The Daily Hit: February 5, 2024

The Daily Hit is a recap of the top financial news stories for Feb. 5, 2024.

On the Site

Rescheduling coalition spokesman predicts DEA announcement by end of March

The U.S. Drug Enforcement Administration is likely to propose moving marijuana to Schedule III from Schedule I by the end of March, according to an industry insider who’s been lobbying the Biden administration. Read more here.

New York: Enforcement ongoing, farmers may lose big, and regulators lectured

The New York marijuana rollercoaster continues. All in the headlines for just a single Monday in early February: Crackdowns against unlicensed sales are still ramping up, legal marijuana farmers stand to lose a quarter of a million pounds due to a lack of legal shops, and regulators took heat from state lawmakers for the entire mess. Read more here.

Christina Lake buys Canadian company for C$3 million

Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) is buying certain assets from a private British Columbia corporation for a total purchase price of C$3 million. Read more here.

New York judge just says no to serial cannabis litigator

New York Judge Anne Nardacci has denied the request from serial litigators Variscite NY Four and Variscite NY Five to stop the state’s adult-use cannabis program. Read more here.

Germany poised to become third EU state to legalize cannabis

Germany’s legislators have been trying to come up with a plan that would satisfy all parties and it seems that they have found a potential solution. The Traffic Light Coalition (as it has been named), formed by The Greens, the Social Democrat Party, and the Liberals, announced last week that they have reached a deal on cannabis legalization. Read more here.

In Other News

Minnesota

State cannabis officials hope the state legislature will consider tweaks to the business licensing process to meet the goal of retail marijuana sales available beginning in early 2025. Read more here.

California 

California marijuana company Blüm Holdings has closed the last cultivation facility owned by its Unrivaled Brands subsidiary as it shifts to focus on cannabis retail and brands after a corporate reorganization. Read more here.

Rhode Island

Lawmakers on Rhode Island’s House Judiciary Committee considered a bill on Thursday that would effectively legalize psilocybin mushrooms in the state, temporarily removing penalties around possession, home cultivation and sharing of psilocybin until mid-2026. Read more here.

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