The Daily Hit is a recap of the top financial news stories for January 25, 2023.
On the Site
New York Approves 30 More Cannabis Retailers
The New York Cannabis Control Board nearly doubled the number of licensed retailers to date during its Wednesday meeting with the approval of 30 new licenses. That brings the statewide total of locations approved so far to 66, with more still on the way. Read more here.
Ascend Wellness Expands into Maryland with $19 Million Acquisition Deal
New York-based Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) announced its expansion into Maryland with its $19 million purchase of Devi Holdings, which runs four operational medical marijuana dispensaries. Read more here.
Michigan Developer Files $60M Lawsuit over Medical Marijuana Permits
Rubicon Real Estate Holdings, its principal Joseph Brown, and Brown Design Consultants allege in the suit filed in Oakland County Circuit Court that the city, and its clerk Garland Doyle, dragged its feet on issuing the permit for nearly four years, causing the developer’s lender to pull its $45 million in loans and led to the loss of several tenants for the proposed development. Read more here.
Apeks Sued For Faulty Extraction Machine Costing $357,000
Apeks is being sued for selling a $357,000 extraction machine that the buyers claim didn’t live up to the sales claims. Ryan Elmore and Warren Blesofsky, owners of California-based medical cannabis business LB Atlantis LLC, bought Apeks’s new “High Production Series” machine, which was marketed as being able to process “nearly 60 pounds of raw material per day when operating for 23 hours per day with a 90% cannabinoid extraction rate.” Read more here.
MariMed Finds $35 Million in New Funds
MariMed, Inc. (CSE: MRMD) (OTCQX: MRMD) has closed on a $35 million secured credit facility, with Chicago Atlantic as the lead lender. MariMed said it has already borrowed $30 million at close and can draw down up to an additional $5 million over the next six months. Read more here.
In Other News
The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (OTC: TGODF) plans to become BZAM Ltd. after its board of directors approved the name change. The move is still subject to regulatory approval including that of the Canadian Securities Exchange. Read more here.
Georgia medical cannabis
The state commission in charge of Georgia’s medical marijuana program adopted a rules Wednesday for the manufacture and sale of low-THC cannabis oil to patients suffering from a variety of diseases. The rules will govern various aspects of the program including the facilities that will produce the oil, the dispensaries where the oil will be sold, and the independent laboratories that will test the product. Read more here.
New York cannabis
The NY Committee on Open Government published an advisory opinion on Jan. 20, after medical marijuana patient Tim Mitchell inquired about the legality of certain Office of Cannabis Management and Dormitory Authority of the State of New York public meeting practices. Read more here.