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The Daily Hit is a recap of the top financial news stories for Nov. 15, 2023.
On the Site
New York Regulators Reach Settlement ‘In Principle’ over CAURD Lawsuit
New York marijuana regulators and a quartet of service-disabled veterans who filed suit in August over the cannabis licensing system have reached a settlement deal “in principle” that may allow hundreds of licensed retailers to move forward with their business ventures, according to a letter filed with a state appeals court on Monday. Read more here.
Shinnecock Tribe Opens Cannabis Shop on Long Island
The Shinnecock Indian Nation has formally opened for business to cannabis consumers of all stripes on eastern Long Island in New York – as long as they’re over 21 years of age. The Little Beach Harvest dispensary had its grand opening on Wednesday, complete with a tribal ceremony and ribbon cutting before launching tax-free sales under the tribe’s Native American sovereignty. Read more here.
Mississippi Dispensary Owner Sues Over State Ad Restrictions
A Mississippi medical marijuana dispensary owner filed a federal free speech lawsuit against state officials, claiming they’ve wrongly infringed upon his First Amendment rights by prohibiting all advertising for MMJ companies. Read more here.
Cresco Loses Another $113 Million in Q3 as Revenue Slides
Chicago-based Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) posted a $113.4 million loss for the third quarter this year as company revenue continued to trend downward, the multistate operator reported in its quarterly financials. Read more here.
More Earnings:
• Acreage Revenue Ticks Down in Q3 Despite Northeast Sales Lift
• Avicanna Trims Losses, Expands Revenue Through New Platforms
• CEA Industries Still Looking for Buyer as Losses Mount
• Gold Flora Financials Benefit from TPCO Merger
• Lucy Scientific Burns Cash with No Revenue Collected in Q1
In Other News
Detroit Cannabis Licenses
The City of Detroit’s Office of Marijuana Ventures and Entrepreneurship approved 37 applicants, including 13 businesses that are majority-owned by African Americans, five majority-owned by women, and 21 majority owners who are Detroit residents. Read more here.
Montana Cannabis Taxes
A district court judge in Montana granted a 60-day preliminary injunction Nov. 8 that blocks state cannabis regulators from collecting increased fees from dispensary owners who own multiple facilities. Read more here.
Maryland Cannabis Licensing
Maryland is now accepting applications for its first round of new cannabis business licenses. The window will be open until 5 p.m. EST on Dec. 12. Read more here.
