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The Daily Hit is a recap of the top financial news stories for Dec. 14, 2023.

On The Site

Exclusive Interview: Curaleaf CEO Matt Darin Discusses Path to Profitability

Curaleaf has posted more than $700 million in losses in the last two years, but its CEO says it’s prepared to reverse that course. Read more here.

L.A. Cannabis Trade Group Calls for STIIIZY Boycott Following Illicit Market Allegations

A prominent Los Angeles-based marijuana trade group has announced that several of its board members, who run licensed L.A. cannabis shops, will boycott STIIIZY products until allegations of its founder owning several illegal dispensaries are “fully resolved.” Read more here.

MindMed Reports Positive Results For Phase 2b Trial

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED) announced positive topline results from its Phase 2b clinical trial of MM-120 (lysergide d-tartrate) in generalized anxiety disorder (GAD). MindMed said that its trial met its primary endpoint, with MM-120 demonstrating statistically significant and clinically meaningful dose-dependent improvements. Read more here.

Push for Psilocybin Rescheduling Amps Up

Seattle physician Dr. Sunil Aggarwal filed a petition on Dec. 11, nearly two months after a circuit panel remanded his request to change psilocybin’s status back to the DEA and ordered the agency to clarify why it believes the drug should remain a Schedule I substance. Read more here.

C21 Sees Revenues Drop in Third Quarter

C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) announced its unaudited interim financial statements for the third quarter ended Oct. 31, 2023. C21‘s revenue fell sequentially by 3.9% to $6.8 million and was below last year’s revenue of $7.2 million. Read more here.

Pennsylvania Advances Bill to Boost Independent Cannabis Firms

This week, Pennsylvania’s legislature passed a bill to allow more cultivators and independent dispensaries to grow and sell directly to consumers in the state. Read more here.

In Other News

Safe Harbor

Colorado-based cannabis bank Safe Harbor (NASDAQ: SHFS) announced today that it originated a $1.17 million loan for the acquisition and construction of a new adult-use social equity cannabis retail store in Bridgeport, Connecticut. Read more here.

Detroit

The owner of a Detroit dispensary has been banned from owning a business license for selling marijuana in the state after he was found to be selling cannabis to people without a medical card. Read more here.

New York

Three marijuana dispensaries are poised to open in New York City over the next few days, after a state judge lifted a court order that temporarily barred new retailers from selling cannabis products. Read more here.

The Daily Hit is a recap of the top financial news stories for Dec. 13, 2023.

On the Site

Investor Sues MjLink for Bogus Numbers

Investor Alan Lamothe filed a legal complaint against Decentral Life Inc. (OTC: WDLF) and several other entities alleging that the group made bogus claims about user numbers on the websites. Lamothe says he invested more than a million dollars believing the claims that the websites had millions of users, which would have led to significant income from ad revenues and subscriptions. Read more here.

Canopy Growth Stock Dips on Share Consolidation

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) lost nearly 14% premarket Wednesday after announcing a 1-for-10 share consolidation to comply with Nasdaq’s minimum bid price requirement. Read more here.

Alabama Picks New Integrated License Winners, Inches Closer to Launching Market

Following the multimonth saga that has been Alabama’s medical marijuana licensing struggle, the state commission charged with the task finalized its first round of permitting, after picking five companies as winners of the coveted integrated licenses. Read more here.

Closure of Skymint Cannabis Grow Offers Opportunity for Struggling Industry

The planned, and unceremonious, end to Skymint’s growing operations is a cautionary tale as old as the earliest strains of Hindu Kush from the ancient mountains of Afghanistan. Read more here.

Maryland Marijuana Sales Keep Growing

One of the newest recreational marijuana markets in the U.S., Maryland, continued ramping up sales through the fall, setting yet another new high water mark in November with $55.9 million in adult-use sales. Read more here.

In Other News

Harker Heights, Texas

Non-profit organization Ground Game Texas is suing the City of Harker Heights for the City’s failure to reform marijuana enforcement programs after voters approved the changes over a year ago. Read more here.

NJ Leaf

Freehold, New Jersey-based dispensary NJ Leaf has voted to organize with UFCW Local 360, a choice endorsed by its owner Ritesh Shah. Read more here.

Zaza R Us

A New York federal magistrate judge has recommended moving along efforts by the conglomerate operating the post-bankruptcy Toys R Us brand to use the powers of federal trademark law against a pair of unlicensed Brooklyn cannabis bodegas operating under the name “Zaza R Us.” Read more here.

The Daily Hit is a recap of the top financial news stories for Dec. 12, 2023.

On the Site

Michigan Man Who Sued NY Over Cannabis Licensing Goes After Washington State

A Michigan cannabis entrepreneur on a quest to remove residency requirements from adult-use cannabis programs continues to stay busy in state courts. Kenneth Gay, the owner of Peridot Tree WA Inc., challenged the Washington State Liquor and Cannabis Control Board’s decision to reject his company’s application for a retail license under the state’s social equity program. Read more here.

DEA Places Six Synthetic Cannabinoids in Temporary Schedule 1

The Administrator of the U.S. Drug Enforcement Administration issued a temporary order to schedule six synthetic cannabinoids in schedule I under the Controlled Substances Act. The DEA said the action was based on a finding by the administrator that this was necessary to avoid imminent hazard to public safety. Read more here.

More Chaos as Massachusetts Cannabis Commission Suspends Two

Chaos continues to rain down on the Massachusetts Cannabis Commission, as nonprofit news organization WBUR reported that Acting Executive Director Debbie Hilton-Creek suspended Chief Communications Officer Cedric Sinclair and Director of Human Resources Justin Shrader on Dec. 4. Read more here.

Report: STIIIZY Founder Landlord for Illegal California Dispensaries

The founder of the popular California cannabis brand STIIIZY has been embroiled in the illicit side of the marijuana industry for years, as a landlord to unlicensed dispensaries scattered across the Los Angeles metro area, according to a report in the Los Angeles Times. Read more here.

Agrify Narrows Losses as Turnaround Plan Takes Shape

Agrify Corp. (Nasdaq: AGFY) has reported a fall in operating and net losses for the second quarter of 2023 ending June 30, as part of its ongoing restructuring efforts. The company detailed a significant reduction in losses, with operating loss lowering to $5.3 million from $7.6 million in the previous quarter, and net loss declining to $6.8 million from $10.3 million. Read more here.

First Recreational Marijuana Product Recall Issued in New York

New York marijuana regulators issued the state’s first-ever recreational cannabis product recall on Tuesday, almost a full year after the adult-use market launched on Dec. 29, 2022. The state Office of Cannabis Management said it was recalling a single lot of edibles called “Jenny’s Zee Zee gummies 2:1 THC/CBN,” made by Jenny’s Baked at Home Company LLC, because the lot was not properly tested for consumer safety. Read more here.

Connecticut Cannabis Sales Hit Nearly $26 Million in November

Preliminary data from Connecticut’s Department of Consumer Protection highlighted that the adult-use cannabis market, which launched sales on Jan. 10, recorded more than $15.3 million in sales during the month. In comparison, the medical marijuana sector accounted for more than $10.3 million in sales during the same period. Read more here.

CV Sciences Buys European Vegan Food Company

California-based CV Sciences Inc. (OTCQB: CVSI) has acquired Polish plant-based vegan food company Cultured Foods. CV Sciences said in a statement that the acquisition was structured as an equity purchase, where it will operate Cultured Foods as its wholly owned subsidiary. Read more here.

In Other News

Curaleaf Holdings

Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) has completed its efforts to comply with all the conditions listed in the conditional listing approval delivered by the Toronto Stock Exchange in connection with the listing of its subordinate voting shares on the exchange. Shares will commence trading on the TSX on Dec. 14 under the ticker symbol CURA. Read more here.

Alabama

Montgomery County (Alabama) Circuit Court Judge James Anderson denied a petition for a temporary restraining order against the Alabama Medical Cannabis Commission. In the latest legal challenge, Alabama Always LLC claimed that the commission’s method of selecting medical cannabis licensees was unlawful. Read more here.

Michigan

Adult-use recreational marijuana has been legal in Michigan since voters approved a ballot proposal in the 2018 election, with sales starting in 2019. But more than 1,300 Michigan communities remain opted out. Read more here.

50% – How many Missouri cannabis flower consumers are aware of the Cookies brand

As seen in other states, when Cookies enters a market, it rises to the top of the funnel. Missouri is no exception. The brand has a marquee store in St. Louis, and its products are well distributed around the state at other dispensaries.

Source: Brightfield Group, Product Brand Health, H2 2023

The Daily Hit is a recap of the top financial news stories for Dec. 11, 2023.

On the Site

Curaleaf Reorganizes Ahead of TSX Listing

New York-based Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) will reorganize its U.S. subsidiary, Curaleaf USA, as part of its plans to list on the Toronto Stock Exchange. The reorganization involves a new investment in Curaleaf USA, where an independent investor acquired one share of Class A voting stock for $1 million. Read more here.

Skymint to Shut Down Michigan Marijuana Growing Operation, Lay Off 180

Skymint, the embattled marijuana operator being acquired out of receivership, is shuttering its growing and processing plant near Lansing, Michigan, and will lay off roughly 180 employees by March 1, the company said last week in an internal memo to employees that was obtained by Crain’s. Read more here.

Illinois Governor Signs Cannabis Transport Bill, Halts New Licenses

Illinois Governor JB Pritzker signed a bill into law Friday that waives annual licensing fees for existing cannabis transporters for three years and puts a hold on issuing new transporter licenses until 2027. Read more here.

Arizona Cannabis Sales Pass $1B for 2023

Arizona marijuana sales remained down for the year in September and August, after first entering a slump over the summer, but appeared to be stabilizing. Overall cannabis sales for the state surpassed the $1 billion sales mark for the year two months ago. Read more here.

New Jersey Medical Marijuana Sales Decline as Recreational Gains

New Jersey’s marijuana market is following a common trend among U.S. states that have embraced adult use: the slow but steady decline of medical marijuana sales, as patients opt for the ease of recreational purchasing. Read more here.

In Other News

CALIFORNIA PRODUCT RECALL: Grizzly Peak Farms

Grizzly Peak Farms has issued a voluntary recall of its Zoap flower strain after the product failed testing for the Category I pesticide chlorfenapyr. Learn more here.

The Grass Is Always Greener LLC

A lawsuit in a Washington state court says The Grass Is Always Greener LLC broke a $480,000 settlement by not maintaining a business license associated with a dispensary or keeping up with payments owed to the plaintiff. Bernard Finney said payments stopped at the end of 2022. Read more here.

The Daily Hit is a recap of the top financial news stories for Dec. 7, 2023.

On the Site

Curaleaf Wins Uplisting to Toronto Stock Exchange

New York-based Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) has won “conditional approval” from Canadian securities regulators to uplist its shares to the Toronto Stock Exchange, the company announced Thursday. Read more here.

Ohio Adult-Use Law Now in Effect as Lawmakers Rush to Revise

Ohio’s voter-approved initiative legalizing adult-use cannabis officially went into effect as it was written on Thursday morning. However, the program could soon receive a makeover as lawmakers in the statehouse continue to negotiate over some of the measure’s biggest items. Read more here.

Colorado Rule Changes Could Save Growers Money – But There’s a Catch

A new rule that goes into effect Jan. 8 has the potential to save Colorado cannabis growers significant costs – but only if Florida-based Metrc develops new tags without microchips for tracking marijuana plants. Read more here.

Cannara Biotech Posts Solid 2023, Q4

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) reported a substantial rise in revenue and profitability for its fourth quarter and full fiscal year of 2023, both of which ended Aug. 31. The Montreal-based cannabis producer recorded net revenue of $18.3 million, a 53% rise from the same quarter last year. Read more here.

MedMen Wins Case Accusing the Company of Fraud

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) chalked up another victory against allegations brought by Whitestar Solutions LLC. In the initial case, Whitestar alleged that MedMen “fraudulently induced Whitestar to contract to sell part of its business to MedMen” by misrepresenting the nature of the stocks put up to fund the deal. Read more here.

In Other News

Original Balboa Caregivers

An investment company and real estate firm are asking a Los Angeles judge to disqualify attorneys for a cannabis company that is suing them over an alleged breach of contract, saying the attorneys violated the court’s protective order in a recent filing. In a motion filed Monday, 9419 Mason Partners LLC and SSL Investments LLC argued that attorneys for Original Balboa Caregivers Inc. included as part of an opposition brief a declaration that was subject to a November protective order. Read more here.

Virginia

A new study released by the Virginia Cannabis Control Authority found that the price of medical cannabis in Virginia is significantly higher than in other states. Because of that, researchers found that nearly 90% of patients buy their products from sources outside the Virginia medical marijuana market. Read more here.

The Daily Hit is a recap of the top financial news stories for Dec. 6, 2023.

On the Site

Parallel Stockholders Reject Proposed Restructuring in Billion-Dollar Lawsuit

A group of 40 disgruntled Parallel cannabis stockholders filed a lawsuit in the Chancery Court of Delaware rejecting the proposed restructuring of the debt-ridden cannabis company. Read more here.

SEC Wins Judgments Against Ex-Hemp Executives in Fraud Case

The U.S. Securities and Exchange Commission secured consent judgments against two former executives of CanaFarma Hemp Products Corp. in a case involving an alleged $15 million investment fraud scheme, the agency announced Tuesday. Read more here.

BZAM Set to Acquire Final Bell Canada in All-Stock Deal

Canada-based BZAM Ltd. (CSE: BZAM) (OTC: BZAMF) has agreed to acquire cannabis supply chain solutions company Final Bell Canada Inc., a subsidiary of Final Bell Holdings International Ltd. Read more here.

Psychedelic Deals, Partnerships Skyrocket 500% Since 2019

Business deals, partnerships, and mergers in the psychedelics industry have shot up by 500% in the last four years as the sector has gotten hotter and hotter, according to a report from the GlobalData Pharma Intelligence Center Deals Database. Read more here.

Most California Social Equity Programs Still in Development

A new report provided to state lawmakers this week confirmed what many already knew: California’s social equity programs still have a long way to go. The report delivered both a breakdown of where $35 million in funding was sent last year, and also the status of such programs as of December 2022. Read more here.

In Other News

Pineapple Express

A Los Angeles judge has appointed a receiver to take over operations of a dispensary at the center of a suit by the dispensary’s owner alleging that former executive Vincent Mehdizadeh had exploited a coveted social equity license and sought to take over the business. Read more here.

CannMenus

CannMenus, a Chicago-based cannabis retail analytics firm, and Nugget, a Canadian cannabis insights leader, have joined forces to create an unparalleled source of retail insights covering over 90% of all licensed dispensaries across the U.S. and Canada. Read more here.

Unrivaled Brands

Shareholders of California-based Unrivaled Brands overwhelmingly approved several proposals put forth in the company’s annual meeting on Dec. 5, including the agreement and plan of merger with Blum Holdings Inc., a newly formed Delaware corporation, and Blum Merger Sub Inc. Read more here.

The Daily Hit is a recap of the top financial news stories for Dec. 5, 2023.

On the Site

Curaleaf to Sell Vermont Assets for Undisclosed Amount

Zenbarn Farms plans to acquire Vermont Patients Alliance and all Vermont assets currently operated by Curaleaf. VPA was one of the original medical cannabis companies in the state and had previously been purchased by Grassroots out of Chicago and then came to Curaleaf after it acquired Grassroots. Read more here.

Alabama MMJ Commission Sued Again After Third Licensing Try

Yet another lawsuit has been filed against Alabama medical cannabis regulators, following a third attempt by the state on Friday to award coveted marijuana business permits. This time around it’s processor Enchanted Green LLC, Law360 reported, which was named as a processor permit recipient in the first round in June, and then again after the second round in August. But the company did not get selected for a permit during the third round last week. Read more here.

Inside Solo Stove’s Viral Snoop Dogg Partnership—And How It Almost Didn’t Happen

Snoop Dogg sent the internet into a flurry of speculation last month when he made a very out-of-character announcement on social media: “I’ve decided to give up smoke.” A few days later, the marijuana aficionado followed up his viral announcement with a video confirming many commenters’ suspicions that his pledge to go smoke-free was merely a marketing stunt. Read more here.

Cannabis Operators Sue Detroit Over Facility Near High School

Schools are a drug-free zone. Yet the city of Detroit approved a group of marijuana companies to operate a multi-use marijuana facility near Detroit Community High School, including signing off on a certificate of occupancy this fall, according to a lawsuit transferred to U.S. District Court late last month. Read more here.

3Win Corp. to Acquire Serenus Global

Arizona-based marijuana and hemp vape product distributor 3Win Corp. announced Tuesday that it inked a deal to acquire British Columbia-based Serenus Global, a “multidisciplinary controlled substances company” that has business interests in both cannabis and psychedelics. Read more here.

Cannabis Union Recruiting Ramps up in Midwest

Labor unions are ramping up their recruiting efforts in two key Midwest markets: Illinois and Missouri. Read more here.

In Other News

YourWay Cannabis

YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) terminated the definitive agreement to sell Labtronix, effective immediately. Last week, Labtronix manufacturing location was visited by the fire department for a surprise inspection and was ordered to cease all extraction operations immediately until certain improvements are made to the facility. It is undetermined how long it will take to rectify this issue. Read more here.

Illinois

Adult-use cannabis sales to consumers from out of state continued to decline in November, according to the latest figures from the Illinois Department of Financial and Professional Regulation. At the same time, in-state sales reached a new record. Read more here.

I’m Stuck

New York state has won what it called an important victory against a shuttered chain of unlicensed cannabis dispensaries in central New York. Wayne County Supreme Court in New York issued a permanent injunction and one-year permanent closing order against I’m Stuck. Read more here.

Solo Stove’s CEO gives a behind-the-scenes look at the brand’s first national marketing campaign.

10% – Percentage of cannabis consumers who prefer strains with 6%-10% THC content

A common theme resonating through many recreational cannabis markets is: How high can we get the THC level? But low-THC strains may be gaining in popularity. This year, more consumers have said they prefer this range of THC percentage than ever before. But these products can be hard to come by. With 1-in-10 flower users preferring this range, there’s a solid opportunity for sales.

Source: Brightfield Group, U.S. Cannabis Consumer Insights, Q3 2023

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Author: Staff

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The Daily Hit: December 14, 2023

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The Daily Hit: December 13, 2023

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The Daily Hit: December 12, 2023

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Number of the Week: 50%

50% – How many Missouri cannabis flower consumers are aware of the Cookies brand

The Daily Hit: December 11, 2023

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The Daily Hit: December 7, 2023

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The Daily Hit: December 6, 2023

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The Daily Hit: December 5, 2023

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Inside Solo Stove’s Viral Snoop Dogg Partnership—And How It Almost Didn’t Happen

Number of the Week: 10%

10% – Percentage of cannabis consumers who prefer strains with 6%-10% THC content

The Daily Hit - TEST TEST TEST

Lykos Therapeutics Secures $100M in Series A Funding, Rebrands from MAPS PBC

Functional Mushrooms Move Into Mainstream as Wellness Trend Grows

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50% – How many Missouri cannabis flower consumers are aware of the Cookies brand

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10% – Percentage of cannabis consumers who prefer strains with 6%-10% THC content

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