Staff
The Daily Hit is a recap of the top financial news stories for June 13, 2023.
On the Site
Would-be Whistleblowers Facing Countersuit from Former Employer
A pair of former employees at a California marijuana company who tried to blow the whistle on millions of dollars worth of cannabis counterfeiting and diversion are now facing a lawsuit from their ex-boss, who denied all wrongdoing and claims instead that the two employees were thieves. Read more here.
Stanley Brothers Accuse Charlotte’s Web of Ignoring Shareholders
Jesse and Joel Stanley, the co-founders of Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF), have accused the company’s board of ignoring shareholders’ demand for change. Rather than engaging with their concerns, the brothers claim that the board has pointed them towards legal counsel. Read more here.
Connecticut Latest in String of States to Enact 280E Relief
Connecticut on Tuesday became the latest in a national trend of states with operational marijuana markets to approve state-level relief from the 280E provision of the federal tax code. The new state budget signed by Gov. Ned Lamont will let cannabis companies claim state tax breaks in the same amount they would have been entitled to from the federal government if 280E did not exist. Read more here.
Founding Director of Cannabis NYC on the Factors Thwarting the Adult-Use Rollout
Dasheeda Dawson talked to Crain’s New York Business about persuading legacy operators to join New York’s legal market, ensuring that the industry is just and equitable as well as profitable, and what we should — and shouldn’t — tell young people about cannabis. Read more here.
In Other News
ZYUS Life Sciences Corp.
Zyus Life Sciences Corp. completed the previously announced reverse takeover transaction with Zyus Life Sciences Inc., in accordance with the terms of an arrangement agreement dated Nov. 15, 2022. Under the arranged Phoenix Canada Oil Company Ltd. and the former Zyus completed a business combination, through which the former Zyus entity is now a wholly owned subsidiary of the company. The combined entity is expected to commence trading on the TSX under the ticker symbol ZYUS on June 19. Read more here.
Humble & Fume
Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) closed on its non-brokered private placement of convertible debenture units of the company in aggregate principal amount of C$1,540,000. Read more here.
Hempsana Holdings Ltd.
Hempsana (CSE: HMPS)entered into an agreement to restructure the previously announced investment in the corporation by Antosh Consulting Inc. into an equity issuance, following consultation with the Canadian Securities Exchange. The investor has agreed to purchase 30 million units of Hempsana at a price of $0.03 per unit, for a total purchase price of $900,000. Read more here.
