StaffThe 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.
