Staff
The Daily Hit is a recap of the top financial news stories for Oct. 25, 2023.
On the Site
New Mexico Pursues Unpaid Taxes From Cannabis Companies
More than 100 marijuana license holders in New Mexico were delinquent on their state taxes, leading to an enforcement push, the state Department of Taxation and Revenue announced Wednesday. Read more here.
Ascend Wellness Posts Strong Q3 Results, Leadership Changes
New York-based Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) reported promising preliminary financial results for the third quarter ending Sept. 30, touting another period of growth and a reshuffling of some top brass. Read more here.
Midwest Women in Cannabis to Shine at Upcoming Summit
In the heart of the Windy City, an event of innovation and empowerment is about to unfold. The Midwest Women in Cannabis Summit, hosted by the Green Market Report, promises to be a transformative gathering for women seeking to make their mark in the booming cannabis industry. Read more here.
California’s Marijuana Market Remains Mired in Challenges
Many cannabis operators in California have continued to struggle, but some areas have been showing growth. Throughout the course of 2023, roughly 40 retailers have closed down, estimated Los Angeles consultant Hirsh Jain, with even more “just barely hanging on.” Read more here.
Cybin Gets More DMT Patents
Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) announced that the United States Patent and Trademark Office has issued two patent grants that offer protection for its deuterated N, N-dimethyltryptamine (DMT) program. Read more here.
In Other News
Lifeist Wellness
Lifeist Wellness Inc. terminated the share purchase agreement entered into on Sept. 17 with Flora Growth Corp. to divest and sell Australian Vaporizers Pty Limited, its wholly owned Australian subsidiary, to Flora. Read more here.
Skye Bioscience
Skye Bioscience reported successful results from its Phase 1 clinical trial assessing the safety and pharmacokinetics of SBI-100 Ophthalmic Emulsion. This first-in-class cannabinoid type 1 receptor (CB1) agonist, is a prodrug uniquely formulated as an eye drop, and is being developed as a potential new mechanism to address unmet needs in the treatment of glaucoma. Read more here.
4Front Ventures Corp.
4Front Ventures Corp. announced that, in connection with its $10 million senior secured credit facility agreement, the company intends to enter into a restricted stock unit agreement with ALT Debt II LP, an affiliate of Altmore Capital, to issue a total of 15,900,000 Restricted Share Units to the lender. Read more here.
