The Daily Hit: October 12, 2023

The Daily Hit is a recap of the top financial news stories for Oct. 12, 2023.

On the Site

Alabama Judge Dismisses Verano Lawsuit Against Marijuana Regulators

An Alabama state judge has thrown out a lawsuit filed by Chicago-based Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), in which the multistate operator tried to claim that it was wronged when the state’s medical marijuana commission rescinded a business permit it initially granted the company. Read more here.

Red White & Bloom Wins Top Bid for Aleafia

Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) confirmed that it has emerged as the top bidder to acquire assets from Aleafia Health Inc., a development approved by the Ontario Superior Court of Justice. Read more here.

Hemp Company Founders Plead Guilty in $1.8M Scandal

CanaFarma’s co-founders pled guilty to charges related to the misappropriation of nearly $1.8 million of investor money, eliminating the need for a trial that was slated for next week. Read more here.

New Mexico Cannabis Industry Rife With Rulebreaking

New Mexico’s cannabis industry has been a bit too freewheeling, insiders and regulators told state lawmakers in the Land of Enchantment this week during a legislative hearing. That’s led to literally thousands of citations for business rule violations in recent months. Read more here.

Colorado Marijuana Sales Pass $15 Billion Since 2014

In August, Colorado’s first-in-the-nation recreational cannabis market and its longstanding medical marijuana industry surpassed a historic milestone, having sold more than $15 billion in cannabis goods since the adult-use market launched on New Year’s Day in 2014. Read more here.

In Other News

Vext Science

Vext Science (CSE: VEXT) (OTCQX: VEXTF) completed its previously announced non-brokered private placement of $11.5 million through the issuance of 67,647,058 common shares of the company at a price of $0.17 each, including the full exercise of a $1.5 million overallotment option. Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. has added another $500,000 to a ballot initiative aimed at legalizing the recreational use of marijuana, bringing its total contributions to $39.55 million, according to a newly filed finance report. Trulieve has contributed all but $124.58 of the money raised by the political committee Smart & Safe Florida, which is leading the initiative. Read more here.

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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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