The Daily Hit is a recap of the top financial news stories for May 18, 2023.
On the Site
Illinois Cannabis Transporters Sue State Over Alleged Illegal Shipments
A coalition of 13 licensed cannabis transporters in Illinois have filed suit against regulators, alleging that the state has let illegal marijuana delivery operations run rampant. Read more here.
Report: Over 13% of California Cannabis Retailers Missed Tax Deadline
More than 13% of California’s legal cannabis retailers, or about 265 storefronts, missed a tax payment deadline of May 1 and are facing hefty fines. Read more here.
Akerna Accused of Hiding Merger Details
Cannabis software firm Akerna Corp. is facing a federal lawsuit brought by a shareholder aiming to halt the company’s planned merger with Bitcoin mining firm Gryphon Digital Mining Inc. The plaintiff, Albert McCaffrey, alleges that Akerna’s leadership obscured key details about the deal, misleading investors and potentially harming shareholder interests. Read more here.
NYC Bakery Latest Target of Unlicensed Cannabis Crackdown
New York City’s haphazard enforcement against unlicensed cannabis shops took another shot on Monday. Sweetooth, an Upper East Side bakery allegedly selling unlicensed cannabis-infused products, was shut down by city officials in a multiagency raid led by the New York City Sheriff’s Office. Read more here.
Cannabis Use on the Rise among U.S. Workers
The number of U.S. workers testing positive for cannabis following on-the-job accidents rose to its highest level in 25 years, according to a new study by Quest Diagnostics (NYSE: DGX), but the occurrence is still relatively rare in these instances. Read more here.
In Other News
Israel-based Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN) brought in approximately $641,000 in revenue for the first quarter ended March 31, more than double the $237,000 for the same period a year ago. Evogene maintains a solid financial position for its activities with approximately $28.8 million in consolidated cash, cash equivalents, and marketable securities as of the end of March. Read more here.
Credit Union 1
The $1.6 billion Credit Union 1 in Rantoul, Illinois, has agreed to serve New York cannabis entrepreneurs who are planning to open marijuana businesses across the Empire State. The credit union struck a deal last month to provide affordable banking products and services to members of the New York CAURD Coalition, which is participating in New York’s Social Equity Cannabis Investment Fund, a public-private limited partnership authorized by the New York legislature and Gov. Kathy Hochul. Read more here.