The Daily Hit is a recap of the top financial news stories for January 18, 2023.
On the Site
New York’s First Cannabis Retailer Sued over Website Accessibility
The nonprofit Housing Works, which launched recreational cannabis sales in New York City last month, is now facing a legal fight over its website, in a suit filed by a blind woman, claiming it’s in violation of the Americans with Disabilities Act. Read more here.
Bespoke Financial Sues ‘In Da Cut’ For Not Paying Its Debt
Cannabis lender Bespoke Financial is suing California-based In Da Cut LLC’s CEO, Drayten Howell, and DOES 1-10 for not paying back the money that was borrowed. According to the court complaint filed on Jan. 11, Bespoke loaned money to In Da Cut in February 2022 so that In Da Cut could pay third-party vendors for goods and services that had been purchased. Read more here.
Michigan Cannabis Sales Hit New Record
Michigan had a banner year in 2022, ending with $221.7 million in sales for the month of December alone and a full-year total of $2.3 billion, a new record for the state’s marijuana industry. That annual sales figure is a 28% increase from 2021. Read more here.
Cannabis ETF Investors: Bad Timers, but Committed
Cannabis ETF investors are a loyal bunch, but not so great at market timing. Just look at one of the more popular cannabis ETFs, the AdvisorShares Pure U.S. Cannabis ETF managed by Dan Ahrens, where investors seem to buy high and sell low. Read more here.
In Other News
Body and Mind Inc.
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ), a multistate operations-focused cannabis company, posted revenue for fiscal year 2022, ended July 31, 2022, of $31.6 million, a 17.6% increase over FY 2021 revenue of $26.9 million. Read more here.
Nass Valley Gardens
Nass Valley Gardens Inc., a Nevada registered C-Corp and a wholly owned subsidiary of Nass Valley Gateway Ltd., (CSE: NVG) (OTC: NSVGF)(FSE: 3NVN), signed a definite agreement to purchase 100% of Super Scientific Laboratories LLC, a manufacturer of products focused on CBD, cannabidiols, vapes, gummies, soaps, lotions, and other consumer products. Read more here.