The Daily Hit is a recap of the top financial news stories for January 24, 2023.
On the Site
FDA Releases Cannabis Industry Research Guidance
The guidance document from the U.S. Food and Drug Administration follows the 2018 federal legalization of hemp via that year’s federal farm bill, which removed cannabis with less than 0.3% THC by dry weight from the list of controlled substances. Read more here.
Mississippi Medical Marijuana Sales May Start Friday
But over the weekend, state regulators began activating patient cards and notifying cardholders, so they could visit dispensaries and get the rest of mandated info uploaded to the state in advance of the sales launch. Read more here.
SMACKED Social Equity Dispensary Opens in NYC
New York’s first social equity applicant dispensary opened its doors today. Roland Conner, the owner of SMACKED Village located in Greenwich Villag, had been incarcerated for cannabis but prefers to be called an entrepreneur, not an ex-con. Watch video from the opening event here.
Cannara Biotech Expands, But Makes Just $2,200 in Q1 2023
Montreal-based Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) was slightly profitable for its first financial quarter of 2023, with $2,209 in net income against $7.7 million in revenue, the company reported. The vertically integrated Canadian marijuana company also spent $2.7 million to expand its footprint, increase headcount, and bring 14 new product lines to market during the quarter, which ended Nov. 30 last year. Read more here.
In Other News
22nd Century Group
22nd Century Group, Inc. (Nasdaq: XXII), a biotechnology company dedicated to improving health with reduced-nicotine tobacco, hemp/cannabis, and hops advanced plant technologies, acquired privately held RX Pharmatech Ltd (RXP), a United Kingdom distributor of cannabinoids with 1,276 novel food applications with the U.K. Food Standards Agency (FSA). Terms of the agreement include an up-front payment of $650,000 in cash and stock and a three-year equity earn-out based on revenue milestones. Read more here.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) announced the expansion of its Grassroots brand in New Jersey with the launch of premium cannabis flower and pre-rolls. Available now at all Curaleaf locations across the state, New Jersey is the eighth market to offer Grassroots products. Read more here.