The Daily Hit is a recap of the top financial news stories for Dec. 20, 2023.
On the Site
New York Cannabis Regulators Face Yet Another Lawsuit in Adult-Use Rollout
A new lawsuit from a now-notorious marijuana business operator who has filed multiple lawsuits over various social equity programs across the country – and who was responsible for several months’ worth of delays in New York licensing already – has filed a new lawsuit asking a federal judge to block New York regulators from awarding further cannabis licenses. Read more here.
MedMen to Exit Arizona and Nevada, Sell Assets to Mint Cannabis
The long-embattled Florida-based MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced Wednesday that it agreed to sell its cannabis assets in Arizona and Nevada to competitor Mint Cannabis, an Arizona-based multistate operator, and will exit those markets. Read more here.
About 7,000 Adult-Use Cannabis Applications Estimated in New York
New York cannabis regulators probably took in about 7,000 business license applications for marijuana companies during its latest submission window, which closed on Monday, according to one attorney who was heavily involved in the process for scores of clients. Read more here.
Filament Health Cancels SPAC Merger
Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) and Jupiter Acquisition Corp. (Nasdaq: JAQC) mutually agreed to terminate their business combination agreement after being advised that “material changes” would be needed to achieve Nasdaq compliance. Read more here.
In Other News
The French Laundry
The founders of Maven Genetics, a California cannabis company, have changed the name of their most celebrated strain after Michelin-starred restaurant The French Laundry caught wind that its trademarked name was being used. Read more here.
Connecticut residents looking to consume alcohol at home on Christmas and New Year’s will have to buy it ahead of time, as stores won’t be allowed to sell alcohol on those days, according to the Department of Consumer Protection. However, cannabis sales and gambling will be allowed, the department announced Wednesday. Read more here.
Economist Beau Whitney estimates 1 million pounds of dried pot were grown legally this year in Oregon. But Whitney estimates another 3.1 million pounds of illegally grown Oregon cannabis will be diverted across state lines. By Whitney’s calculations, that means three times as much weed is shipped out of state as is sold in Oregon’s licensed shops. Read more here.