StaffJune 1, 2023
The Daily Hit is a recap of the top financial news stories for June 1, 2023.
On the Site
Trulieve to Shutter Operations in Massachusetts, California
Florida-based giant Trulieve Cannabis Corp. is bowing out of two mature cannabis markets – California and Massachusetts – citing turbulent conditions for legal cannabis businesses. The company said in a press release that the decision is part of a wider plan to save money and improve financial health. Read more here.
Tilray’s Withdrawal from Bob Marley Licensing Deal Triggers Lawsuit
Docklight Brands Inc. filed a complaint against cannabis giant Tilray Inc., accusing the company of backing out of a deal to sell Bob Marley-branded cannabis products in Canada. Docklight alleges that the move cost it licensing fees, royalties, and eventually the Bob Marley license itself, according to an amended complaint filed on May 3. Read more here.
Last-Minute Lifeline for New York Cannabis Supply Chain
The New York Legislature and Gov. Kathy Hochul swooped in at the last minute – quite literally – to give the state’s nascent marijuana supply chain a critical deadline extension. Lawmakers approved the bills late Wednesday, which pushes back a midnight expiration for conditional processor and distribution permits by a year, to June 1, 2024, and Gov. Kathy Hochul signed both bills into law early on Thursday. Read more here.
Illinois Cannabis Legislation Fizzles at Finish Line
Hopes for wide-ranging legislation that would fix a bunch of nagging issues in the Illinois marijuana industry fizzled at the last minute. Instead, the state General Assembly made just a few changes. Read more here.
SNDL Hints at Plans for Skymint
SNDL (Nasdaq: SNDL) has deployed capital into a portfolio of six cannabis-related investments of approximately $579.9 million, including $535.9 million for the SunStream joint venture. Now, two of those properties, Skymint in Michigan and Florida-based Parallel Cannabis, are both experiencing extreme financial stress. Read more here.
In Other News
The Lexi Hotel
The Lexi Hotel, which has billed itself as the first “cannabis-inclusive property” in Las Vegas, is set to open its doors on Friday, June 2. The small, 65-room boutique hotel will allow any guests staying on its fourth floor to consume cannabis inside their rooms. Read more here.
Smart & Safe Florida
Florida’s Department of State reported that the proposed ballot measure to legalize recreational marijuana gathered enough signatures to put it on the ballot in 2024. The constitutional amendment, proposed by Smart & Safe Florida, gathered 967,528 valid signatures — more than 70,000 above the requirement to reach the ballot. Read more here.
Adam Jackson
