The Daily Hit is a recap of the day’s top business stories in the cannabis industry for April 18, 2022.
On the Site
This year is the first April 20 that New Yorkers can truly celebrate and the parties look to be epic. Between a post-covid-ish landscape and a mostly legal backdrop, New Yawkers are ready to throw down for 420 this year. Who cares that it’s on Wednesday! Here are the big events planned in New York City for 420. Read more here.
Legal cannabis loopholes are sparking both innovation and creative evasion in today’s cannabis industry, and a host of law professionals are taking pains to elucidate them for clients in cannabis who risk both profit and loss by operating within them. After doing our due diligence with some of the cannabis industry’s top law professionals, Green Market Report has composed a list of the top five legal loopholes keeping things interesting in cannabis right now. Read more here.
In Other News
High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) has entered into a non-binding letter of intent with Connect First Credit Union Ltd. for CAD$30 million in credit facilities over an initial 5-year term. The company intends to use the Proposed Credit Facilities to replace the Company’s existing credit facility with its current bank lender as disclosed in its press release dated October 18, 2021. The Proposed Credit Facilities are comprised of C$15 million of term debt and mergers and acquisitions revolving master line of C$15 million. The Company expects to repay its Existing Facility with its current bank lender and repaying other existing debt upon securing the Proposed Credit Facilities with connectFirst, with the remaining proceeds from the Term Debt proceeds going to fund continued organic growth and general working capital requirements. Read more here.
Stem Holdings, Inc. (OTCQX: STMH) (CSE: STEM) announced the closing of a stock purchase and note purchase agreement to sell its minority equity ownership interest in its Massachusetts cannabis license for a total of $1.65 million in cash on April 13, 2022.