
Tryke claims the cannabis giant has yet to provide support for the change.
Tryke claims the cannabis giant has yet to provide support for the change.
Executives focused on opportunities in New York, Europe during the latest investor call.
The reliance on debt could cause issues for several multistate operators in a few years.
The Daily Hit is a recap of the top financial news stories for Sept. 18, 2023.
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.
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.
MMJ operators in the state, as well as license hopefuls, say that the system unfairly excludes them.
Historically, marijuana companies avoided the hemp market.
The Daily Hit is a recap of the top financial news stories for July 18, 2023.
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.
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.
The Daily Hit is a recap of the top financial news stories for July 17, 2023.
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.
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.
Plaintiffs allege Curaleaf broke fulfillment agreements and saddled partners with more than $800,000 in unpaid invoices.
Cronos stated that it has received a number of unsolicited indications of interest.
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