The Daily Hit is a recap of the top financial news stories for Sept. 5, 2023.
On the Site
Tilt Sells Interest in Shinnecock Tribe Dispensary
Tilt Holdings Inc. (OTC: TLLTF) sold its interests in Standard Farms NY to CGSF Investments LLC for $1.4 million. The news comes after Tilt cut ties with several of its social equity brands and told investors on an earnings call that its partnership with the tribe was “undergoing a deep analysis,” due to issues in the New York adult-use rollout. Read more here.
Green Thumb Industries Authorizes Repurchase of 10.4 Million Shares
Chicago-based Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) on Tuesday announced a year-long stock share repurchase program for up to 10.4 million shares, ostensibly designed to increase the value of the company’s roughly 200 million other shares. Read more here.
Teamsters Ratify Worker Contracts at Three GTI Shops in Illinois
The International Brotherhood of Teamsters claimed another victory over Chicago-based multistate operator Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) this week when the labor union ratified an employment contract for workers at three cannabis dispensaries in Illinois. Read more here.
Treated ‘Like a Coke Dealer’: Cannabis Workers Lose Out On Mortgages, Loans
Vixen Yerock secured a home loan from an FDIC-approved bank and was set to close on a new home in March — that is before the bank discovered she was soon to receive paychecks from a major weed supplier. Gateway Bank, who underwrote the mortgage, notified Yerock two weeks before closing on the home that they would not service her loan due to who was signing her paycheck. Read more here.
Lawsuit Alleges New Jersey City Officials Violated Ethics Rules in Licensing
Hopewell Borough in central New Jersey is the latest target of a lawsuit alleging corruption by local officials in a competitive marijuana licensing process, with losing applicant Sourland Provisions claiming that the mayor of the town and several other officials wrongly aided a winning license holder, Evolve Sky. Read more here.
In Other News
22nd Century Group
In a complaint filed Friday in New York federal court, investor Kenneth Troup said that while 22nd Century Group disclosed that it was auditing and addressing weaknesses in its internal accounting through its public statements, it denied that it was subject to any SEC investigation – a fact the claimants say was false. Read more here.
MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ), a pharmaceutical company specialized in precision-based cannabinoids, completed the sale of vacant land for net proceeds of C$1.9 million dollars. This land was previously used by VIVO Cannabis for outdoor cannabis growing. Read more here.
Humble & Fume
Humble & Fume Inc. (CSE: HMBL) (OTC Pink: HUMBF), a North American distributor of cannabis and cannabis accessories, transitioned from the OTCQX platform to the OTC Pink Sheets, effective August 31. Humble’s common shares now trade under the new ticker symbol HUMBF on the OTC Pink Sheets. Read more here.