The Daily Hit is a recap of cannabis business news for Nov. 16, 2022.
ON THE SITE
New Crackdown on Illegal Cannabis in Michigan’s Regulated Market
Michigan’s Cannabis Regulatory Agency has begun its crackdown on illicitly grown marijuana entering the regulated market. The agency announced Tuesday it has suspended the medical and recreational marijuana licenses for dispensary Green Culture in Flint for selling unregulated marijuana joints. Read more here.
Congress Talks Federal Legalization in Bipartisan Hearing
House members and witnesses gathered in a hearing on Tuesday to discuss cannabis legalization efforts and examine the benefits of federal decriminalization behind a regulatory model similar to alcohol when its prohibition was repealed. Read more here.
Debt Lending, Financing Top Concerns for Cannabis Industry
Money is on the minds of many executives in the cannabis industry, as many sources of capital have dried up this year and the marijuana trade stares down the barrel of a possible recession. That reality was reflected in the speaking lineup at the Las Vegas cannabis conference MJBizCon this week. Read more here.
Connecticut Advances Additional Social Equity Applicants, Measures
Connecticut is poised to see its first recreational cannabis dispensary open by early next year. The state’s Social Equity Council on Monday approved six previously denied applicants looking to gain social equity status, which gives them the ability to the have their proposals reviewed by the state Department of Consumer Protection. Read more here.
Las Vegas Blunt Brunch Slideshow
This year’s Blunt Brunch was a sold-out affair as the women in cannabis came together to eat and have some blunt conversations. There was lots of glitz and glam, as the females of cannabis came dressed to slay. They say when you feel like you look your best, you feel more confident – and there was no shortage of confidence in this group. Check out our slideshow of the event.
IN OTHER NEWS
Ontario-based Purplefarm Genetics is breathing new life into a shuttered cannabis production facility in New Brunswick. The former Canopy Growth facility was closed in December 2020 as part of company restructuring efforts. According to Purplefarm, the Fredericton facility has nearly six times the annual production capacity of its current cultivation site in Ontario and will add 70 jobs to the area. Read more here.
Khiron Life Sciences Corp.
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) (Frankfurt: A2JMZC), announced its market entry into Switzerland with initial sales of new products and increases its product offerings in Germany and UK. The company has obtained import and export permits across Germany and the UK bringing to market its new product offerings, as well as looking for opportunities to expand its presence in other European markets. Read more here.