The Daily Hit is a recap of the top financial news stories for Jan. 31, 2024.
On the Site
New Mexico police raid two dispensaries linked to international crime ring
A multiagency law enforcement group in New Mexico this week raided a pair of unlicensed dispensaries that are allegedly connected to an international crime ring, seizing more than $1 million in illicit cannabis goods. Read more here.
New York social equity license winner denied store location for being too close to an MSO
One of the 463 social equity marijuana shop applicants in New York selected last year for a license has been turned down by cannabis regulators because the site she chose was within a 1,000 feet of a pre-existing medical dispensary in Manhattan. She now may become the first to formally appeal such a ruling to the state. Read more here.
AYR Wellness nears completion of debt restructuring plan
Multistate operator AYR Wellness Inc. (OTCQX: AYRWF) announced it is close to finalizing a debt restructuring deal that includes its Canadian subsidiary, AYR Wellness Canada. The Miami-based company is part of a plan of arrangement under Section 192 of the Canada Business Corporations Act. Read more here.
Nextleaf Solutions rides high on revenue growth, debt-free milestone
Canadian biotech and cannabis processing company Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) reported its fiscal year 2023 results, showing a rise in revenue and the achievement of a debt-free status. The company disclosed total gross revenue of nearly $10 million for the fiscal year, up $4.6 million compared to the previous fiscal year. Read more here.
In Other News
MedMen Enterprises
Marijuana multistate operator MedMen Enterprises initiated a round of corporate layoffs on Jan. 26, according to sources with detailed information about the cuts. The number of employees affected is unknown, but personnel in the Los Angeles-based company’s accounting and marketing departments were among those laid off, sources told MJBizDaily. Read more here.
InterCure Ltd.
InterCure Ltd. (NASDAQ: INCR) (TASE: INCR), which does business as Canndoc, entered into a share purchase agreement with the shareholders of Leon Pharm Ltd. to purchase the Israel-based pharmacy chain specializing in dispensing medical cannabis. Read more here.
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