The Daily Hit is a recap of the top financial news stories for March 14, 2023.
On the Site
Ascend Increases Revenue in Q4, but Still Not Profitable
New York-based Ascend Wellness Holdings Inc. (CSE: AAWH.U) (OTCQX: AAWH) got leaner and meaner while also expanding its footprint significantly in 2022, but that wasn’t enough to make the company profitable yet. Read more here.
Arkansas Medical Marijuana Sales Surge in First Two Months of 2023
Arkansas medical marijuana patients spent a total of $45.5 million on products in January and February, up 9.6% from the first two months of 2022. The total amount purchased by registered patients in that period was 8,832 pounds. Read more here.
Psychedelic Patent Battle Heats up Between Reunion Neuroscience and Mindset Pharma
Psychedelic clinical research firm Reunion Neuroscience Inc. (NASDAQ: REUN) is taking Mindset Pharma Inc. (OTCQB: MSSTF) to federal court over claims that the company copied its main psychedelic formula and presented it as its own invention while applying for a patent. Read more here.
Politicians at SXSW Suggest Narrow Window for Cannabis Rescheduling
There’s a narrow window for federal cannabis legalization, according to politicians speaking at this year’s SXSW conference in Austin, Texas. During the cannabis track, consultant Andrew DeAngelo challenged his panelists for answers on why federal legalization had not seen any progress. Read more here.
In Other News
Altopa Inc., a company that markets a blender designed to blend cannabis oils into drinks, can’t escape a securities suit alleging it deceived investors. A North Carolina federal judge on Monday found that the bulk of the claims that Altopa misled investors were pled well enough to survive a challenge. Read more here.
Combined sales of recreational and medical cannabis in Connecticut totaled more than $18 million in February, the first full calendar month since the Jan. 10 launch of the legalized sale of recreational marijuana in the state. Read more here.