StaffThe Daily Hit is a recap of cannabis business news for Jan. 3, 2023.
ON THE SITE
MMJ License Holders will have Missouri Rec Market to Themselves for a Year
Though adult-use cannabis sales are expected to launch next month in Missouri, some hopeful market entrants aren’t thrilled that medical permit holders will have the state to themselves for a year before more retailers are allowed to apply for licensure. Read more here.
Virginia Lawmaker Introduces Bill to Launch Recreational Cannabis Market
A Republican lawmaker in the Virginia House of Delegates has introduced a bill to finally stand up the state’s adult-use cannabis market, more than 18 months after the legislature legalized recreational marijuana. But many advocates are unhappy with social equity changes made by the bill’s author, adding more uncertainty to the mix. Read more here.
Snoop Dogg Launches Death Row Cannabis
For more than 30 years, through countless chart-topping hits and landmark artists, Death Row Records has stood as one of the music industry’s most iconic and culturally significant platforms. On Thursday, the company announced its first cannabis drop, using an animation of their globally recognized logo and reveal of their branded pre-roll tube. Read more here.
Cannabis Industry Faces Sobering 2023
Without much meaningful development concerning legalization efforts in 2022, many sobering themes likely will carry over into 2023. Read more about the 2023 outlook for the cannabis industry here.
IN OTHER NEWS
Glass House Brands
Glass House Brands Inc. (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) closed on a non-brokered private placement of Series C Preferred Stock, face value $1,000 per share, of GH Group, Inc., a subsidiary of the company. The financing raised $4.7 million of new capital on top of the approximately $26.5 million of incremental capital raised from the company’s Series B Preferred Stock offering that closed on Dec. 6, 2022. Read more here.
Flower One Holdings
Flower One Holdings Inc., together with its Canadian subsidiaries Flower One Corp. and FO Labour Management Ltd., announced the implementation of its previously announced reorganization plan and the closing of the transactions contemplated by the plan, including a Canadian restructuring transaction pursuant to which the Canadian Company has ceased to own any U.S. operating subsidiaries. Read more here.
