The Daily Hit is a recap of the top financial news stories for June 26, 2023.
On the Site
Anti-Legalization Groups Sue New York Over Cannabis Laws
A coalition of anti-marijuana activists and nonprofits have filed suit against the state of New York, in an attempt to re-establish cannabis prohibition and roll back the legalization law from 2021. The group that filed the suit includes the Cannabis Impact Prevention Coalition, Cannabis Industry Victims Seeking Justice, and eight individuals who are also part of those groups. Read more here.
Glass House Claps Back at ‘Black Market’ Accusations with Defamation Lawsuit
California-based Glass House Brands Inc. (NEO: GLAS.A.U) (OTCQX: GLASF) returned fire against a competitor last week, filing a lawsuit claiming that Long Beach-based Catalyst Cannabis Co. and its leadership defamed them by charging both on social media and in a separate lawsuit that Glass House was illegally trafficking marijuana to the underground market. Read more here.
Maryland Readies Recreational Cannabis Market Kickoff
Maryland it preparing to trade its reputation as the setting for the streets of HBO’s The Wire for a state-legal recreational cannabis industry that will launch this Saturday, and businesses are revving up production to meet bubbling pent-up demand. Read more here.
Baltimore Judge Halts Auction of Evermore Cannabis
A Maryland medical marijuana company was granted a proverbial stay of execution on Monday when a Baltimore Circuit Court judge approved a temporary restraining order that halted a planned auction of the company’s assets. Temescal Wellness, which does business as Evermore Cannabis, won the reprieve after filing a last-minute lawsuit on Friday against two of its creditors who had been pushing for the auction, which had been slated for noon on Monday. Read more here.
New York Cannabis Revels in Community
On the Revel hosted a New York cannabis community event on June 22 bringing together licensed operators. New York cannabis producers were able to display their businesses as potential buyers shopped around for dispensary products. Check out video from the event here.
In Other News
Trulieve Cannabis Corp.
In a complaint filed in Pennsylvania federal court Thursday, former Trulieve employee James Catterall claims he was denied a chance to interview for a higher-paying position and then fired because he took family leave when his fiancée gave birth. Read more here.
Nevada Consumption Lounges
Nevada regulators this week approved loosening air-ventilation standards for marijuana consumption lounges in Las Vegas and other parts of the state while granting the first three conditional licenses for such venues. Read more here.