The Daily Hit is a recap of the top financial news stories for Dec. 11, 2023.
On the Site
Curaleaf Reorganizes Ahead of TSX Listing
New York-based Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) will reorganize its U.S. subsidiary, Curaleaf USA, as part of its plans to list on the Toronto Stock Exchange. The reorganization involves a new investment in Curaleaf USA, where an independent investor acquired one share of Class A voting stock for $1 million. Read more here.
Skymint to Shut Down Michigan Marijuana Growing Operation, Lay Off 180
Skymint, the embattled marijuana operator being acquired out of receivership, is shuttering its growing and processing plant near Lansing, Michigan, and will lay off roughly 180 employees by March 1, the company said last week in an internal memo to employees that was obtained by Crain’s. Read more here.
Illinois Governor Signs Cannabis Transport Bill, Halts New Licenses
Illinois Governor JB Pritzker signed a bill into law Friday that waives annual licensing fees for existing cannabis transporters for three years and puts a hold on issuing new transporter licenses until 2027. Read more here.
Arizona Cannabis Sales Pass $1B for 2023
Arizona marijuana sales remained down for the year in September and August, after first entering a slump over the summer, but appeared to be stabilizing. Overall cannabis sales for the state surpassed the $1 billion sales mark for the year two months ago. Read more here.
New Jersey Medical Marijuana Sales Decline as Recreational Gains
New Jersey’s marijuana market is following a common trend among U.S. states that have embraced adult use: the slow but steady decline of medical marijuana sales, as patients opt for the ease of recreational purchasing. Read more here.
In Other News
CALIFORNIA PRODUCT RECALL: Grizzly Peak Farms
Grizzly Peak Farms has issued a voluntary recall of its Zoap flower strain after the product failed testing for the Category I pesticide chlorfenapyr. Learn more here.
The Grass Is Always Greener LLC
A lawsuit in a Washington state court says The Grass Is Always Greener LLC broke a $480,000 settlement by not maintaining a business license associated with a dispensary or keeping up with payments owed to the plaintiff. Bernard Finney said payments stopped at the end of 2022. Read more here.