John SchroyerOctober 19, 2023
Licensees say additional state funds may not be enough to succeed.
Illinois social equity Archives - Green Market Report
John SchroyerOctober 19, 2023
StaffJuly 18, 2023
The Daily Hit is a recap of the top financial news stories for July 18, 2023.
On The Site
Deceased Worker From Green Thumb Industries Identified, Teamsters Call for Action
A worker at Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) who died while on the job Friday has been identified as 60-year-old Julie Devinney, whose sudden passing prompted a call for reform and unionization at the business from the International Brotherhood of Teamsters. Read more here.
Trulieve Sues Ohio Cannabis Company Over $24 Million Debt
Florida-based Trulieve (CSE: TRUL) (OTCQX: TCNNF) has filed a civil lawsuit against a former business partner in Ohio of Harvest Health & Recreation, which it acquired two years ago, for nearly $24 million in debts. Read more here.
FSD Pharma Wins Multi-Million Dollar Dispute Over Failed Drug Trial
Toronto-based biopharmaceutical company FSD Pharma Inc. (Nasdaq: HUGE), which dabbles in psychedelic-based drugs after venturing out of cannabinoid molecules, scored what it views as a David-over-Goliath victory against a large contract research firm over an arbitration dispute. Read more here.
Clinics Boost Revenue For Numinus Wellness
Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company focused on evidence-based psychedelic-assisted therapies, posted strong financial results for the third quarter ending May 31, 2023. Read more here.
Judge Says Metrc Can Withhold Tags From Colorado Licensee
A Colorado licensee has been fighting Metrc over unpaid fees for tags and in the latest round a judge said Metrc could withhold tags – potentially shutting down the business. Read more here.
Reality Hits Hard For License Lottery Winners
New owners of 55 social equity marijuana retail permits awarded in Illinois last week via lottery will now have to prove their eligibility to the state and also raise enough money to get their businesses open, which can be a tough hurdle to clear. Read more here.
In Other News
Curaleaf Layoffs
Curaleaf, the leading grower and seller of cannabis in New Jersey, announced Monday that it is laying off 49 employees at its Winslow production facility, saying the slower-than-expected rollout of the sector has impacted the amount of product that can be sold, despite a strong market for it. Read more here.
New York
A New York City entrepreneur who illegally sold marijuana at a dozen shops across Manhattan must pay more than $400,000 in taxes and proceeds from illicit sales of cannabis, as part of a crackdown on the thousands of unlicensed operations across the city. Read more here.
Vermont
Flood-ravaged cannabis businesses in Vermont learned they are ineligible for federal assistance due to the illegality of marijuana. Read more here.
North Carolina
Members of the Eastern Band of Cherokee Indians will vote in September on whether they want to legalize marijuana possession and sales on tribal lands for anyone 21 and older — not just for those seeking it for medical use that the North Carolina tribe had already authorized. Read more here.
StaffJuly 12, 2023The Daily Hit is a recap of the top financial news stories for July 12, 2023.
On the Site
Pump & Dumper David Ferraro Gets Final Judgment
The U.S. Securities and Exchange Commission might finally be closing the book on the fraudulent team of Justin Costello and David Ferraro. On July 11, the agency received a final judgment against Ferraro for his role in alleged microcap stock promotion schemes that generated more than $140,000 in profits for Ferraro. Read more here.
Massachusetts Sold $152 Million in Marijuana Last Month
Dispensaries in Massachusetts racked up $132.8 million in recreational cannabis sales, and another $19 million in medical sales, for a total of $151.8 million, according to the state’s Cannabis Control Commission. Read more here.
IGC Pharma Gets Boost from Hong Kong-Based Investors
Clinical-stage pharmaceutical company IGC Pharma Inc. (NYSE: IGC) released its fiscal-year 2023 financial results on Wednesday, outlining several strategic moves to support its pursuit for treating Alzheimer’s disease. Read more here.
Tough Times Likely Ahead for New Illinois Marijuana Shops
If past is prologue, then the 55 upcoming Illinois social equity license lottery winners on Thursday are going to have a rough time actually getting their shops open for business. Read more here.
In Other News
Minnesota medical marijuana
The Minnesota Department of Health officially added irritable bowel syndrome (IBS) and obsessive-compulsive disorder (OCD) to the list of qualifying medical conditions for participation in Minnesota’s medical cannabis program, effective July 1. Read more here.
Ohio medical marijuana
On Wednesday, July 12, the State Medical Board of Ohio agreed to include irritable bowel syndrome in Ohio’s list of qualifying conditions for medical marijuana but rejected adding autism spectrum disorder and obsessive-compulsive disorder. Read more here.
John SchroyerJuly 12, 2023
As of Tuesday, only 27 of the 192 social equity licensees in the state were open.
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