StaffNovember 28, 2022
The Daily Hit is a recap of cannabis business news for Nov. 28, 2022.
ON THE SITE
Veterans’ Plight Spotlights Need for Cannabis Legalization as Congress Moves Research Bill
As a historic House-passed cannabis research bill makes its way to President Joe Biden’s desk after surviving a Senate vote, questions remain regarding its impact on the future of federal legalization. One group whose concerns get washed in the stalemates and political acrobatics: former service members facing the specter of stigma and barriers to accessing safe medicine. Read more here.
NY Cannabis Regulators Disclose How They Chose Licensees
Retail cannabis applicants who lived in low-income areas, in public housing or were homeless when they were convicted of marijuana-related offenses had an advantage in the application process for legal cannabis dispensaries, according to details newly revealed in court papers. Read more here.
Bill Would Make Cannabis Companies Eligible for SBA Loans
A Democratic senator has formally introduced a bill that, if successful, would make U.S. cannabis companies fully eligible for federal loans through the Small Business Administration. Read more here.
Done Deals: Trees, Bright Minds
Despite the challenges of raising capital these days in the cannabis and psychedelics industry, two companies managed to close deals before the end of the year.
- Canadian-based Trees Corp. (NEO: TREE) completed the closing of a non-brokered private placement of 745 units at a price of $1,000 per unit for gross proceeds of approximately $745,000.
- Psilocybin drug company Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG) announced a non-brokered private placement with aggregate maximum gross proceeds of $2,050,000.
Cantor Issues Upbeat Cannabis Report
Cantor Fitzgerald analyst Pablo Zuanic wrote an upbeat research report on the major cannabis companies despite the somewhat depressing tone in the industry. Despite the sunny optimism, he opted to leave ratings, estimates, and price targets unchanged. Read more here.
More Earnings Reports
- Flora Growth Reports Rising Revenue
- Cannara Biotech Posts Positive Net Income With 108% Annual Revenue Rise
IN OTHER NEWS
Cannibble Foodtech Ltd.
Cannibble Foodtech Ltd., (CSE: PLCN), a food tech company that develops and manufactures hemp-enhanced food and beverage products, has entered into a share purchase agreement to acquire Eshbal Functional Foods Cooperative Ltd., a private Israeli gluten-free food tech manufacturer. Read more here.
Hempacco
Hempacco Co. Inc. (Nasdaq: HPCO), a hemp smokables company, entered into a joint venture agreement with Sonora Paper Co. Inc. to manufacture, market, and distribute hemp blunt wraps, hemp tubes, and hemp smoking cones based on SPCI’s intellectual property. Read more here.
Hempacco also entered into a joint venture agreement with High Sierra Technologies Inc. (OTC: HSTI) for the production, marketing, and sales of hemp smokables. Pursuant to this agreement, HSTI and Hempacco formed a new Nevada corporation known as Organipure Inc, in which HSTI and Hempacco each own 50% equity interest. Read more here.
