The Daily Hit: October 19, 2023

The Daily Hit: October 19, 2023

The Daily Hit is a recap of the top financial news stories for Oct. 19, 2023.

On the Site

Cresco Labs Latest Cannabis Company to Leave Arizona

Cresco Labs (CSE: CL) (OTC: CRLBF) has sold its sole Arizona business, Encanto, to an affiliate of Mint Cannabis for $6.5 million. The move comes as Cresco seeks to sharpen its focus on core markets and products after its mega-merger with MSO counterpart Columbia Care fell apart this past summer. Read more here.

• Related: Arizona Cannabis Sales Decline in June, July

SNDL Consolidates Cultivation, Eyes $10M in Annual Savings

Canadian firm SNDL Inc. (NASDAQ: SNDL) announced operational changes aimed at growing its marijuana segment’s bottom line. Central to the strategy, the company will consolidate its cultivation at its Atholville, New Brunswick, facility and the closer of its Olds, Alberta, facility. Read more here.

Fraction of Craft Growers Operational in Illinois, Despite Dedicated Fund

Just 10 out of 87 craft cultivation marijuana business permits issued in 2021 by Illinois are operational thus far, despite millions in state capital that’s been doled out to support the ventures. Read more here.

Altria Sues 34 Vape Companies, Contends Competitors are Illegal

Marlboro cigarette maker Altria Group Inc. (NYSE: MO) and one of its electronic cigarette-maker subsidiaries have filed a lawsuit against nearly three dozen competitors that it contends are routinely breaking both state and federal laws, in an attempt to drive the vape companies out of business. Read more here.

Marijuana Lobbyists Sentenced for Bribery Scheme in Michigan

Two lobbyists for marijuana companies were sentenced to federal prison Wednesday for their roles in a scheme in which a top regulator was paid bribes to facilitate licenses to enter Michigan’s lucrative medical marijuana market. Read more here.

In Other News

Affinity Federal Credit Union

Affinity Federal Credit Union has announced its strategic partnership with Green Check, a leading FinTech connector and technology provider in the burgeoning cannabis banking sector. This collaboration aims to extend Affinity’s services to the legal cannabis-related business segment within the communities it serves. Read more here.

Alabama

A circuit judge in Alabama who is hearing a variety of lawsuits related to the stalled issuance of medical marijuana production and distribution licenses on Wednesday said he may allow companies with non-contested permits to move forward. Read more here.

Ohio Adult-Use Legalization

Companies in the cannabis industry, such as Scotts Miracle-Gro, are hoping for help from Ohioans when they vote on Issue 2, which would legalize recreational marijuana for adults. Early voting is underway across the state for the Nov. 7 election. Read more here.

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