StaffSeptember 6, 2023
The Daily Hit is a recap of the top financial news stories for Sept. 6, 2023.
On the Site
Dutchie Countersues ScanSource Over $17.1M Unpaid Goods Claim
E-commerce cannabis company Dutchie filed a countersuit against tech distributor ScanSource amid an ongoing $24.7 million legal dispute. Dutchie’s parry move accuses ScanSource of not only breaching its contract but also of delaying the placement of orders for 35,000 tech products. Read more here.
Maryland Cannabis Regulators Outline Social Equity Requirements
Maryland regulators have unveiled guidelines to determine eligibility for social equity applicants in the upcoming cannabis licensing application period. The state’s Office of Social Equity is tasked with outlining who qualifies as a social equity applicant, while the newly established Maryland Cannabis Administration will oversee the verification and license application processes. Read more here.
Anti-Marijuana Group Files Second Lawsuit Against New York
An anti-marijuana group has filed its second lawsuit against the state of New York, this time alleging that the $200 million state fund established to help justice-involved retail licensees obtain real estate for their shops is tantamount to “money laundering.” Read more here.
Third Minnesota Tribe to Enter Recreational Marijuana Market
The recreational marijuana business in the Land of 10,000 Lakes is picking up, with a third Minnesota-based Native American tribe announcing plans to enter the trade. Recreational possession and use became legal in the state on Aug. 1, but the state has yet to create a framework for businesses to operate under. Read more here.
Springbig to Delist From Nasdaq, Trade on OTC Markets
Cannabis marketing company SpringBig Holdings Inc. (OTC: SBIG) announced late last week that it will be removed from the Nasdaq, but it will continue trading on over-the-counter markets. Read more here.
In Other News
Keego Harbor, Michigan
A Michigan appellate panel has ruled the city of Keego Harbor wrongly excluded a proposed charter amendment from the November ballot that would establish regulations for two adult-use marijuana retail facilities, saying petitions pushing charter amendments are not subject to approval by the city clerk before being circulated for signatures. Read more here.
BDSA
Cannabis sales increased 0.8% sequentially in July after increasing 0.3% in June, according to cannabis data analytics firm BDSA. Looking at a per-day basis, sales decreased 2.4% sequentially. Read more here.
Aurora Cannabis
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) has expanded its hemp-derived CBD portfolio into Brazil. In partnership with Herbarium, the leading Brazilian company in herbal medicine, Aurora will launch the company’s full-spectrum, single-source 3% CBD oil, under the Herbarium brand. Read more here.
Adam Jackson
Debra Borchardt