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
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.
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4 in the Virginia Court of Appeals, dealing another win to the state’s Board of Pharmacy over a conditional license it rescinded nearly three years ago.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.