John SchroyerAugust 30, 2023
Moving cannabis to Schedule 3 could eliminate the onerous 280E tax provision for operators.
Food and Drug Administration Archives - Green Market Report
John SchroyerAugust 30, 2023
Adam JacksonJuly 28, 2023
The FDA actively declined to regulate CBD as a supplement without action from Congress.
StaffJuly 25, 2023
The Daily Hit is a recap of the top financial news stories for July 25, 2023.
On the Site
Maryland Hemp Companies Sue State Over Adult-Use Marijuana Rules
A group of hemp companies in Maryland have filed suit against the governor and several state officials, claiming that the regulatory plan lawmakers authorized for the recreational cannabis industry will put them out of business. Read more here.
Hemp Hearing on FDA Inaction to Be Held Thursday
The Subcommittee on Health Care and Financial Services will host a hearing to look at the Food and Drug Administration’s failure to regulate hemp-derived and cannabidiol products under existing authorities for years. Read more here.
Aleafia Health Files for Creditor Protection After Investors Axe RWB Deal
Toronto-based Aleafia Health Inc. (TSX: AH) (OTCQB: ALEAF) filed for creditor protection under the CCAA – akin to bankruptcy proceedings in the U.S. – in response to recent financial struggles, complicated by a cancelled acquisition proposal by Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF), which was officially sacked on July 14, a month after the deal was announced. Read more here.
Parallel, IIP Duel Over Insolvency Claims in $6M Dispute
Atlanta-based multistate operator Parallel’s subsidiary, Goodblend Pennsylvania LLC, is attempting to avoid a near $6 million payment relating to a failed grow facility by declaring insolvency, according to a recent complaint filed in a Pennsylvania court. Read more here.
Detroit to Open 2nd Wave of Recreational Cannabis Licenses
The city of Detroit on Monday said it will start accepting applications for limited marijuana business licenses on August 1. These licenses will include dispensaries, microbusinesses, and consumption lounges. Read more here.
In Other News
Flora Growth
Flora Growth Corp. (Nasdaq: FLGC) will sell its Colombian-related subsidiaries and assets to a private company for C$800,000. The sale is expected to close by July 31. The company intends to maintain a presence in Latin America through Just Brands’ distribution relationships. Read more here.
MIRA Pharmaceuticals
Baltimore-based MIRA Pharmaceuticals filed a registration statement with the U.S. Securities and Exchange Commission announcing its plan to go public on the Nasdaq under the symbol MIRA. The proceeds from the initial public offering will fund the clinical studies necessary for MIRA’s synthetic cannabis drug to receive approval from the Food and Drug Administration, the filing said. Read more here.
Missouri
The Missouri Department of Health and Senior Services will begin accepting cannabis microbusiness applications on Thursday, July 27. The application window will be open through Aug. 10. Applications can be submitted through the online portal. The lottery to select winners will take place no later than Sept. 1. Read more here.
StaffJuly 14, 2023
New FDA guidance on psychedelics changes little for researchers but could open minds and funding sources.
StaffJuly 5, 2023The Daily Hit is a recap of the top financial news stories for July 5, 2023.
On the Site
MedMen Names New CEO, CFO
Embattled marijuana multistate operator MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced new company leadership on Wednesday, with former Acreage Holdings executive Ellen Deutsch appointed CEO by the MedMen board of directors, and Amit Pandey named CFO. The move comes as MedMen has been struggling to shed its status as a going concern. Read more here.
FTC, FDA Crack Down on Delta-8 Products Resembling Children’s Snacks
In an attempt to prevent marketing practices that endanger children, the Federal Trade Commission and the U.S. Food and Drug Administration targeted companies marketing THC-infused edible products with packaging that too closely resembles children’s snacks and candy. Read more here.
Wrigley Wins Effort to Stop Zkittlez
Cannabis companies have learned the hard way that cheeky takeoffs on familiar brands can only last for a limited time. It was no surprise that candy creator W.M. Wrigley Jr. sued cannabis company Terphogz for copying its iconic candy Skittles and its phrase “Taste the Rainbow.” All of the logos were trademarked by Wrigley. Read more here.
Maryland Adult-Use Sales Top $6 Million in First Two Days
Maryland cannabis retailers hit $6.4 million in the first two days of recreational sales this past holiday weekend, according to state data. With medical marijuana sales added in, the Maryland cannabis market sold $10.4 million on Saturday and Sunday. Read more here.
Skymint Assets to be Auctioned Off Next Month
Aug. 8 has been chosen for when vertically integrated cannabis chain Skymint will be sold off for parts at auction, putting a final touch on one of the most dramatic cannabis industry collapses to date in Michigan’s struggling marijuana market. Read more here.
In Other News
Greenlane Holdings
Greenlane Holdings, Inc. (Nasdaq: GNLN) closed its previously announced “reasonable best efforts” public offering of 4,047,619 units at a public offering price of $1.05 per unit. The units issued consist of one share of Class A common stock (or a prefunded warrant in lieu thereof) and two common warrants each exercisable for one share of Class A common stock at an exercise price of $1.05 per share. Read more here.
Ohio
The Coalition to Regulate Marijuana Like Alcohol said it is delivering more than 220,000 signatures to the Ohio Secretary of State on Wednesday, July 5, which should be more than enough to place its initiated statute for an adult-use marijuana program for the Nov. 7 ballot. Read more here.
John SchroyerJune 30, 2023
Rescheduling could leave criminal penalties in place for state-licensed recreational cannabis companies.
StaffJune 27, 2023The 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.
Adam JacksonJune 27, 2023
Public comment on the draft proposal will be collected for the next 60 days.
John SchroyerJune 26, 2023
The paper authors note that it's easier to die from a sugar overdose than a THC overdose.
John SchroyerJune 6, 2023
The group wants a voice at the table as the decision is being made.
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