The Daily Hit is a recap of the leading monetary information stories for April 16, 2024.
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Hashish inventory shorts have developed like weeds
In the final handful of weeks, cannabis shorter positions have jumped substantially. There are now $1 billion of shorted hashish shares. Go through additional right here.
Report: Virginia lawmakers say legal hashish gross sales will not start out till 2027
Lawful cannabis income in Virginia won’t get under way right up until 2027 at the earliest, now that Gov. Glenn Youngkin has formally vetoed the Democratic monthly bill to launch regulated hashish gross sales, two Democratic lawmakers predicted in the course of a recent webinar. Study a lot more below.
Wana Makes founder Nancy Whiteman methods down as Canopy Expansion United states of america moves ahead
Wana Brands announced that CEO Nancy Whiteman would be stepping down from her day-to-day role at the end of May possibly 2024 to go after philanthropic actions and other interests. Examine extra in this article.
Nine arrests designed in JuicyFields intercontinental cannabis ponzi scheme
Worldwide regulation enforcement organizations have arrested 9 people today in link with the $684 million Ponzi plan recognized as JuicyFields that collapsed in 2022, just after victimizing about 186,000 buyers. Examine additional listed here.
Inexperienced Marketplace Report Finance Awards: LeafLink usually takes Most effective Fiscal Technology
At the New England Hashish Convention in Boston on March 22, cannabis tech agency LeafLink took house the Green Sector Report Finance Award for very best fiscal tech company, in recognition of its payment answer solutions that assist marijuana businesses sidestep problems created by the absence of standard banking providers. Read extra right here.
Heading issue warnings cloud Xtacy Therapeutics’ shrunk losses
Canadian-based Xtacy Therapeutics Corp. (CSE: XTCY) (OTCQB: XTCYF), previously recognised as International Wellness Methods Inc., posted financials for the fiscal yrs ending Sept. 30, 2023, and 2022, demonstrating an uphill battle to keep its doors open. Read through far more listed here.
Cleveland Report Rendezvous renovation strategy involves cannabis dispensary
The dispensary would be on the first flooring, with workplaces for the procedure on the building’s second floor. A upcoming phase would include things like a whole of 4 flats on the 3rd and fourth flooring of the 1908 vintage construction. Study far more below.
Agrify assured in recovery irrespective of big revenue decrease in 2023
Michigan-based mostly Agrify Corporation (Nasdaq: AGFY) posted a spectacular decrease in profits for equally the fourth quarter and whole fiscal year ending Dec. 31, 2023, inspite of observing its to start with favourable quarterly net profits of $572,000 in the fourth quarter. Go through extra here.
Stiiizy sued more than Delta-8 products in Missouri, Illinois
California-primarily based hashish enterprise Stiiizy Inc. is remaining sued more than its Delta-8 hemp goods. The class-action case is staying brought by Taylor Byron in Illinois and Taylor Berry in Missouri, who equally assert the items are not authorized hemp, but in its place regulated hashish that contains far more THC than allowable by law—in some cases nearly 200% additional of the energetic ingredient, THC. Browse a lot more listed here.
4Front Ventures reports income fall as internet losses rise
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) revenue fell 21% to $21 million for the fourth quarter vs . 2022’s income in the fourth quarter. It also enhanced slightly more than the 3rd quarter’s income of $20 million. Study additional right here.
In Other Information
Heritage Cannabis
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company“) nowadays announced the commencement of a sale and financial commitment solicitation method less than Canadian courtroom defense through financial debt settlement and asset sales. Read far more in this article.
Illinois
Illinois’ premier cannabis business enterprise association is pushing to ban the sale of delta-8 THC, an ever more well-liked psychoactive material which is popped up in corner suppliers throughout the state in new several years. Read far more right here.
Massachusetts
Cannabis social equity companies are eventually established to see an infusion of point out dollars just after yrs of ready. Examine additional here.
