John SchroyerNovember 16, 2023
The MMJ samples were run through the same tests that adult-use cannabis is required to undergo.
Maine marijuana Archives - Green Market Report
John SchroyerNovember 16, 2023
StaffSeptember 21, 2023
The Daily Hit is a recap of the top financial news stories for Sept. 21, 2023.
On The Site
Innovative Industrial Properties Gets Investor Lawsuit Dismissed
An investor lawsuit that accused cannabis REIT (real estate investment trust) Innovative Industrial Properties (IIP) (NYSE: IIPR) of knowing about a fraudulent scheme by its tenant Kings Garden was dismissed by a New Jersey Judge. Read more here.
Montana Marijuana Sales Hit New Record in August
Medical and recreational marijuana sales in Montana hit a record high in August of $28.6 million, according to state data, up a notch from July when sales were $28.5 million. Read more here.
Hemp Entrepreneur Named Minnesota Marijuana Czar
The upcoming Minnesota Office of Cannabis Management now has a leader: Erin DuPree, founder of hemp goods store Loonacy Cannabis Co. in Apple Valley that sold low-dose THC products. Read more here.
The Cannabist Company Secures $25M in Private Placement
The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CCHWF) announced Thursday it finalized a private sale deal with institutional investors. The company sold 22.2 million units at C$1.52 each, totaling approximately C$33.8 million (US$25 million). Read more here.
Filament Brings Coca Leaves to Canada From Peru
Magdalena Biosciences, the joint venture between Filament Health (OTCQB: FLHLF) (NEO: FH) and Jaguar Health Inc., has imported coca leaves to Filament’s Vancouver, British Columbia, research facility. Read more here.
C21 Sees Positive Sales Signs as Nevada Continues to Contract
C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) reported its financials for the period ending July 31. The company logged a revenue of $7.2 million, mirroring its performance from the prior year. This comes even as the broader Nevada cannabis market saw a 5% drop in sales. Read more here.
In Other News
Maine
Up to half of the products sold in Maine’s medical cannabis market could be contaminated with pesticides, harmful microbes, yeast and mold, according to two studies released this week. Read more here.
Congress
Republican senators, including the lead GOP sponsor of a bipartisan marijuana banking bill, will soon be introducing new legislation to prevent marijuana from being federally legalized by the Food and Drug Administration (FDA) without congressional approval. Read more here.
StaffSeptember 11, 2023
The Daily Hit is a recap of the top financial news stories for Sept. 11, 2023.
On the Site
Trulieve Files Racketeering Lawsuit Against Former Employees, Vendors in Arizona
Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) filed a civil racketeering lawsuit against two of its former purchasing managers in Arizona, as well as five other Arizona cannabis businesses, alleging they engaged in “kickback schemes” that gave the brands access to valuable shelf space at the company’s 21 Arizona marijuana shops. Read more here.
Federal Judge Blocks Arkansas Hemp Restrictions
Hemp-based product makers won a temporary reprieve last week when a federal judge blocked the state of Arkansas from enforcing newly enacted restrictions on intoxicating goods such as delta-8, delta-9, and delta-10 vape cartridges and edibles. Read more here.
Michigan Dispensary Owner Found Guilty of Evading Over $1M in Taxes
A federal jury last week found a Michigan cannabis dispensary owner guilty on multiple counts including evading federal income taxes and obstructing the Internal Revenue Service. Ryan Richmond, the owner and operator of the now-closed dispensary Relief Choices, LLC in Warren, Michigan, is accused of causing more than $1.15 million in tax loss to the IRS between 2011 and 2014. Read more here.
Connecticut Cannabis Sales Climb to $25M in August, Testing Capacity Questions Arise
The Connecticut marijuana market saw a decent sales bounce in August to almost $25 million, but with one of its two cannabis testing labs shuttered in March, questions abound about whether the state is in need of more labs to keep up with its steadily growing marijuana market. Read more here.
Maine Adult-Use Cannabis Sales Top $21 Million in August
Maine had its hottest month yet in August in the recreational marijuana sector, with sales topping $21.6 million, according to figures from the state Office of Cannabis Policy. That brings Maine’s total for the year in the recreational sector to $140.1 million. Read more here.
In Other News
Leafly Holdings
Leafly Holdings (NASDAQ: LFLY) has effected a 1-for-20 reverse stock split of its common stock, par value $0.0001. Leafly’s common stock will continue trading on The Nasdaq Capital Market under its existing symbol LFLY and will begin trading on a split-adjusted basis when the market opens on Sept. 12. Read more here.
Maryland Adult-Use Cannabis
The Maryland Cannabis Administration announced that the first application round for cannabis business licenses will open on November 13. The Administration also announced the number of licenses, by license type, that will be available in the first application round. Read more here.
Virginia
Two hemp businesses and a private citizen are challenging a Virginia law that instituted tougher limits on hemp products in Virginia in federal court, saying the new rules cause financial harm to hemp businesses and interfere in interstate commerce. The law, which went into effect July 1, set the maximum amount of THC in hemp products at 0.3% concentration and 2 milligrams per package. Read more here.
John SchroyerSeptember 11, 2023
Sales are expected to surpass last year's figures in October.
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