The Daily Hit is a recap of the top financial news stories for Aug. 7, 2023.
On the Site
NY Judge Halts Retail Marijuana Licensing After Military Veterans Sue
History is repeating itself. For the second time in less than a year, a New York judge has issued an order halting all state cannabis retail licensing. Judge Kevin Bryant on Monday sided with four service-disabled military veterans who filed suit against the New York Office of Cannabis Management and other state officials last week. Read more here.
Get Paid to Wait in Cannabis
It’s an old Wall Street strategy on dividends – getting paid to wait. In cannabis stocks, this could be the way to go since valuations have been terribly slow to recover. If you genuinely believe in the cannabis sector, it might make sense to put your money where you may get something back as you wait for the buzz to return to cannabis investing. Read more here.
Connecticut-Based Fine Fettle Expanding into Multistate Operations
A new marijuana multistate operator is poised to join the ranks of cannabis companies that have industry footprints in three or more states: Connecticut-based Fine Fettle. Read more here.
Verano to Open Six Social Equity Joint Ventures in Connecticut
The first of six social equity joint ventures backed by multistate operator Verano Holdings (CSE: VRNO) (OTCQX: VRNOF) has opened in Connecticut, doing business under the MSO’s umbrella retail brand Zen Leaf. Read more here.
Illinois Hits 2023 High Mark With $140 Million in July Sales
Illinois marijuana dispensaries have set a new bar for the year after topping $140 million in sales for July, according to state figures. The only other time the Illinois cannabis market sold that much in a single month was December last year, when sales passed $143 million. Read more here.
In Other News
Ohio recreational ballot initiative
Ohio is now expected to vote on cannabis legalisation in November this year after campaigners successfully gathered more than 6,000 additional signatures to cover the shortfall of 697 signatures reported last month. Read more here.
Complete Hemp Processing
After five years of planning and working with South Dakota lawmakers on industrial hemp policy, Complete Hemp Processing opened its doors. A.H. Meyer & Sons, a fourth-generation South Dakota family-owned honey and beeswax processing business expanded into growing and processing hemp. Siblings Ken and JB Meyer and Melissa Shipley set up the new facility in Winfred, South Dakota. Read more here.