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The Daily Hit is a recap of the top financial news stories for Nov. 6, 2023.
On the Site
Florida Medical Cannabis Company Suing State Over $1.3M License Fee
One of Florida’s 24 medical marijuana businesses has filed suit against the state over its whopping $1.33 million biennial licensing fee, which was raised in December from $60,000 under the administration of Gov. Ron DeSantis. Read more here.
Colorado Cannabis Business Park May Shutter Over Electrical Dispute
The owners of a Colorado marijuana business park are trying to foreclose on property owned by one of its tenants due to a long-running dispute over who’s responsible for paying the electrical bill. Read more here.
Cookies Shutters High-Profile LA Store, Announces New York Entry
California-based marijuana brand Cookies inked a deal to have its pre-rolled joints and vape cartridges carried by one of the few legal cannabis dispensaries in New York City, just days after the company also announced it was shuttering one of its most high-profile retail locations in Los Angeles. Read more here.
New York Enforcement Push Continues Against Unlicensed Cannabis Market
New York marijuana regulators are continuing an ongoing crackdown on unlicensed cannabis sellers, the state’s Office of Cannabis Management announced Monday, and it appears to be having some effect. Out of 47 shop inspections last month, the OCM said just eight were found to be selling without the proper permits. Read more here.
Organigram Secures $124.6M Investment from British American Tobacco
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) received a big financial boost from a subsidiary of British American Tobacco (NYSE: BTI). The company secured a $124.6 million injection from BT DE Investments Inc. to fuel growth and product innovation. Read more here.
22nd Century Group Revenue Dips in Q3
Tobacco and cannabis company 22nd Century Group Inc. (Nasdaq: XXII) saw its fortunes take a significant dip in the third quarter this year, as revenue declined both sequentially and year-over-year to $17.8 million, with a $72.7 million loss for the quarter alone. Read more here.
In Other News
Lume
Menominee Circuit Judge Mary Barglind demanded officials in Menominee,, Michigan, a city on the Wisconsin border, shutter Lume, which operates nearly 40 stores statewide; Higher Love, with six U.P. stores; and Nirvana Center, which has 13 other Michigan stores, because of an ongoing injunction she issued in September. Read more here.
CBD of Denver
CBD of Denver Inc. (OTC Pink: CBDD) reported revenue in Q3 of approximately $728,000, including $512,000 from Luxora and $216,000 from Berliner, showcasing a significant increase from the $26,907 in revenue during Q3 of 2022. Read more here.
