The Daily Hit is a recap of the top financial news stories for April 27, 2023.
On the Site
Investors Challenge New York’s OCM Policy Director at MJ Unpacked
Alex Bernabe, the chief of staff and senior policy director of the New York Office of Cannabis Management, faced tough questions from the investing community at this week’s MJ Unpacked conference. While Bernabe started out by noting the positives in the New York market, the audience was primarily focused on the TPI, or true party of interest, rule that addresses investors with out-of-state investments. Read more here.
Applicants for New Cannabis Licenses in Illinois Nearly Triple After Rules Overhaul
Nearly 3,000 applicants will be competing in next month’s lottery for 55 new licenses to sell marijuana in Illinois. The state recently overhauled the original licensing process, making it easier and cheaper to seek a dispensary license. Read more here.
POSaBIT Aims for $60M in Revenue in 2023
POSaBIT Systems Corp. (Nasdaq: KERN), a legal cannabis payment provider, posted its financial results for the last quarter and full year of 2022, showing record-level revenues and signs of promising expansion. Read more here.
Slang’s Cash Flow Goes Green from Streamlined Vermont Operations
Toronto-based Slang Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) posted earnings results that flex its strategic partnerships and the expansion of its product sales channels. The company generated positive operational cash flow in the fourth quarter of 2022 and again in the first quarter of 2023, marking two consecutive quarters of positive operational cash flow for the first time in the company’s history. Read more here.
Commercial Property Purchases Decline as Cannabis Businesses Turn to Leasing
A new study from the National Association of Realtors showed a notable decrease in commercial property purchases by marijuana industry-related businesses, accompanied by a rise in leasing activity. Read more here.
In Other News
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced the grand opening of Georgia’s first medical cannabis dispensary in Macon. The new dispensary will be open 10 a.m.- 7 p.m., seven days a week. Trulieve also opened a dispensary in Marietta and has plans to open three more this year. Read more here.
SAFE Banking Act
A group of bipartisan lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act in the House and Senate on Wednesday, after the legislation designed to free up banking services for the cannabis industry stalled in last year’s Congress. Read more here.
New York City
A prominent Harlem business group filed a lawsuit on Wednesday seeking to stop the state from building a recreational cannabis dispensary on the neighborhood’s main street, adding to the challenges faced by New York State in its rollout of the recreational marijuana industry. Read more here.