The Daily Hit is a recap of the top financial news stories for Feb. 7, 2024.
On the Site
Hemp industry argues in favor of intoxicating hemp products
The Hemp Industries Association told the Eight Circuit that Arkansas should not be able to ban intoxicating hemp because these products are legal under the 2018 Farm Bill. Read more here.
Treez sees surge in business in 2023
Cannabis retail commerce platform Treez saw a 2023 marked by positive developments despite some growing pains in the broader ancillary market. Read more here.
Clearmind’s psychedelic portfolio expands with new Chinese patent
Clearmind Medicine (NASDAQ: CMND) (CSE: CMND) has received patent approval in China for a new type of psychedelic substance-based treatment that targets binge behaviors. Read more here.
German pharma Avextra AG hits 100m euro valuation after capital raise
German cannabis pharmaceutical Avextra AG has successfully completed a new round of funding, the company announced Wednesday. The company has now raised over 20 million euros in the past 18 months through selling company shares and convertible loans, which now have all been turned into common shares, valuing the company at 100 million euros. Read more here.
Pennsylvania governor calls on Legislature to legalize adult-use cannabis
During his annual state budget address, Democratic Pennsylvania Gov. Josh Shapiro called on lawmakers to fully legalize recreational marijuana, which immediately drew applause from major cannabis companies. Read more here.
In Other News
Four Arizona social equity dispensary licenses are being squandered by a multi-state marijuana company as “placeholders” to meet a state deadline, with operating hours set to limit the number of customers. Read more here.
A marijuana industry and patient group has resubmitted language to the attorney general for a ballot measure to expand access to medical cannabis in Arkansas. Read more here.
State and local authorities on Monday seized thousands of dollars worth of marijuana products from six smoke shops in Shelton that were also found to have sold tobacco or vape products to underage customers. Read more here.