The Daily Hit: January 4, 2024

The Daily Hit: January 4, 2024

The Daily Hit is a recap of the top financial news stories for Jan. 4, 2024.

On the Site

California Cannabis Company Sues State, Alleges ‘Massive Overcollection’ of Taxes

HNHPC Inc. – which is a wing of Long Beach-based Catalyst Cannabis Co. – has filed suit against several state agencies, including the primary tax collection bureau, alleging that the departments conspired to cover up an illegal change to cannabis tax policy and “massive overcollection” of taxes from marijuana businesses. Read more here.

Testing Concerns Lead to Quarantine for 70% of Mississippi MMJ Goods

Mississippi health officials ordered more than two-thirds of the medical marijuana products currently on the market be retested for safety, following an anonymous tip that claimed many of the goods were tainted with pesticides. Read more here.

Connecticut Attorney General Tells Unlicensed Cannabis Events Company to Stop

As part of a broader crackdown on illicit cannabis, the Connecticut attorney general sent a formal cease-and-desist order to a marijuana events company that organizes farmer’s market-style gatherings. Read more here.

Atai Makes $50 Million Investment Into Beckley Psytech

Psychedelic biotech company atai Life Sciences (NASDAQ: ATAI) is making a $40 million direct investment into Beckley Psytech to fund ongoing research, plus an additional $10 million to purchase shares from existing shareholders. Read more here.

Interview: Breaking Down the Benefits of an ESOP for Cannabis Companies

Andrew Nikolai, vice president at CSG Partners and an expert in structuring employee stock ownership plans, recently spoke with Green Market Report about the benefits an ESOP provides for any company – and why there are so few cannabis businesses taking advantage of it. Read more here.

In Other News

Virginia Cannabis Control Authority

A new year means a change in the way Virginia oversees its Medical Cannabis program. It’s now the sole responsibility of a single stage agency, rather than one with a number of duties. The transition from the Virginia Board of Pharmacy to the Cannabis Control Authority is expected to not only help patients quickly access safe, regulated products, but also pick up on what other states are doing. Read more here.

Kentucky MMJ

Gov. Andy Beshear on Thursday called for Kentucky’s medical marijuana program to be expanded to include an extra 15 conditions that would allow an additional 437,000 Kentuckians to qualify for usage when the program launches next year. Read more here.

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