California’s top cannabis regulatory agency sent shockwaves through the state’s marijuana industry on Monday and Tuesday after it inexplicably revoked the licenses of more than 300 businesses. By Tuesday afternoon, the revocations appeared to have been reversed – but not before the apparent snafu had created heart palpitations for plenty of industry executives. “It really shook the industry. It shook me. I canceled all my meetings in the afternoon yesterday just to solve this problem,” said Vince Ning, CEO of Oakland-based Nabis, a licensed distributor. On Monday afternoon, the California Bureau of Cannabis Control (BCC) sent email notices to 300-plus marijuana licensees, saying their permits had been revoked because of failure to update their annual license applications with further requested information. As of Tuesday afternoon, it was unclear exactly what happened, but the notices affected retailers, delivery services, distributors, and microbusinesses – all companies overseen by the BCC.
Marijuana Business Daily, 02/02/2021 18:40:00