The Daily Hit is a recap of the top financial news stories for Sept. 20, 2023.
On The Site
Cannabis Stocks Pop on News of SAFER Banking Act
Marijuana stocks shot up Wednesday after news broke that the SAFE Banking Act had been rewritten as the SAFER Banking Act, breathing new life into federal cannabis reform just weeks after the monumental news that the Biden administration recommended the rescheduling of marijuana. Read more here.
Mississippi Releases Revised Medical Cannabis Industry Rules
Mississippi cannabis regulators announced new revisions to industry regulations, with 202 pages of red-lined changes to the former rules released by the state Department of Health on Thursday.Read more here.
Kentucky Hemp Company Purchases Manufacturing Partner
Kentucky-based CBD maker Cornbread Hemp closed on the acquisition of an unnamed manufacturing partner, marking a transition to full vertical integration for the business. Read more here.
Leef Brands Closes Acquisition of Santa Barbara Cultivation Facility
California-based Leef Brands (CSE: LEEF) (OTC: LEEEF), formerly known as Icanic Brands, completed the acquisition of a 1,900-acre ranch in Santa Barbara County for $5.48 million, which the company intends to transform into “one of the largest biomass cultivation sites in California.” Read more here.
Enveric Receives Patent for Psilocybin Molecules
Enveric Biosciences (NASDAQ: ENVB) announced that the United States Patent and Trademark Office issued U.S. Patent No. 11,752,130, titled “Carboxylated Psilocybin Derivatives and Methods of Using,” pertaining to the Company’s EVM301 Series of molecules being developed as potential treatments for mental health disorders. Read more here.
Seelos Reports Mixed Results From Phase II Ketamine Study
Seelos Therapeutics, Inc. (Nasdaq: SEEL) announced top-line data demonstrating clinically meaningful treatment effects across multiple endpoints and a well-tolerated safety profile from the double-blind, placebo-controlled cohort (Part 2) of its Phase II study of SLS-002 (intranasal racemic ketamine) for Acute Suicidal Ideation and Behavior (ASIB) in adults with Major Depressive Disorder (MDD). Read more here.
In Other News
Members of the U.S. House of Representatives, Oversight and Accountability Committee voted 30-14 today in favor of bipartisan legislation, H.R. 5040: The Cannabis Users’ Restoration of Eligibility (CURE) Act, which expands federal employment and advancement opportunities for those with a history of past cannabis use. Read more here.
The Oklahoma Medical Marijuana Authority seized around 14,000 marijuana plants and 4,850 pounds of marijuana earlier this week. Not only did they seize thousands of pounds of illicit marijuana, but five businesses were also shut down as a result of the investigation. Read more here.
On Tuesday, the Nevada Cannabis Compliance Board (CCB) approved a conditional license for a cannabis consumption lounge on the AREA15 campus, which houses popular attractions such as Meow Wolf’s Omega Mart, Illuminarium, and a recently announced Universal Halloween-themed park. Read more here.