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The Daily Hit is a recap of the top financial news stories for July 25, 2023.
On the Site
Maryland Hemp Companies Sue State Over Adult-Use Marijuana Rules
A group of hemp companies in Maryland have filed suit against the governor and several state officials, claiming that the regulatory plan lawmakers authorized for the recreational cannabis industry will put them out of business. Read more here.
Hemp Hearing on FDA Inaction to Be Held Thursday
The Subcommittee on Health Care and Financial Services will host a hearing to look at the Food and Drug Administration’s failure to regulate hemp-derived and cannabidiol products under existing authorities for years. Read more here.
Aleafia Health Files for Creditor Protection After Investors Axe RWB Deal
Toronto-based Aleafia Health Inc. (TSX: AH) (OTCQB: ALEAF) filed for creditor protection under the CCAA – akin to bankruptcy proceedings in the U.S. – in response to recent financial struggles, complicated by a cancelled acquisition proposal by Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF), which was officially sacked on July 14, a month after the deal was announced. Read more here.
Parallel, IIP Duel Over Insolvency Claims in $6M Dispute
Atlanta-based multistate operator Parallel’s subsidiary, Goodblend Pennsylvania LLC, is attempting to avoid a near $6 million payment relating to a failed grow facility by declaring insolvency, according to a recent complaint filed in a Pennsylvania court. Read more here.
Detroit to Open 2nd Wave of Recreational Cannabis Licenses
The city of Detroit on Monday said it will start accepting applications for limited marijuana business licenses on August 1. These licenses will include dispensaries, microbusinesses, and consumption lounges. Read more here.
In Other News
Flora Growth
Flora Growth Corp. (Nasdaq: FLGC) will sell its Colombian-related subsidiaries and assets to a private company for C$800,000. The sale is expected to close by July 31. The company intends to maintain a presence in Latin America through Just Brands’ distribution relationships. Read more here.
MIRA Pharmaceuticals
Baltimore-based MIRA Pharmaceuticals filed a registration statement with the U.S. Securities and Exchange Commission announcing its plan to go public on the Nasdaq under the symbol MIRA. The proceeds from the initial public offering will fund the clinical studies necessary for MIRA’s synthetic cannabis drug to receive approval from the Food and Drug Administration, the filing said. Read more here.
Missouri
The Missouri Department of Health and Senior Services will begin accepting cannabis microbusiness applications on Thursday, July 27. The application window will be open through Aug. 10. Applications can be submitted through the online portal. The lottery to select winners will take place no later than Sept. 1. Read more here.
