The Daily Hit is a recap of the top financial news stories for Nov. 2, 2023.
On the Site
More States, Congress Consider Marijuana Legalization – Again
State lawmakers this week in both Indiana and Pennsylvania held committee hearings and took testimony on cannabis legalization. To underscore the political momentum of marijuana reform even further, GOP Congresswoman Nancy Mace re-introduced her federal cannabis legalization bill as well at the end of October. Read more here.
Nevada Cannabis Regulators Suspend Second Business Permit for Violations
Nevada marijuana regulators suspended their second business license of the year on Thursday, when the state’s Cannabis Compliance Board announced it was temporarily yanking the cultivation and production permits for The Hempire Company over various broken rules. Read more here.
Ancillary Cannabis Firm Sorting Robotics Raises $2M for Expansion
California-based Sorting Robotics, which produces cannabis sorting machines, obtained a $2 million capital raise to aid in expansion, the company announced this week. The influx of cash is all debt financing, however, from Kiso Capital and Prospeq. Read more here.
Lotus Ventures Grows Sales by 46% Annually
Canadian licensed producer Lotus Ventures Inc. (OTC: LTTSF) reported an uptick in sales in its financial and operational results for the fiscal year ended Aug. 31. The company established it has a decent foundation for continued growth, with an emphasis on maintaining the sales trajectory of its popular house brand flower and expanding its strain offerings in the coming fiscal period. Read more here.
In Other News
Louisiana’s final medical marijuana license, which was awarded to a Kenner-based pharmacy in December, is in legal limbo after an unsuccessful applicant sued the Louisiana Board of Pharmacy. Read more here.
High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) successfully completed a restructuring of $8.9 million of its outstanding debt held by a key industry lender under a senior secured convertible debenture issued on July 23, 2020, as amended, maturing on Jan. 1, 2025. Read more here.
Right on Brands
Right on Brands Inc. (OTC PINK:RTON) formed an agreement with Option One Healthcare Company and its Modern Body affiliate to create Right on Med Centers and its telemedicine portal to have products ordered thru its site. Read more here.