The Daily Hit is a recap of the top financial news stories for April 6, 2023.
On the Site
Feds Charge Former Michigan House Speaker in Marijuana Investigation
Federal prosecutors announced corruption charges Thursday against former Michigan House Speaker Rick Johnson and three others in connection to bribes paid for marijuana licenses. The announcement, made by the U.S. Attorney’s Office in Grand Rapids, comes on the heels of a multiyear investigation into Johnson’s time chairing the former Michigan Medical Marihuana Licensing Board. Read more here.
Tobacco Titan Teams Up with Charlotte’s Web on New Drug Venture
Hemp extract wellness giant Charlotte’s Web Holdings Inc. (TSX: CWEB) (OTCQX: CWBHF) entered into a joint venture with botanical drug developer AJNA BioSciences and London-based British American Tobacco (NYSE: BTI) to develop a new drug for an an undisclosed neurological condition. Read more here.
Ohio’s Second Round of Dispensaries Slow to Open
Ohio’s expansion of its medical marijuana industry last year was supposed to bring another 73 dispensaries to the state, but so far, only 14 of those have opened for business – despite rules that required them to be ready for customers within 270 days. Read more here.
Missouri Continues to Siphon Customers from Illinois
The number of out-of-state buyers coming to Illinois for cannabis dropped in March, a signal that neighboring Missouri’s booming recreational market continues to lure customers away. But the state’s retailers still raked in $134.8 million in sales for the month. Read more here.
Lifeist Grows Roilty Brand as Revenues Rise in 2022
Product expansion has proven to be a winning strategy for Canadian health-tech company Lifeist Wellness Inc. (TSXV: LFST) (OTCMKTS: NXTTF), which owns cannabis brand Roilty. Roilty’s unit sales rose by more than 30% since the fourth quarter of 2022, with the expansion of its product line being a main contributing factor. Read more here.
In Other News
Tilray Medical, the medical cannabis division of Tilray Brands Inc. (Nasdaq: TLRY; TSX: TLRY), expanded in the Czech Republic through a new export and distribution partnership with Cansativa Group. The new strategic partnership broadens Tilray Medical’s distribution of EU-GMP certified medical cannabis products across pharmacies and hospitals to support medical cannabis patient care. Read more here.
Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multistate cannabis operator, closed on a secured commercial loan with FVCbank for gross proceeds of $20 million. The proceeds of the loan will be used for working capital and other corporate purposes. Read more here.
A Massachusetts appeals panel cleared the former mayor of Amesbury against allegations that he interfered with a cannabis company’s application for a license, saying the company failed to show that the former mayor acted in bad faith. In an order filed Wednesday, the three-judge panel of the Massachusetts Appeals Court affirmed the dismissal of two counts against C. Kenneth Gray and one against the city in a suit brought by Kirby Mastrangelo and Candace Kattar, who run CKR Natural Solutions LLC. Read more here.