The Daily Hit is a recap of the top financial news stories for Oct. 11, 2023.
On the Site
HERBL Ledger Up for Sale After Initial Asset Deal Dies
An upcoming deadline for cannabis brands distributor Herbl’s accounts receivable is the latest development in the unfolding saga of the company’s receivership. Interested parties have until Oct. 13 to submit offers for the company’s ledger, after which it may be turned over to a collection agency. Read more here.
Unrivaled Brands to Become Blüm Holdings
Nevada-based cannabis company Unrivaled Brands Inc. (OTCQB: UNRV) will reorganize under a new publicly traded banner, Blüm Holdings Inc. Read more here.
New Mexico Considering Marijuana Business License Fee Hike
Some cannabis microbusinesses in New Mexico will see their annual license fees double to $1,000 if a package of proposed rule changes survive a coming public comment period and is implemented. The policy change – one of several on the agenda for a Nov. 13 meeting of the state Regulation and Licensing Department’s Cannabis Control Division – would affect integrated cannabis permit holders with 100 plants or fewer. Read more here.
Hemp Wars on the Way?
The exploding national U.S. hemp market has ballooned to more than $28 billion in revenue this year alone, surpassing the national marijuana market in total value, according to economist Beau Whitney. Read more here.
Connecticut Cannabis Sales Continue Slow, Steady Growth in September
Connecticut’s nascent adult-use marijuana industry continued its steady march forward in September with $14.3 million in sales, yet another monthly increase, continuing a trend that’s been ongoing all year since the new market launched in January. Read more here.
In Other News
Verano Holdings
The Alabama Medical Cannabis Commission (AMCC) Tuesday asked a Montgomery circuit court to dismiss a lawsuit from Chicago-based firm Verano Holdings. Verano, which has an Alabama chapter, sued the commission in August, alleging the AMCC cannot revoke licenses and that its exercise of power “both exceeds and conflicts with the authority provided to it by the Alabama Legislature.” Read more here.
Missouri
A marijuana dispensary in Florissant accused St. Louis County and the Missouri Department of Revenue of unconstitutionally collecting a 3% sales tax on top of municipal sales taxes rather than just collecting the levy in unincorporated county territory. It is at least the second such case in the state. Read more here.
Indoor Harvest Corp.
Indoor Harvest Corp. (OTCPK: INQD) signed a joint venture agreement with MjLink.com Inc. to collaborate in providing a platform for hypergrowth companies and start-ups that have the potential to experience substantial growth, including hemp and CBD-related companies. Read more here.
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