The Daily Hit is a recap of the top financial news stories for Oct. 24, 2023.
On the Site
Hemp Delta-9 Battles Heat Up
California-based licensed cannabis operator March and Ash has taken numerous hemp-based cannabis companies to court. The case was filed in September 2023 in the county of San Diego. It centers on the argument that while March and Ash is expected to comply with stringent rules and regulations related to cannabis, hemp businesses selling competitive delta-9 products aren’t. Read more here.
Rhode Island Regulators Warn Intoxicating Hemp Goods ‘Incredibly Problematic’
Although Rhode Island has already banned hemp-based delta-8 goods that could be intoxicating for consumers, marijuana regulators in the state expressed concern over similar items that are easily available online. Read more here.
Massachusetts Lawyer on Trial in Alleged Bribery Plot for License
A Massachusetts lawyer, Sean O’Donovan, stood trial Monday, accused of attempting to bribe for a cannabis store license. The government alleges that O’Donovan tried to pay a $25,000 bribe to the brother of a police chief involved in awarding these licenses. Read more here.
Aurora Settles Patent Case with Willow Biosciences
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) announced that it reached a settlement with Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) resolving the ongoing patent litigation between the two parties in Canada. The case began in July 2021 when Aurora alleged that Willow’s biosynthetic process for synthesizing cannabinoids infringed on Aurora’s exclusive rights to patents. Read more here.
Dama to Buy Candid AI for Undisclosed Amount
Privately owned cannabis financial firm Dama agreed to buy Candid AI, a digital e-commerce platform that makes personal product recommendations. The acquisition price was not disclosed. Read more here.
In Other News
TransGlobal Assets Inc. (OTC PINK: TMSH) entered into an exclusive joint venture with Canna-King, manufacturer of cannabinoid therapies. The partnership will include the development of at least 10 products for both the medical and recreational cannabis markets in the U.S. and Canada. Read more here.
Star Buds Cannabis Co.
CordovaCann Corp. (CSE:CDVA)(OTCQB:LVRLF) provided an update on its Star Buds Cannabis Co. retail operations in Canada. The chain generated revenue of $1.2 million in each of the past two months, nearing record monthly revenues for the retail platform. Read more here.