The Daily Hit is a recap of the top financial news stories for Dec. 1, 2023.
On the Site
2023 Farm Bill Primer Addresses Proposed Amendments
Last week the Congressional Research Service issued a report on the 2023 Farm Bill which focused on hemp industry issues. The primer, written by Renee Johnson, a specialist in agricultural policy, was prepared as a document for congressional committees and members of Congress. Read more here.
Cansortium Sees Opportunity in Florida – Even Without Adult Use
Florida-based multistate operator Cansortium (CSE: TIUM.U) (OTCQX: CNTMF) reaffirmed its plans to expand operations in its home state and other markets during its third quarter earnings call, despite multimillion-dollar losses this year and uncertainty over the Sunshine State’s proposed adult-use marijuana ballot measure next year. Read more here.
Exclusive Interview: Behind New York’s Crackdown on Out-of-State Brands
Until now, brands have been allowed to enter the New York market legally via simple licensing and white label deals with permitted processors, but soon they will have to obtain a formal license from the Office of Cannabis Management, according to John Kagia, the OCM’s policy director. Read more here.
Hemp-based Food Company Raises C$3 Million, Expands Store Presence
Hemp-based food company Planet Based Foods Global Inc. (CSE: PBF) (OTCQB: PBFFF) (FRA: AZ0) raised C$3 million in a private placement of subordinate voting shares for C$0.10 per share. The net proceeds will be used for general working capital and corporate purposes. Read more here.
For Illinois’ Cannabis Industry, the Roller-Coaster Ride Continues
Four years into Illinois’ experiment with legal recreational marijuana sales, the industry looks very different — in ways that are both good and bad. Big companies continue to face headwinds and are looking for a lifeline from Washington, while many new small companies are defying the odds and pushing ahead to open shops and cultivation facilities. Read more here.
In Other News
Avicanna
Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) closed a non-brokered private placement offering of 2,537,508 units at a price of $0.35 per unit for aggregate gross proceeds of $888,127.80. The company intends to use the proceeds for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development. Read more here.
Minnesota
Minnesota now must hire top regulators for both its medical and recreational marijuana industries after the state’s medical cannabis director resigned this week. Chris Tholkes, who’s led the Office of Medical Cannabis within the state Department of Health since 2019, said Monday that she has resigned to take a job as the City of Minneapolis’ director of health operations. Read more here.
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