Daily Hit: January 17, 2023

The Daily Hit is a recap of the top financial news stories for January 17, 2023.

On the Site

‘Perfect Storm’ for Cannabis M&A in 2023

While the capital fundraising scene for cannabis companies in 2022 contracted considerably from the year prior, the outlook for 2023 is for a spike in mergers and acquisitions, several experts indicated this week. Read more here.

Missouri Next in Line for Adult-Use Sales

Missouri is launching its legal adult-use cannabis sales on Feb. 6. Starting on Dec. 8, 2022, consumers were allowed to legally possess up to 3 ounces of marijuana. That same day, the Department of Health & Senior Services began accepting requests for existing medical facility licensees to convert to a fully legal facility. Once approved, it is up to each dispensary to decide when it will begin selling adult-use cannabis. Read more here.

Texas Poised to License More Low-THC Dispensaries

Texas is poised to expand the size of its highly restrictive medical marijuana program, from just three dispensaries to a still-undetermined number, but the state is retaining its ban on full-fledged cannabis. Read more here.

Second New York Dispensary Soft Launches, Social Equity Fund Status Up in Air

A second New York dispensary is set to open in Manhattan more than two weeks after the state saw its first legal adult-use sale. The “Union Square Travel Agency: A Cannabis Store,” located at the former home of an old Chase bank on the corner of Broadway and East 13th Street, held a soft open last week. Read more here.

Real Estate Investment Firm Enters Oklahoma Cannabis Market Through Acquisition

Following a five-state search for a marijuana cultivation operation to buy, Georgia-based real estate investment firm UC Asset LP announced this week it’s entering the cannabis industry by acquiring Oklahoma-based Fire Ranch Farm in an all-stock deal. Read more here.

Strong Revenue Figures Driving Numinus Wellness Growth

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, is one of the few in the industry reporting revenue growth, for the most part, because of its area of business concentration as a provider of therapy treatment services involving ketamine and Spravato. Read more here.

In Other News

SNDL Inc.

SNDL Inc. (Nasdaq: SNDL) completed its acquisition of all of the issued and outstanding common shares of The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS), other than those already held by SNDL and its subsidiaries, pursuant to a plan of arrangement under the Canada Business Corporations Act, for total consideration of approximately C$138 million. Read more here.

Fair State Brewing Cooperative

Fair State Brewing Cooperative launched Minnesota’s first cannabis fulfillment and co-packing house and distribution center exclusively for hemp-derived beverages. Named after Fair State’s cannabis beverage line, Chill State Collective offers co-packing, storing, distribution and endorsement to assist other top-tier cannabeverage brands in Minnesota. Read more here.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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