The Daily Hit is a recap of the top financial news stories for Sept. 14, 2023.
On the Site
Canopy Growth Bows out of BioSteel
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) will cease funding for its BioSteel Sports Nutrition unit. Following this, BioSteel has initiated proceedings under Canada’s Companies’ Creditors Arrangement Act. Read more here.
Oklahoma Supreme Court Declines to Rule on MMJ License Fee Hike
The Oklahoma state Supreme Court passed on a chance to rule on the legality of a 2022 bill approved by the state legislature that dramatically raises many medical marijuana business permit fees. The high court instead sent the case back down to a lower district court. Read more here.
High Tide Revenue Increases Again, But Still Losing Money
Canada-based High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) pulled in record revenue of C$124.4 million and free cash flow of C$4.1 million, but still posted a C$3.5 million loss in its third quarter, which ended July 31. Read more here.
MAPS Inches Closer to Federal New Drug Application for MDMA
The Multidisciplinary Association for Psychedelic Studies announced the successful completion of Phase 3 clinical trials for an MDMA treatment to help patients suffering from post-traumatic stress disorder, and said it brings the group a major step closer to filing a federal request to bring the treatment to market. Read more here.
Green Market Report Names New York Cannabis Award Winners
Navigating the New York cannabis market these days requires resilience and creativity – just a few of the characteristics shared by the winners of the first ever Green Market Report New York Cannabis Awards. The awards were announced at the GMR New York Cannabis Summit in New York City on Sept. 13. Read more here.
In Other News
Eastern Band of Cherokee Indians
Over the next few weeks, hundreds of medical cannabis patient cards will be headed to North Carolinians who’ve applied to the Eastern Band of Cherokee Indians medical cannabis program. The EBCI’s Cannabis Control Board’s application form requires documentation of one of 18 conditions and a health professional’s signature. More than 750 people have applied. Read more here.
New York Cannabis Growers Showcase
Saratoga Springs’s first Cannabis Growers Showcase, which took place Sunday, Sept. 3 and Tuesday, Sept. 5 returned over $70,000 in gross sales, city Accounts Commissioner Dillon Moran said. Nine farms presented their products in addition to a processor – who essentially makes edible goods and drinks – during the Saratoga Springs showcase, which returned more than 300 transactions on each of its first two days. Read more here.
Oaksterdam University and REEFORM
Oaksterdam University has forged a partnership with the socially conscious cannabis brand REEFORM to offer scholarships aimed at rehabilitating the lives of those beleaguered by the shadows of Cannabis Prohibition and the overarching War on Drugs. Read more here.