The Daily Hit is a recap of cannabis business news for Sept. 1, 2022.
ON THE SITE
SEC Sues Ignite, Discloses Criminal Investigation
Cannabis bad boy Dan Bilzerian and his company Ignite Brands (CSE: BILZ) have asked the Securities & Exchange Commission for a break while it faces criminal charges. The SEC just said no and is now suing the company for failing to produce documents related to an accounting fraud investigation. Read more here.
Green Organic Dutchman Throws Stock At Debt, Viridian Smells Recession
The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (OTC: TGODF) agreed to issue 937,500 shares at a price of $0.08 per share to settle around $75,000 worth of debt owed to a financial consulting firm. The move significantly increases the number of shares outstanding for TGOD, which serves to dilute ownership. Read more here.
Glass House Raises $50 Million
Glass House Brands (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) closed on the first tranche of the previously announced nonbrokered private placement of Series B Preferred Stock for approximately $50 million. Glass House said it is using $10 million of the cash proceeds to repay an interim bridge loan from its senior lender and the balance for general working capital and transaction costs. Read more here.
IN OTHER NEWS
Massachusetts Cannabis Control Commission Gets New Chief
Shannon O’Brien, the former Massachusetts treasurer and Democratic gubernatorial candidate, is returning to state government after a nearly 20-year absence – this time as chair of the Cannabis Control Commission. O’Brien will take the reins of the commission from Sarah Kim, who temporarily held the seat after the April resignation of inaugural chair Steve Hoffman. Read more here.