The Daily Hit is a recap of the top financial news stories for Jan. 25, 2024.
On the Site
New York hearing Friday could stall cannabis retail licensing, again
The latest lawsuit to be filed against New York marijuana regulators over their licensing process is slated for a hearing in federal court on Friday. Attorneys observing the case said this one has the potential to disrupt state cannabis licensing for the third time in two years. Read more here.
Rosy first year of adult-use sales has Missouri cannabis operators optimistic
The launch of Missouri’s adult-use cannabis program hasn’t been perfect, but a year later, it is blossoming beyond some of its rosiest projections. Green Market Report caught up with John Mueller, CEO of Greenlight, one of the state’s largest distributors, to take a temperature check on an environment with more promise on the horizon. Read more here.
BZAM in search of new CFO as Bovingdon sets exit date
Canada-based BZAM Ltd. (CSE: BZAM) (OTC: BZAMF) announced that its CFO, Sean Bovingdon, will be leaving the company to look for “other opportunities.” Bovingdon will stay in his role until the end of April to help with the company’s transition, including wrapping up the annual financial reports from 2023. Read more here.
Horizons ETFs to close cannabis, psychedelic funds in March
Horizons ETFs Management (Canada) Inc. plans to close two of its niche market funds: the Horizons US Marijuana Index ETF and the Horizons Psychedelic Stock Index ETF. The decision, which will be effective March 28, is part of a broader move by the company to restructure its fund offerings. Read more here.
Lawsuit claims NY cannabis social equity discriminatory to white men
New York’s marijuana licensing program is under attack once again, this time from a microbusiness hopeful who alleges that the social equity approach taken by lawmakers and regulators violates the U.S. Constitution’s Equal Protection Clause by giving “disfavor to white men.” Read more here.
In Other News
A top Republican proponent of medical marijuana says there’s no appetite to pass legislation this year that would create state-run dispensaries, suggesting it’s pointless after Assembly Speaker Robin Vos said he would not compromise with the state Senate. Read more here.
A Montgomery County Circuit Judge Wednesday ordered five Alabama Medical Cannabis Commission members and director John McMillan to provide testimony on the licensing process. Read more here.