Florida cannabis Archives

StaffJune 27, 2023

The Daily Hit is a recap of the top financial news stories for June 27, 2023.

On the Site

Florida Governor Signs Medical Marijuana Bill Despite Opposition to Federal Reform

In the span of just four days, Florida Gov. Ron DeSantis both nixed the possibility of federal marijuana decriminalization if he wins the U.S. presidency and also gave a significant boost to his home state’s medical marijuana market by signing a pro-cannabis legislative bill into law. Read more here.

New Jersey to Expand Cannabis Retail Ownership, Licensing

A sweeping expansion in the New Jersey’s cannabis retail ownership has been given a nod by the state’s legislature. The move, following the passage of A4151, will allow individuals, including current licensees, to possess up to a 35% equity stake in a maximum of seven different class 5 retail licenses. Read more here.

TerrAscend Obtains $25 Million Loan, Buys Third Maryland Dispensary

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced Tuesday that it had both closed on a $25 million commercial loan in its home nation of Canada and also acquired its third Maryland dispensary in a $6.75 million deal. Read more here.

FDA Issues Draft Guidance on Clinical Trials for Psychedelic Drugs

The U.S. Food and Drug Administration released draft guidelines to aid scientists studying the therapeutic potential of psychedelic drugs, marking an updated direction in the regulation of clinical trials for these substances. The new guidelines, intended for industries researching medical applications of psychedelics, underscored the unique challenges presented by these compounds in terms of safety and efficacy. Read more here.

From $0 to $100M: How Two Cannabis Entrepreneurs Grew Without Outside Funding

Deciding whether to fundraise for a start-up company is a big decision. On one hand, having money to support the initial growth can alleviate some of the growing pains; on the other, raising funds can be a job unto itself – and that money often comes with strings attached. Read more here.

In Other News

RECALL ALERT: Oregon

Multiple batches of cannabis flower have been recalled after testing positive for aspergillus (mold) and heavy metals (cadmium and mercury), the Oregon Liquor and Cannabis Commission announced Monday. Read more here.

New York

Licensed cannabis growers in New York would be temporarily allowed to sell their product to dispensaries with Tribal Nation licenses operating in the state under pending legislation that will soon head to Gov. Kathy Hochul. Read more here.

The Parent Co./Gold Flora

TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF) received the final order from the Supreme Court of British Columbia approving the previously announced proposed business combination with Gold Flora. Conditional approval has also been received from the NEO Exchange in connection with the agreement and the listing of the common shares and warrants to purchase common shares of Gold Flora Corp., the entity resulting from the business combination, subject to customary listing conditions. Read more here.

John SchroyerJune 27, 2023

Provisions under the new law could more than double the number of licensees in the state.

StaffMay 8, 2023

The Daily Hit is a recap of the top financial news stories for May 8, 2023.

On the Site

Trademark Appeals Board Rules Against Cannabis Company in Trademark Case

In a first-of-its-kind decision, the Trademark Trial and Appeal Board has upheld the Controlled Substances Act in a cannabis trademark case. The unanimous board ruled against National Concessions Group, a Denver-based subsidiary of Canadian cannabis consumer goods company SLANG Worldwide (OTCQB: SLGWF), on the grounds that cannabis is a federally illegal substance. Read more here.

Delaware Adult-Use Cannabis Sales May Not Launch Until 2025

Delaware, the latest state to join the adult-use cannabis club, won’t actually begin recreational marijuana sales for another year and a half, at the minimum, and perhaps not until early 2025. Read more here.

California Whistleblower Alleges Millions in Cannabis Diversion by Former Employer

As California continues to grapple with the problem of its cannabis being smuggled as far away as New York City, one longtime West Coast industry insider says authorities have declined to act on information about his former employer, a marijuana executive he said shipped at least $2 million worth of legal cannabis out of state in a roughly 10-month period from 2021 to 2022. Read more here.

Curaleaf, Green Thumb Both Bullish Despite Very Different Financials

Massachusetts-based Curaleaf lost more than a third of a billion dollars in 2022. Chicago-based Green Thumb Industries, by contrast, made $12 million last year and $9 million in just its first quarter of 2023. Read more here.

Florida to Grant Additional Cannabis Licenses for Black Farmers

Florida’s medical marijuana market is poised for expansion following the passage of a bill that extends the renewal of marijuana prescriptions over telehealth and authorizes nearly a dozen additional licenses for Black farmers to enter the cannabis industry. Read more here.

Earnings:

• Innovative Industrial Properties Posts $40 Million Profit in First Quarter
• MariMed Year-Over-Year Profits Sink, But Expansion Continues

In Other News

SAFE Banking Act

Senate Majority Leader Chuck Schumer (D-NY) spoke at a marijuana rally in New York City on Saturday, vowing again to pass federal cannabis banking reform legislation as Congress works to end prohibition. Schumer emphasized his commitment to advancing the marijuana banking legislation with criminal justice provisions included, calling the broader effort to repair the harms of the drug war a “moral responsibility” for Congress. Read more here.

Nova Cannabis & SNDL Inc.

Shareholders of Nova Cannabis Inc. (TSX: NOVC) approved a resolution related to the proposed transaction between the company an dSNDL Inc. (Nasdaq: SNDL) to create a cannabis retail platform in Canada. Read more here.

StaffMarch 2, 2023

The Daily Hit is a recap of the top financial news stories for March 2, 2023.

On the Site

New York Doubling Social Equity Cannabis Retail Licenses to 300

New York marijuana regulators announced at the Thursday meeting of the state Cannabis Control Board that they will be doubling the number of “justice-involved” retail permits, from 150 to 300. The executive director of the New York Office of Cannabis Management said the change was due in part to many qualified applicants paying for their own retail locations instead of relying on the state to provide shops. Read more here.

Consternation in New York Over Social Equity Loan Uncertainty

Mixed messaging, changing policies, and a lack of clarity on how exactly the state of New York intends to finance scores of social equity cannabis shops has several marijuana industry stakeholders in the Empire State crying foul. Read more here.

Florida Adult-Use Marijuana Campaign Halfway on Signature Gathering

A campaign led by Florida cannabis giant Trulieve to legalize adult use marijuana in the state is nearing the halfway mark in its signature gathering to qualify for the 2024 ballot. The campaign – Smart & Safe Florida – has collected more than of the 891,589 voter signatures it needs to make the general election ballot. Read more here.

Pervasip to Spin Out Artizen Cannabis

Pervasip Corp. (OTCPK: PVSP) is spinning off its cannabis company, Artizen, after struggling to get the financing it needed. Pervasip acquired Artizen in September 2021 when its share prices were higher and the company secured a $3 million preferred equity financing on fixed price conversion terms. However, CEO German Burtscher said in a letter to shareholders that an equity infusion was still needed and hoped that by spinning Artizen out to the OTC Market Place, it could justify a valuation of $50 million. Read more here.

‘Days of Fat Margins And Easy Money’ Are Over, Says GTI Chief

The Green Rush is all but over, proclaimed Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) CEO Ben Kovler this week in the company’s fourth-quarter earnings call. Kovler said more industry contraction is on the way, despite market forecasts that project continuing growth. Read more here.

In Other News

Pelorus Equity Group

The Pelorus Fund, a privately held mortgage real estate investment trust with specialty lending to cannabis-use and cannabis-related properties, recorded two new originations in the fourth quarter, for a total value of $63 million, taking the total portfolio of loan commitments from $301 million to $372 million, for 23.6% growth for the quarter. Read more here.

Cansortium

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically integrated, multistate cannabis company, closed a non-brokered private placement offering of 30 million units of the company at a price of $0.10 per unit for aggregate gross proceeds of $3 million. The company said it will use the net proceeds for general corporate and working capital purposes. Read more here.