The Daily Hit is a recap of the top financial news stories for Dec. 6, 2023.
On the Site
Parallel Stockholders Reject Proposed Restructuring in Billion-Dollar Lawsuit
A group of 40 disgruntled Parallel cannabis stockholders filed a lawsuit in the Chancery Court of Delaware rejecting the proposed restructuring of the debt-ridden cannabis company. Read more here.
SEC Wins Judgments Against Ex-Hemp Executives in Fraud Case
The U.S. Securities and Exchange Commission secured consent judgments against two former executives of CanaFarma Hemp Products Corp. in a case involving an alleged $15 million investment fraud scheme, the agency announced Tuesday. Read more here.
BZAM Set to Acquire Final Bell Canada in All-Stock Deal
Canada-based BZAM Ltd. (CSE: BZAM) (OTC: BZAMF) has agreed to acquire cannabis supply chain solutions company Final Bell Canada Inc., a subsidiary of Final Bell Holdings International Ltd. Read more here.
Psychedelic Deals, Partnerships Skyrocket 500% Since 2019
Business deals, partnerships, and mergers in the psychedelics industry have shot up by 500% in the last four years as the sector has gotten hotter and hotter, according to a report from the GlobalData Pharma Intelligence Center Deals Database. Read more here.
Most California Social Equity Programs Still in Development
A new report provided to state lawmakers this week confirmed what many already knew: California’s social equity programs still have a long way to go. The report delivered both a breakdown of where $35 million in funding was sent last year, and also the status of such programs as of December 2022. Read more here.
In Other News
A Los Angeles judge has appointed a receiver to take over operations of a dispensary at the center of a suit by the dispensary’s owner alleging that former executive Vincent Mehdizadeh had exploited a coveted social equity license and sought to take over the business. Read more here.
CannMenus, a Chicago-based cannabis retail analytics firm, and Nugget, a Canadian cannabis insights leader, have joined forces to create an unparalleled source of retail insights covering over 90% of all licensed dispensaries across the U.S. and Canada. Read more here.
Shareholders of California-based Unrivaled Brands overwhelmingly approved several proposals put forth in the company’s annual meeting on Dec. 5, including the agreement and plan of merger with Blum Holdings Inc., a newly formed Delaware corporation, and Blum Merger Sub Inc. Read more here.