News from: Weedmaps, CanaFarma, Kentucky, 4Front Ventures and more.
The Daily Hit is a recap of the top financial news stories for Thursday, September 26, 2024.
On the Site
SEC fines Former Weedmaps executives $175k apiece for ‘misleading’ user numbers
The SEC announced earlier that the company agreed to a $1.5 million fine to settle the same allegations of wrongdoing.
SEC hands down final judgments in CanaFarma case
CanaFarma Co-founder Vitaly Fargesen is fined and barred from penny stock offerings.
Kentucky awards first medical marijuana business permit to testing lab
A lottery for cultivator and processor permits is scheduled for Oct. 28.
Hemp companies sue New Jersey over new regulatory system
The operators argue that the new rules change the definition of hemp that was laid out in the 2018 Farm Bill.
4Front hires Canaccord Genuity to help with its finances
The company also signed an updated credit agreement with an existing lender for $2.6 million.
Simply Solventless to acquire pre-roll maker for $13.5 million
The move is expected to boost Simply Solventless’ projected 2024 annualized net income to $10 million per year.
Earnings:
In Other News
Shiny Bud
Shiny Health & Wellness Corp. completed its NOI process for its wholly owned subsidiary Shiny Bud, pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada). Effective Sept. 20, 2024, the company issued 100 common shared to a purchaser and cancelled all other previously issued securities of Shiny Bud without consideration.
US cannabis policy
With more Americans using ever-stronger marijuana, a federal advisory panel is calling for a public health approach that’s a big departure from “Just Say No.” Thursday’s report proposes a health-focused strategy with the Centers for Disease Control and Prevention taking a larger role in cannabis policy than ever before.
Global cannabis seeds market
The global cannabis seeds market was valued at $1.3 billion in 2021 and is projected to reach $6.5 billion by 2031, growing at a CAGR of 18.4% from 2022 to 2031.
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