The Daily Hit is a recap of the top financial news stories for Jan. 8, 2024.
On the Site
Would-be Social Equity Entrepreneur Shot Down by Washington Court
A litigious Michigan cannabis entrepreneur suffered a setback in at least one of multiple lawsuits filed over the past year and a half in three different states in a wide-ranging attempt to either join or overturn social equity programs in three states. Read more here.
Green Market Report, NECANN Join Forces for Cannabis Finance Summit in Boston
Green Market Report, a leading source for financial news in the cannabis industry, is thrilled to announce its strategic partnership with NECANN’s 2024 New England Cannabis Convention for the upcoming Cannabis Finance Summit scheduled to take place on March 22 at the Hynes Convention Center in Boston, Massachusetts. Read more here.
Humble & Fume Seeks Restructuring Refuge Under Creditor Protection
Cannabis and accessories distributor Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF), along with its subsidiaries, received protection to rearrange its business under Canadian bankruptcy proceedings, according to documents filed in court. Read more here.
Kentucky, Wisconsin Lawmakers Introduce Marijuana Legalization Bills
Lawmakers in two of the 12 remaining states that have yet to legalize cannabis – Kentucky and Wisconsin – will have the option of approving limited reforms which could turn the tide, but both measures still have a long way to go before becoming law. Read more here.
GrowGeneration Updates Investors on 2023 Revenue Estimates
GrowGen said it now expects revenue for full-year 2023 to be at the top end of the previously communicated guidance range of $220 million to $225 million. The company also said that its adjusted EBITDA guidance for full-year 2023 remains unchanged to be between a loss of $4 million to a loss of $6 million. Read more here.
How to Find the Right Opportunity in an Emerging Market
Since January 2023, New Jersey has been the most active market in the cannabis space for mergers and acquisitions, bar none. Such an attractive market begs the question, “How does one find the right opportunity in an emerging market such as New Jersey?” Read more here.
In Other News
Canadian operators destroyed millions of packages of unsold cannabis products and a record amount of unpackaged dried flower in 2022 and the first half of 2023, largely because of years of imbalance in supply and demand. Read more here.
The largest of Mississippi’s two medical marijuana testing labs has had its license temporarily suspended while a third party retests medical-cannabis products that the Mississippi State Department of Health placed on an administrative hold in December. The suspended lab, Rapid Analytics in Natchez, Miss., tests about 70% of medical cannabis in the state. Read more here.
Controlled Substances Act
Four Massachusetts marijuana companies are suing the US attorney general for a judgment that the Controlled Substances Act is unconstitutional as applied to intrastate cannabis commerce. Such a decision would counter a 19-year-old US Supreme Court ruling and relieve state-legal cannabis companies of unique regulatory and financial burdens that Congress has so far struggled to resolve. Read more here.