The Daily Hit is a recap of the top financial news stories for Sept. 19, 2023.
On the Site
Columbia Care Changes Name to The Cannabist Company
Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) is changing its legal name to The Cannabist Company Holdings Inc. as it aligns more closely with its retail store name. The company is rebranding to The Cannabist Company and is also changing its trading symbols on the CBOE Canada to CBST and CBST.WT, respectively, for the common shares and warrants. Read more here.
BZAM Lays Off Over 90 as TGOD Merger, Restructuring Finalized
Canada-based BZAM Ltd. (CSE: BZAM) (OTC: BZAMF) announced another round of layoffs despite the completion of its merger with The Green Organic Dutchman. The company let go more than 90 employees at two of its facilities in British Columbia and Ontario as part of its long-term plan to turn around the fortunes of both businesses. Read more here.
SEC Sues Texas Maker of Hemp CBD Inhalers
In the suit, filed on Sept. 18 in U.S. District Court for the Northern District of Texas, the SEC charges that both Rapid Therapeutic Science Laboratories Inc. and its founder and CEO, Donal Schmidt Jr., were guilty of various securities violations and fraud. Read more here.
Subversive Capital Advisor Launches New Cannabis ETF
Subversive Capital Advisor is launching its sixth exchange-traded fund (ETF) – Subversive Cannabis ETF (Ticker: LGLZ) on Cboe BZX Exchange. LGLZ will be an actively managed ETF that is expected to begin trading on Sept. 19. Christian H. Cooper will act as the ETF’s portfolio manager. Read more here.
Oregon Pauses Pathogenic Mold Testing Requirement
Oregon cannabis authorities changed course on a mold testing requirement for commercial marijuana after a court last month put a 180-day pause on rules established by regulators earlier this year that led to several cannabis product recalls due to testing failures. Read more here.
In Other News
Planet 13 Holdings
Planet 13 Holdings Inc. (CSE: PLTH)(OTC: PLNHF) completed its previously announced plan of arrangement pursuant to which the company was continued from the jurisdiction of the Business Corporations Act (British Columbia) and domesticated under the Nevada Revised Statutes to the State of Nevada. The company’s common stock ticker symbol on the OTCQX U.S. market changed to PLNH. Read more here.
New York State Department of Health
The New York State Department of Health issued a warning on Sept. 19 that synthetic marijuana sold in the Mohawk Valley has been found to contain opioids. The office of Drug User Health’s lab toxicology tests confirmed that two samples of synthetic marijuana, often known as K2 and Spice, were contaminated with five Novel Psychoactive Substances, including two potent synthetic opioids. Read more here.
Vermont’s cannabis marketplace is about to mark its first year in operation. Retail sales for the current fiscal year are projected to top $100 million, generating more than $20 million in new state revenue. Read more here.