John SchroyerJune 9, 2023
Commission expects more lawsuits to be filed after the initial round.
News
John SchroyerJune 9, 2023John SchroyerJune 9, 2023
Dozens of complaints have been filed with the NLRB against cannabis companies.
Debra BorchardtJune 9, 2023
Company pumps the brakes on KetaMD.
Debra BorchardtJune 9, 2023
HempFusion now will explore options for bankruptcy.
Adam JacksonJune 9, 2023
At least three new markets are expected to come online in the next 18 months.
StaffJune 8, 2023
The Daily Hit is a recap of the top financial news stories for June 8, 2023.
On the Site
TerrAscend to Acquire Maryland Dispensary For $22 Million in Mostly Stock Deal
Toronto-based TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced Thursday that it will acquire a Maryland medical marijuana dispensary for $22.1 million in a mostly stock deal, less than a month before adult-use cannabis sales are set to launch in the state on July 1. Read more here.
New York Launches Enforcement Crackdown on Unlicensed Marijuana Shops
New York state authorities have begun what they say will be a sweeping crackdown on the 1,500 or more unlicensed marijuana businesses that have sprouted up over the past year, with surprise inspections and cease-and-desist orders issued at seven retail shops in New York City on Wednesday. Read more here.
Sunderstorm Acquires Abide Brands
California-based Sunderstorm has purchased the vape company Nevada-based Abide Brands, the maker of Bounti Vapes, for an undisclosed amount. It is the first acquisition by Sunderstorm with the intent to expand the company’s product offering line. Read more here.
Exclusive Interview: MariMed Leadership Talks Path to Profitability
Massachusetts-based MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) posted a profit in 2022, an anomaly among U.S. publicly traded cannabis companies which combined for billions in losses. CEO Jon Levine and CFO Susan Villare recently sat down with Green Market Report to talk about how the business positioned itself to weather the headwinds under which the national marijuana industry labors and what they think it will take for the broader sector to reach sustainable profitability. Read more here.
In Other News
Colorado
Colorado’s marijuana businesses could soon see higher licensing fees as state regulators deal with their first cannabis cash shortage. The majority of the Colorado Marijuana Enforcement Division’s funding comes from licensing fees and fines on dispensaries, growing operations, and other legal pot businesses. As Colorado’s marijuana industry suffers through a recession and more businesses shut down or leave the state, however, the MED is running out of money. Read more here.
John SchroyerJune 8, 2023
Regulators promise that this move is the first volley in stepped up enforcement against the illicit market.
John SchroyerJune 8, 2023
The acquisition will give TerrAscend its second retail shop in Maryland, which will launch adult-use sales in July.
Debra BorchardtJune 8, 2023
Studying the effects of psychedelic therapy has many unique challenges.
Debra BorchardtJune 8, 2023
California-based Sunderstorm has purchased the vape company Nevada-based Abide Brands for an undisclosed amount. It is the first acquisition by Sunderstorm with the intent to expand the company’s product offering line. Abide makes Bounti Vapes. Bounti is a boutique craft brand that was introduced by Las Vegas natives as a contrast to the low-quality products flooding the market.
“We’ve built this machine to scale and last, and we’re ready to leverage it for future growth,” says Cameron Clarke, Co-Founder and CEO of Sunderstorm. “By bringing Abide Brands into the fold, we’re adding a new product category and accomplished team members to our expanding Nevada presence. This is the first of more big moves to come.”
Sunderstorm said the acquisition will enable the company to add valuable team members and a new product category to its Nevada portfolio. Sunderstorm has a strong presence in the Nevada market with KANHA, its award-winning premium gummies brand, and Abide Brands will add to its statewide market share.
“Sunderstorm is a great partner for all we want to accomplish with Bounti Vapes,” adds Kevin Spence, President and CEO of Abide Brands. “The synergy between our teams will strengthen all we do and position us both for greater success.”
Sunderstorm prides itself on zero pesticides, all-natural ingredients and precision dosage. Its brands include KANHA, the fourth-largest U.S. edible brand, featuring the best-tasting flavors and a NANO series with the only proven fast-acting technology. Sunderstorm serves California, Nevada, Massachusetts, Colorado and will enter the Asian market this year as one of the first U.S. brands in Thailand.
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