The Daily Hit is a recap of the top financial news stories for Wednesday, December 4, 2024.
On the Site
New York City cannabis czar pledges more help in finding real estate for dispensaries
The Big Apple’s marijuana czar, Dasheeda Dawson, put in an appearance at MJBizCon this week to help spread the word that New York City is now offering both low-interest loans to dispensary licensees and direct help with finding legal real estate to lease. Read more here.
Cannabis seed companies announce merger, plan public US listing
Three major cannabis seed companies announced plans Wednesday to merge operations and pursue a U.S. public listing, marking the first time a standalone genetics company could trade on a major exchange. Read more here.
Veterans Affairs to fund $1.5M study on MDMA therapy for PTSD, alcohol use
The Department of Veterans Affairs will fund a $1.5 million study of MDMA-assisted psychotherapy for veterans with PTSD and alcohol use disorder, marking its first foray into psychedelic research in over 50 years, officials announced Tuesday. Read more here.
PharmaCann to shutter LivWell cultivation facility in Michigan
Chicago-based PharmaCann told employees Monday it would shutter its 207,000-square-foot LivWell Michigan cultivation site in Warren, laying off at least 170. Read more here.
Equity advocates press NY governor over shift to corporate interests in adult-use program
A group of 18 organizations including New York civil rights organizations, small business supporters, cannabis social equity leaders, and drug research advocates today sent a letter to Gov. Kathy Hochul expressing serious concerns about the administration’s pivot away from the equity commitments outlined in the Marijuana Regulation and Taxation Act (MRTA). Read more here.
Glass House Brands taps stock market to fund California expansion
Glass House Brands Inc. (CBOE CA: GLAS.A.U) (OTCQX: GLASF) has filed documents for an at-the-market equity program that would allow the California cannabis company to raise up to $25 million through periodic share sales to fund expansion of its cultivation operations. Read more here.
VPR sues bankrupt O.Pen Vape for patent infringement
Florida-based VPR Brands is suing Colorado-based vape company O.Pen Vape, accusing the company of infringing on a VPR patent. Read more here.
Cannabis finance experts at MJBizCon predict ongoing uncertainty under Trump administration
A swath of cannabis financial gurus who spoke at the MJBizCon Finance Forum in Las Vegas on Tuesday morning shared a wide array of tips, thoughts and insights that essentially boiled down to one major theme: Ongoing uncertainty for everyone in the cannabis trade, particularly with the newly-elected Donald Trump poised to retake the White House next month. Read more here.
In Other News
Congress
Senate Democratic leader Chuck Schumer’s (D-N.Y.) late push to get landmark marijuana legislation passed this year looks doomed. Read more here.
Delaware
Marijuana Commissioner Rob Coupe announced that the state’s 15 medical marijuana licenses will be awarded on Dec. 19 — the same date by which current license awardees need to submit their supplemental applications. Read more here.
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