Staff
The Daily Hit is a recap of the top financial news stories for May 24, 2023.
On the Site
Massachusetts Cancels Cannabis Lounge Pilot Program to Aid Openings
Massachusetts marijuana regulators on Monday decided to cancel a long-planned pilot program for the rollout of cannabis consumption cafes, a move they hope will get such lounges open sooner instead of later. Read more here.
Delaware Allocates Money, Staff to Establishing Adult-Use Cannabis Market
Delaware lawmakers this week took the first step toward implementing the state’s new recreational marijuana market by allocating $2.2 million and 34 staff members to the job in the upcoming annual budget. Read more here.
NY Cannabis Authorities: ‘No Historical Precedent’ for Lawsuit Claims
Cannabis regulators in New York asked a state court to dismiss a lawsuit filed by a group of medical operators. The group, known as the Coalition for Access to Regulated & Safe Cannabis, said the state has not done enough to suppress unlicensed marijuana sales. Read more here.
Michigan Regulators Propose Stripping Licenses from Companies that Don’t Pay Vendors
In proposed rules released this month, Michigan’s Cannabis Regulatory Agency is seeking authority to deny licenses to businesses found in court to have not paid vendors. It’s a move that would set the industry apart from nearly every other industry in the state. Experts in the industry, however, believe the rule could create havoc in an industry already under financial pressure due to low prices. Read more here.
Earnings:
• Cresco Labs Stays Locked on Columbia Care Megadeal Amid Mixed Results
• Slang’s Investment in Vermont Pays off as Revenues Rise
In Other News
PRODUCT RECALL: Green Trees Medicinals
Colorado’s Marijuana Enforcement Division has announced a recall for marijuana from Green Tree Medicinals, a dispensary in Berthoud, because of potentially dangerous levels of the mold aspergillus. The recall, issued May 23, includes three recreational harvest batches and one medical batch of flower, shake or trim sold at Green Tree from Jan. 5 through March 30. Read more here.
Dama Financial
A marijuana financial services company has revised its testimony on a congressional cannabis banking bill following pushback over remarks made at a Senate committee hearing this month where a compliance officer suggested a “pause” to further amend the legislation. Read more here.
Lowell Farms
Lowell Farms Inc. (CSE:LOWL; OTCQX:LOWLF) closed a sale leaseback transaction with New Wilston Associates LLC pursuant to which Lowell SR LLC, a subsidiary of the company, has sold its drying and midstream processing facility in Monterey County California for aggregate consideration of $19.4 million, including the buyer’s assumption of the existing mortgage on the facility. Read more here.
