The Daily Hit is a recap of cannabis business news for Jan. 5, 2023.
ON THE SITE
Cannabis Legalization Bills Introduced in Minnesota, South Carolina
At least two more states this year will consider legalizing cannabis in some form. In Minnesota, Democratic lawmakers on Thursday introduced HF 100, which would legalize recreational cannabis. In South Carolina late last month, Republican lawmakers pre-filed two bills, both of which would legalize marijuana for medical uses. Read more here.
Colombia Leans Further Into Cannabis
The country of Colombia may have a reputation as the home for cocaine cartels, but it is leaning further into cannabis these days. According to government claims, the country has received $250 million in international funding in support of the cannabis sector. Read more here.
Pontiac, Michigan, May Finally Get Adult Use Cannabis
Pontiac City Council plans to finalize a city ordinance on Jan. 10 to allow adult-use recreational marijuana businesses to operate in Oakland County’s sixth-largest city. Voters approved a proposal in 2018 that called for 20 adult-use marijuana retailers with no license limits for grow operations, processors, or transportation firms. Read more here.
Untapped Southern Markets Face Uphill Battle
The South may be the last frontier for state cannabis legalization, but the region could be a boon for the industry once the floodgates open. A report from cannabis consulting firm Global Go posits that these four states could provide value for entrepreneurs sitting on the sidelines of Florida’s limited vertical model. Read more here.
IN OTHER NEWS
Unrivaled Brands, Inc. (OTCQB: UNRV), a cannabis company with operations in California, enters into binding Letters of Intent with two Cookies-branded retail stores in that state: Cookies Redding and Cookies Oakland. Read more here.
The Parent Co.
TPCO Holding Corp. (NEO: GRAM.U) (OTCQX: GRAMF), a leading consumer-focused California cannabis company also known as The Parent Co., entered into modification agreements to restructure its relationship with Roc Nation LLC and SC Branding LLC.
As part of the arrangement, Shawn ‘JAY-Z’ Carter and affiliates and Roc Nation will return approximately 7.1 million common shares of The Parent Company, enabling TPCO to save roughly $33.5 million in top-line costs over eight years. Roc Nation and JAY-Z affiliates are expected to remain substantial shareholders and to continue working with The Parent Company across innovation, brand strategy and social justice fair equity opportunities. Read more here.