The Daily Hit is a recap of the top financial news stories for Sept. 27, 2023.
On the Site
SAFER Banking Act Approved by Senate Committee
A revamped version of the SAFE Banking Act – now known as the SAFER Banking Act – sailed out of a Senate committee on Wednesday with a 14-9 vote. It is now headed to the full Senate floor, where Majority Leader Chuck Schumer has pledged to schedule it for a vote “very soon” in front of the full chamber. Read more here.
Discrepancy Between Cannabis Sales, Testing Rates Raises Eyebrows in Montana
Stillwater Laboratories owners Ron and Kristine Brost expressed apprehension that the state’s software system, METRC, could unintentionally approve excessive quantities of the crop without proper testing. They told the Daily Montanan they expected a spike in testing with the surge in statewide sales following the introduction of recreational cannabis. However, they believe the testing volume hasn’t matched the sales numbers. Read more here.
Tilt Holdings Names Conder Permanent CEO
The board of directors at Tilt Holdings Inc. (NEO: TILT) (OTCQB: TLLTF) decided this week to quit looking for a new CEO and simply appointed interim chief executive Tim Conder to hold the position in a permanent capacity. Read more here.
Numinus to Sell C$10M Worth of New Shares Through Equity Program
Vancouver, British Columbia-based psychedelics company Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) on Tuesday announced that it will attempt to raise C$10 million by selling more common shares through an at-the-market equity program. The exact number of shares to be sold, however, will be determined by Numinus’ financier, Stifel Nicolaus Canada Inc. Read more here.
In Other News
PRODUCT RECALL: Michigan
Michigan’s Cannabis Regulatory Agency on Wednesday recalled certain marijuana edibles produced by the cannabis company Shango and branded “Viola Grandma’s Kitchen.” The recall, which is voluntary and affects a “limited amount of marijuana-infused edible products,” was issued because Shango was both unable to demonstrate that the product was homogenous and because the product exceeds the maximum allowable tetrahydrocannabinol (THC, the major psychoactive component of marijuana) concentration per serving, the CRA said. Read more here.
Global Cannabis Sales Forecast
Cannabis-data company BDSA forecasts that the global cannabis industry is poised to experience substantial growth driven primarily by adult-use sales, with legal sales reaching $55 billion in 2027. United States cannabis markets, particularly those in the Midwest and Northeast, are driving adult-use sales growth. Read more here.