The Daily Hit is a recap of cannabis business news for August 31, 2022.
ON THE SITE
Detroit to Reopen Adult Use Cannabis Applications After Court Ruling
The city of Detroit plans to reopen its adult-use marijuana application process this week after a Wayne County Circuit Court judge dismissed two lawsuits Tuesday that challenged the city’s ordinance. The city will award 60 dispensary licenses during the first phase with another 100 planned in subsequent licensing phases. Read more here.
Arkansas AG Wades Into Court Fight Over Adult-Use Marijuana Ballot Measure
An ongoing court battle over a proposed ballot measure in Arkansas to legalize recreational marijuana has now corralled the state attorney general’s office into the case. In a court filing this week, the state’s top law enforcement officer called the initiative “misleading.” Read more here.
Recreational Marijuana ‘Unlikely’ To Be On Oklahoma Ballot After State Supreme Court Ruling
The Oklahoma state Supreme Court declined a request by a political campaign to order election officials to print ballots with a still-pending recreational marijuana legalization ballot question on them, thus reducing the odds that residents will get to vote on adult-use legalization this year. Read more here.
Emerald Health Bids Cannabis Farewell
Emerald Health Therapeutics, Inc. (CSE: EMH) (OTCQB: EMHTF) reported its financial results for the year ending June 30, 2022, as it closes the curtains on the cannabis industry. Emerald Health shareholders approved an agreement with Skye Bioscience, a San Diego-based pharmaceutical company developing proprietary, synthetic cannabinoid derivatives. The deal is expected to close by mid-October. Read more here.
Red White & Bloom Makes Progress In Sales, But At A High Cost
Red White & Bloom Brands attributed its increase in sales volume to vape product sales generated by House of Platinum or Platinum Vape (PV) PV California, PV Michigan, the added sales from the closing of the PharmaCo transaction in February of 2022, and cannabis product sales generated by RWB Florida. But that increase was offset by lower prices. Read more here.
Evogene Cannabis Revenue Rises In Israeli Market
Rising sales of Caconic medical cannabis products helped boost Rehovot, Israel-based Evogene Ltd.’s balance sheet for the second quarter ending June 30, 2022. Read more here.
IN OTHER NEWS
Willow Biosciences Provides CBG Update
Willow Biosciences completed the initial phases of technology transfer with a second Contract Development and Manufacturing Organization and anticipates running its first commercial batches of CBG products in the first half of 2023. Read more here.
Leviathan Completes Sale of Woodstock Biomed
Leviathan Natural Products completed the sale of its 100% interest in Woodstock Biomed for total consideration of $5 million. Read more here.