The Daily Hit: March 18, 2024

The Daily Hit: March 18, 2024

The Daily Hit is a recap of the top financial news stories for March 18, 2024.

On the Site

New York Governor wants to review state licensing procedures

New York Gov. Kathy Hochul ordered a top-to-bottom review of the state’s licensing bureaucracy, beginning today and headed up by Jeanette Moy, the commissioner of the Office of General Services. Read more here.

Cannabis retailers sue Massachusetts town over $6M fees

Three cannabis retailers have filed a lawsuit against a Massachusetts township, alleging the improper collection of nearly $6 million in community impact fees, despite admissions from officials that the businesses have not incurred significant costs. Read more here.

Oregon debuts online system for cannabis, alcohol licensing

The Oregon Liquor and Cannabis Commission on Monday launched the Cannabis and Alcohol Management Program (CAMP), a new online system for licensing state recreational marijuana and alcohol businesses. Read more here.

Colorado cannabis sales flat to start the year

Last year was Colorado’s worst sales year since 2017, and 2024 isn’t off to a great start either. Colorado’s cannabis industry sold just $115.3 million for the month of January, a slight dip from December but statistically even with the previous month. Read more here.

High Tide bucks Canadian cannabis sales trend, with increased revenue in Q1

Canadian Canna Cabana chain owner High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) reported its financial results for the first quarter of fiscal 2024 ending Jan. 31, in which revenue continued to climb despite a sales slowdown in the overall Canadian cannabis industry. Read more here.

More MSOs follow lead of Trulieve, Ascend on 280E

After multistate operators Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) and Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) announced to shareholders that they had filed amended tax returns for multiple years, with both expecting multimillion-dollar refunds as a result, more of their peers have come forward to say they’re either doing the same or are considering it. Read more here.

In Other News

New York Office of Cannabis Management

Damian Fagon, the New York Office of Cannabis Management’s chief equity officer, was placed on administrative leave following a NY Cannabis Insider investigation about allegations of retaliation and selective enforcement on behalf of the state agency. Read more here.

Washington state

Police in western Washington state have made arrests in an investigation into what the Tacoma Police Department described as “a major illegal marijuana grow operation by Chinese nationals.” Read more here.

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