The Daily Hit is a recap of the top financial news stories for Jan. 3, 2024.
On the Site
DEA Reminds Congress it has ‘Final Authority’ on Marijuana Rescheduling
The Biden Administration’s Drug Enforcement Administration reminded members of Congress this week that despite last year’s rescheduling recommendation, it retains “final authority” on where cannabis will be placed on the list of controlled substances. Read more here.
Investor Sues 420 Real Estate Following SEC Complaint
An investor is looking to recoup funds from the fraudulent 420 Real Estate scheme by taking the company to court. Jeffrey Carter and 20 other unidentified plaintiffs filed a complaint on Dec. 28, 2023., saying that he and the other investors contributed more than $1 million to the real estate scheme. Read more here.
New Mexico Revokes Two Cultivation Licenses, Fines Each $1M Apiece
New Mexico marijuana regulators took their most strident enforcement actions to date against rule breaking cannabis businesses, by revoking the grow permits of two cultivation facilities and fining each $1 million apiece. Read more here.
Agrify Shaves More Losses in Q3 as Revenue Slides
Cannabis cultivation and extraction solutions company Agrify Corporation (Nasdaq: AGFY) touted a significant reduction in net losses for the third quarter ending Sept. 30, as sales continue to remain downbeat. Read more here.
1933 Reports Steady Progress on Financial Goals
1933 Industries Inc. (CSE: TGIF)(OTCQB: TGIFF)started the new year by releasing its unaudited interim consolidated financial statements for the first fiscal 2024 quarter ending October 31, 2023, in Canadian dollars. 1933 reported revenues of $5.5 million, an 11% increase from $5.0 million for the fiscal 2023 first quarter. Read more here.
In Other News
California Lab Testing
Beginning Jan. 1, California-licensed laboratories are required to use Department of Cannabis Control’s standardized cannabinoids test method and standardized operating procedures for testing dried flower, including non-infused pre-rolls. Read more here.
New York-based Acreage Holdings (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) launched its adult-use operations in New York by making its Botanist product line, which includes flower, infused pre-rolls, edibles, capsules, and tinctures, available for wholesale purchase to eligible adult-use dispensaries across the state. Read more here.
Village Farms International
Village Farms International (NASDAQ: VFF) announced the first shipment and the launch of two cannabis brands in the United Kingdom. The company’s Pure Sunfarms and The Original Fraser Valley Weed Co. brands will be distributed by 4C LABS. Read more here.