The Daily Hit is a recap of the top financial news stories for April 4, 2023.
On the Site
Jushi Accused of Fighting Competition in Massachusetts
MJ’s Market Inc., a small, closely held Massachusetts corporation established in May 2018, is accusing Jushi Inc. (OTC: JUSHF) of fighting its efforts to open a dispensary in Tyngsborough, which would be its second store in the state. Read more here.
High Times Back in Court for Failing to Pay Settlement in 420.com Deal
While the embattled High Times Holding Corp. waits for its equally financially impaired lender ExWorks to foreclose, the cannabis media company is being sued for reneging on the sale of a domain name – after being sent payment. Read more here.
Another Potency Lawsuit Filed – This Time in Arkansas
Yet another lawsuit has been filed alleging THC potency fraud in the cannabis industry, with the latest legal action coming in the medical marijuana market of Arkansas. A lawsuit filed by MMJ patient Jakie Hanan in federal court alleges that at least four licensed cannabis companies conspired to defraud patients by falsely increasing THC testing results. Read more here.
New Mexico Passes $300 Million in First Year of Recreational Cannabis Sales
New Mexico, one of the newest adult-use marijuana markets in the nation, just inched past $300 million in sales for its first 12 months of operations, which launched April 1, 2022. The Land of Enchantment is now home to 1,906 cannabis companies. Read more here.
In Other News
South Dakota Gov. Kristi Noem recently signed several bills into law amending the state’s medical cannabis regulations. Senate Bill 1 expanded the list of qualifying conditions, but it also eliminated the petition process for adding additional illnesses. Noem signed other laws as well that increase restrictions on the state’s MMJ program. Read more here.
For the second time, New York’s Office of Cannabis Management has failed to meet its deadline to produce a social and economic equity plan. Described in the Marijuana Regulation and Taxation Act, the plan is meant to guide the rollout of the state’s adult-use marijuana industry. Read more here.
Khiron Life Sciences Corp.
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQB: KHRNF) closed its previously announced marketed public offering of units of the company, including the exercise in full of the over-allotment option. A total of 13.8 million units were sold at a price of $0.05 per unit for aggregate gross proceeds of $690,000. Read more here.