The Daily Hit is a recap of cannabis business news for Dec. 5, 2022.
ON THE SITE
Biden Signs Historic Marijuana Research Bill, Lawmakers Push Additional Measures
After months of policy debates and trading barbs on Capitol Hill, a U.S. president has finally sent through the first piece of meaningful marijuana legislation since The Controlled Substance Act of 1970. Sen. John Hickenlooper (D-CO) also last week filed a bill that would create a federal commission to help outline the ways in which federal agencies approach implementation of eventual legalization. Read more here.
Crain’s Chicago Releases City’s Largest Cannabis Companies List
Chicago is home to a few of the cannabis industry’s leading players, including publicly traded Cresco Labs, Verano, and Green Thumb Industries, and privately held PharmaCann. They dominate Crain’s new list of Chicago’s Largest Cannabis Companies. Read more here.
Planet 13 Confirms Consumption Lounge Win
Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) confirmed that its subsidiary MM Development Company Inc. received approval for a Nevada consumption lounge from the Nevada Cannabis Compliance Board. The Nevada CCB announced the winners of the consumption lounge license lottery. Read more here.
A Rhode Island Grower Won a Cannabis Competition, the State Fined it $10,000
As Rhode Island commenced adult-use sales last week, growers will look to compete against those vying for cultivation notoriety. However, one operator’s experience serves as a reminder for those operating in the nascent market. Read more here.
Survey: Cannabis-Based Medicine Epidiolex Works ‘Across Age Groups’
Ireland-based Jazz Pharmaceuticals (Nasdaq: JAZZ) announced that its anti-epileptic over-the-counter cannabis drug, Epidiolex, has been found to be effective “across age groups,” not just young children, according to a survey of caregivers presented recently at a gathering of the American Epilepsy Society. Read more here.
IN OTHER NEWS
Grown Rogue International Inc.
Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a craft cannabis company operating in Oregon and Michigan, closed a non-brokered private placement of convertible debentures with an aggregate principal amount of $2 million. The convertible debentures bear an interest of 9% per year, paid quarterly, and mature 36 months from the date of issue. The principal use of funds will be to accelerate expansion efforts and for general corporate purposes. Read more here.
Halo Collective Inc.
Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) (FSE: A9KN) reported year-to-date revenue of just over $11.7 million for 2022. Halo continues to strengthen its market share by penetrating the Eastern Oregon region and increasing territory sales. The company currently sells to over 450 dispensaries and wholesalers statewide, with a majority of accounts ordering on a monthly basis. Read more here.
Icanic Brands Company Inc.
Icanic Brands Company Inc. (CSE: ICAN) (OTCQB: ICNAF), a California-based extraction and manufacturing cannabis company, will change its corporate name to Leef Brands Inc., now that it received approval for the move from the Canadian Securities Exchange. In connection with the name change, the company’s common shares will trade under the new trading symbol, LEEF, as of Dec. 7. Read more here.