The Daily Hit is a recap of the top financial news stories for February 15, 2023.
On the Site
Twitter Eases up on Cannabis Marketing
Cannabis companies will be able to market their brands and products on Twitter in the U.S., reversing long-standing rules on whether marijuana should be advertised on the platform in the country. U.S. companies also can market their delivery services, labs, growing technology, search engines, and events on at least one platform. Read more here.
Virginia GOP Lawmakers Kill Recreational Cannabis Bill, Again
Republicans in the GOP-controlled Virginia House of Delegates have again torpedoed a bill that would have launched a recreational cannabis market in the state next year, possibly killing the last chance the existing medical marijuana industry had of starting adult-use sales in the near future. Read more here.
Cannabinoid Drug to Treat Autism Receives Phase 2,3 FDA Trial Funding
Zelira Therapeutics Ltd (ASX: ZLD) (OTCQB: ZLDAF) received $8.6 million in funding from U.S.-based investment firm Cantheon Capital LLC to conduct phase 2 and phase 3 clinical trials for its proprietary and patented protected HOPE-1 product targeting autism spectrum disorder via a special purpose vehicle (SPV). Read more here.
Union Square Travel Agency Dispensary Opens in New York City
UNION SQUARE TRAVEL AGENCY: A CANNABIS STORE, opened on Feb, 13. The store has a robust portfolio of products from New York farmers including premium flower, pre-rolls, edibles, vapes, accessories, and more, many from BIPOC and woman-owned brands. Watch video of the grand opening here.
DEA Rules Synthetic Cannabinoids Not Hemp, Still Banned
The U.S. Drug Enforcement Administration has taken a stance – albeit fairly quietly – that synthetic cannabinoids such as Delta-8-THCO and Delta-9-THCO are still controlled substances and thus illegal, even if they’re derived from hemp. Read more here.
In Other News
Multistate operator Trulieve Cannabis (OTC: TCNNF) donated an additional $5.5 million to efforts to legalize adult-use marijuana in Florida. According to Orlando Weekly, the Tallahassee, Florida-based company has donated a total of $25.5 million so far to the Smart & Safe Florida campaign, which is working to get adult-use legalization on the November 2024 ballot. Read more here.
Pennsylvania Department of Health
The Pennsylvania Department of Health is again suing Spotlight PA in an attempt to keep information about how patients obtain a medical marijuana card secret from the public. This time, the health department does not want to reveal how often individual physicians approve patients for the medical program — information that could help identify outliers who might be bending or breaking the state’s rules. Read more here.
Gov. John Bel Edwards (D) said Louisiana residents will see a government clampdown on unregulated THC products that can cause a person to get high. The governor and legislators may also seek to tweak a related law about hemp products during the Louisiana Legislature’s spring session. Read more here.