The Daily Hit is a recap of the top financial news stories for Oct. 31, 2023.
On the Site
DEA Proposes Increasing Amount of Cannabis, Psychedelics Authorized for Research
The U.S. Drug Enforcement Administration proposed a significant increase to the federal production of cannabis, psilocybin, and a few other narcotics that are currently either Schedule I or II controlled substances, the agency announced in the federal register this week. Read more here.
Connecticut Cannabis Landscape Evolving Quickly, No Shortages Feared
The Connecticut recreational marijuana industry – one of several that launched earlier this year – is quickly coming into its own, with 64 licensed dispensaries and a quartet of grow operations that have been laboring to supply them. Read more here.
Colorado Regulators Weigh Banning Marijuana Businesses at Events
A proposed ban on marijuana businesses in Colorado participating in private events that don’t have their own state permits drew strong pushback from the industry this week, as regulators near the end of a new rulemaking period for cannabis companies. Read more here.
Ayurcann’s Direct-to-Consumer Shift Pays Off
Canadian cannabis extractor Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) reported a meaningful surge in annual revenue and expanded product availability, according to its latest financial statements. For the fiscal year that concluded on June 30, Ayurcann doubled its gross revenue to $22.37 million, up from $11.08 million the previous year. Read more here.
Christina Lake Posts 30% Revenue Jump in Q3 Amid Price Woes
Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) reported a revenue increase of 30% in its third-quarter financial results ending Aug. 31, marking a rise to $8.9 million over the same nine-month period last year, the company announced Tuesday. Read more here.
In Other News
Rep. Earl Blumenauer
Earl Blumenauer, a Democrat who has represented Oregon in the House for nearly 30 years, said Monday that he would not run for another term. Blumenauer has been a staunch supporter of federal cannabis reform during his time in Congress. Read more here.
Chicago zoning lawsuit
Plans to open a marijuana dispensary in the old Rainforest Café restaurant in Chicago’s River North are now the subject of a lawsuit. Illinois state law doesn’t allow dispensaries within 1,500 feet of each other. The owners of an established dispensary nearby claim opening a new one at the Rainforest Café site would violate that law. Read more here.
Minnesota cannabis rulemaking
Building out the infrastructure needed to support a rising cannabis market in Minnesota is no easy task. Before the state’s new Office of Cannabis Management begins its rulemaking process, the department has launched a survey to ask for community input. Read more here.