The Daily Hit is a recap of the top financial news stories for June 15, 2023.
On the Site
New York Regulators Struggle Forward as One Board Member Resigns
New York marijuana regulators had an action-packed Thursday morning meeting in which they approved three dozen new retail permits, delayed action on a proposal for cannabis farmers markets, got some tough love directly from state Rep. Crystal Peoples-Stokes, and accepted the resignation of one of their own state marijuana control board members. Read more here.
Georgia Opens Up Fledging Cannabis Market to Hundreds of Independent Pharmacies
In a move that widens the nascent legal cannabis market in Georgia, the state Board of Pharmacy has introduced regulations allowing independent pharmacies to distribute cannabis oil. The news, first reported by Capitol Beat, signals a broader shift in policy after the legalization of marijuana cultivation in 2019. Read more here.
Arkansas Court Ruling Could Loosen MMJ Industry Rules
An Arkansas circuit court judge has thrown out more than two dozen state laws that were approved by the legislature for the state’s relatively nascent medical marijuana industry, which launched in 2019. Though the ruling invalidates a host of major rules – such as THC caps for products, bans on combustible products such as pre-rolls, and advertising bans – it still has to work its way through the state Supreme Court. Read more here.
Michigan Permanently Revokes Operating License of Marijuana Processor
The Michigan Cannabis Regulatory Agency announced Thursday it permanently revoked the business licenses of Candid Labs near Owosso. The state agency alleges Candid intentionally disabled its 38-camera monitoring system, a state regulatory requirement, at its facility to conceal the fact that it was processing illegally purchased marijuana crude and distillate. Read more here.
AFC Gamma Sells Off Some Credit Facilities
AFC Gamma Inc. (Nasdaq: AFCG) described the cannabis industry as a challenging environment in a business update for its operations through June 15. Read more here.
RIV Capital Records Rising Losses, Remains Bullish on New York
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) posted the results of its fourth quarter and fiscal year ended March 31, 2023. Even with the difficulties facing the New York cannabis market, the company is maintaining an optimistic long-term stance. Read more here.
In Other News
Cannabis Scheduling Review
The head of the U.S. Department of Health and Human Services (HHS) is aiming to present President Joe Biden with a federal cannabis scheduling decision “this year” as agencies work “as quickly as we can” to complete an administrative review, Secretary Xavier Becerra said during a press briefing in Sacramento on Thursday. Read more here.
PRODUCT RECALL: Arizona
Arizona’s marijuana establishments are voluntarily recalling several products due to a possible contamination of salmonella and aspergillus. The products being recalled include Caps Frozen Lemon, Twisted Lemonz, Cherry Punch, and Ghost Train Haze. Read more here.