The Daily Hit: December 6, 2023

The Daily Hit is a recap of the top financial news stories for Dec. 6, 2023.

On the Site

Parallel Stockholders Reject Proposed Restructuring in Billion-Dollar Lawsuit

A group of 40 disgruntled Parallel cannabis stockholders filed a lawsuit in the Chancery Court of Delaware rejecting the proposed restructuring of the debt-ridden cannabis company. Read more here.

SEC Wins Judgments Against Ex-Hemp Executives in Fraud Case

The U.S. Securities and Exchange Commission secured consent judgments against two former executives of CanaFarma Hemp Products Corp. in a case involving an alleged $15 million investment fraud scheme, the agency announced Tuesday. Read more here.

BZAM Set to Acquire Final Bell Canada in All-Stock Deal

Canada-based BZAM Ltd. (CSE: BZAM) (OTC: BZAMF) has agreed to acquire cannabis supply chain solutions company Final Bell Canada Inc., a subsidiary of Final Bell Holdings International Ltd. Read more here.

Psychedelic Deals, Partnerships Skyrocket 500% Since 2019

Business deals, partnerships, and mergers in the psychedelics industry have shot up by 500% in the last four years as the sector has gotten hotter and hotter, according to a report from the GlobalData Pharma Intelligence Center Deals Database. Read more here.

Most California Social Equity Programs Still in Development

A new report provided to state lawmakers this week confirmed what many already knew: California’s social equity programs still have a long way to go. The report delivered both a breakdown of where $35 million in funding was sent last year, and also the status of such programs as of December 2022. Read more here.

In Other News

Pineapple Express

A Los Angeles judge has appointed a receiver to take over operations of a dispensary at the center of a suit by the dispensary’s owner alleging that former executive Vincent Mehdizadeh had exploited a coveted social equity license and sought to take over the business. Read more here.

CannMenus

CannMenus, a Chicago-based cannabis retail analytics firm, and Nugget, a Canadian cannabis insights leader, have joined forces to create an unparalleled source of retail insights covering over 90% of all licensed dispensaries across the U.S. and Canada. Read more here.

Unrivaled Brands

Shareholders of California-based Unrivaled Brands overwhelmingly approved several proposals put forth in the company’s annual meeting on Dec. 5, including the agreement and plan of merger with Blum Holdings Inc., a newly formed Delaware corporation, and Blum Merger Sub Inc. Read more here.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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