Curaleaf Archives

John SchroyerNovember 14, 2023

Tryke claims the cannabis giant has yet to provide support for the change.

John SchroyerNovember 13, 2023

Executives focused on opportunities in New York, Europe during the latest investor call.

John SchroyerOctober 10, 2023

The reliance on debt could cause issues for several multistate operators in a few years.

StaffSeptember 18, 2023

The Daily Hit is a recap of the top financial news stories for Sept. 18, 2023.

On the Site

Workers Strike at Curaleaf Arizona Dispensary

Some workers at a Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) dispensary in Phoenix have gone on strike as of Friday, in an attempt they say to force company executives to the bargaining table. Read more here.

Mydecine Attempts to Raise Money With New Prospectus

Psychedelics firm Mydecine Innovations Group Inc. (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA), which is still in the pre-revenue stage, announced a plan to offer 18.75 million additional shares for distribution at 20 cents apiece, in an attempt to raise $3.75 million. Read more here.

Cannabis Regulators Ask Congress to Close Hemp Loopholes in 2023 Farm Bill

The Cannabis Regulators Association (CANNRA), a nonpartisan association representing cannabis and hemp regulatory agencies from 45 member states and U.S. territories, sent a letter on Friday urging Congress to consider changes to the 2023 Farm Bill. The three-page letter was penned in order to close loopholes created by the 2018 Farm Bill. Read more here.

Institutional Investors Open Wallets for Columbia Care, Canopy Growth

It seems investor interest in the cannabis sector is returning. Cannabis heavyweights Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) and Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) both inked large private placements with institutional investors. Read more here.

New York Battling Judge Over Exemptions to Cannabis Retail Licensing Pause

New York marijuana regulators have spent nearly the past month trying to convince a state judge to allow a handful of conditional adult use retail dispensary (CAURD) licensees to open for business, but as of Friday, nothing the state tried had yet worked, which leaves the Empire State with just 23 operational legal cannabis shops for the foreseeable future. Read more here.

In Other News

Massachusetts

Warning that action is “desperately needed” to address upheaval at the Cannabis Control Commission, the Massachusetts Senate’s top Republican and several other lawmakers urged their colleagues Monday to subject the state’s marijuana regulatory agency to new scrutiny. Read more here.

Oregon

Cannabis in Oregon can no longer be recalled over a pathogenic mold, until a court decides if the state’s zero-tolerance policy went too far. Read more here.

Maine

The agency regulating the sale of medical cannabis in Maine is proposing a new set of rules as providers leave the market in record numbers, despite totaling over $300 million in sales last year. The proposed rules are primarily driven by legislative changes, including the adoption of a two-tiered fine system for violations that, depending on the severity of an infraction, could cost up to $7,500. Read more here.

John SchroyerSeptember 6, 2023

MMJ operators in the state, as well as license hopefuls, say that the system unfairly excludes them.

John SchroyerJuly 24, 2023

Historically, marijuana companies avoided the hemp market.

StaffJuly 18, 2023

The Daily Hit is a recap of the top financial news stories for July 18, 2023.

On The Site

Deceased Worker From Green Thumb Industries Identified, Teamsters Call for Action

A worker at Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) who died while on the job Friday has been identified as 60-year-old Julie Devinney, whose sudden passing prompted a call for reform and unionization at the business from the International Brotherhood of Teamsters. Read more here.

Trulieve Sues Ohio Cannabis Company Over $24 Million Debt

Florida-based Trulieve (CSE: TRUL) (OTCQX: TCNNF) has filed a civil lawsuit against a former business partner in Ohio of Harvest Health & Recreation, which it acquired two years ago, for nearly $24 million in debts. Read more here.

FSD Pharma Wins Multi-Million Dollar Dispute Over Failed Drug Trial

Toronto-based biopharmaceutical company FSD Pharma Inc. (Nasdaq: HUGE), which dabbles in psychedelic-based drugs after venturing out of cannabinoid molecules, scored what it views as a David-over-Goliath victory against a large contract research firm over an arbitration dispute. Read more here.

Clinics Boost Revenue For Numinus Wellness

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company focused on evidence-based psychedelic-assisted therapies, posted strong financial results for the third quarter ending May 31, 2023. Read more here.

Judge Says Metrc Can Withhold Tags From Colorado Licensee

A Colorado licensee has been fighting Metrc over unpaid fees for tags and in the latest round a judge said Metrc could withhold tags – potentially shutting down the business. Read more here.

Reality Hits Hard For License Lottery Winners

New owners of 55 social equity marijuana retail permits awarded in Illinois last week via lottery will now have to prove their eligibility to the state and also raise enough money to get their businesses open, which can be a tough hurdle to clear. Read more here.

In Other News

Curaleaf Layoffs

Curaleaf, the leading grower and seller of cannabis in New Jersey, announced Monday that it is laying off 49 employees at its Winslow production facility, saying the slower-than-expected rollout of the sector has impacted the amount of product that can be sold, despite a strong market for it. Read more here.

New York

A New York City entrepreneur who illegally sold marijuana at a dozen shops across Manhattan must pay more than $400,000 in taxes and proceeds from illicit sales of cannabis, as part of a crackdown on the thousands of unlicensed operations across the city. Read more here.

Vermont

Flood-ravaged cannabis businesses in Vermont learned they are ineligible for federal assistance due to the illegality of marijuana. Read more here.

North Carolina

Members of the Eastern Band of Cherokee Indians will vote in September on whether they want to legalize marijuana possession and sales on tribal lands for anyone 21 and older — not just for those seeking it for medical use that the North Carolina tribe had already authorized. Read more here.

StaffJuly 17, 2023

The Daily Hit is a recap of the top financial news stories for July 17, 2023.

On The Site

Colorado Cannabis Sales Continue Falling

In May, Colorado marijuana sales continued to plummet as a statewide industry slump hammers businesses, with sales hovering near their lowest point in four years. Read more here.

Green Thumb Industries Worker Dies at Illinois Facility

An employee of Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) died recently while on the job at a grow operation in Rock Island, Illinois, raising additional questions about worker safety in the cannabis industry following another worker death last year in Massachusetts. Read more here.

New Study Says Patients May Stay on Depression Meds While Taking Psilocybin Therapy

Compass Pathways (Nasdaq: CMPS) has revealed positive results from a phase 2 clinical trial investigating the use of its synthetic psilocybin treatment, COMP360, alongside daily SSRI antidepressants in treating persistent depression, the company announced Monday. Read more here.

Former Curaleaf Exec to Head iAnthus Amid RICO Suit, Alleged Mismanagement

Amid a pending lawsuit and serious allegations of funds misappropriation, Canadian producer iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCPK: ITHUF) has appointed Richard Proud as its new chief executive officer and director on the board of directors. Read more here.

SEC Seeks Judgment in Former cbdMD CEO’s Fraud Case

Fund manager Martin Sumichrast looks like he admitted his guilt in a fraud case while simultaneously claiming through his lawyers that the claims were outrageous, according to a report in Law360. Read more here.

New Markets Within California Staggeringly Slow to Open

The California marijuana business landscape remains one of the toughest in the nation, and over the past three years one of the areas in which industry advocates had placed much of their hopes – repealing city-level bans on cannabis commerce – has made barely any gains, despite a flurry of victorious pro-marijuana ballot measures and ordinances. Read more here.

In Other News

Missouri

Less than a year after recreational marijuana first hit the shelves in Missouri, the state is cracking down on just how appealing marijuana product packaging can be. New rules, governing the number and types of colors, symbols and text that can be displayed on marijuana products, go into effect next year. Read more here.

Oregon

Many Oregon marijuana industry insiders say the entire business is a “wreck,” with most businesses losing money and wholesale prices in a tailspin. Read more here.

Congress

Democratic senators are seeking to pass a series of marijuana reform amendments, including a proposal to legalize medical cannabis for military veterans, through a must-pass defense bill that’s set to be considered this week. Read more here.