Adam JacksonDecember 8, 2023
Only 10 adult-use cannabis businesses are operational or nearing operation in the state.
Business Archives - Green Market Report
Adam JacksonDecember 8, 2023Adam JacksonDecember 8, 2023
The event spotlighted labor issues in the cannabis industry.
StaffDecember 7, 2023
The Daily Hit is a recap of the top financial news stories for Dec. 7, 2023.
On the Site
Curaleaf Wins Uplisting to Toronto Stock Exchange
New York-based Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) has won “conditional approval” from Canadian securities regulators to uplist its shares to the Toronto Stock Exchange, the company announced Thursday. Read more here.
Ohio Adult-Use Law Now in Effect as Lawmakers Rush to Revise
Ohio’s voter-approved initiative legalizing adult-use cannabis officially went into effect as it was written on Thursday morning. However, the program could soon receive a makeover as lawmakers in the statehouse continue to negotiate over some of the measure’s biggest items. Read more here.
Colorado Rule Changes Could Save Growers Money – But There’s a Catch
A new rule that goes into effect Jan. 8 has the potential to save Colorado cannabis growers significant costs – but only if Florida-based Metrc develops new tags without microchips for tracking marijuana plants. Read more here.
Cannara Biotech Posts Solid 2023, Q4
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) reported a substantial rise in revenue and profitability for its fourth quarter and full fiscal year of 2023, both of which ended Aug. 31. The Montreal-based cannabis producer recorded net revenue of $18.3 million, a 53% rise from the same quarter last year. Read more here.
MedMen Wins Case Accusing the Company of Fraud
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) chalked up another victory against allegations brought by Whitestar Solutions LLC. In the initial case, Whitestar alleged that MedMen “fraudulently induced Whitestar to contract to sell part of its business to MedMen” by misrepresenting the nature of the stocks put up to fund the deal. Read more here.
In Other News
Original Balboa Caregivers
An investment company and real estate firm are asking a Los Angeles judge to disqualify attorneys for a cannabis company that is suing them over an alleged breach of contract, saying the attorneys violated the court’s protective order in a recent filing. In a motion filed Monday, 9419 Mason Partners LLC and SSL Investments LLC argued that attorneys for Original Balboa Caregivers Inc. included as part of an opposition brief a declaration that was subject to a November protective order. Read more here.
Virginia
A new study released by the Virginia Cannabis Control Authority found that the price of medical cannabis in Virginia is significantly higher than in other states. Because of that, researchers found that nearly 90% of patients buy their products from sources outside the Virginia medical marijuana market. Read more here.
John SchroyerDecember 7, 2023
For the rules to have an effect, Metrc would have to develop non-RFID tracking tags.
Adam JacksonDecember 7, 2023
Expansion has been supported by the introduction of new products.
Adam JacksonDecember 7, 2023
The Ohio State Senate on Wednesday passed a slew of amendments to Issue 2.
John SchroyerDecember 7, 2023
The company must still address certain requirements set by the TSX before the uplisting is final.
Debra BorchardtDecember 7, 2023
The initial case revolved around whether MedMen misrepresented stocks used in an acquisition.
Adam JacksonDecember 7, 2023
High-quality data remains a challenge for the hemp industry.
StaffDecember 6, 2023The 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
Pineapple Express
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
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.
Unrivaled Brands
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.
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