The Daily Hit is a recap of the top financial news stories for July 12, 2023.
On the Site
Pump & Dumper David Ferraro Gets Final Judgment
The U.S. Securities and Exchange Commission might finally be closing the book on the fraudulent team of Justin Costello and David Ferraro. On July 11, the agency received a final judgment against Ferraro for his role in alleged microcap stock promotion schemes that generated more than $140,000 in profits for Ferraro. Read more here.
Massachusetts Sold $152 Million in Marijuana Last Month
Dispensaries in Massachusetts racked up $132.8 million in recreational cannabis sales, and another $19 million in medical sales, for a total of $151.8 million, according to the state’s Cannabis Control Commission. Read more here.
IGC Pharma Gets Boost from Hong Kong-Based Investors
Clinical-stage pharmaceutical company IGC Pharma Inc. (NYSE: IGC) released its fiscal-year 2023 financial results on Wednesday, outlining several strategic moves to support its pursuit for treating Alzheimer’s disease. Read more here.
Tough Times Likely Ahead for New Illinois Marijuana Shops
If past is prologue, then the 55 upcoming Illinois social equity license lottery winners on Thursday are going to have a rough time actually getting their shops open for business. Read more here.
In Other News
Minnesota medical marijuana
The Minnesota Department of Health officially added irritable bowel syndrome (IBS) and obsessive-compulsive disorder (OCD) to the list of qualifying medical conditions for participation in Minnesota’s medical cannabis program, effective July 1. Read more here.
Ohio medical marijuana
On Wednesday, July 12, the State Medical Board of Ohio agreed to include irritable bowel syndrome in Ohio’s list of qualifying conditions for medical marijuana but rejected adding autism spectrum disorder and obsessive-compulsive disorder. Read more here.