The Daily Hit is a recap of the top financial news stories for June 19, 2023.
On the Site
On Juneteenth, Two Black Industry Leaders Say Social Equity Falls Short
In the run-up to the national Juneteenth holiday, which marks the date in 1865 when Black Americans in Texas learned they’d been freed by the Emancipation Proclamation, Green Market Report reached out to a pair of Black women cannabis industry leaders to get their thoughts on how far the marijuana industry has yet to go on racial equity. The answer was simple: It’s so far that it’s hard to even put into words. Read more here.
Six Years, Six CFOs at MedMen as Bowman Departs
After the markets closed on Friday, MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced the resignation of Ana Bowman as chief financial officer, effective June 29. Bowman has served as CFO since 2022. MedMen has begun a formal search for a new CFO. Read more here.
Alabama’s Medical Marijuana Rollout Stalls After Commission Freezes Licensing
In a surprising reversal, the Alabama Medical Cannabis Commission indefinitely suspended the licensing for cultivators, dispensaries, and other participants in the state’s newly initiated medical marijuana program. Read more here.
Body and Mind Sells Michigan Dispensary
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) received all necessary regulatory approvals to divest its Muskegon, Michigan, dispensary. DEP Nevada Inc., a wholly owned subsidiary of Body and Mind, sold all of its issued and outstanding common stock of NMG MI 1 Inc. to Big Bhang Events LLC for a cash payment of $1. Read more here.
Northeast Philadelphia Could Miss Out on Recreational Marijuana Market
A local councilman wants to prevent a pocket of Northeast Philadelphia from participating in Pennsylvania’s future recreational cannabis market. The proposal, introduced by Philadelphia City Councilmember Brian O’Neill, would affect three existing medical marijuana dispensaries in the region. Read more here.
In Other News
Vermont Gov. Phil Scott has allowed some quite significant medical cannabis reform legislation (HB 270) to become law – but without his signature. The law expands medical cannabis access to patients with post-traumatic stress disorder. It also repeals the sunset of the Cannabis Control Board – and this appears to be what triggered the governor to withhold his signature – which is responsible for implementing and regulating a safe legal market for adult-use of cannabis in the state. Read more here.
Rhode Island Gov. Daniel McKee has signed into law legislation (2023-S 1009, 2023-H 5829) sponsored that would allow the state’s recreational cannabis dispensaries to advertise their products. Currently, Rhode Island’s cannabis businesses cannot advertise by law, although dispensaries in other states, such as Massachusetts, can advertise within Rhode Island. Read more here.
Humble & Fume
Green Acre Capital Distribution Corp. invested a further cash amount of $1,995,961.46 in HC Solutions Holdings Inc., a joint venture it has with Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF). Humble has invested a further US$1,895,961.46 in HCI, through the forgiveness of an equivalent amount owing by HCI directly or indirectly to Humble. Read more here.