The Daily Hit: December 21, 2023

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

On the Site

California AG Nixes Interstate Cannabis Commerce Proposal

California Attorney General Rob Bonta came out against a Democrat-backed proposal for the state to enter into compacts with other states to legally export cannabis. California has long had a glut of marijuana supply. Read more here.

Wisconsin Republicans to Introduce Medical Marijuana Legalization Bill Next Month

A key Republican lawmaker in Wisconsin – one of the few remaining states in the nation with no functional cannabis market – announced a new bill to stand up a medical marijuana industry. Read more here.

Body and Mind Ekes Out Profit in First Quarter of New Fiscal Year

Multistate operator Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) eked out net income of $200,000 in its first fiscal quarter of 2024, which ended Oct. 31, the company reported in its most recent financials. Read more here.

Good Shroom Co. Reports ‘Highest Profitable Quarter to Date’

Montreal-based The Good Shroom Co. (TSXV: MUSH) nearly doubled its revenue and turned a small profit in the first quarter of its 2024 fiscal year, the company reported in its most recent quarterly financials. The Canadian cannabis operator made a net profit of C$92,126 in the quarter that ended Oct. 31, on revenue of C$1.5 million. Read more here.

Theory Wellness to Become Largest Employee-Owned Cannabis Company

Massachusetts-based Theory Wellness is becoming the largest employee-owned cannabis company and the timing with the holidays is a bonus. In addition to bringing the employees on as owners, the restructuring will put “millions” back into the company each year – a benefit for both the organization and its new employee owners – by bypassing the onerous 280E tax provision. Read more here.

In Other News

The Grass Is Always Greener LLC

A Washington state court has appointed a receiver to take over the assets of The Grass Is Always Greener LLC, a Seattle-area cannabis company that’s been accused of bilking an ex-business partner to whom it owes a nearly half-million-dollar settlement by putting its dispensary licenses in jeopardy, twice. Read more here.

HEMP BioSciences

Hemp BioSciences, a wholly owned division of WEED Inc. (OTCQB: BUDZ), received licenses in all available industrial hemp categories from the Arizona Department of Agriculture. These include growing, nursery, harvester, transporter, and processor licenses. Read more here.

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