The Daily Hit is a recap of the top financial news stories for Oct. 18, 2023.
On the Site
What to Know About Ohio’s Marijuana Legalization Referendum
With Issue 2, Ohioans have another opportunity this fall to legalize recreational marijuana. With early and absentee voting for the Nov. 7 election underway, here are some key details to know about Issue 2. Read more here.
Bills to Allow State-Tribal Cannabis Compacts Sent to Michigan Governor
Bipartisan legislation would clear the way for the state of Michigan to enter into compacts with American Indian tribes over cannabis industry regulation and taxation. State lawmakers and tribal advocates say the two-bill package would create parity between tribally licensed and state licensed cannabis operators. Read more here.
Oregon Cannabis Associations Merge
Two of Oregon’s cannabis industry associations – the Oregon Cannabis Association and the Cannabis Industry Alliance of Oregon – voted unanimously to merge, effective immediately. CIAO Executive Director Jesse Bontecou was named to lead the combined organization, which will continue under the CIAO banner. Read more here.
Vext Divests in Arizona
Vext Science (CSE: VEXT) (OTCQX: VEXTF) announced Tuesday that it plans to sell its cultivation facility in Prescott Valley, Arizona, to Elevate Cannabis Co. for $6.5 million. Read more here.
Pre-Rolls Chasing Flower, Vape Pens in Popularity
Pre-rolled joints as a marijuana product category have been surging recently as consumer habits continue to morph, according to a new report from Seattle-based cannabis analytics firm Headset. Growth in the category “vastly outperform(ed) other cannabis product categories,” Headset found, growing 13.4% in the U.S. and 36.5% in Canada. Read more here.
In Other News
Dormitory Authority of the State of New York
Reuben McDaniel is no longer the president and CEO of the Dormitory Authority of the State of New York. DASNY spokesperson Jeffrey Gordon confirmed McDaniel’s departure on Tuesday. Gordon said McDaniel “left for another opportunity.” Read more here.
22nd Century Group
A New York magistrate judge has recommended final approval for a $3 million settlement in investors’ lawsuit alleging that 22nd Century Group concealed a U.S. Securities and Exchange Commission investigation, along with a $1 million payout to the investors’ attorneys. Read more here.
Denmark
Recently published data from the Danish Health Data Authority shows that the number of patients taking part in the medical cannabis Pilot Programme, launched in 2018, has skyrocketed 90% since the second quarter of 2022 and now represents the largest access scheme in the country. Read more here.
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