The Daily Hit is a recap of the top financial news stories for February 16, 2023.
On the Site
Florida Medical Marijuana Patient Count Increases 71% in Two Years
According to state data, the number of registered medical marijuana patients in Florida increased by 71% in just the last two years, skyrocketing to 779,465 at the end of 2022. That’s up from 455,425 registered MMJ patients in 2020. Read more here.
New York Senator Introduces Bill to Replace THC Potency Tax
The New York Legislature will have a new issue to consider when lawmakers return from their current break on Feb. 27: changing the current cannabis tax structure from one based on THC potency and flower weight to a flat 20% tax. Read more here.
SEC: Fraudsters Should Pay $6.2 Million For Pump & Dump Scheme
The U.S. Securities and Exchange Commission hopes to collect $6.2 million from two men accused of partaking in “a sophisticated, multiyear, multinational” penny stock pump-and-dump scheme. Read more here.
New York City Fines Illegal Cannabis Shop $50k, Arrests Employee
A illicit cannabis store across the street from New York’s City Hall was fined $50,000 and had one of its workers arrested by local law enforcement this week for selling cannabis to a minor. The sheriff said his office would be checking on the location in the future, ostensibly to ensure the shop doesn’t reopen. Read more here.
Missouri Tightens Cannabis Gifting, Sampling Rules as Sales Rise
Missouri regulators have finally clarified the rules surrounding cannabis sampling and product giveaways. Only dispensary licensees and their employees have ” the authority to sell or distribute (give away) marijuana product to qualifying patients, primary caregivers, and consumers.” In addition, sampling or giveaways can only take place on the store sales floor. Read more here.
In Other News
Auxly Cannabis Group
Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) closed its previously announced private placement for 96 million common shares of the company at a price of $0.035 per common share and 96 million common share purchase warrants, resulting in total gross proceeds of approximately $3.36 million, before deducting any applicable advisor or finder fees or offering expenses. The net proceeds will be used for working capital and general corporate purposes. Read more here.
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) became the first multistate operator in the cannabis industry to launch advertising campaigns on Twitter. This follows a policy change made by the global social media platform today that now allows cannabis companies to advertise. Read more here.
SAVO Cannabis announced the development of a genetics focused cannabis cultivation facility funded by Atlanta-based Brightsmith Capital Partners. The facility will focus on developing genetics and cultivation methods to grow flower with specifically designed terpene and cannabinoid profiles with a goal to provide top shelf product with targeted effects on the mind and body for life enhancing purposes. Read more here.