The Daily Hit is a recap of the top financial news stories for July 11, 2023.
On the Site
Rhode Island Dispensary Sues State Over Labor Peace Agreement Rule
Greenleaf Compassionate Care Center Inc. filed suit on Monday in federal court against five Rhode Island state officials, as well as the United Food and Commercial Workers Union Local 328, in a bid to invalidate both the labor peace agreement rule and also a collective bargaining agreement between the shop and its UFCW-organized workforce. Read more here.
New York Judge Dismisses Suit Over Proposed Harlem Cannabis Dispensary
A lawsuit by a Harlem business group against a proposed cannabis dispensary was dismissed Monday by a New York state court judge, who found that the business group was not yet harmed since the dispensary can’t operate until its license is finalized. Read more here.
Related: The Bronx Gets Its First Licensed Cannabis Shop
Maryland Devotes $40 Million to Social Equity in Marijuana
The state of Maryland announced a $40 million grant that will be doled out to a handful of social equity marijuana companies – an effort to ease their entrance into the newly launched recreational cannabis market. Read more here.
InterCure Decides to Leave Toronto Stock Exchange
Israeli-based InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR), also known as Canndoc, plans delist its common shares from the Toronto Stock Exchange on August 14. It concluded that maintaining the listing does not offer substantial benefits to the company and its shareholders. Read more here.
SpringBig Predicts Path to Profitability Amid Q2 Growth
Florida-based cannabis software solutions provider SpringBig Holdings Inc. (Nasdaq: SBIG) saw notable growth and a path toward profitability in its preliminary financial results for the second quarter ended June 30 and updated its outlook for the second half of the fiscal year. Read more here.
In Other News
Pineapple Express Cannabis Co.
Pineapple Express Cannabis Co. (OTC: PNXP) announced the corporate action consent of its name change to Pineapple Express Cannabis Company (formerly Minaro Corp.) and also a revised ticker symbol of PNXP (formerly MNAO). Read more here.
The city of Detroit will begin accepting applications for the second round of limited marijuana business licenses, which include dispensaries, microbusinesses and consumption lounges, on Aug. 1. Read more here.
The Alabama Medical Cannabis Commission plans to award business licenses at a meeting on August 10, officials with the AMCC said at a court hearing Thursday afternoon, replacing the selections it announced last month. Read more here.