The Daily Hit: March 5, 2024

The Daily Hit: March 5, 2024

The Daily Hit is a recap of the top financial news stories for March 5, 2024.

On the Site

Federal court gives serial cannabis litigators reprieve in California

The Michigan man who has waged court wars over various cannabis social equity programs’ residency rules around the country has been handed a temporary victory in California. Read more here.

New Mexico marijuana industry passes $1 billion sales mark

The New Mexico cannabis industry surpassed the $1 billion sales mark as of March 5, Gov. Michelle Lujan Grisham announced this week. The $1 billion threshold was reached in less than two years since adult-use sales began. Read more here.

Vext Science snags fourth Ohio dispensary, nears cap

Vext Science (CSE: VEXT) (OTCQX: VEXTF) finalized its acquisition of Herbal Wellness Center, a cannabis dispensary in Columbus, Ohio, formerly known as Strawberry Fields, for a little more than $3 million. Read more here.

Grown Rogue bets big on Illinois craft cannabis

Oregon-based producer Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) has partnered with EBC Ventures to enter the Illinois cannabis market. The joint venture, named Rogue EBC, LLC, will focus on cultivating and manufacturing cannabis products to meet growing demand in Illinois. Read more here.

Options for buying a cannabis business in a dry capital market

At the Benzinga Capital Conference just a few months ago, everyone was saying that “the capital markets are dry.” But what does it mean to say “the capital markets are dry?” What are the implications of a dry market? And what options does one have for acquiring or even selling their business in a “dry market?” Read more here.

In Other News

Missouri microbusiness licenses

The Missouri Department of Health and Senior Services (DHSS) will start accepting applications for cannabis microbusiness licenses on April 15. Applications will be accepted through April 29 on the state’s online registry portal. Licenses are expected to be issued in July via a lottery system. Read more here.

Glass House Brands

Glass House Brands Inc. (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) determined the company needs to restate financial statements for certain revenue transactions processed through a distributor. Glass House intends to restate and reissue its financial statements for the fiscal years ended Dec. 31, 2021 and 2022 and the interim period ended March 31, 2023. Read more here.

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