The Daily Hit is a recap of the top financial news stories for Jan. 17, 2024.
On the Site
Cannabis Hydroponics Firm Embroiled in SEC Stock Fraud Case
The Securities and Exchange Commission has filed a lawsuit against three individuals, Jonathan Farber, Aarif Jamani, and Brian Keasberry, for their involvement in a sophisticated stock manipulation scheme involving County Line Energy Inc., a small public company based in California. Read more here.
Panama Hands Out Seven Medical Marijuana Business Permits
The Central American nation of Panama has awarded medical marijuana business licenses to seven companies, another step towards launching the nation’s cannabis market. Read more here.
New York Retail License Winners Find Creative Ways to Sell Already
While many of the cannabis retail license winners in New York to date have been working excitedly toward getting their shops open, others have been trying to figure out ways to sell and exit – and such deal making is on the rise, industry insiders say. Read more here.
New Jersey Lawmakers Seek to Decriminalize Psychedelics
New Jersey lawmakers were able to legalize cannabis, and now they have their sights set on psychedelics. District 22 State Sen. Nicholas Scutari sponsored legislation that would authorize the production and use of psilocybin to promote health and wellness, decriminalize the products, and expunge past offenses involving psilocybin production, possession, use, and distribution. Read more here.
In Other News
Wisconsin Republicans appear to be at an impasse over a proposal to legalize medical marijuana. Assembly Speaker Robin Vos said Tuesday that he would not compromise with state Senate Republicans to address their concerns with his proposal. Senate Majority Leader Devin LeMahieu last week said the bill’s proposed creation of state-run dispensaries was a “nonstarter.” Read more here.
An Alabama federal judge rejected a bid to block the state’s medical cannabis agency from issuing its processor licenses, an effort by a company that claims the state improperly rescinded its license award. Read more here.
New York Cannabis Taxes
Gov. Kathy Hochul’s executive budget released Tuesday proposes repealing a state “potency tax” on marijuana products that industry stakeholders said has deterred legal retail sales and driven more consumers to buy cannabis from unlicensed vendors. Read more here.
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