The Daily Hit: March 19, 2024

The Daily Hit: March 19, 2024

The Daily Hit is a recap of the top financial news stories for March 19, 2024.

On the Site

California THC levels drop as testing tightens

California is known for strong cannabis, but recent tests from dispensaries have shown that the reported strength is starting to fall. The state’s legal cannabis market recorded a 7% drop in median THC potency over the last quarter, according to data from analytics firm Headset. Read more here.

Curaleaf to boost German biz by buying Northern Green Canada

Curaleaf Holdings (TSX: CURA) (OTCQX: CURLF) has its sights set on Europe and is buying Northern Green Canada to help drive that expansion. The deal is expected to close in the second quarter of 2024. The value of the acquisition was not disclosed. Read more here.

CannaProvisions, Verano argue prohibition is irrational in latest court filing

CannaProvisions, Verano Holdings (OTC: VRNOF), Gyasi Sellers, and Wiseacre Farm stirred up the cannabis industry in October 2023 when the group hired well-known lawyer David Boies to challenge the constitutionality of the Controlled Substances Act. In the latest volley, the parties filed a response on March 15 calling the prohibition of cannabis irrational. Read more here.

Cannabis bulls are starting to run

Cannabis stocks are notoriously volatile, but it looks as if they might finally be rewarded for good performance. Some big-name MSOs clocked solid results in the latest earnings cycle, and valuations responded. Read more here.

In Other News

The Cannabist Co.

The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQX: CBSTF) completed a private placement of $19.5 million aggregate principal amount of 9% senior secured convertible debentures due 2027 in a concurrent private brokered offering and private non-brokered offering. Read more here.

Final Bell Holdings International Ltd.

Final Bell Holdings International Ltd., following the sale of its Canadian operations to BZAM,Ltd., has consolidated its non-plant touching business entities under Final Bell Innovations, a newly established wholly owned subsidiary. Read more here.

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