The Daily Hit is a recap of the top financial news stories for July 13, 2023.
On the Site
AYR Wellness, Trulieve Expand in Ohio Despite Cannabis Oversupply
Multistate cannabis operators continue to look at expansion opportunities in Ohio, despite a clear glut of cannabis products. U.S. cannabis operator, AYR Wellness Inc. (OTCQX: AYRWF), announced Wednesday. Meanwhile, MSO giant Trulieve Cannabis Corp. (OTCQX: TCNNF) opened its first medical marijuana dispensary in Columbus on Tuesday. Read more here.
MariMed Stages 280E Tax Protest in Boston Harbor
As hopes for federal legislative relief for the cannabis industry begin to fade, the focus has returned to the issue of 280e. In that spirit, MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) surprised crowds at Boston Harbor when they boarded the Liberty Star schooner and reenacted the tea party revolution. Read more here.
Illinois Grants 55 New Retail Cannabis Licenses Via Lottery
The state of Illinois added 55 more licenses to sell marijuana, adding to a pool of 192 licenses awarded last year. The new licenses could expand the industry in Illinois, which has suffered from a lack of retail outlets where customers can buy cannabis products. Read more here.
Native American Tribe May Open First Recreational Dispensary in Minnesota
A Native American tribal medical cannabis dispensary may become the first to launch in Minnesota’s recreational marijuana market, following a vote this week by the Red Lake Nation. Read more here.
Trees Corp Merges with 420 Investments in Reverse Takeover
Alberta-based 420 Investments Ltd. will go public via a reverse takeover of Toronto-based Trees Corp. (NEO: TREE), the companies said Wednesday. The merger is subject to the approval of Cboe Canada, which was formerly known as the NEO Exchange. Read more here.
North Carolina Won’t Legalize Medical Marijuana This Year, House Speaker Says
A bill to legalize medical marijuana in North Carolina that won bipartisan support earlier this year in the state Senate has been doomed in the lower chamber, the speaker of the state House of Representatives confirmed this week. Read more here.
In Other News
Grown Rogue International
Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) closed the first tranche of a non-brokered private placement of unsecured convertible debentures with an aggregate principal amount $5 million. Read more here.
BZAM Ltd. (CSE: BZAM) (US-OTC:BZAMF) agreed to purchased an aggregate of 630,000 class A shares in the capital of BZAM Cannabis Corp., from certain minority shareholders pursuant to share purchase agreements entered into with each of the BCC shareholders. Once approved, the closing of the share purchase will result in the BZAM Ltd. owning 71.2% of BCC, which is a 13.6% increase of its existing ownership stake of BCC. Read more here.
Botanica, makers of Mr. Moxey’s and Journeyman cannabis-infused edibles, secured $9 million in Series B funding from a group led by KEY Investment Partners and GreenAxs Capital. Other prominent firms participating in the round include Entourage Effect Capital and AFI Capital Partners. In conjunction with the financing, Tiby Erdely of KEY will be joining Botanica’s board of directors. Read more here.