The Daily Hit is a recap of the top financial news stories for June 12, 2023.
On the Site
Nevada Ups Marijuana Purchase Limits, Enacts Pro-Business Reforms
Nevada lawmakers this week gave final approval to a wide-ranging cannabis reform bill that pushed through several changes to how the state industry is allowed to operate. The bill, which was passed by the legislature on June 5, now goes to Gov. Joe Lombardo for his signature. Read more here.
Alabama Names 21 Medical Marijuana License Winners
The Alabama Medical Cannabis Commission on Monday handed out the maximum number of dispensary, processor, and “integrated facility” business permits, but only a third of the possible cultivation licenses, just three secure transporters, and a lone testing lab. Read more here.
Connecticut Recreational Sales Pass Medical for First Time in May
The newly established adult-use cannabis market in Connecticut appears to have found its footing. Recreational sales inched past medical sales numbers last month for the first time since the market launched in January, according to state data. Read more here.
Charlotte’s Web Founders Want Back on the Board
There’s an internal war escalating within the boardroom of Charlotte’s Web (TSX: CWEB) (OTCQX: CWBHF), with its former founders demanding capitulation. Ahead of the company’s annual general meeting, shareholders who represent nearly a quarter of the voting shares are publicly opposing four director nominees. Read more here.
Culta Buys Dispensaries Despite Ongoing Nonpayment of Court Judgment
Culta announced that it would buy two female-owned dispensaries, Growing Ventures (dba Greenhouse Wellness) and K&R Holdings (dba Kannavis) for an undisclosed amount. But, the company is also in trouble for not paying a court judgment with an ex-partner and for not paying taxes. Read more here.
Sublocade Maker Indivior Takes on US Market with Nasdaq Listing
Indivior (LSE: INDV), known for its development of medications to treat substance use disorders and serious mental illnesses, hopes that this additional U.S. listing will raise its profile within its largest market. The company plans to maintain its premium listing on the London Stock Exchange and its position in the FTSE 250 index. Read more here.
In Other News
University of Mississippi
The National Institute of Drug Abuse (NIDA) awarded the University of Mississippi a new five-year contract, as well as a $2 million work order for the cultivation of marijuana and related materials for research. Read more here.
1CM Inc. (CSE: EPIC) (OTCQB: MILFF) announced a private placement to issue 3,333,333 common shares at a price of $1.50 per share for total gross proceeds of up to $5 million in a non-brokered private placement to certain “accredited investors.” Read more here.
With a little more than a year left in his term, Gov. John Carney announced Monday morning a major shake-up in his cabinet, including naming the state’s first Marijuana Commissioner. As the state’s Marijuana Commissioner, Robert Coupe will be tasked with organizing up an oversight office, outlining regulations and issuing 125 licenses to grow and sell cannabis. Read more here.