The Daily Hit is a recap of cannabis business news for Dec. 12, 2022.
ON THE SITE
Experts Predict New York Cannabis Taxes Will Undercut Legal Market
Prices of legal recreational cannabis across New York will likely be at least twice as much as marijuana sold by unlicensed dealers and smoke shops, which will lead to a struggle for survival for much of the industry, according to a white paper authored by a pair of tax attorneys. Read more here.
Personal Liability for Cannabis Business Debts? Maybe, Says Tax Expert
Since business bankruptcy protections aren’t available to cannabis companies, executives don’t have the same personal protections they do in other industries, and it means their personal bank accounts could get ravaged by tax collectors, if they’re not careful. Read more here.
MariMed CEO Bob Fireman Passes Away Unexpectedly
MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) announced that Chairman, CEO, and co-founder Robert Fireman died unexpectedly on Dec. 11, 2022. The company said it will provide further information on succession once the board has had an opportunity to determine the best path forward. Read more here.
Kansas Lawmakers to Revisit Medical Cannabis Legalization Next Year
A Republican state senator in Kansas plans to introduce a bill in January to legalize medical marijuana, putting the state on the list of potential new U.S. cannabis markets that could be on the horizon. Read more here.
Jushi Makes Money Moves
Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) announced the second closing of its previously announced private offering of 12% second lien notes and detached warrants to purchase the company’s subordinate voting shares at an exercise price of $2.086. Jushi also entered into a sale-leaseback situation on equipment. Read more here.
IN OTHER NEWS
Health Canada announced amendments to the Cannabis Act and its regulations concerning cannabis research and testing, and cannabis beverages. The updates include an increase to the public possession limit for cannabis beverages that will now allow adults in Canada to possess up to 17.1 litres (equal to 48 cans of 355 ml each) of cannabis beverages in public for nonmedical purposes. Read more here.
Workers laid off by Trulieve Inc. (CSE: TRUL) (OTCMKTS: TCNNF), Florida’s largest medical marijuana operator, have filed a potential class-action lawsuit alleging the Tallahassee-based company failed to give adequate notice before letting them go. Read more here.