The Daily Hit is a recap of the top financial news stories for Dec. 13, 2023.
On the Site
Investor Sues MjLink for Bogus Numbers
Investor Alan Lamothe filed a legal complaint against Decentral Life Inc. (OTC: WDLF) and several other entities alleging that the group made bogus claims about user numbers on the websites. Lamothe says he invested more than a million dollars believing the claims that the websites had millions of users, which would have led to significant income from ad revenues and subscriptions. Read more here.
Canopy Growth Stock Dips on Share Consolidation
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) lost nearly 14% premarket Wednesday after announcing a 1-for-10 share consolidation to comply with Nasdaq’s minimum bid price requirement. Read more here.
Alabama Picks New Integrated License Winners, Inches Closer to Launching Market
Following the multimonth saga that has been Alabama’s medical marijuana licensing struggle, the state commission charged with the task finalized its first round of permitting, after picking five companies as winners of the coveted integrated licenses. Read more here.
Closure of Skymint Cannabis Grow Offers Opportunity for Struggling Industry
The planned, and unceremonious, end to Skymint’s growing operations is a cautionary tale as old as the earliest strains of Hindu Kush from the ancient mountains of Afghanistan. Read more here.
Maryland Marijuana Sales Keep Growing
One of the newest recreational marijuana markets in the U.S., Maryland, continued ramping up sales through the fall, setting yet another new high water mark in November with $55.9 million in adult-use sales. Read more here.
In Other News
Harker Heights, Texas
Non-profit organization Ground Game Texas is suing the City of Harker Heights for the City’s failure to reform marijuana enforcement programs after voters approved the changes over a year ago. Read more here.
Freehold, New Jersey-based dispensary NJ Leaf has voted to organize with UFCW Local 360, a choice endorsed by its owner Ritesh Shah. Read more here.
Zaza R Us
A New York federal magistrate judge has recommended moving along efforts by the conglomerate operating the post-bankruptcy Toys R Us brand to use the powers of federal trademark law against a pair of unlicensed Brooklyn cannabis bodegas operating under the name “Zaza R Us.” Read more here.