The Daily Hit is a recap of the top financial news stories for Nov. 27, 2023.
On the Site
Cronos Sells Peace Naturals Campus for C$23 Million
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) is selling its Peace Naturals Campus to Future Farmco Canada Inc. for C$23 million in cash. However, Cronos won’t be leaving the property. Instead, it will lease part of the campus to continue its operations. Future Farmco is a vertical farming company. Read more here.
New York Agrees to Settle Fiore Suit, Cannabis Injunction Lift Eminent
The New York State Cannabis Control Board agreed on terms to settle two lawsuits challenging aspects of the state’s cannabis rollout, officials said Monday. The resolution, officially adopted Monday, addresses lawsuits brought in August by Carmine Fiore and his associates, as well as the Coalition for Access to Regulated & Safe Cannabis, both filed in the New York State Supreme Court of Albany County. Read more here.
22nd Century Group to Sell Hemp Business to SPAC
Tobacco and cannabis company 22nd Century Group Inc. (Nasdaq: XXII) announced plans to sell a majority of its hemp and cannabis operations, GVB Biopharma, to Specialty Acquisition Corp., a Nevada entity with connections to GVB’s current employees. Read more here.
Arkansas October Cannabis Sales Up in Volume, Down in Revenue
Arkansas’ medical cannabis industry sold 5,427 pounds of medical marijuana worth $22.5 million in October, according to new figures released Monday by the state’s Department of Finance and Administration. Read more here.
These Companies Will Score in Future Adult-Use Markets
The cannabis industry has proven over time that planting a flag in a new adult-use state pays off handsomely. For MSOs that chose wisely, New Jersey helped boost top-line sales in 2022 and this year it was the companies that staked a claim in Maryland. Read more here.
In Other News
Alabama
The Alabama Medical Cannabis Commission voted Monday to disregard scores from third-party evaluators that had been used to rank applicants for business licenses. The scores, compiled by graders hired by the University of South Alabama, have been one of the most contentious parts of the licensing process, which has been stalled since June. Read more here.
IM Cannabis Corp.
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) announced that a complaint was in the Ontario Superior Court of Justice in Canada claiming that IMC made misrepresentations in its disclosures prior to the IMC/MYM transaction in 2021. MYM shareholder plaintiffs are claiming damages that amount to approximately C$15 million. Read more here.
Treez & Metrc
Enterprise commerce technology platform Treez is partnering with Metrc to create a Global Product Catalog for the cannabis industry. Read more here.
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