The Daily Hit is a recap of cannabis business news for Oct. 27, 2022.
ON THE SITE
Trulieve Worker Death Could Spur Changes in Massachusetts Cannabis Industry
The death of a Trulieve employee at a Massachusetts product manufacturing facility in January may lead to significant shifts within the state’s cannabis industry. That could include additional industry oversight, momentum for unionization efforts, and perhaps more yet-unforeseen shifts such as the founding of a state-run testing lab to act as a check on privately owned marijuana labs, sources told Green Market Report. That doesn’t include the still-unclear blowback for Trulieve (OTC: TCNNF) (CSE: TRUL) itself. Read more here.
Florida Chills Plan to Sell Cannabis at Circle K Gas Stations
Investors and others bullish on the news that Green Thumb Industries (OTCQX: GTBIF) would start selling medical marijuana out of stores attached to Florida Circle K gas stations next year may have to curb their enthusiasm. The state’s Department of Health told Green Market Report that the project “has not been approved by the state.” Read more here.
Verano Refinances Debt Extending Maturity Dates
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has entered into a credit agreement to refinance its existing $350 million credit facility, extending the maturity date to Oct. 30, 2026. Refinancing comes amid the company’s new legal battles with its spurned acquisition of Goodness Growth. Read more here.
Dozens of Michigan Cities to Vote on Fate of Cannabis Businesses
Marijuana is on the ballot next month in at least 32 communities across Michigan. The vast majority are asking voters whether the community should allow marijuana retailers and growers to operate. The state’s marijuana industry has suffered a massive blow in recent months due to oversupply of product, collapsing prices more than 45% in the last year. Read more here.
IN OTHER NEWS
A Clark County District Court judge has ruled in favor of local cannabis advocates and declared that the Nevada State Board of Pharmacy is no longer authorized to govern cannabis and must remove marijuana, cannabis, and cannabis derivatives from the controlled substances list. Read more here.
Bloomios Inc. (OTCQB: BLMS), a white-label and private-label manufacturer and wholesaler of hemp-derived nutraceutical, cosmetics, and pet products, has acquired Infusionz, a wholly owned subsidiary of Upexi (NASDAQ: UPXI). Moving forward, Bloomios will manufacture products retained by Upexi, and Upexi has provided significant financing to enable this transaction. The acquisition includes Infusionz’s portfolio of CBD gummy brands and customers, along with its associated order flow, product formulations, manufacturing operations, equipment, and sales team. Read more here.
Chemistree Technology Inc.
Chemistree Technology Inc. (CSE: CHM) (OTCQB: CHMJF) has negotiated the conditional sale of its Washington state subsidiary. The company executed a Share Purchase Agreement with an arms-length party, whereby the company under certain circumstances would sell 100% of its Washington Assets via the sale of subsidiary, Chemistree Washington, to the other party in exchange for consideration of $500,000. Read more here.