The Daily Hit: March 7, 2024

The Daily Hit is a recap of the top financial news stories for March 7, 2024.

On the Site

Homeland Security, NYPD, NY National Guard team up on cannabis smuggling investigation

The U.S. Department of Homeland Security has teamed up with the New York National Guard and New York City Police Department to investigate illegal cannabis smuggling across the U.S., potentially by international crime rings with roots in Eastern Europe. Read more here.

BlueSky Wellness scraps merger with Lucy Scientific

Vancouver-based BlueSky Wellness Inc. announced this week that it canned its planned merger with Lucy Scientific Discovery (NASDAQ: LSDI). The e-commerce hemp maker said it plans to “actively explore alternative transactions” to continue its growth and meet its goals. Read more here.

Michigan may establish state-run cannabis testing lab to aid industry oversight

Michigan marijuana regulators want state lawmakers to approve a new bill that would give final authority to cannabis industry overseers to build and staff a state-run testing lab to help police the industry. Read more here.

Minnesota considers social equity, government-run dispensaries for recreational cannabis launch

Minnesota policymakers are considering a wide range of options on how to launch its upcoming recreational marijuana market next year. Regulators are backing a bill to give social equity entrepreneurs the first licenses, while some municipal and county governments are considering opening their own dispensaries instead of letting private businesses do it. Read more here.

Earnings:

AFC Gamma posts $20.9M net income for 2023 despite fourth-quarter loss

Evogene boosts revenue, reassesses Canonic

In Other News

New York

One of the two legal recreational marijuana shops in Onondaga County, New York, is suing the state’s Office of Cannabis Management, claiming the agency illegally barred the shop from opening in a better location in Clay, then allowed another cannabis shop to open there instead. Read more here.

Illinois

Illinois is the most expensive legal recreational marijuana market in the Midwest, and it ranks close to the top nationwide, per an Axios analysis of Priceofweed.com crowdsourced data. The state’s average price for an ounce of marijuana is $40 higher than the national average. Read more here.

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