It was a big week for legalization in the northeast. Connecticut officially legalized adult-use cannabis. on July 1, adults ages 21 and older may legally possess up to 1.5 ounces of cannabis flowers and up to five ounces of marijuana in their private residence. Retail sales of cannabis and cannabis products are not anticipated to begin until some time next year.
Rhode Island’s Senate has approved a bill to legalize and now it moves to the state’s house for approval.
A Manhattan federal judge sentenced two former consultants for cannabis delivery company Eaze Technologies Inc to prison last Friday for their roles in a scheme to dupe U.S. banks into processing credit card transactions for cannabis purchases. The fraudulent transactions totaled $100 million in payments to the online cannabis marketplace. U.S. District Judge Jed Rakoff sentenced Hamid (Ray) Akhavan, 43, to two and a half years in prison and Ruben Weigand to 15 months in prison.
The Massachusetts Cannabis Control Commission fined both TILT Holdings Inc. (CSE: TILT) (OTCQX: TLLTF) and Ayr Strategies (OTC: AYRWF) last week for over $200,000 each as both companies try to resolve issues each blamed on previous management. The settlement also allows each company to move forward with plans in the state.
Alimentation Couche-Tard Inc. (OTC: ANCUF), the owners of Circle K exercised warrants to acquire over 10 million shares of Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF). The company now owns roughly 20% of Fire & Flower.
Bhang Inc. (CSE: BHNG) (OTCQX: BHNGF) provided an update with respect to its previously announced management cease trade order issued by the Ontario Securities Commission on May 3, 2021. The company reported that revenue dropped considerably from $4.6 million in 2019 to just $1.6 million in 2020. Product sales dropped from $3.7 million in 2019 to just $120,915 in 2020, with licensing income making up the difference.
Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) announced that it is changing its name to Audacious Brands. The company’s ticker symbol will remain AUSA on the CSE and AUSAF on the OTC. The company said it will consolidate its brands under the new Audacious banner and intends to launch additional product lines under the new name.