The Daily Hit: January 18, 2024

The Daily Hit is a recap of the top financial news stories for Jan. 18, 2024.

On the Site

Glass House, Catalyst Still Locked in Court Fight Over Illicit Market Allegations

A crusade launched more than two years ago by Elliot Lewis to level the playing field in the California cannabis industry is still raging. Although the state remains the largest marijuana market in the world, it’s a very troubled one, having endured years of dysfunction that reportedly led many legal players to keep one foot in the illicit market in order to turn some sort of profit and remain open for business. Read more here.

New Jersey Approves Cannabis Consumption Lounge Rules

The New Jersey Cannabis Regulatory Commission gave the formal thumbs up to a set of new rules for marijuana consumption lounges, paving the way for a new business model in the Garden State. Under the framework approved Thursday, there are still a lot of questions yet to be answered, including a timeline of when lounge license applications will be released and accepted. Read more here.

Lowell Farms Walks Away from Zabala Road Property

Beleagured cannabis company Lowell Farms Inc. (CSE: LOWL) (OTCQX: LOWLF) has walked away from its cultivation facility of approximately 10 acres of real property in Salinas, California. Lowell had operated a cultivation facility, which included four greenhouses totaling approximately 255,000 square feet, at the site. Read more here.

Canopy Tests Luck with New $35M Private Placement

Ontario-based Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) entered into a private placement agreement to raise approximately $35 million, the company said Thursday. The Smiths Falls-based company will offer 8,158,510 units at a price of $4.29 each. Read more here.

California Distributor Petalfast Raises $8 Million to Boost Expansion

California-based marijuana distribution business Petalfast closed on an $8 million funding round, which the company said will give it more flexibility to pursue national expansion opportunities. Petalfast has already expanded into Arizona and Massachusetts. Read more here.

ZApres Cannabis Ski Event Kicks Off in Michigan

ZAprès Events is combining two of our favorite things: skiing and cannabis. ZAprès Events, founded by long-time cannabis industry insider Jamie Cooper, is kicking off the series of four events in Michigan and then heading out west to Colorado. Read more here.

In Other News

Georgia

Lawmakers have introduced new legislation aiming to raise the age Georgians have to be to buy medical marijuana. Right now, you have to be 18 years old to legally purchase the drug and other hemp products, but Senate Bill 350 would raise that to 21. Read more here.

Vermont

The Vermont Cannabis Control Board is asking lawmakers to eliminate caps on the potency of certain marijuana products from state law — a move officials said could keep more users in the legal market but that faces opposition from some medical leaders. Read more here.

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