The Daily Hit is a recap of the top financial news stories for April 5, 2023.
On the Site
Ispire Ends IPO Drought for Cannabis Stocks
It’s been a minute since there’s been a cannabis initial public offering, and Ispire seems to have broken the drought as the e-cigarette and cannabis vape hardware company began trading on the Nasdaq Marketplace on April 4 under the symbol ISPR. However, the company didn’t raise nearly as much as it had initially planned when the company filed for the IPO in January. Read more here.
Michigan Dispensary Loses Permit 11 Days After Opening Due to Lighting Dispute
A northern Michigan town revoked a dispensary license for one local location of a small chain of cannabis shops just 11 days after the new store opened for business, over what town officials say is noncompliant outdoor lighting. The store – located in the town of Gaylord, population 4,000 – is owned and run by Exclusive Brands. Read more here.
Detroit Approves First Cannabis Consumption Festival
The city of Detroit approved its first festival allowing the legal consumption of cannabis, a music festival to be held later this month. The 420 Cannabis Music Festival will take place on April 29 at 2000 Brooklyn St. and adjacent areas. The indoor/outdoor event will allow for the consumption of cannabis on site beginning at noon and lasting through the end of the day. Read more here.
Exit of Paychex a Headache for Hundreds of Operators
Human resources titan Paychex (Nasdaq: PAYX) essentially announced its exit from the legal cannabis industry via an email sent last week to its marijuana company clients that used it for payroll and other services, leaving potentially hundreds of operators in the lurch. Read more here.
In Other News
PVSP Pervasip Corp.
PVSP Pervasip Corp. (OTC: PVSP) acquired Slurped, a nano-tincture brand, and established Artizen Nano, which will focus on the development of nano-emulsified products for the cannabis and non-cannabis markets. Read more here.
Nevada’s marijuana growers say they are being overtaxed and on the brink of going out of business, thanks to a tax formula that relies on the state’s calculation of the fair market value of a pound of cannabis, rather than its actual wholesale price. Competing proposals to tweak the calculation would each cost the state millions of dollars a year in tax revenue designated in part for education. Read more here.
Cannabis advocates will hold a policy forum in the Capitol Visitors Center of the Congressional Auditorium symbolically scheduled for April 20 – the unofficial marijuana holiday. The summit will bring together activists and leaders from government, business, health care, veterans groups, and civil rights organizations to review and analyze the most important cannabis policy challenges and opportunities. Read more here.