The Daily Hit is a recap of the top financial news stories for Feb. 12, 2024.
On the Site
Lume Cannabis to take over Skymint grow operation
Lume Cannabis Co. plans to take over the large cannabis grow facility near Lansing that’s being abandoned by competitor Skymint. Lume signed a letter of intent on Friday to become the lessee of the 56,000-square-foot Harvest Park facility at 10070 Harvest Park in Dimondale. Read more here.
FDA approves Lykos Therapeutics’ new drug application for MDMA therapy
The U.S. Food and Drug Administration has accepted a new drug application from Lykos Therapeutics, previously known as MAPS Public Benefit Corporation, for the use of MDMA-assisted therapy in treating post-traumatic stress disorder. Read more here.
Colorado cannabis sales surpassed $1.5 last year, worst year since 2017
Colorado cannabis sales in 2023 surpassed the $1.5 billion mark, the state Department of Revenue announced last week, down significantly from $1.7 billion in 2022 and a tumble of almost $700 million since 2021. Read more here.
Edibles maker sues Colorado over costly tracking rules, overreach
A Colorado-based edible cannabis company filed a lawsuit against the state’s Marijuana Enforcement Division, alleging confusing and costly regulatory practices over the tracking of cannabis products. Read more here.
Doctor sues DEA to treat terminally ill patients with psilocybin
Dr. Sunil Aggarwal and the clinic he co-founded, Advanced Integrative Medical Science Institute, or AIMS, is suing the Drug Enforcement Administration (DEA) for refusing to let him treat terminally ill patients with psilocybin. Read more here.
Canopy Growth preps for Canopy USA filing
Canopy Growth Corporation (NASDAQ: CGC) told investors during its earnings call on Friday that it was planning to file its definitive proxy statement on or around Feb. 13 for Canopy USA, setting up a special shareholder vote for April 12. Read more here.
Scotts Miracle-Gro says ‘deal making’ gives high hopes for hydroponics business
After posing the possibility of removing Hawthorne from Scotts Miracle-Gro’s (NYSE: SMG) umbrella last year, company executives have decided the firm is in on its hydroponics arm for the long haul. Read more here.
In Other News
Christina Lake Cannabis Corp.
Christina Lake completes acquisition of British Columbia cannabis company. Read more here.
Delaware
Retail marijuana sales in Delaware may not start until March 2025, four months later than initially planned, a top regulator says. Read more here.
Maryland
Just over 1,700 people applied for a cannabis license in Maryland’s first round designed to foster social equity, but only 179 of those admitted to a state-run lottery will ultimately receive a coveted license or micro-license Read more here.
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