The Daily Hit is a recap of the top financial news stories for March 6, 2023.
On the Site
Investor Sues Tilray for False Claims on Inventory, ABG Deal
It’s been a minute since Tilray (Nasdaq: TLRY) went public, but investor Michael Hudson is suing the company for what he claims are “ breaches of fiduciary duties, unjust enrichment, and waste of corporate assets, and violations of the Securities Exchange Act of 1934.” Read more here.
Conservative Politics Still Shutting Down New State Market Opportunities
Political wrangling over legalizing both medical and recreational marijuana in various U.S. states continues as it does every year, but thus far in 2023, at least five states have formally defeated various attempts at creating new cannabis markets. Read more here.
ICYMI: Oklahoma to Vote on Adult-Use Cannabis Tomorrow
The state already has one of the loosest MMJ industries in the nation, with low barriers to entry for entrepreneurs, a liberal allowance of cannabis for essentially any medical ailment, and thousands of businesses that have sprung into existence since the market launch in 2018. Read a summary of the measure here.
Missouri Cannabis Sales Top $100 Million in February, Localities Weigh Adding Taxes
Missouri surpassed the $100 million mark in marijuana sales for the month of February, its first month ever of selling both medical and recreational cannabis after adult use launched on Friday, Feb. 3. With such a strong start to the Missouri market, dozens of municipalities and county governments are now considering adding local taxes to recreational marijuana sales. Read more here.
Your Take: 3 Things to Know About New York’s Retail Cannabis Rollout from an Applicant
Scott Mazza is the co-founder and chief operating officer of Vitality CBD in Buffalo, New York.
New York’s recreational cannabis rollout is going from bad to worse. Last November, an out-of-state lawsuit stopped conditional adult-use retail licenses in five regions. Then, in January, a federal court upheld the injunction. All the while remaining retail applicants have been left in the dark amidst a thriving gray market. Read more here.
In Other News
Altria Group Inc. (NYSE: MO) entered into a definitive agreement to acquire NJOY Holdings Inc. for approximately $2.75 billion in cash payable at closing. The transaction terms include additional $500 million in cash payments that are contingent upon regulatory outcomes with respect to certain NJOY products. Read more here.
Bhang Inc. (CSE: BHNG) (OTCQB: BHNGF) signed a letter of intent to acquire 1352135 B.C. Ltd. to obtain access to minor-cannabinoid, cannabis, THC, and psychedelic-related patents and intellectual property pivotal in building Bhang’s portfolio beyond chocolate and edible cannabis brands. Read more here.
New Leaf Ventures
New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF) received approval from the Washington State Liquor Cannabis Board for the sale of the license holder’s cultivation license to the third-party asset management company. This solidifies NLV’s sale of cultivation-related assets, through its wholly owned subsidiary New Leaf Equipment Co., providing an infusion of capital into current operations. Read more here.