The Daily Hit is a recap of the top financial news stories for Jan. 29, 2024.
On the Site
High Tide closes fiscal year with C$40.9M loss despite increased revenue
High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) increased its revenue in both the fourth quarter and fiscal year 2023, but the Canada-based cannabis company still finished the year in the red with a C$40.9 million net loss, the company reported. Read more here.
Florida House advances more restrictive dispensary, vape shop proximity rules
With hopes high for an adult-use vote this fall, the Florida Legislature advanced a bill to limit where new dispensaries can set up shop. House Bill 1053, which unanimously cleared committee on Thursday, proposes to increase the minimum distance required between cannabis cultivation, processing, and dispensary centers from the existing 500 feet to 1,500 feet. Read more here.
Another Michigan cannabis company to exit receivership under new owner
Another embattled Michigan cannabis company is likely going to end up in the hands of its lenders. Jackson-based Comco LLC, doing business as Comco Wellness, is being put on the auction block by a court-ordered receiver after nine months in Jackson County Circuit Court. Read more here.
New York Senator Gillibrand calls on DEA for descheduling
U.S. Senator Kirsten Gillibrand made a stand for removing cannabis from classification within the Controlled Substances Act while visiting the neighborhood of Harlem in Manhattan over the weekend. Read more here.
THC-infused wing sauce for the Super Bowl? It’s a sign Illinois’ cannabis industry is maturing.
Chicago cannabis companies are partnering with restaurants and mainstream food brands on new infused products, adding variety among the gummies and chocolates that dominate edible sales. Read more here.
Interstate commerce hopes may rest on litigation, prominent attorney says
Interstate cannabis commerce is the golden goose for many small marijuana businesses, particularly in the saturated markets on the U.S. West Coast. But so far, attempts to get legal shipping of marijuana products over state lines has been stymied, with the latest blow coming from California Attorney General Rob Bonta. Read more here.
In Other News
Trulieve Cannabis Corp.
Cannabis workers at a Trulieve Cannabis Corp. cultivation center in Phoenix voted on Jan. 25 to unionize, in the first-ever union election for cannabis agricultural workers in Arizona state history. Read more here.
The state board overseeing Iowa’s medical marijuana program has again asked Iowa lawmakers to legislate more oversight on telehealth providers participating in the program, among a number of other policy recommendations. Read more here.