The Daily Hit is a recap of the top financial news stories for May 22, 2023.
On the Site
Canopy Growth Reduces Interest in Canopy USA in Revised Statement
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) filed a revised proxy statement with the U.S. Securities and Exchange Commission that includes updates related to its strategy to accelerate entry into the U.S. cannabis industry through a U.S.-domiciled holding company, Canopy USA LLC. Read more here.
Curaleaf Settles Another Lawsuit Over CBD Drops Containing THC
Massachusetts-based Curaleaf (CSE: CURA) (OTCQX: CURLF) has settled yet another class action lawsuit filed last year against it over CBD drops sold in Oregon that had THC in them and wound up getting consumers high. Read more here.
Arkansas Cannabis Grower Settles with Insurer over 5,000 Dead Plants
An Arkansas marijuana grower has apparently reached a settlement deal with its insurance company following a lawsuit that alleged the insurer wrongly denied a claim to partially cover the loss of 5,000 cannabis plants. Read more here.
Rhode Island Tells Dispensary to Remove Billboards or Face Penalties
The owner, Joe Pakuris, put up the trio of billboards just last week to tell motorists on Interstate 95 where they could find his adult-use cannabis store – and to illustrate a glaring loophole in the state’s rules for cannabis companies like his: Massachusetts marijuana businesses can advertise on billboards in Rhode Island, but state-licensed recreational cannabis retailers in Rhode Island cannot. Read more here.
Fixes to Illinois Cannabis Law Proposed to Help Retail Applicants
Legislation filed today as the Illinois General Assembly’s spring session is winding down would extend by one year the amount of time winners have to line up locations for their shops before they risk losing their licenses. The bill also would allow license winners to raise money from outside investors before they receive final approval to open stores. Read more here.
In Other News
Massachusetts’ Cannabis Control Commission on Monday took a step its members said would help streamline the process for getting cannabis cafes and marijuana lounges up and running in the state. The commission voted to scrap a pilot program that would initially limit social consumption establishments — places where people can buy marijuana products and use them on-site — to 12 communities. Read more here.
Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) announced today that its wholly owned subsidiary, The Edibles and Infusions Corp., has met certain of the remaining earnout milestones that formed part of the terms of its acquisition in April 2021. Read more here.