The Daily Hit is a recap of the top financial news stories for Jan. 24, 2024.
On the Site
Latest MedMen CEO leaves, board names new chief restructuring officer
After less than seven months on the job, the CEO of MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced her departure, and the board of directors has chosen a new chief restructuring officer to take over management of the struggling multistate operator. Read more here.
New York OCM postpones meeting, angering many
With little notice, the New York Office of Cannabis Management decided to cancel the meeting it had planned for Jan. 24. Anger about the cancellation spilled out on the social media platform X. Read more here.
Medical marijuana gains foothold in conservative Mississippi
Mississippi’s journey into legalized cannabis is a tale of two sides, one marked by quick business startups and the other by slow patient enrollment. The combo has created a particular challenge: too much cannabis and too few people allowed to buy it. Read more here.
Global X ETFs to liquidate cannabis funds following assessment
New York-based exchange-traded funds provider Global X ETFs has declared the closure of several of its funds. The Jan. 19 decision is part of the company’s regular review process and is expected to impact less than 1% of its total assets under management. Read more here.
Ohio’s marijuana market grew just 1% in 2023
Ohio’s medical marijuana market plateaued last year in terms of the value of annual sales under one of the country’s most tightly regulated cannabis programs. There was approximately $484.4 million in medical marijuana sold in the state by licensed dispensaries in 2023. Read more here.
Organigram C$124M investment from British American Tobacco gets shareholder approval
An overwhelming 96% of Toronto-based Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) shareholders last week gave their thumbs up to a C$124.6 million investment deal offered by a subsidiary of British American Tobacco last fall, bringing the international tobacco giant that much closer to the cannabis trade. Read more here.
In Other News
A federal judge has dismissed a lawsuit filed by the owner of a medical marijuana dispensary who says state regulations that forbid him from advertising in most media amount to censorship. Read more here.
Mainers and tourists would be able to consume cannabis in a social club-type setting under a bill now being considered by lawmakers. Rep. David Boyer (R-Poland) said his on-site cannabis consumption bill would create spaces similar to brew pubs. Read more here.
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