News from: New York, Tokyo Smoke, SNDL, Red White & Bloom and more.
The Daily Hit is a recap of the top financial news stories for Thursday, August 29, 2024.
On the Site
New York hemp companies claim in lawsuit they’ve been wrongly targeted amid cannabis crackdown
Judge Roger McDonough has already scheduled a hearing on the request for a temporary restraining order for Sept. 13.
Tokyo Smoke closing 29 locations
The company is restructuring its retail cannabis business and plans to keep 167 locations open across Canada.
SNDL wins bid for Indiva
Indiva owed SNDL millions as the company faced financial pressures.
Ohio’s adult-use marijuana sales settle around $10.5 million in third week
Average daily sales in adult use have decreased by about 32% to 35% from the first five days.
Earnings:
In Other News
Missouri
The Missouri Department of Health and Senior Services will soon be cracking down on cannabis-infused edibles. The efforts are set to begin Sept. 1 and follow Gov. Mike Parson’s signing of Executive Order 24-10, which prohibits foods containing psychoactive cannabis from being manufactured, sold or delivered in Missouri, unless originating from an “approved source.”
Avicanna
Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) closed a non-brokered private placement offering of 6,620,692 units of the company at a price of 30 cents (CAD) per unit for aggregate gross proceeds of nearly $2 million.
Innocan Pharma Corp.
Innocan Pharma Corp, (CSE: INNO) (OTCQB: INNPF) completed its previously announced non-brokered private placement offering of 5,025,725 units of the company at a price of 22 cents (CAD) per unit for gross proceeds of C$1,105,659.50.
