The Daily Hit is a recap of the top financial news stories for Sept. 25, 2023.
On the Site
Labor Judge Rules Dispensary Must Bargain with Union Despite Election Loss
A federal administrative law judge handed a significant victory to the United Food and Commercial Workers Union in a ruling last week when it ordered a Massachusetts dispensary to negotiate with the union despite the fact that the UFCW lost an election last year to represent the company’s staff. Read more here.
Judge Says Hacienda’s Bankruptcy Case Can Stand
While the banking challenge has been front and center for cannabis companies, bankruptcy court has been another. Due to the federal illegality of cannabis, access to traditional bankruptcy methods and courts has been off-limits. However, the tide may be turning for cannabis companies that find themselves unable to pay their debts. Read more here.
States Reel Amid Cannabis Regulatory Turbulence
The balancing act of overseeing industries once under the grips of an entire government-sanctioned drug war is already a tiring bite to chew. Now, curious developments in Massachusetts and Minnesota have placed state officials under scrutiny over their respective cannabis regulation roles. Read more here.
SEC Sues Disgraced Tree of Knowledge CEO Over Fraudulent Pivot
The U.S. Securities and Exchange Commission has filed suit against a disgraced former CEO of Washington state-based Tree of Knowledge (OTC: TOKI) (CSE: TOKIF), who led his company into millions of dollars of debt over a fraudulent “pivot” in 2020 to the personal protective equipment supply chain at the outset of the COVID pandemic. Read more here.
2023 Notable Leaders in Cannabis: Luna Stower
As a cannabis executive and educator, Luna Stower has been instrumental in building and scaling dozens of cannabis brands. Raised and based in the Bay Area, Stower advocates for social justice in the industry through government relations and give-back campaigns. Read more here.
• Related: 2023 Notable Leaders in Cannabis
In Other News
As New Jersey’s legalized cannabis marketplace enters its next phase of growth, regulators are introducing guidelines for the rollout of cannabis-infused edible products and regulations for medical-based ventures seeking to participate in clinical research, as well as opening up three additional classes of business licenses. Read more here.
Some potential cannabis businesses are criticizing the tight turnaround to obtain new licenses to grow, process or distribute marijuana, after the Maryland Cannabis Administration announced applications will open on Nov. 13, with distribution set to start just six weeks later on Jan. 1. Read more here.
If signed into law, California’s AB 1207 would make it illegal to use cartoons or depictions of animals and most plants and vegetables on cannabis packaging and advertising. However, the state’s cannabis industry says the bill is written so broadly that it blocks far more than just advertising that appeals to children. Read more here.