The Daily Hit is a recap of the top financial news stories for Jan. 30, 2024.
On the Site
California attorney targets another social equity program – this time in Maryland
A California attorney who filed suit in three different states over cannabis social equity criteria has added a fourth, targeting Maryland’s marijuana licensing program with similar tactics. Read more here.
Another New York lawsuit asks court to halt cannabis licensing
Yet another lawsuit requesting a court order to halt retail marijuana business licensing in New York state was filed Monday evening, this time by a group of women entrepreneurs who allege state cannabis regulators broke the rules with how they created and are trying to implement a “randomized queue” of more than 2,000 dispensary license applicants. Read more here.
Huxley Health finalizes Sintalica deal, names Bruce Linton chairman
Privately owned psychedelics company Huxley Health Inc. completed its acquisition of Canadian drug discovery company Sintalica and named Bruce Linton as its new chairman. Read more here.
Cannara Biotech delivers solid first quarter results as revenues jump 89%
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) delivered its fiscal first quarter 2024 financial results for the quarter ending November 30, 2023. The Canadian-based cannabis company reported that its fiscal first quarter revenue jumped 89% to $19.5 million from last year’s $10.3 million for the same time period. Read more here.
Oxford Cannabinoid Technologies sees clinical progress amid losses
Oxford Cannabinoid Technologies Holdings plc (LON: OCTP), which specializes in cannabinoid-based medicines, reported completing its first Phase I single ascending dose clinical trial for OCT461201, its lead program, a significant development in its research initiatives. Read more here.
In Other News
Lexaria Bioscience Corp.
Lexaria Bioscience Corp. (Nasdaq: LEXX) submitted its Investigational New Drug application with the U.S. Food and Drug Administration for its planned U.S. phase 1b hypertension clinical trial HYPER-H23-1 of DehydraTECH-CBD. Read more here.
A woman says she was hired by a cannabis company that was later acquired by TerrAscend Corp. around the time she developed a chronic medical condition, only to be fired after requesting accommodations, a Michigan federal lawsuit contends. Read more here.