The Daily Hit is a recap of the top financial news stories for Dec. 7, 2023.
On the Site
Curaleaf Wins Uplisting to Toronto Stock Exchange
New York-based Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) has won “conditional approval” from Canadian securities regulators to uplist its shares to the Toronto Stock Exchange, the company announced Thursday. Read more here.
Ohio Adult-Use Law Now in Effect as Lawmakers Rush to Revise
Ohio’s voter-approved initiative legalizing adult-use cannabis officially went into effect as it was written on Thursday morning. However, the program could soon receive a makeover as lawmakers in the statehouse continue to negotiate over some of the measure’s biggest items. Read more here.
Colorado Rule Changes Could Save Growers Money – But There’s a Catch
A new rule that goes into effect Jan. 8 has the potential to save Colorado cannabis growers significant costs – but only if Florida-based Metrc develops new tags without microchips for tracking marijuana plants. Read more here.
Cannara Biotech Posts Solid 2023, Q4
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) reported a substantial rise in revenue and profitability for its fourth quarter and full fiscal year of 2023, both of which ended Aug. 31. The Montreal-based cannabis producer recorded net revenue of $18.3 million, a 53% rise from the same quarter last year. Read more here.
MedMen Wins Case Accusing the Company of Fraud
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) chalked up another victory against allegations brought by Whitestar Solutions LLC. In the initial case, Whitestar alleged that MedMen “fraudulently induced Whitestar to contract to sell part of its business to MedMen” by misrepresenting the nature of the stocks put up to fund the deal. Read more here.
In Other News
Original Balboa Caregivers
An investment company and real estate firm are asking a Los Angeles judge to disqualify attorneys for a cannabis company that is suing them over an alleged breach of contract, saying the attorneys violated the court’s protective order in a recent filing. In a motion filed Monday, 9419 Mason Partners LLC and SSL Investments LLC argued that attorneys for Original Balboa Caregivers Inc. included as part of an opposition brief a declaration that was subject to a November protective order. Read more here.
A new study released by the Virginia Cannabis Control Authority found that the price of medical cannabis in Virginia is significantly higher than in other states. Because of that, researchers found that nearly 90% of patients buy their products from sources outside the Virginia medical marijuana market. Read more here.