The Daily Hit is a recap of the top financial news stories for July 10, 2023.
On the Site
Chicago Atlantic Talks New York’s $150 Million Equity Investment Deal
Chicago Atlantic stepped in with a pledge of up to $150 million to the social equity fund for building out New York dispensaries via small business loans. Managing director Peter Sack spoke with Green Market Report to fill in some of the details on how the investment deal came about. Read more here.
SEC Orders Sol Global Founder Andy DeFrancesco to Pay Millions in Stock Fraud Case
On July 5, the U.S. District Court for the Southern District of New York entered a final judgment on consent against Andrew DeFrancesco, the former chairman of Cool Holdings Inc., for his role in a scheme involving false statements and omissions of material information in filings with the commission, as well as a fraudulent pump-and-dump of Cool Holdings’ stock. Read more here.
Report: Virginia Governor ‘Not Interested’ in Adult-Use Cannabis Market
Both Virginia’s marijuana and hemp markets are in serious disarray, thanks to regulatory uncertainty handed down by the state’s Republican leadership. Now the previously expected launch of recreational marijuana sales in January 2024 is in more serious doubt than ever. Read more here.
Arkansas, Connecticut Cannabis Sales Continue Setting Records
Both Arkansas and Connecticut continued their respective marijuana sales tears in 2023 by setting sales records in June. At the same time, Michigan saw market prices stabilize after record lows in February. Read more here.
Illinois Cannabis Sales Turn Around in June
Monthly marijuana sales in Illinois reached their highest level so far this year in June, increasing 8% year-over-year and shaking off several months of sluggish performance. Read more here.
In Other News
Recreational and medical marijuana sales numbers released in June by the Colorado Department of Revenue showed the lowest marijuana sales in the month of April since 2018. Numbers showed $131 million in marijuana sales for April 2023, the most recent data, down from more than $153 million in sales in April of 2022. Marijuana sales in the month of April haven’t been this low since 2018. Read more here.
Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) unveiled the strategic national rebrand of its Select cannabis lifestyle brand across 15 U.S. states. Read more here.
InterCure Ltd. (Nasdaq: INCR) (TSX: INCR.U) (TASE: INCR), dba Canndoc, announced that its board of directors approved the voluntarily delisting of the company’s common shares from the Toronto Stock Exchange. The Company has decided to delist from the TSX after concluding that maintaining the listing does not offer substantial benefits to the company and its shareholders. Read more here.