The Daily Hit is a recap of the top financial news stories for May 8, 2023.
On the Site
Trademark Appeals Board Rules Against Cannabis Company in Trademark Case
In a first-of-its-kind decision, the Trademark Trial and Appeal Board has upheld the Controlled Substances Act in a cannabis trademark case. The unanimous board ruled against National Concessions Group, a Denver-based subsidiary of Canadian cannabis consumer goods company SLANG Worldwide (OTCQB: SLGWF), on the grounds that cannabis is a federally illegal substance. Read more here.
Delaware Adult-Use Cannabis Sales May Not Launch Until 2025
Delaware, the latest state to join the adult-use cannabis club, won’t actually begin recreational marijuana sales for another year and a half, at the minimum, and perhaps not until early 2025. Read more here.
California Whistleblower Alleges Millions in Cannabis Diversion by Former Employer
As California continues to grapple with the problem of its cannabis being smuggled as far away as New York City, one longtime West Coast industry insider says authorities have declined to act on information about his former employer, a marijuana executive he said shipped at least $2 million worth of legal cannabis out of state in a roughly 10-month period from 2021 to 2022. Read more here.
Curaleaf, Green Thumb Both Bullish Despite Very Different Financials
Massachusetts-based Curaleaf lost more than a third of a billion dollars in 2022. Chicago-based Green Thumb Industries, by contrast, made $12 million last year and $9 million in just its first quarter of 2023. Read more here.
Florida to Grant Additional Cannabis Licenses for Black Farmers
Florida’s medical marijuana market is poised for expansion following the passage of a bill that extends the renewal of marijuana prescriptions over telehealth and authorizes nearly a dozen additional licenses for Black farmers to enter the cannabis industry. Read more here.
• Innovative Industrial Properties Posts $40 Million Profit in First Quarter
• MariMed Year-Over-Year Profits Sink, But Expansion Continues
In Other News
SAFE Banking Act
Senate Majority Leader Chuck Schumer (D-NY) spoke at a marijuana rally in New York City on Saturday, vowing again to pass federal cannabis banking reform legislation as Congress works to end prohibition. Schumer emphasized his commitment to advancing the marijuana banking legislation with criminal justice provisions included, calling the broader effort to repair the harms of the drug war a “moral responsibility” for Congress. Read more here.
Nova Cannabis & SNDL Inc.
Shareholders of Nova Cannabis Inc. (TSX: NOVC) approved a resolution related to the proposed transaction between the company an dSNDL Inc. (Nasdaq: SNDL) to create a cannabis retail platform in Canada. Read more here.