The Daily Hit is a recap of the top financial news stories for Aug. 3, 2023.
On The Site
Former FDA Regulator Predicts Cannabis Rescheduling This Year
A former attorney and enforcement czar at the U.S. Food and Drug Administration told Green Market Report in an exclusive interview he believes the Biden administration is poised to reschedule marijuana this year or in early 2024, and that the move won’t squeeze out smaller cannabis companies, contrary to many widespread industry fears. Read more here.
Michigan Cannabis Redevelopment Project Collapses Into Massive Lawsuit With City
A redevelopment plan with the Detroit suburb of Pontiac was slated for a $40 million cannabis-friendly business campus, but a legal battle involving bribery allegations has derailed the project. Read more here.
Military Veterans Sue New York Cannabis Regulators Over Marijuana Licensing
A new lawsuit has been filed against New York cannabis regulators, by a quartet of disabled military veterans who have been thus far shut out of retail marijuana licensing. Read more here.
Study: ‘Vast Majority’ of Hemp Delta-9 Goods Illegally Modified
The “vast majority” of delta-9 hemp goods being sold around the U.S. – upwards of 75% – have been illegally modified or sourced from marijuana, according to a new scientific study released this week by California researchers. Read more here.
Story Cannabis Co. Acquires Four-Dispensary Chain in Arizona
Arizona-based multistate operator Story Cannabis Co. announced the acquisition this week of four vertically-integrated marijuana licenses in the Phoenix metro area, bringing its homestate footprint to 11 retail shops and two cultivation facilities. Read more here.
Innovative Industrial Reports Rising Revenue
Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) delivered total revenues of approximately $76.5 million in its second quarter of the year, representing an 8% increase from the prior year’s quarter. The company also reported net income of approximately $40.9 million for the quarter, or $1.44 per diluted share. Read more here.
In Other News
LEEF Brands, Inc. (CSE: LEEF) (OTC: LEEEF) has entered escrow on a $7 million purchase of 1,900-acre Salisbury Canyon Ranch in Santa Barbara, California. Read more here.
The embattled chairman of the Alabama Medical Cannabis Commission, Dr. Steve Stokes, has resigned. His resignation comes just over a week after a Montgomery attorney asked a judge to issue a writ of quo warranto, removing him from that position. Read more here.