The Daily Hit is a recap of the top financial news stories for June 6, 2023.
On the Site
Cannabis Retailer Fire & Flower Files for Bankruptcy Protection
Canadian cannabis retailer Fire & Flower Holdings Corp. (OTCQX: FFLWF) is seeking creditor protection under the Creditors Arrangement Act, the company said Tuesday. The company and a string of its subsidiaries received an order from the Ontario Superior Court of Justice for creditor protection, marking a notable – yet foreseen – shift in its financial circumstances. Read more here.
New Cannabis Coalition Aims to Influence Federal Rescheduling Process
A broad group of marijuana companies, cannabis trade organizations, nonprofits, law firms, doctors, ancillary companies, and activists has joined forces in the hopes of influencing a review by the Biden administration which could result in federal marijuana legalization. Read more here.
NY CAURD Applicant Wants Waiver for Location Near MedMen
Three Dominican-born, Queens-raised brothers want to open a dispensary and consumption lounge in the old Nat Sherman cigar lounge located in a prime spot in the city – on 42nd street near Grand Central Terminal in the heart of midtown Manhattan. Unfortunately, the city believes that’s within 1,000 feet of the financially troubled medical-only MedMen (OTC: MMNFF) store on Fifth Ave. Read more here.
SpringBig Sued by Kind+ for Alleged Copycat Subscription Service
Florida-based cannabis marketing company, SpringBig Inc. (Nasdaq: SBIG), is being sued by Kind+ Inc., a Massachusetts-based cannabis subscription service, for allegedly using their partnership to create a competing business. The complaint alleges SpringBig used its access to Kind’s proprietary technology and business data to introduce a rival service last month. Read more here.
ICYMI: LGBTQ+ Pride’s Crucial Role in the Modern Cannabis Industry
Since June is Pride Month – a 30-day show of support for the LGBTQ+ community – Green Market Report thought it was worth a few hundred words to note that the modern U.S. marijuana industry likely wouldn’t exist if it hadn’t been for the courage of that same community of activists who have been willing to push back against societal norms for decades. Read more here.
In Other News
Medicine Man Technologies Inc. (OTCQX: SHWZ) (NEO: SHWZ), which operates as Schwazze, acquired certain assets of Sucellus LLC, pursuant to which the Schwazze will manage Everest Apothecary Inc., a New Mexico not-for-profit corporation. The transaction includes retail dispensaries, cultivation, and manufacturing facilities. Read more here.
Green Check Verified
Green Check Verified, a fintech provider of compliant cannabis banking solutions and business services, acquired Komplyd, a purpose-built compliance-as-a-service platform designed for business applications targeting the cannabis industry. The acquisition will enable Green Check Verified to further integrate with seed-to-sale technologies and more seamlessly connect the supply chain of the plant to the supply chain of commerce. Read more here.