The Daily Hit is a recap of the top cannabis financial news stories for Sept. 7, 2023.
On the Site
Lucy Scientific to Acquire High Times Brand Rights
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) agreed to acquire the intellectual property of High Times. The acquisition will grant Lucy a steady flow of income from licensing and royalties linked to High Times, Cannabis Cup, and 420.com brands. Read more here.
Alabama Cannabis Regulators to Meet with Failed Applicants in Apparent Negotiation
Alabama cannabis regulators are set to negotiate with several would-be medical marijuana companies that have filed suit against state officials, in an apparent attempt to reach a settlement deal. The companies are challenging the haphazard licensing process that has yet to reach any resolution, even after two rounds of permitting. Read more here.
New California Lawsuit Targets Santa Barbara Cannabis Farms Over Odor
A local nonprofit in Santa Barbara County, California, filed a new lawsuit against three marijuana farmers, alleging that the growers refuse to utilize effective odor control and are tantamount to a public nuisance. Read more here.
New York Lawmaker Promises Hearing to Address Rec Market Shortcomings
New York lawmakers will hold a public hearing at the end of October in Albany to give stakeholders a chance to critique the adult-use marijuana market rollout – and perhaps influence legislation coming next year, a key Democratic state senator announced Thursday morning. Read more here.
Cresco Labs Launches Cannabis Ads on Spotify
Music streaming platform Spotify, which claims a subscriber base that exceeds 220 million users, now includes Chicago-based Cresco Labs (CSE: CL) (OTC: CRLBF) among its advertisers. Read more here.
In Other News
Maine Adult-Use Cannabis
t’s a multimillion-dollar industry that doesn’t seem to be slowing down in Maine, but some say new rules for the adult-use marijuana industry could harm businesses and consumers. The proposed changes cover everything from delivery to new packaging requirements. Read more here.
Germany-based Avextra AG signed distribution agreements with two leading Swiss pharmaceutical partners and one Austrian pharmaceutical distribution partner. Under the terms of the agreements, Avextra will supply its purified API Dronabinol as well as standardized cannabis extracts manufactured in its GMP facility in Germany to both Switzerland and Austria. Read more here.