The Daily Hit is a recap of the top financial news stories for Nov. 16, 2023.
On the Site
Federal Report Examines Trulieve Worker Death in Massachusetts
A federal report spurred by the death last year of 27-year-old Lorna McMurrey, a worker at a cannabis production facility in Massachusetts owned by multistate operator Trulieve (CSE: TRUL) (OTCQX: TCNNF), found that “occupational allergic diseases” including asthma are “an emerging concern in the rapidly expanding U.S. cannabis industry.” Read more here.
Maine Regulators Say 42% of Medical Cannabis Contaminated
Nearly half of the medical cannabis commercially available in Maine is tainted with yeast, mold, pesticides, or some other contaminant, according to a new report from the state Office of Cannabis Policy. The office released a 49-page summary of its research and findings, which discovered that out of 120 medical cannabis samples, 50 failed state safety testing required for recreational marijuana. Read more here.
Georgia Awards Four More Low-THC Medical Cannabis Licenses
The Georgia Access to Medical Cannabis Commission on Wednesday awarded four more business permits, bringing the state total of licensed marijuana companies to six. The new permit winners include: Fine Fettle, TheraTrue Georgia, Natures Georgia, and Treevana Remedy. Read more here.
YourWay Cannabis Loses CEO, May Sell Labtronix
Beleagured YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) told investors that it is still behind on reporting its financial results from 2022 and hasn’t even begun preparing the results for 2023. The company also announced it may have a buyer for its Labtronix company. Read more here.
Earnings:
• Ayr Misses in Q3, Signals Cautious Short-Term Outlook
• Decibel Cannabis Revenue Grows as Pre-Rolls Pop
• Rubicon Sales Trend Down in Q3
In Other News
University of Minnesota
The University of Minnesota on Thursday launched the new Cannabis Research Center devoted to analyzing the public health effects of marijuana legalization and informing policymaking related to the drug. Read more here.
Oklahoma Moratorium
Oklahoma lawmakers extended a moratorium on new medical marijuana business licenses for two more years as the state tries to get a handle on the exploding industry. The moratorium that was initially scheduled to end next summer will now end Aug. 1, 2026, due to a law that took effect Nov. 1. Read more here.
Leafology
An Arkansas marijuana cultivation facility was fined thousands of dollars Wednesday after state officials determined they violated a series of charges. Leafology walked away from the Arkansas Alcoholic Beverage Control Board’s meeting owing $10,500. Charges ranged from failure to keep odors under control, and failure to properly label and store medical marijuana in a safe or vault, among other violations. Read more here.
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