The Daily Hit: February 15, 2024
The Daily Hit is a recap of the top financial news stories for Feb. 15, 2024.
On the Site
SEC tells Michigan judge that cannabis crowdfunder can’t escape in bankruptcy
Despite bankruptcy claims and the likelihood of never receiving any money for fines, the Securities and Exchange Commission (SEC) has asked a Michigan judge to allow it to continue its fraud case against Robert Shumake, Jr. Read more here.
Another South Dakota tribe joins the medical marijuana industry
Yet another Native American tribe has leapt into the burgeoning cannabis trade – this time, it’s the South Dakota-based Rosebud Sioux Tribe, which plans to serve anyone 21 or older with a valid tribal medical marijuana card at its reservation. Read more here.
Blüm Holdings acquires three dispensaries for $9.7M in cash and stock
California-based Blüm Holdings Inc. (OTCQB: BLMH) announced this week that it’s entered into a binding letter of intent to purchase three Sacramento dispensaries in its home state for $9.7 million in cash and stock from Operators Only Corp. Read more here.
Filament Health exports psilocybin to Israel
Filament Health Corp. (OTCQB: FLHLF) has completed the export of PEX010, the company’s botanical psilocybin drug candidate, to Israel. Read more here.
BAT deal to help Organigram capitalize on industry ‘shakeout’
During its first-quarter fiscal 2024 earnings call, Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) outlined its strategy to widen its global presence, leveraging its investment from British American Tobacco and operational efficiencies to fuel the growth. Read more here.
In Other News
Nevada
Thrive Cannabis Marketplace became the first business to receive a Cannabis Consumption Lounge license on Thursday morning. Read more here.
New Jersey
With more than 100 legalized cannabis dispensaries open for business in New Jersey, state officials are celebrating the milestone and pledging to continue moving the industry forward. Read more here.
Wisconsin
A Republican proposal to legalize medical marijuana in Wisconsin is dead. Read more here.
