The Daily Hit is a recap of the top financial news stories for July 5, 2023.
On the Site
MedMen Names New CEO, CFO
Embattled marijuana multistate operator MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced new company leadership on Wednesday, with former Acreage Holdings executive Ellen Deutsch appointed CEO by the MedMen board of directors, and Amit Pandey named CFO. The move comes as MedMen has been struggling to shed its status as a going concern. Read more here.
FTC, FDA Crack Down on Delta-8 Products Resembling Children’s Snacks
In an attempt to prevent marketing practices that endanger children, the Federal Trade Commission and the U.S. Food and Drug Administration targeted companies marketing THC-infused edible products with packaging that too closely resembles children’s snacks and candy. Read more here.
Wrigley Wins Effort to Stop Zkittlez
Cannabis companies have learned the hard way that cheeky takeoffs on familiar brands can only last for a limited time. It was no surprise that candy creator W.M. Wrigley Jr. sued cannabis company Terphogz for copying its iconic candy Skittles and its phrase “Taste the Rainbow.” All of the logos were trademarked by Wrigley. Read more here.
Maryland Adult-Use Sales Top $6 Million in First Two Days
Maryland cannabis retailers hit $6.4 million in the first two days of recreational sales this past holiday weekend, according to state data. With medical marijuana sales added in, the Maryland cannabis market sold $10.4 million on Saturday and Sunday. Read more here.
Skymint Assets to be Auctioned Off Next Month
Aug. 8 has been chosen for when vertically integrated cannabis chain Skymint will be sold off for parts at auction, putting a final touch on one of the most dramatic cannabis industry collapses to date in Michigan’s struggling marijuana market. Read more here.
In Other News
Greenlane Holdings, Inc. (Nasdaq: GNLN) closed its previously announced “reasonable best efforts” public offering of 4,047,619 units at a public offering price of $1.05 per unit. The units issued consist of one share of Class A common stock (or a prefunded warrant in lieu thereof) and two common warrants each exercisable for one share of Class A common stock at an exercise price of $1.05 per share. Read more here.
The Coalition to Regulate Marijuana Like Alcohol said it is delivering more than 220,000 signatures to the Ohio Secretary of State on Wednesday, July 5, which should be more than enough to place its initiated statute for an adult-use marijuana program for the Nov. 7 ballot. Read more here.