Goodblend Pennsylvania Archives

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

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 20, 2023

The Daily Hit is a recap of the top financial news stories for July 20, 2023.

On the Site

Parallel Exiting Pennsylvania Marijuana Market After Defaulting on Rent

Atlanta-based multistate operator Parallel Cannabis is shuttering three facilities and exiting the Pennsylvania medical marijuana market following financial troubles that led to a lawsuit from its landlord, Innovative Industrial Properties Inc. (NYSE: IIPR), alleging almost $6 million in unpaid rent. Read more here.

Women Grow President Gia Morón Steps Down

Gia Morón, president of Women Grow, a professional network for women in the cannabis industry, is set to depart from the organization, effective July 31. Morón is stepping down to devote more energy to her business ventures. The company’s board chairwoman and CEO, Dr. Chanda Macias, will maintain her leadership role. Read more here.

Unrivaled Brands Reports Steady Q2 Revenue, Rising Margins

California-based Unrivaled Brands Inc. (OTCQB: UNRV) reported preliminary revenue of $8.6 million and a gross margin increase to 51% for its second quarter ending June 30, demonstrating financial resilience in a fluctuating market, the company said Thursday. Read more here.

Psilouette Founder Derek Chase on Taking Risks in Psilocybin Products

The limited legality of most psychedelic products hasn’t stopped some people from trying to get an early advantage. Case in point, Derek Chase founded L.A.-based entheogenic wellness company Psilouette to take advantage of what he called a “lucky period” for the industry. Read more here.

Maryland’s New Adult-Use Market a Bright Spot for the Legal Cannabis Industry

Maryland’s adult-use cannabis market, which launched on July 1, has been a bright spot for the legal industry, and the momentum is looking to keep rhythm for the time being. The boon came before it even started. On June 30, the last day when only medical cannabis was legal, there was a 55.6% surge in sales compared to the previous four Fridays, according to industry data from Headset. Read more here.

In Other News

MKX Oil Co.

A cannabis supplier alleges a client owes it $187,000 for the cost of producing and storing thousands of vape cartridges, saying it incurred substantial labor and fees to produce the distillate. In a complaint removed to Arizona federal court Monday, GMT Management LLC says it issued an invoice based on instructions from MKX Oil Co. for 50,000 vape cartridges for a total price of $127,500. Read more here.

SAFE Banking

A key Senate chairman says that a bipartisan marijuana banking bill will “not” get a committee markup next week, according to an advocate who spoke with him. And that means it will not be addressed during the summer session as leadership had hoped. Read more here.