The Daily Hit: February 6, 2024

The Daily Hit is a recap of the top financial news stories for Feb. 6, 2024.

On the Site

Planet 13 sues Casa Verde in sprawling cannabis financial dispute

A financial battle royale among at least eight different cannabis stakeholders – which has been building to a crescendo since it began in May – reached a new level in January with multistate operator Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNH) filing a fraud lawsuit for $16.5 million against high-profile California marijuana investment firm Casa Verde Capital, which counts rapper Snoop Dogg among its co-founders. Read more here.

New York OCM to start investigating cannabis company true parties of interest

The New York State Office of Cannabis Management (OCM) is getting serious about enforcing its regulatory rules specifically those regarding TPIs (true parties of interest). Read more here.

Curaleaf buys Polish medical marijuana company Can4Med

Curaleaf International, a division of Curaleaf Holdings (OTCQX: CURLF) (TSX:CURA) is buying Can4Med, a prominent pharmaceutical wholesaler specializing in cannabinoid medications in Poland. Read more here.

2024 kicks off with more states drafting psychedelic drug laws

Following the cannabis playbook, states aren’t waiting for the federal government to take the lead when it comes to psychedelic laws. Several states are taking it upon themselves to begin addressing their residents’ desires to use psychedelic plant medicines by drafting new laws. Read more here.

Just as some cannabis ETFs give up and close, investors return with fresh money

In the last six months, the cannabis industry has been informed of three different cannabis Exchange Traded Funds (ETFs) that were closing. Now it seems just as these ETFs closed, money is flowing back into the remaining ETFs and the two-year bear market may be coming to an end. Read more here.

In Other News

MedMen

Marijuana multistate operator MedMen Enterprises has closed two stores in Northern California, according to MJBizDaily. Read more here.

New York

Gov. Kathy Hochul disclosed that she’s weighing “major changes” including possibly replacing some of the administrative leaders of the state’s recreational marijuana market rollout, which the governor recently called a “disaster.” Read more here.

New Mexico

Ultra Health, New Mexico’s largest cannabis company, will close a Santa Fe cannabis store at the end of the month, citing low business and high rent. Read more here.

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