The Daily Hit is a recap of the top financial news stories for Oct. 26, 2023.
On the Site
Cannabis Operators Sue US Over the CSA, Intrastate Commerce
A coalition of U.S. cannabis operators and investors, including some of the largest multistate operators, filed a lawsuit against U.S. Attorney General Merrick Garland, alleging that the federal government has no basis for enforcing the Controlled Substances Act against intrastate, state-regulated cannabis operations. Read more here.
Humble & Fume Sales Tick Up in FY2023
North American cannabis distributor Humble & Fume Inc. (CSE: HMBL) (OTC Pink: HUMBF) reported total revenue of C$68.5 million for the fiscal year ended June 30, a year-over-year increase of 3.6%. Most of that growth was attributed to the company’s California distribution business. U.S. revenue for the year totaled C$40 million, up 5% over the previous year. Read more here.
SOL Global Trims Losses in Third Quarter
SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) announced unaudited financial results for the third quarter ending August 31, 2023 in Canadian dollars. Sol Global recorded a net loss of ($6.9) million vs. last year’s net loss of ($12.5) million for the same period. This was an improvement of $5.6 million. Read more here.
Report: Blanket Federal Legalization Could Upend State Markets
While much of the cannabis industry has its sights set on federal legalization of cannabis, not everyone is as excited about the tone that many of the conversations have taken. A new report from the Parabola Center warns of the emergence of a U.S. marijuana monopoly if the federal government legalizes the drug. Read more here.
In Other News
Nebraska’s attorney general on Wednesday announced a major crackdown on retailers hawking hemp-derived products containing intoxicating cannabinoids, which he said were dangerous for human consumption. Read more here.
Labstat, a provider of tobacco/nicotine and cannabis/hemp testing and research services, has opened a new laboratory in Utrecht, The Netherlands. Read more here.
University at Buffalo
A University at Buffalo psychologist has received a $3.2 million grant from the National Cancer Institute to assess how cannabis use affects patients who receive immunotherapy, a rapidly advancing treatment that helps the immune system fight cancer. Read more here.