The Daily Hit: February 14, 2024
The Daily Hit is a recap of the top financial news stories for Feb. 14, 2024.
On the Site
California attorney found social equity partners just weeks before suing New York
A Southern California attorney who is asking a federal court to again freeze New York’s cannabis licensing admitted in a new court filing on Valentine’s Day that the two social equity entrepreneurs on whose behalf he sued were only recruited to the effort mere weeks before he filed the lawsuit against the Empire State. Read more here.
Pignatello ban closes Cannabiz Mobile fraud case
A final judgment was issued against Anthony Jay Pignatello over a plot to mislead investors of Cannabiz Mobile, according to the Massachusetts U.S. Attorney’s office. Read more here.
MJ Link, Decentral ask court to dismiss investor case against them
MJ Link and Decentral Life have filed a motion to dismiss a case from an investor that alleged they had been misled. MJ Link’s brief told the court that the investor’s claims “are unsupported by disjointed and vague allegations that fail to satisfy the requisite pleading standards.” Read more here.
Cybin reports strong cash reserves amid rising R&D costs in Q3
Clinical-stage biopharmaceutical Toronto-based Cybin Inc. (NYSE: CYBN) reported its financial outcomes for the third quarter ending Dec. 31, 2023. Read more here.
Lucy Scientific is running out of cash
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) quietly released its quarterly results for the period ending December 31, 2023. The company reported less than $10,000 in sales and those sales cost $3,868 to get. Read more here.
California tax authorities to auction seized cannabis assets over unpaid bills
The California Department of Tax and Fee Administration will auction off seized assets from 10 L.A.-based cannabis businesses to the highest bidder on Feb. 16 in an attempt to recoup $14.4 million in taxes owed. Read more here.
In Other News
Minnesota
Gov. Tim Walz said Tuesday he supports proposals by the state’s cannabis management office to increase advantages to what are termed “social equity applicants” in the fledgling legal marijuana marketplace. Read more here.
Michigan
Some mid-Michigan marijuana dispensaries are facing disciplinary action for non-compliance, packaging, advertising, and other violations, according to the Cannabis Regulatory Agency (CRA). Read more here.
MedMen
MedMen Enterprises initiated more layoffs last week, this time at a cannabis store in suburban Chicago. The Los Angeles-based multistate operator on Feb. 6 cut 25 workers at its store at 1142 Lake St. in Oak Park. Read more here.
