The Daily Hit is a recap of cannabis business news for Jan. 11, 2023.
ON THE SITE
Connecticut Recreational Cannabis Sales Top $250,000 on Day One
According to Biotrack, the cannabis technology platform Connecticut uses to trace marijuana inventory from seed to sale, those seven retailers passed the $250,000 mark by 5 p.m. after just seven hours of sales, bringing crows of victory from state regulators. Read more here.
More from Connecticut’s Adult-Use Cannabis Launch:
Algernon Pharmaceuticals Looks to Advance DMT Stroke Research
Treating stroke with DMT (N, N-Dimethyltryptamine) is a novel idea being pursued by Algernon Pharmaceuticals (CSE: AGN) (FRANKFURT: AGWO) (OTCQB: AGNPF), a Vancouver-based clinical stage drug development company. The opportunity is big, with the global stroke treatment market is expected to reach $15 billion by 2027. Read more here.
REITs on the Downslope?
The REIT trend appears to be cooling down, according to data from Cannabiz Media. In the third quarter of last year, just four deals were solidified for a total value of $90 million, down from a high of nine deals worth $305 million in the fourth quarter of 2019. Read more here.
IN OTHER NEWS
Kaya Group (OTC: NUGL) announced its Kaya Extracts subsidiary plans to enter the legal psilocybin market in Jamaica where the laws are relaxed, targeting the multibillion-dollar industry for the development, marketing, and distribution of psilocybin mushrooms. Read more here.
Grown Rogue International
Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a craft cannabis company operating in Oregon and Michigan, issued a total of 200,000 common shares, at the current market price, to an owner of Golden Harvests LLC. The common shares were issued pursuant to an option agreement relating to the prior acquisition of a 60% controlling interest in Golden Harvests by Canopy Management LLC in May 2021. Read more here.
In a Monday bid to dismiss claims that they misclassified drivers as independent contractors in violation of the Fair Labor Standards Act and the Pennsylvania Minimum Wage Act, FarmaceuticalRX and five other companies said that there was no indication that they operated jointly or that any of them employed their accusers. Read more here.