The Daily Hit is a recap of cannabis business news for Dec. 20, 2022.
ON THE SITE
LeafLink Lays Off 80 Workers Days Before Christmas
New York-based cannabis tech company LeafLink laid off 80 employees this week, or roughly 44% of its staff. LeafLink is far from the only company in the marijuana trade to cut staff in recent months. The trend began earlier this year and has snowballed as the broader economy has tightened. Read more here.
Agrify Closes on $8 Million Offering
Agrify Corp. (Nasdaq: AGFY) is heading into the holidays with a little more green after closing its previously announced underwritten public offering of 11,884,615 shares of its common stock and pre-funded warrants to purchase 1,500,000 shares of its common stock. Read more here.
SAFE Banking Withers as Supporters, Businesses Look Toward 2023
After weeks of speculation and horse-trading, efforts to include federal banking legislation for cannabis companies in a congressional spending bill has perished in D.C. – for now. The proposal failed to make it into the National Defense Authorization Act earlier this month, and by Tuesday, hopes fell flat after it failed to appear in the omnibus. Read more here.
Cannabis Holiday Flavors are a Big Hit
As the holidays approach, cannabis companies are increasingly turning to seasonal flavors to keep loyal customers interested – and to have some fun. The question is if consumers want pumpkin-spiced cannabis for Halloween or peppermint edibles for Christmas. Read more here.
New Psychedelics Hybrid: Chief Medical Officer as Strategic CEO
Startups in the biotechnology space, which include psychedelics companies, are usually top-heavy with medical doctors and Ph.Ds – sometimes a group of trained scientists headed up by a chief medical officer or just a CMO acting alone. Read more here.
IN OTHER NEWS
New Yorkers have been counting on Housing Works to find gems among its thrift store racks, but starting next week, they’ll go to Housing Works to buy pot. The nonprofit was one of the first entities in New York State to get a Conditional Adult-Use Retail Dispensary (CUARD) license this November, meaning it now has permission to sell recreational cannabis. It was one of the first 36 licenses the state issued and one of eight nonprofits to receive a license. Read more here.
Oregon Health & Science University
President Joe Biden’s decision to sign the Medical Marijuana and Cannabidiol Research Expansion Act on Dec. 2 is a game changer for scientists whose research has long been held back by federal regulations. The bill, which was sponsored by Rep. Earl Blumenauer, D-Ore., establishes a new, separate registration process to facilitate research on marijuana. It aims to remove red tape and clear obstacles to allow for more research on cannabis. Read more here.