San Francisco’s district attorney has decided to immediately dismiss all marijuana misdemeanor convictions dating back to 1975. The city said it will review all felony cases and where appropriate drop them to misdemeanors. Convicted persons must petition the court if they want to have the arrest expunged from their records.
The DA really zeroed in on the racial disparity in arrests. Only 7.8% of the residents in San Francisco were African American during this period, yet accounted for 41% of the arrests between 1999 and 2000. Even when arrests declined in 2011, African Americans accounted for 50% of the arrests.
High Times Holding Corporation (OACQ) filed for a stock offering pricing shares at $11 and hoping to raise between $5 million and $50 million. The company has incurred a mountain of debt during its acquisition and is hoping to push its looming August debt payment out a few years. The company also needs to raise at least $17.2 million to satisfy the Nasdaq to remain listed on the exchange.
Insys Therapeutics (INSY) stock tumbled after the New York Attorney General filed a lawsuit seeking at least $75 million from the company, which he said deceptively promoted a fentanyl-based cancer pain medicine for unsafe uses. “New York Attorney General Eric Schneiderman alleged that the Chandler, Arizona-based drugmaker recklessly marketed its product Subsys for wider uses than the U.S. Food and Drug Administration approved and bribed doctors to prescribe it,” Insys said its Subsys prescriptions were a minuscule amount for the market and it shouldn’t be lumped into the opioid crisis.
MassRoots (MSRT) held a conference call on Thursday saying the company had raised $4.75 million and was down to five employees and a $200,000 a month burn rate. CEO Isaac Dietrich said he expects the company to become cash flow positive this year.
Hemp Americana (HMPQ) got a skull and crossbones designation from the OTC Marketplace questions some stock trades. Just be careful here, Its very hard for companies to recover when this happens. With regards to the trading, while the company says it knows nothing about odd trading activity, it has paid $71,000 to OTC Tip Reporter and $71,000 to Stock Prophet to promote the company through the end of 2017. Buzz Stocks was also paid $71,000 for the same time period. In addition to these outlets, Epicstockpicks.com was compensated $20,000 cash via bank wire by a third party, Awarness Consulting Network LLC for a one-day HempAmericana Inc. promotion.
iAnthus Capital (ITHUF) closed its acquisition of Citiva Medical and Citiva USA for approximately $18 million. Citiva holds one of the New York state licenses and has plans for dispensaries in Brooklyn, Staten Island, Dutchess county and Chemung County. Brooklyn is set to open in the fourth quarter. While the New York market remains very restrictive, many companies like iAnthus and MedMen are planting their flags on the ground and marking their territory for when recreational marijuana becomes legal.
Organigram Holdings Inc. (OGRMF) reported its highest quarterly net sales to date in its earnings results for the fiscal first quarter ending November 30, 2017. Net sales rose to $2.7 million in Q1-2018 an increase sequentially over the fourth quarter’s $2.1 million and beating last year’s $2.2 million for the same time period. Still, Organigram delivered a net loss and comprehensive loss of $1.4 million for Q1-2018 trimming the losses from the previous quarter of $2 million in Q4-2017, but more than last year’s loss of $0.8 million.
ABCann (ABCCF) announced a $70 million bought deal. The proceeds from the agreement will go towards construction and development at the company’s Vanluven facility and planned Kimmett facility, general working capital, corporate development, and product development.
On Jan. 31, 2018, GCH Inc., a Colorado-based firm founded by Willie Nelson and parent company of Nelson’s premium cannabis brand Willie’s Reserve, announced that it had raised $12 million to fund its state-by-state expansion.