cannabis consumption lounges Archives

StaffMay 24, 2023

The Daily Hit is a recap of the top financial news stories for May 24, 2023.

On the Site

Massachusetts Cancels Cannabis Lounge Pilot Program to Aid Openings

Massachusetts marijuana regulators on Monday decided to cancel a long-planned pilot program for the rollout of cannabis consumption cafes, a move they hope will get such lounges open sooner instead of later. Read more here.

Delaware Allocates Money, Staff to Establishing Adult-Use Cannabis Market

Delaware lawmakers this week took the first step toward implementing the state’s new recreational marijuana market by allocating $2.2 million and 34 staff members to the job in the upcoming annual budget. Read more here.

NY Cannabis Authorities: ‘No Historical Precedent’ for Lawsuit Claims

Cannabis regulators in New York asked a state court to dismiss a lawsuit filed by a group of medical operators. The group, known as the Coalition for Access to Regulated & Safe Cannabis, said the state has not done enough to suppress unlicensed marijuana sales. Read more here.

Michigan Regulators Propose Stripping Licenses from Companies that Don’t Pay Vendors

In proposed rules released this month, Michigan’s Cannabis Regulatory Agency is seeking authority to deny licenses to businesses found in court to have not paid vendors. It’s a move that would set the industry apart from nearly every other industry in the state. Experts in the industry, however, believe the rule could create havoc in an industry already under financial pressure due to low prices. Read more here.

Earnings:

• Cresco Labs Stays Locked on Columbia Care Megadeal Amid Mixed Results
• Slang’s Investment in Vermont Pays off as Revenues Rise

In Other News

PRODUCT RECALL: Green Trees Medicinals

Colorado’s Marijuana Enforcement Division has announced a recall for marijuana from Green Tree Medicinals, a dispensary in Berthoud, because of potentially dangerous levels of the mold aspergillus. The recall, issued May 23, includes three recreational harvest batches and one medical batch of flower, shake or trim sold at Green Tree from Jan. 5 through March 30. Read more here.

Dama Financial

A marijuana financial services company has revised its testimony on a congressional cannabis banking bill following pushback over remarks made at a Senate committee hearing this month where a compliance officer suggested a “pause” to further amend the legislation. Read more here.

Lowell Farms

Lowell Farms Inc. (CSE:LOWL; OTCQX:LOWLF) closed a sale leaseback transaction with New Wilston Associates LLC pursuant to which Lowell SR LLC, a subsidiary of the company, has sold its drying and midstream processing facility in Monterey County California for aggregate consideration of $19.4 million, including the buyer’s assumption of the existing mortgage on the facility. Read more here.

StaffApril 11, 2023

The Daily Hit is a recap of the top financial news stories for April 11, 2023.

On the Site

New Jersey Cannabis Consumption Lounges in the Works

Consumption lounges are a niche business sector within the larger marijuana trade, but more states are embracing the possibility, including New Jersey, where a number of businesses are already in the works. All lounges will need to be connected directly to a licensed retailer – but plenty of those have already been awarded licenses and are either operational or under construction. Read more here.

Silver Linings for Cannabis at Benzinga Conference

It was a monsoon in Florida as the Benzinga conference got under way in Miami. The weather seemed fitting as the cannabis industry continues to weather its storm. However, despite the headwinds for the industry, many on Day 1 spoke with optimism and finding the silver linings in cannabis. Read more here.

Connecticut Medical Marijuana Sales Stay Ahead of Adult Use 3 Months In

After three months of recreational marijuana sales in Connecticut, the medical side of the industry is still outperforming adult use on sales, with $12.6 million in MMJ sales and $9.6 million in recreational for the month of March. That’s after medical cannabis sold $8 million in January compared to $5.1 million for recreational, and in February, those numbers both spiked to $11.4 million in medical sales and $7 million in recreational sales. Read more here.

Massachusetts Dispensary Demands $1.4 Million Refund from Host City

A cannabis dispensary in south-central Massachusetts has filed suit against the town of Uxbridge where it operates, claiming that city officials can’t justify charging the company roughly $1.4 million in “community impact fees,” a long-controversial policy across the state’s marijuana industry that has spawned other lawsuits in the past. Read more here.

In Other News

1CM Inc.

Cannabis retailer and technology provider 1CM Inc. (CSE: EPIC) (OTCQB: MILFF) (FSE: IQ70) entered into a letter of intent to acquire Nugget Data, a cannabis technology platform founded by industry veterans. Read more here.

PharmaCann Virginia

Virginia’s medical cannabis market remains limited to four licenses owned by three vertically integrated operators, but a fifth license could soon be back in play. PharmaCann Virginia LLC lost an appeal April 4 in the Virginia Court of Appeals, dealing another win to the state’s Board of Pharmacy over a conditional license it rescinded nearly three years ago. Read more here.