The Daily Hit: January 22, 2024

The Daily Hit is a recap of the top financial news stories for Jan. 22, 2024.

On the Site

Report: All but one of Arizona’s social equity licenses controlled by big corporations

The overwhelming majority of social equity marijuana business licenses in Arizona – 25 out of 26 – are now controlled by large companies instead of small startups. Most of those lottery winners sold their permits, some for as little as $35,000. Read more here.

Planet 13 divests Florida license to fuel VidaCann purchase

Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNH) has made a deal to sell all the shares of its subsidiary, Planet 13 Florida, to SGW FL Enterprises LLC, for a cash payment of $9 million. The subsidiary holds a medical marijuana treatment center license in Florida. Read more here.

New York’s Travel Agency to open Brooklyn cannabis store under licensing deal

Nonprofit Union Square Travel Agency, one of the first legal marijuana shops to open in New York last year, will be opening a second store in the Big Apple within days under its newly rebranded moniker, The Travel Agency, the company shared with Green Market Report. Read more here.

Right On Brands halts plan to sell more stocks, cites better finances

Dallas-based hemp and THCA products distributor Right On Brands Inc. (OTC: RTON) said Monday that it’s no longer going ahead with its plan to sell more of its stock to the public. The company said the decision was made because it is doing better financially and has big plans for growth. Read more here.

Theory Wellness opens beverage-only dispensary

Employee-owned and Massachusetts-based Theory Wellness opened the world’s first-ever beverage dispensary on Sunday in Medford. The beverage store is located alongside the company’s new flagship store in the same building complex. Read more here.

In Other News

HighBazaar

Organizers of a cannabis gifting event have been threatened with legal action and have officially canceled an upcoming event. The so-called HighBazaar hosts weekly cannabis-related gatherings at the Masonic Temple Day Spring Lodge in Hamden. Attorney General William Tong said in a Friday news release that an event planned for Jan. 20 had been canceled in response to an injunction requested by Tong’s office. Read more here.

West Virginia

West Virginia lawmakers are once again considering adult-use cannabis legalization after a bill was introduced Jan. 17 in the House of Delegates to allow cannabis production, sale and consumption for adults 21 and older. Read more here.

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