The Daily Hit is a recap of the top financial news stories for Oct. 30, 2023.
On the Site
Oklahoma Marijuana Market Contraction Underway
The Oklahoma medical marijuana market – one of the most free-wheeling in the nation – has been shedding businesses left and right for months. Insiders expect even further consolidation in the coming months. though the state has already fallen from about 14,000 cannabis companies to just over 10,000. Read more here.
Arkansas Cannabis Sales Keep Trending Up
If medical marijuana sales continue at the current pace, the Arkansas cannabis market will set a new annual record, having passed the $211 million mark in September. In both August and September, sales averaged about $23 million. Read more here.
Israeli StickIt Technologies Begins Trading on CSE
Israeli-based cannabis company StickIt Technologies Inc. (CSE: STKT) began trading on the Canadian Securities Exchange under the ticker symbol STKT on Friday. It is the parent company of the Israeli technology and cannabinoid company StickIt Ltd. Read more here.
Lifeist Q3 Profit Margin Rises, Revenue Dips
Lifeist Wellness Inc. (TSXV: LFST) (OTC: NXTTF), which owns cannabis brand Roilty, reported a dip in net revenue for the third quarter ended Aug. 31, yet saw improvement in its profit margin compared to the same period last year. Read more here.
Federal Appeals Court Pressures DEA to Justify Psilocybin’s Schedule I Status
A federal appeals court directed the U.S. Drug Enforcement Administration to give a detailed explanation for keeping psilocybin, the hallucinogenic compound in psychedelic mushrooms, on the list of the most restricted substances. Read more here.
In Other News
Rafael Holdings Inc. (NYSE: RFL) incurred a net loss from continuing operations of $8.7 million during its fiscal 2023 , which ended July 31. Research and development expenses were $6.3 million. Read more here.
All 90 applicants for commercial medical cannabis licenses are back in the running after the Alabama Medical Cannabis Commission Thursday reset the license process. The AMCC rescinded all awarded licenses and denials from an Aug. 10 meeting, setting the stage for a third round of license grants under rules adopted at a commission meeting on Oct. 12. Read more here.
Workers at Homestate Dispensary in Kansas City voted 6-1 Monday to unionize with Teamsters Local 955. This is only the second unionized dispensary in Missouri and the first in the Kansas City metro area. Read more here.