The Daily Hit is a recap of the top financial news stories for March 11, 2024.
On the Site
Florida cracks down delta-8, other hemp products
The Florida Legislature approved new regulations for hemp-derived products, including strict limits on THC levels and a prohibition on the sale of delta-8 THC. SB 1698, which passed the Florida Senate unanimously, now awaits Gov. Ron DeSantis’ signature. Read more here.
Biden budget again blocks Washington D.C. recreational marijuana sales
Despite touting federal marijuana reform in his State of the Union address last week, President Joe Biden issued a budget plan to Congress that keeps a longstanding provision blocking the city of Washington, D.C., from allowing regulated recreational cannabis sales. Read more here.
Libertarian legal nonprofit takes over New York lawsuit alleging discrimination against white men
A national libertarian-leaning nonprofit law firm with a track record of winning at the U.S. Supreme Court has taken command of a lawsuit in New York that alleges government discrimination against white-owned businesses during the state’s cannabis business licensing. Read more here.
Connecticut cannabis sales continue monthly decline in February
After peaking in December with $27.5 million in combined recreational and medical cannabis sales, the market took a downturn to $24.9 million for the month of January. It fell even further, to $23.6 million, in February, the state Department of Consumer Protection reported. Read more here.
NewLake Capital delivers solid quarter
NewLake Capital Partners, Inc. (OCTQX: NLCP) announced its financial results for the fourth quarter and full year ended December 31, 2023. Revenue in the fourth quarter increased 6.4 % to $13 million versus last year’s $12.2 million for the same period. Read more here.
In Other News
Can B Corp.
Can B Corp. (OTCQB: CANB), a health and wellness company specializing in developing, producing and selling hemp-derived cannabinoid products, secured ownership and control of two cannabis patents valued at $122 million. Read more here.
IM Cannabis Corp.
IM Cannabis Corp. (IMC) is proposing a reverse merger with Israeli biotechnology firm Kadimastem in which it would spin out – and potentially sell – its existing medical marijuana operations in Israel and Germany. Read more here.
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