U.S. House of Representatives Archives - Green Market Report

StaffApril 18, 2023
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4min00

The Daily Hit is a recap of the top financial news stories for April 18, 2023.

On the Site

House Committee Launches Probe into FDA’s Inaction on CBD Regulation

Despite the legalization of cannabis containing less than 0.3% THC by the 2018 farm bill, the FDA has yet to issue regulations for CBD products. For years, hemp companies and trade groups have urged the FDA to regulate CBD as a dietary supplement, a proposal the agency declined earlier this year. Read more here.

Schwazze to Buy Standing Akimbo for $10.5 Million

Medicine Man Technologies, better known as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), will acquire Standing Akimbo LLC, a medical cannabis dispensary in Denver in a deal valued at $10.5 million. The acquisition will paid in a combination of cash and stock. It is expected to close in the third quarter of 2023 assuming approval form regulatory authorities. Read more here.

Pineapple Ventures Accused of Fraud

A new lawsuit accuses cannabis insider Vincent Zadeh of committing a new cannabis fraud scheme. Investor Greg Levin alleges that Vincent Mehdizadeh, who goes by the name Vincent Zadeh, convinced him to invest $290,000 into Pineapple Ventures with promises of a $5,000 monthly dividend payment. The promised payments were never delivered, and Levin was unable to recoup his investment. Read more here.

Indiva’s Profits Tighten as CEO Calls For Higher THC Edibles Potency Limits

Canadian cannabis edibles producer Indiva Limited (TSE: NDVA) generated $10.3 million in gross revenue in the fourth quarter, a 17.1% sequential increase from the third quarter, but slightly lower than 2021’s fourth quarter. Edible product sales dropped versus last year, accounting for 80.6% of net revenue in the fourth quarter. Read more here.

In Other News

Washington state

Washington is ready to enter the interstate marketplace for cannabis products, when and if the federal government decides to legalize marijuana. The Legislature approved Senate Bill 5069 to allow state companies to enter marijuana import/export compacts with other states immediately after Congress makes the move. The bill passed the House on March 1 and the Senate on April 12, both with bipartisan support. Read more here.

Utah

A company’s challenge to Utah’s medical marijuana licensing scheme fell flat in the Tenth Circuit after a three-judge appellate panel ruled Tuesday that a state licensing agency had reasonably denied the company a cultivation license in favor of those with more community ties. Read more here.

New York

New York Gov. Kathy Hochul announced a new public education to encourage cannabis consumers to purchase marijuana from licensed operators. The campaign, “Why Buy Legal New York,” aims to promote “safer, informed, legal purchases of cannabis from licensed dispensaries,” the governor’s office said in a news release. Read more here.


StaffNovember 16, 2022
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4min00

The Daily Hit is a recap of cannabis business news for Nov. 16, 2022.

ON THE SITE

New Crackdown on Illegal Cannabis in Michigan’s Regulated Market

Michigan’s Cannabis Regulatory Agency has begun its crackdown on illicitly grown marijuana entering the regulated market. The agency announced Tuesday it has suspended the medical and recreational marijuana licenses for dispensary Green Culture in Flint for selling unregulated marijuana joints. Read more here.

Congress Talks Federal Legalization in Bipartisan Hearing

House members and witnesses gathered in a hearing on Tuesday to discuss cannabis legalization efforts and examine the benefits of federal decriminalization behind a regulatory model similar to alcohol when its prohibition was repealed. Read more here.

Debt Lending, Financing Top Concerns for Cannabis Industry

Money is on the minds of many executives in the cannabis industry, as many sources of capital have dried up this year and the marijuana trade stares down the barrel of a possible recession. That reality was reflected in the speaking lineup at the Las Vegas cannabis conference MJBizCon this week. Read more here.

Connecticut Advances Additional Social Equity Applicants, Measures

Connecticut is poised to see its first recreational cannabis dispensary open by early next year. The state’s Social Equity Council on Monday approved six previously denied applicants looking to gain social equity status, which gives them the ability to the have their proposals reviewed by the state Department of Consumer Protection. Read more here.

Las Vegas Blunt Brunch Slideshow

This year’s Blunt Brunch was a sold-out affair as the women in cannabis came together to eat and have some blunt conversations. There was lots of glitz and glam, as the females of cannabis came dressed to slay. They say when you feel like you look your best, you feel more confident – and there was no shortage of confidence in this group. Check out our slideshow of the event.

IN OTHER NEWS

Purplefarm Genetics

Ontario-based Purplefarm Genetics is breathing new life into a shuttered cannabis production facility in New Brunswick. The former Canopy Growth facility was closed in December 2020 as part of company restructuring efforts. According to Purplefarm, the Fredericton facility has nearly six times the annual production capacity of its current cultivation site in Ontario and will add 70 jobs to the area. Read more here.

Khiron Life Sciences Corp. 

Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) (Frankfurt: A2JMZC), announced its market entry into Switzerland with initial sales of new products and increases its product offerings in Germany and UK. The company has obtained import and export permits across Germany and the UK bringing to market its new product offerings, as well as looking for opportunities to expand its presence in other European markets. Read more here.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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