinances, and Ross asked for information on potential federal reclassification of cannabis as a less dangerous drug.
Dr. Greenthumb's, founded by renowned hip hop artist and cannabis advocate B Real of Cypress Hill, is celebrating the grand opening of its newest location in Detroit. The event will take place on May 24th, from 10 am to 6 pm, at the new retail store located at 6220 8 Mile Rd.
The grand opening will feature a day packed with exciting activities and special offers. Attendees can expect a variety of vendors showcasing the latest cannabis products, creating a unique and engaging experience for all visitors.
In appreciation of the warm welcome from the Detroit community, Dr. Greenthumb's is offering a 30% discount on all store items (excluding deli flower) throughout the day. This presents an excellent opportunity for both seasoned cannabis enthusiasts and newcomers to purchase their favorite products at remarkable prices.
Additionally, there will be giveaways throughout the event, giving attendees the chance to win prizes and exclusive merchandise. The first 50 customers to spend $100 will receive an exclusive goody bag, so early arrival is encouraged.
Detroit holds significant importance in B Real's career, both in music and cannabis. Given his long-standing connection with the city, B Real chose Detroit as the location for his first Dr. Greenthumb's store outside of California.
"Moving into a new state isn't easy," said B Real. "Focusing on markets that have close ties to Cypress Hill is one of the main reasons I decided to bring Dr. Greenthumb's to Detroit. This city is synonymous with some of the most famous musicians and music artists in the world. Cypress Hill is part of that legacy so it only made sense that Detroit would be home to the first Dr. Greenthumb's retailer outside of California."
The grand opening on May 24th promises to be a day filled with fun, food, and fantastic deals at Dr. Greenthumb's new Detroit location.
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