The Daily Hit is a recap of the top financial news stories for Dec. 5, 2023.
On the Site
Curaleaf to Sell Vermont Assets for Undisclosed Amount
Zenbarn Farms plans to acquire Vermont Patients Alliance and all Vermont assets currently operated by Curaleaf. VPA was one of the original medical cannabis companies in the state and had previously been purchased by Grassroots out of Chicago and then came to Curaleaf after it acquired Grassroots. Read more here.
Alabama MMJ Commission Sued Again After Third Licensing Try
Yet another lawsuit has been filed against Alabama medical cannabis regulators, following a third attempt by the state on Friday to award coveted marijuana business permits. This time around it’s processor Enchanted Green LLC, Law360 reported, which was named as a processor permit recipient in the first round in June, and then again after the second round in August. But the company did not get selected for a permit during the third round last week. Read more here.
Inside Solo Stove’s Viral Snoop Dogg Partnership—And How It Almost Didn’t Happen
Snoop Dogg sent the internet into a flurry of speculation last month when he made a very out-of-character announcement on social media: “I’ve decided to give up smoke.” A few days later, the marijuana aficionado followed up his viral announcement with a video confirming many commenters’ suspicions that his pledge to go smoke-free was merely a marketing stunt. Read more here.
Cannabis Operators Sue Detroit Over Facility Near High School
Schools are a drug-free zone. Yet the city of Detroit approved a group of marijuana companies to operate a multi-use marijuana facility near Detroit Community High School, including signing off on a certificate of occupancy this fall, according to a lawsuit transferred to U.S. District Court late last month. Read more here.
3Win Corp. to Acquire Serenus Global
Arizona-based marijuana and hemp vape product distributor 3Win Corp. announced Tuesday that it inked a deal to acquire British Columbia-based Serenus Global, a “multidisciplinary controlled substances company” that has business interests in both cannabis and psychedelics. Read more here.
Cannabis Union Recruiting Ramps up in Midwest
Labor unions are ramping up their recruiting efforts in two key Midwest markets: Illinois and Missouri. Read more here.
In Other News
YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) terminated the definitive agreement to sell Labtronix, effective immediately. Last week, Labtronix manufacturing location was visited by the fire department for a surprise inspection and was ordered to cease all extraction operations immediately until certain improvements are made to the facility. It is undetermined how long it will take to rectify this issue. Read more here.
Adult-use cannabis sales to consumers from out of state continued to decline in November, according to the latest figures from the Illinois Department of Financial and Professional Regulation. At the same time, in-state sales reached a new record. Read more here.
New York state has won what it called an important victory against a shuttered chain of unlicensed cannabis dispensaries in central New York. Wayne County Supreme Court in New York issued a permanent injunction and one-year permanent closing order against I’m Stuck. Read more here.
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