The Daily Hit: November 9, 2022

The Daily Hit is a recap of cannabis business news for Nov. 9, 2022.

ON THE SITE

Cannabis Trade Orgs, Activists Relieved by Midterm Outcomes

Even though control of Congress was still up in the air Wednesday morning following several tight midterm races, spokespeople for several cannabis trade organizations and activist groups expressed happiness with the new political landscape. Read more here.

Cannabis Industry Reacts as Adult-Use Legalized in 2 More States

While those in the industry hoped for a clean sweep, or even a majority grab, many view the results as meaningful developments while federal reconsideration of the plant’s legality gears up. Read more here.

Most Cannabis Ballot Issues in Southeast Michigan Pass

Voters Tuesday narrowly allowed the marijuana retailer to continue operations under two proposals in Memphis, a city of just 1,100 residents on the border of Macomb and St. Clair counties. Elsewhere, Michigan’s marijuana measures saw success as well, winning in 75% of the communities where they were on the ballot. Read more here.

Cities in Colorado, Rhode Island Reject Recreational Cannabis

At least seven localities in Colorado and Rhode Island voted down recreational marijuana sales measures on Election Day this week, another display signaling the cannabis industry still has inroads to make – even in states that have longstanding markets. Read more here.

Earnings Season Continues:

IN OTHER NEWS

iAnthus Capital Holdings

iAnthus Capital Holdings Inc. (CSE: IAN) (OTCPK: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported revenue for the third quarter of 2022 of $39.4 million, down 20% from a year ago. Read more here.

1CM Inc.

1CM Inc. (CSE: EPIC) (OTCQB: MILFF) (FSE: IQ70) completed a $5.8 million private placement to issue 4 million common shares in the capital of the company at a price of $1.45 per share in a nonbrokered private placement to certain accredited investors. Gross proceeds will be used for general corporate purposes. Read more here.

Neptune Wellness

Neptune Wellness Solutions Inc. (Nasdaq: NEPT), a diversified and fully integrated health and wellness company, completed the divestiture of its cannabis business which includes the cannabis plant in Sherbrooke, Québec, the Mood Ring and PanHash brands, and related assets. Read more here.

FundCanna

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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