The Daily Hit is a recap of cannabis business news for Nov. 3, 2022.
ON THE SITE
Report: New York State Cannabis Fund Managers Have Conflicts of Interest
New York’s vaunted $200 million fund to support social equity cannabis companies with real estate has an apparent ethics problem: The two individuals appointed to lead the fund are already in business with California-based marijuana company Cookies. Read more here.
Jones Soda Plans Further Expansion Into Cannabis
Following on the success of its limited cannabis product launch, craft soda maker Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) said it plans to continue expanding that product line to “further establish our standing in the cannabis space.” Read more here.
Swedish Attorney to Sue Social, News Media for JuicyFields Scam
Swedish attorney Lars Olofsson said he will file a class action lawsuit against several social and news media platforms that he said helped facilitate the massive Ponzi scheme run by cannabis investment platform JuicyFields. “All of them have allowed JuicyFields to expose themselves on their platforms or magazines, and not just normal accounts but paid ads.” Read more here.
TREES to Acquire Green Man Cannabis for $6.7 Million
Denver-based TREES Corp. (OTCQB: CANN) agreed to acquire GMC LLC, which operates as Green Man Cannabis Dispensary, also located in Denver, for $6.7 million in cash and stock. The purchase brings TREES’ dispensary footprint to eight stores in two states. Read more here.
IN OTHER NEWS
The founders of a California cannabis business startup sued an investor group in Delaware Chancery Court on Wednesday, accusing the investors of misrepresenting their experience in developing cannabis production facilities and intentionally withholding cash as a way to seize control. Read more here.
Software provider Akerna (Nasdaq: KERN) announced that U.S. cannabis shoppers spent a total of $249.6 million on adult-use and medical cannabis products during this year’s Halloween weekend, reflecting year-over-year growth in excess of 6%. Read more here.