The Daily Hit is a recap of the top cannabis business stories for July 7, 2022.
ON THE SITE
Senators Ask Biden To Do More For Legalization
U.S. Senators Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) led Senators Kirsten Gillibrand (D-N.Y.), Ed Markey (D-Mass.), Cory Booker (D-N.J.), and Ron Wyden (D-Ore.) banded together to send a letter to President Biden, Attorney General Merrick Garland, and Health and Human Services (HHS) Secretary Xavier Becerra, following up on previous requests that the administration use its authority to deschedule cannabis and pardon non-violent cannabis-related offenders. The letter was issued on July 6. Read more here.
More Tip Jar News
The dispensary tip jar continues to grab the headlines with the latest news of a settlement between Massachusetts cannabis company Bud’s Goods and Provisions and the state’s Fair Labor Division of the Attorney general’s office. The popular cannabis dispensary agreed to repay numerous current and former employees as part of a $33,000 settlement with the Massachusetts Attorney General following a complaint from an employee that the company kept tips from its budtenders. 68 employees who worked between March 1, 2021, and the end of 2021 will receive between $20 and $1,500. Read more here.
July Holiday Sales Slightly Higher Going Into Dab Day
Canna-tech companies were busy over the long 4th of July weekend, analyzing sales data from their various platforms for what was expected to be one of the biggest weeks of the year for cannabis retailers. In Canada, the national holiday Canada Day is celebrated on July 1, with vendors hoping for a holiday spike in sales. Read more here.
Psychedelics Clinical Trials Challenged By Size
There are more and more clinical trials for various psychedelic substances cropping up all the time. Some have completed phase III trials, others are closing in on phase III, the final step before FDA approval leading up to an approved drug that can be brought to market. But the scientific community is saying “not so fast.” Read more here.
IN OTHER NEWS
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a cannabis company in the U.S., today announced that it publicly filed an automatically effective registration statement on Form S-3 with the United States Securities and Exchange Commission on July 7, 2022 to register a base shelf prospectus and to register for resale select Subordinate Voting Shares of the Company. Read more here.
High Tide Inc., Choom Holdings Inc.
High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced that it is further expanding its bricks-and-mortar retail cannabis operations and entering the British Columbia market, through a binding agreement pursuant to which High Tide will acquire two operating retail cannabis stores in British Columbia, six operating retail cannabis stores in Alberta, and one operating retail cannabis store in Ontario from Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) and its subsidiaries, for CAD$5.1 million, pending court approval on July 7, 2022. Read more here.
Surfside Solutions Inc.
Surfside Solutions Inc., an end-to-end marketing technology that aggregates first-party data across all customer touchpoints, today announced the general availability of the Surfside Platform to Canadian dispensaries and brands. By combining the power of a customer data platform and a demand side platform, Surfside provides an all-in-one solution for cannabis businesses looking to activate customer data by advertising to new and existing customers across websites and mobile apps. Read more here.
CannTrust Holdings Inc.
CannTrust Holdings Inc. (unlisted), today announced that the Ontario Superior Court of Justice granted an order extending the time for CannTrust to call the next annual meeting of its shareholders to a date no later than November 30, 2022. Read more here.
Avicanna Inc., Bio-Gate AG
Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products announced that the company has completed its first commercial export of its evidence-based derma-cosmetic line Pura H&W into the European market as a part of its supply and distribution agreement with Bio-Gate AG. Read more here.
Pure Extracts Technologies Corp.
Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company focused on cannabis, hemp and the rapidly emerging psychedelic sector, provided a brief summary of recent activities. Read more here.