The Daily Hit is a recap of the top financial news stories for Oct. 5, 2023.
On the Site
Empire State Expands to More Cannabis Retail Applicants
On Wednesday, the New York Office of Cannabis Management opened a 60-day window for cultivators, processors, distributors, microbusinesses, and retailers to apply for general licenses that would see the cannabis industry greatly expand across the state. Before this, only businesses owned by individuals with marijuana-related convictions or nonprofits with a history of serving currently or formerly incarcerated individuals were eligible to receive a license. Read more here.
Illinois Recreational Cannabis Sales Set Another Record
The Illinois Department of Financial and Professional Regulation reported statewide adult-use sales of $139.5 million for September, marking the third-highest monthly sales since the state legalized recreational cannabis. However, while recreational cannabis sales surged, the state’s medical cannabis market slumped. Read more here.
Michigan Cultivator Sees More Demand For Outdoor Grows
Outdoor cannabis plants tend to be viewed as being lower quality. And cannabis grown outdoors generally fetches a smaller price on the market. Much of it ends up as biomass used to make distillate or edibles where the highest-quality flower isn’t as appreciated. But for one Michigan cultivator, growing outdoors offers an opportunity to set his product apart. Read more here.
Safe Supply Begins Trading This Week
A new company that seeks to provide a safe supply of narcotics, with an initial focus on coca leaves, has joined the Canadian Securities Exchange. Safe Supply Streaming Co. Ltd. (CSE: SPLY) began trading this week on the CSE under the trading symbol SPLY. Read more here.
In Other News
New Jersey Economic Development Authority
The New Jersey Economic Development Authority announced $12 million to help boost cannabis businesses. The funding is intended to go toward entrepreneurs from communities that have been impacted by the war on drugs, eliminating barriers to entry for startups in the industry. Read more here.
The Oklahoma Supreme Court has rejected a challenge to the state’s top marijuana regulator, ruling that a Moore dispensary owner isn’t permitted to contest the qualifications of the state officer. In a brief and unanimous order on Monday, the justices said the proper party in such an action would be the state attorney general, a district attorney or a contestant for the office at issue. Read more here.
Nevis Brands Inc. (CSE: NEVI) secured an agreement with Blaze Life Holdings LLC to produce and distribute its Major brand products in California. Read more here.