The Daily Hit is a recap of the top financial news stories for Jan. 11, 2024.
On the Site
MedMen Downgraded on OTC Marketplace
The OTC Marketplace Exchange knocked MedMen Enterprises Inc. (OTC: MMNFF) down a notch. The beleaguered cannabis company that at one time claimed to have a billion-dollar valuation is now getting a double-black diamond rating on the OTC. Read more here.
DC Council Moves to Crack Down on Cannabis Gray Market Gifting
The Washington, D.C., City Council changed course from broadening the city’s medical marijuana program last year to now cracking down on gray market operators that have made no attempt to transition into taxpaying companies. Read more here.
Pumping the Brakes on De-Scheduling Hopes
Leaving 2023 the cannabis industry was high on hope that cannabis would get rescheduled in 2024. What sparked the positive thoughts was a recommendation in August 2023 from the Department of Health and Human Services that the Drug Enforcement Administration (DEA) reschedule cannabis from a Class one drug to a class three drug. Read more here.
State Sales Updates: Colorado, Illinois, and Maine
• Colorado marijuana sales for 2023 topped $1.4 billion in November after the state’s cannabis companies sold $110.3 million for the month, the state Department of Revenue reported Thursday. Read more here.
• Illinois recreational-marijuana sales were up 5% in 2023 to $1.6 billion, with the pace slowing from the year before, reflecting the industrywide slump in pricing and new competition from Missouri. Read more here.
• Maine marijuana retail revenue eclipsed $200 million in 2023 after cannabis companies in the state sold more than $19 million worth of product in December alone, the state’s Office of Cannabis Policy reported this week. Read more here.
In Other News
CanaFarma
Igor Palatnik, a founder of hemp firm CanaFarma, was sentenced in New York federal court to 6.5 years in prison after pleading guilty to misappropriating more than $1.8 million in investor funds. Read more here.
CALIFORNIA RECALL: Gelato Orangeade
The California Department of Cannabis Control has issued a mandatory recall for Gelato Orangeade hybrid cannabis flower due to the presence of Aspergillus flavus. Read more here.
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