The Daily Hit is a recap of the top financial news stories for April 17, 2023.
On the Site
Curaleaf New Jersey Recreational Licenses Reinstated
Curaleaf (OTC: CURLF) has been granted permission to continue selling recreational marijuana at all its New Jersey locations after state regulators reversed a Friday decision that would have significantly restricted the company’s sales outlets. Read more here.
Circle K Deepens Ties with Fire & Flower
This deal gives Fire & Flower the exclusive right to negotiate with Alimentation Couche-Tard (OTC: ANCUF) when it comes to entering new retail cannabis businesses and franchise arrangements in Canada. It also opens up the possibility for retail expansion into other legal cannabis markets outside of the country. Read more here.
Outrageous Loans, Plunging Prices Hurt Michigan’s Cannabis Market
The promise of riches brought thousands to the Michigan marijuana industry. But, for some, the promise of turning plants into profit has shriveled due to tough loan terms and plummeting prices. Read more here.
Cannabiz Mobile Executive Pleads Guilty to Pump-and-Dump Scheme
Massachusetts resident Christopher Esposito was charged last year with selling 1.3 million shares of fraudulently obtained stock in Cannabiz Mobile Inc., which he failed to register with the U.S. Securities Exchange Commission, according to a press release from the Massachusetts U.S. Attorney’s office. Read more here.
The House of Cannabis Museum in New York City
Green Market Report visited The House of Cannabis this month, which is billed as the first-ever permanent home celebrating “high culture” and its impact on music, art, fashion, social reform, and cultivation. Check it out here.
In Other News
Pervasip Corp. (OTCPK: PVSP), a developer of companies and technologies in high value emerging markets, today announced the filing of its unaudited financial statements for its first quarter ended Feb. 28. Revenues declined 4.9% sequentially and 2% from a year ago. However, the company realized a 24% reduction in SGA expenses for the same period a year ago, a direct result of its continuing restructuring efforts toward profitability. Read more here.
An investor in a California cannabis venture is alleging that a former marijuana business executive, who paid $12 million to settle security fraud claims from the U.S. Securities and Exchange Commission, has been quietly controlling a new firm to commit the same kind of fraud. Read more here.