The Daily Hit is a recap of the top financial news stories for February 7, 2023.
On the Site
Maryland Could Start Adult-Use Cannabis Sales by July Under New Bill
The start date for Maryland’s upcoming adult-use cannabis market could be as soon as July 1, under the terms of a new legislative bill introduced this week by state lawmakers. Lawmakers said they’re feeling pressure to get the recreational market stood up as soon as possession becomes legal in July in order to avoid a massive gray market. Read more here.
SNDL Saves Superette from Bankruptcy
SNDL Inc. (Nasdaq: SNDL) finalized its purchase of Canadian dispensary chain Superette out of bankruptcy, with plans to support the brand and its stores. SNDL said it will carry on the Superette banner, which “will benefit from SNDL’s shared service model to provide for cost-effective operational support.” Read more here.
California Attempting to Loosen Cannabis Lounge Restrictions
At least one state lawmaker in Sacramento wants to make it easier for licensed cannabis consumption retailers to turn a profit by allowing shops to open new consumption cafes, a la Amsterdam. Under the provisions of Assembly Bill 374 from Assemblyman Matt Haney of San Francisco, legal marijuana shops would be permitted to open cafes where they could sell nonalcoholic drinks and food. Read more here.
New York City Targets Landlords in Push to Close Illegal Cannabis Shops
Landlords who rent to illicit marijuana retailers are facing new legal action from the city, while hundreds of smoke shops suspected of selling cannabis without a license will be threatened with eviction by Manhattan’s top prosecutor, officials said Tuesday. Read more here.
Atlas to Snap up Cannabis Distributing Hub, Pharmacies for Channels to West
International Israeli shop Atlas Global Brands Inc. (CSE: ATL) has acquired a majority stake in a Tel-Aviv cannabis distributing hub and two pharmacies, positioning itself for clear channels west of the Greenwich meridian. The company signed a share purchase agreement to acquire, through a subsidiary, 51% interest in Trading House, which Atlas intends to use as a hub for imports to and distribution within Israel. Read more here.
In Other News
American Green (OTC: ERBB) signed a nonbinding letter of intent for $12 million from a private equity firm to fund the completion of the build-out at its “Cypress Chill” grow building purchased in May 2022. The company will continue to provide the documentation required by the lender so it can get through the loan application process. Read more here.
IM Cannabis Corp.
IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC), an international medical cannabis company, closed a fourth tranche of its previously announced nonbrokered private placement offering an aggregate of 760,450 units at a price of $1.25 per unit for aggregate proceeds of $950,562.50. Read more here.
Connecticut’s first social equity cannabis dispensary is set to open this month, following state approval. Fine Fettle, a Connecticut-based cannabis company with three retail stores in the state, will open Fine Fettle Manchester, on Feb. 17. Read more here.