Staff
The Daily Hit is a recap of cannabis business news for Dec. 19, 2022.
ON THE SITE
Florida Announces New Licensing Round, Hikes Renewal Fee More Than $1M
Florida’s burgeoning medical marijuana market is about to get even bigger and far more expensive to stay in. The state’s Department of Health announced new rules Monday morning that open a general application process for up to 22 new medical marijuana treatment center (MMTC) licenses. Read more here.
New Jersey Recreational Cannabis Sales Top $116 Million in Q3
New Jersey hit a new high water mark for adult-use sales in the third quarter, reaching $116.5 million. With medical sales added in, the state sold $177.7 million in legal marijuana, according to state data from the Cannabis Regulatory Commission (CRC). Read more here.
Bilked Paragon Coin Investors May Get Some Money Back
It’s rare that ripped-off investors ever get any of their money back, but in the case of Paragon Coin, a small fund was set up for that purpose. Last week the Securities and Exchange Commission (SEC) announced that it had approved a Fair Fund to be established and that harmed investors could get some money returned to them. Read more here.
Avant Brands Buys Out 3PL Ventures, Wins Bid for Kelowna Grow Facility
Canadian producer Avant Brands Inc. (TSX:AVNT) (OTCQX:AVTBF) has entered a binding share purchase agreement with F-20 Developments Corp. to acquire the remaining 50% equity stake in 3PL Ventures Inc. for $15 million. Read more here.
Cresco Labs Joins Effort to Spark Cannabis Innovation at 1871 Chicago
Cresco Labs (OTC: CRLBF) and 1871 announced that Cresco will be what’s being called an anchor partner in the Cannabis Innovation Lab, a venture launched at 1871 with the goal of supporting entrepreneurship in the city’s growing cannabis sector. Read more here.
IN OTHER NEWS
Hill Street Beverage Co. Inc.
Hill Street Beverage Co. Inc. (TSXV: HILL) (OTC Pink: HSEEF) intends to complete a non-brokered private placement for gross proceeds of up to C$700,000, subject to oversubscription at the option of the company. The offering is subject to TSX Venture Exchange approval. Read more here.
Minnesota
The governor of Minnesota says he expects the state to legalize marijuana “by May.” But the House speaker is tempering those expectations, putting the timeline for reform in the range of sometime in the next two years. Read more here.
FloraWorks Holdings Inc.
FloraWorks Holdings Inc., a biotech company specializing in rare and novel cannabinoids, announced the initial closing of its Series A financing with lead investor BVE Select Fund II, L.P., the second life sciences venture fund of Bonaventure Equity LLC. BVE’s Founder and Managing Partner, Ross O’Brien, will join FloraWorks’ board of directors. Read more here.
