The Daily Hit: January 16, 2024

The Daily Hit: January 16, 2024

The Daily Hit is a recap of the top financial news stories for Jan. 16, 2024.

On the Site

Michigan Cannabis Sales Top $3B in 2023

Michigan ended 2023 as the nation’s unofficial marijuana king. In 2023, the state’s cannabis industry sold nearly $3.06 billion in medical and adult-recreational use marijuana — or about $305 worth of marijuana for every man, woman and child in the state for the year — according to data released today by the Michigan Cannabis Regulatory Agency. Read more here.

Maryland Marijuana Sales Near $800 Million in Six Months

Maryland cannabis shops sold just under $800 million of products since the recreational market launched in July, the state reported this month. Total cannabis sales from July 1 to Dec. 31 hit $796.3 million, including $331.7 million in recreational sales and $464.4 million in medical marijuana sales, according to the Maryland Cannabis Administration. Read more here.

The Cannabist Company Appoints New CEO, Signals New Growth Phase

The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CCHWF) is up more than 10% on news of a major overhaul in its C-suite, with David Hart stepping in as the new chief executive officer, the company said Monday. Hart takes over from Nicholas Vita, who co-founded the company in 2012 and has been at the helm since its inception. Read more here.

Canopy Growth Scraps $30 Million Private Placement Due to External Delays

Ontario-based Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) canceled its planned $30 million private placement. According to a recent Form 8-K filing with the U.S. Securities and Exchange Commission, the deal, which initially looked to raise capital through the sale of approximately 7 million units, was axed because of delays caused by external factors beyond the company’s control. Read more here.

Colorado Cannabis Recalls Skyrocket in 2023 with New Testing Mandate

Colorado marijuana regulators issued a record 17 cannabis product recalls last year, up from just three recalls in 2019, after a new testing mandate for aspergillus, a type of mold, was established. Read more here.

In Other News

Blum Holdings

Blum Holdings Inc. (OTCQB: UNRVD) will begin trading until its new ticker symbol, BLMH, after 20 business days. The corporate actions effecting the reorganization and split took effect at the open of business on Jan. 16. Read more here.

Red White & Bloom Brands

Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) successfully closed its acquisition of Aleafia Health Inc. and certain of its subsidiaries under the Companies’ Creditors Arrangement Act. Read more here.

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