The week New York state Governor Cuomo signed a law that reduces the penalties for cannabis possession. NY actually decriminalized small possessions back in 1977, but that didn’t stop law enforcement from arresting over 300,000 people since then with the majority of those people being black or brown. This law reduces possession to a fine and allows some people to be able to expunge their records of previous marijuana charges.
CannTrust announced it was considering selling the company this week. It has been nonstop scandals for them since they admitted to growing cannabis in unlicensed rooms. Top executives apparently knew about it and condoned it. The CEO was terminated “with cause” just last week. Plus, there is the talk of insider trading among board members who may have known about the illegal grows. No word yet on any interested parties.
Speaking of beleaguered cannabis companies. Harvest Health entered a deal to secure a loan of $225 million at 8% interest. The company said it will use the money to fund expansion. Harvest Health has also come under fire for its aggressive expansion moves as Ohio questioned the company’s ownership claims with regards to minority status. All of those licenses are on hold and may be revoked. Harvest may also lose its license for a facility in Carmichael in Pennsylvania.
TILT Holdings refiled amended and restated management discussion and analysis documents for the year ending in December 2018 and the quarter ending March 2019. That company caught a lot of flak for taking a $500 million write-down weeks after going public.
SOL Global reported net income of $94.9 million for the year ending March 2019. Most of the money came from the company’s sale of its LATAM assets which went for $297 million.
Nextleaf Solutions common shares began trading on the OTCQB market this week using the symbol OILFF, while on last Friday CannBioRx began trading at the NASDAQ after being acquired by KBL Mergers. The symbol will be KBLM.