The Oregon Liquor and Cannabis Commission on Monday launched the Cannabis and Alcohol Management Program (CAMP), a new online system for licensing state recreational marijuana and alcohol businesses. According to the OLCC, CAMP will make it easier for businesses to handle all their licensing needs in one place, such as …
Cannabis retailers sue Massachusetts town over $6M fees
Three cannabis retailers have filed a lawsuit against a Massachusetts township, alleging the improper collection of nearly $6 million in community impact fees, despite admissions from officials that the businesses have not incurred significant costs. The plaintiffs, Theory Wellness, Community Growth Partners Great Barrington Operations LLC, and Highminded LLC, allege …
New York Governor wants to review state licensing procedures
New York Gov. Kathy Hochul ordered a top-to-bottom review of the state’s licensing bureaucracy, beginning today and headed up by Jeanette Moy, the commissioner of the Office of General Services, according to a report in The New York Times. This comes just a few weeks after the governor described the …
VP Harris Urges DEA to Act ‘as Quickly as Possible’ on Cannabis Rescheduling Review
Harris stressed the need for a ‘resolution’ to the review of cannabis’s Schedule I classification, which she said is ‘absurd and patently unfair,’ in her opening remarks during a White House roundtable discussion to address ‘inequities in federal drug policy.’ …
Will Bankruptcy Relief Reach Struggling Cannabis Businesses?
Recent court cases and the possible rescheduling of cannabis could signal that bankruptcy relief may be a future option for the industry. …
More MSOs follow lead of Trulieve, Ascend on 280E
More cannabis companies are boarding the 280E avoidance train. After multistate operators Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) and Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) announced to shareholders that they had filed amended tax returns for multiple years, with both expecting multimillion-dollar refunds as a result, more of their …
Colorado cannabis sales flat to start the year
Last year was Colorado’s worst sales year since 2017, and 2024 isn’t off to a great start either. Colorado’s cannabis industry sold just $115.3 million for the month of January, a slight dip from December but statistically even with the previous month. According to figures from the Colorado Department of …
High Tide bucks Canadian cannabis sales trend, with increased revenue in Q1
Canadian Canna Cabana chain owner High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) reported its financial results for the first quarter of fiscal 2024 ending Jan. 31, in which revenue continued to climb despite a sales slowdown in the overall Canadian cannabis industry. The Calgary-based company announced revenue of $128.1 million, …
Planet 13 wins incremental victory in Casa Verde fraud lawsuit
Nevada-based Planet 13 Holdings (CSE: PLTH) (OTCQX: PLNH) won an incremental but significant legal victory in a lawsuit attempting to recover $16.5 million plus damages from investment firms Casa Verde Capital and El Capitan Advisors. The state judge overseeing the case approved an injunction and a special purpose receiver against …
C21 buys Deep Roots in a deal valued at $3.5 million
C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) announced that its wholly-owned Nevada subsidiary, Silver State Relief, LLC would be buying Deep Roots Harvest, Inc. in a deal valued at $3.5 million. C21 also announced a non-brokered private placement of a principal amount of C$1,000 secured convertible debenture units of the …
High Tide buys Queen of Bud for $1M
Canadian cannabis chain High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) has finalized an agreement to acquire the Queen of Bud brand, including its intellectual property, for $1 million. The transaction, set to close in the upcoming weeks, involves $100,000 in cash and the rest in High Tide shares, with the …
Michigan regulators permanently close marijuana processor
This story was reprinted with permission from Crain’s Detroit and written by Dustin Walsh. Lansing, Michigan-based marijuana processor TAS Asset Holdings LLC has surrendered its medical and adult-use recreational licenses following illegal activity discovered by the Michigan Cannabis Regulatory Agency. The removal of its license to operate follows a previous suspension of its licenses …
Despite legality challenges, delta-8 THC usage climbs
Delta-8 may be the target of many regulators and lawmakers, but it’s as popular as ever – particularly among teens. A recent study funded by the National Institutes of Health found that roughly 11% of high school seniors in the U.S. reported using delta-8-THC in the past year. The analysis …
The Daily Hit: March 14, 2024
The Daily Hit is a recap of the top financial news stories for March 14, 2024. On the Site Trulieve sues ex-CFO for splurging corporate cash Florida-based cannabis giant Trulieve (OTCQX: TCNNF) finally filed a lawsuit against its former financial chief for misusing company funds for personal expenses. The suit …
Cannabis beverages a bright spot for Jones Soda
Jones Soda Co. (OTC: JSDA) reported a slight decrease in overall revenue for the fourth quarter, but its infused beverage category saw solid gains for the period. The Seattle-based soda manufacturer reported its financial results for the fourth quarter and full year ended Dec. 31, 2023. Fourth-quarter revenue fell to …
Illinois craft breweries venture into murky waters of THC
This story was reprinted with permission from Crain’s Chicago and written by Ally Marotti. There’s a new item appearing on tap lists at craft breweries around Illinois: THC-infused beverages. The state’s craft beer industry has struggled since the pandemic. Ten percent of the state’s breweries have permanently closed in the past two …
Swedish study looks at psychedelic treatments for teens with psychotic symptoms
A Swedish study published in the Journal of the American Medical Association (JAMA) looked at treating teens with psychotic symptoms with psychedelic drugs and found that there was some success in alleviating the issues. However, the authors cautioned that the evidence remained limited and further studies were needed. Otto Simonsson, …
Study: Most Migraine Sufferers Have Reduced Or Eliminated Their Use Of Prescription Drugs With Cannabis
“This is the largest study to date to document cannabis product usage patterns and perceived benefits for migraine management.” The post Study: Most Migraine Sufferers Have Reduced Or Eliminated Their Use Of Prescription Drugs With […]
Study: Patients With Post-traumatic Stress And Depression Report Improvements Following Cannabis Therapy
Investigators concluded that cannabis treatment “is associated with significant improvements in well-being and quality of life in PTSD.” The post Study: Patients With Post-traumatic Stress And Depression Report Improvements Following Cannabis Therapy appeared first on […]