The Daily Hit: August 21, 2023

The Daily Hit is a recap of the top financial news stories for Aug. 21, 2023.

On the Site

Minnesota’s Red Lake Nation to Launch a Weed Truck

Just two weeks after becoming Minnesota’s first recreational cannabis retailer, Red Lake Nation is laying the groundwork for its next venture: a mobile dispensary. Tribal Secretary Samuel Strong likened the concept to a food truck, while acknowledging the additional security concerns that come with such an operation. Read more here.

Skye Bioscience Raises $17M, Acquires New IP

San Diego-based pharmaceutical company Skye Bioscience Inc. (OTC: SKYE) expanded into the endocannabinoid system (ECS) therapeutic landscape with the acquisition of clinical-stage firm Bird Rock Bio Inc. The company also raised $17 million in capital. Read more here.

The Hamptons Cannabis Expo 2023

Many vendors and brands  at the 2023 event hailed from the Long Island area and the Shinnecock nation, whose tribal lands are in the Hamptons set the tone by opening the event with a land acknowledgment. Click here to view highlights from the day.

SEC Sues Northern California Investment Firm with Ties to Cannabis

The U.S. Securities and Exchange Commission has filed a new legal action against a small investment firm based in Humboldt County, California, that has ties to the local cannabis industry and is accused of breaching fiduciary duties to its shareholders. Read more here.

Green Market Report Finance Awards: Top CFO Dennis Olis, Cresco Labs

During the first three years (2019-2022) that Dennis Olis served as CFO with Cresco Labs, the company’s annual revenue grew from $129 million to $842 million. Additionally, operating income increased from a $34 million loss to a $57 million profit, and adjusted EBITDA grew from an $18 million loss to a $123 million profit. Read more here.

In Other News

Medical Marijuana Inc., Dixie Holdings LLC, and Red Dice Holdings

The Second Circuit on Monday revived a racketeering suit against three CBD companies brought by a former commercial truck driver who alleged he lost his job after consuming products containing detectable amounts of THC. Read more here.

Lost Mary

The maker of the popular Lost Mary disposable vapes, iMiracle (HK) Ltd., has sued a U.K.-based rival for producing and selling a line of “Found Mary” vapes, which iMiracle argues appear identical to its products. The Found Mary vapes, made by a company called Vapes-Bars Ltd., mimic the shape, colors and name of iMiracle’s products in order to gain an “unfair advantage,” the company said in a newly public High Court claim filed July 31. Read more here.

Cannabis Bioscience International Holdings

FINRA approved the corporate name change from “China Infrastructure Construction Corp.” to “Cannabis Bioscience International Holdings” for the diversified medical and educational company with a particular focus on traditional clinical trials and cannabinoids research. FINRA also approveda ticker symbol change from CHNC to CBIH. Read more here.

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