The Daily Hit is a recap of the top financial news stories for Oct. 16, 2023.
On the Site
Pair of Lawsuits Claim Fraud in Arkansas Marijuana Licensing
Two new lawsuits accuse prominent Arkansas attorneys of committing fraud in order to circumvent a state residency requirement on behalf of an out-of-state client who wanted medical marijuana business licenses. Read more here.
Five More New York Cannabis Retailers Opening
New York’s legal marijuana retail club is about to increase by five, state regulators announced on Monday. Two retailers opened last Friday, while three others are slated to open later this week. Read more here.
Maryland Judge Sides With Hemp, Blocks New Law
A Maryland judge denied a temporary restraining order against hemp producers, saying that the hemp products were legal under the 2018 Farm Bill. The Maryland Hemp Coalition filed the case against the state’s 2023 Cannabis Reform Act. Read more here.
Lucy Scientific Debt Climbs in Fiscal Year Report
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) reported its full-year results for the period ended June 2023, in which the psychedelic start-up piled onto its mounting deficit despite new M&A developments. The company did report some revenue, but losses also piled up. Read more here.
Cannabis is Big Business for Michigan Law Firms
The legalization of cannabis in Michigan created a boon for law firms across the state and has propelled lawyers ahead in their careers. Since the start of legal marijuana sales in 2018, the lawyers have been absolutely critical in standing up for the newly-regulated industry. Read more here.
Vext Science Snaps up Two More Ohio Dispensaries in $9.4M Deal
Vext Science (CSE: VEXT) (OTCQX: VEXTF) announced an agreement Monday to purchase two Ohio-based cannabis dispensaries from Big Perm’s Dispensary Ohio, LLC. The deal, valued at approximately $9.4 million, is slated to close in 2024. Read more here.
In Other News
4Front Ventures Corp.
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) entered into a $10 million senior secured credit facility agreement with ALT Debt II LP, an affiliate of Altmore Capital. The funds will be disbursed in two tranches and are committed to building out the company’s retail operations in Illinois. Read more here.
Maine Cannabis Union
Cannabis workers in Maine have united to form a union with the goal of advocating for their rights and better working conditions. The Maine Cannabis Union said it is committed to improving wages, benefits, and workplace conditions for all employees within the industry. Read more here.
Alabama Medical Cannabis Commission
The Alabama Medical Cannabis Commission adopted new application and licensing rules after months of legal disputes and amid stalled settlement negotiations over the commission’s evaluation process. The rules adopted Thursday by the commission will allow the panel to keep scores it gave to prior applications but give applicants the chance to outline deficiencies. Applicants will have the opportunity to present their proposals to the commission in a public meeting. Read more here.