The Daily Hit: February 1, 2024

The Daily Hit is a recap of the top financial news stories for Feb. 1, 2024.

On the Site

Cannabis rescheduling faces uphill battle, but DEA decision expected soon

The U.S. Department of Health and Human Services’ proposal to reclassify cannabis from a Schedule I to a Schedule III substance under the Controlled Substances Act faces an uncertain effective date due and potential legal battles. Read more here.

Eleven Cloud Cannabis dispensaries acquired in 1st major marijuana M&A deal of year

Mount Pleasant-based cannabis company Stash Ventures in Michigan has acquired the 11 dispensaries of Troy-based Cloud Cannabis Co. in what is perhaps the first notable acquisition in the sector of 2024. Read more here.

BaM divests from Nevada, shifts focus toward Illinois and New Jersey

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) posted business updates on the sale of its cultivation and processing operations in Nevada, and on its dispensary projects in Illinois and New Jersey, which are slated to open in the first half of 2024. Read more here.

New York governor slams cannabis market rollout as ‘disaster’

New York Gov. Kathy Hochul blasted her own state’s performance in launching its adult-use cannabis market over the past year, labeling it a “disaster” and saying she’s “frustrated” with the rollout during an interview last week with the editorial board of The Buffalo News. Read more here.

Tilt Holdings shores up vape supply chain with debt restructure

Tilt Holdings Inc. (Cboe: TILT) (OTCQX: TLLTF) said that it has entered into an agreement with Smoore Technology Limited to extend its existing credit facilities. The agreement, effective Jan. 28, involves Phoenix-based Tilt and its subsidiary, Jupiter Research, agreeing to guarantee repayment of debts to Smoore, particularly for invoices unpaid for over 120 days. Read more here.

Vireo Health accused of owing $1.5M in Puerto Rico rent payments

A lawsuit has been filed against medical cannabis company Vireo Health, a subsidiary of Goodness Growth Holdings Inc. (OTC: GDNSF), for allegedly failing to pay $1.5 million in rent for its leased industrial space in Puerto Rico. Read more here.

Numinus Wellness sells its stake in Alto Neurosciences

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) is selling its holdings in biotech company Alto Neuroscience Inc. Numinus ended up with an investment in Alto when it acquired Novamind Inc. on June 10, 2022. Alto has recently announced the terms for its IPO and listing on the New York Stock Exchange. Read more here.

Here are Ohio’s proposed rules for licensing adult-use marijuana dispensaries

In Other News

Washington, D.C.

The National Cannabis Roundtable announced today the addition of former U.S. Rep. Ed Perlmutter (D-CO) to its bipartisan bench of federal policy advisors dedicated to moving cannabis reform forward, including former Sen. Cory Gardner (R-CO), former U.S. Deputy Attorney General Jim Cole, former Secretary of Health Kathleen Sebelius, and former House Speaker John Boehner (R-OH). Read more here.

Colorado 

Edibles maker 1906 was founded in Boulder over seven years ago, but it will leave its home state of Colorado at the end of February, according to CEO Peter Barsoom. Read more here.

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