Staff
The Daily Hit is a recap of the top financial news stories for July 18, 2023.
On The Site
Deceased Worker From Green Thumb Industries Identified, Teamsters Call for Action
A worker at Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) who died while on the job Friday has been identified as 60-year-old Julie Devinney, whose sudden passing prompted a call for reform and unionization at the business from the International Brotherhood of Teamsters. Read more here.
Trulieve Sues Ohio Cannabis Company Over $24 Million Debt
Florida-based Trulieve (CSE: TRUL) (OTCQX: TCNNF) has filed a civil lawsuit against a former business partner in Ohio of Harvest Health & Recreation, which it acquired two years ago, for nearly $24 million in debts. Read more here.
FSD Pharma Wins Multi-Million Dollar Dispute Over Failed Drug Trial
Toronto-based biopharmaceutical company FSD Pharma Inc. (Nasdaq: HUGE), which dabbles in psychedelic-based drugs after venturing out of cannabinoid molecules, scored what it views as a David-over-Goliath victory against a large contract research firm over an arbitration dispute. Read more here.
Clinics Boost Revenue For Numinus Wellness
Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company focused on evidence-based psychedelic-assisted therapies, posted strong financial results for the third quarter ending May 31, 2023. Read more here.
Judge Says Metrc Can Withhold Tags From Colorado Licensee
A Colorado licensee has been fighting Metrc over unpaid fees for tags and in the latest round a judge said Metrc could withhold tags – potentially shutting down the business. Read more here.
Reality Hits Hard For License Lottery Winners
New owners of 55 social equity marijuana retail permits awarded in Illinois last week via lottery will now have to prove their eligibility to the state and also raise enough money to get their businesses open, which can be a tough hurdle to clear. Read more here.
In Other News
Curaleaf Layoffs
Curaleaf, the leading grower and seller of cannabis in New Jersey, announced Monday that it is laying off 49 employees at its Winslow production facility, saying the slower-than-expected rollout of the sector has impacted the amount of product that can be sold, despite a strong market for it. Read more here.
New York
A New York City entrepreneur who illegally sold marijuana at a dozen shops across Manhattan must pay more than $400,000 in taxes and proceeds from illicit sales of cannabis, as part of a crackdown on the thousands of unlicensed operations across the city. Read more here.
Vermont
Flood-ravaged cannabis businesses in Vermont learned they are ineligible for federal assistance due to the illegality of marijuana. Read more here.
North Carolina
Members of the Eastern Band of Cherokee Indians will vote in September on whether they want to legalize marijuana possession and sales on tribal lands for anyone 21 and older — not just for those seeking it for medical use that the North Carolina tribe had already authorized. Read more here.
