The Daily Hit: October 12, 2023

The Daily Hit is a recap of the top financial news stories for Oct. 12, 2023.

On the Site

Alabama Judge Dismisses Verano Lawsuit Against Marijuana Regulators

An Alabama state judge has thrown out a lawsuit filed by Chicago-based Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), in which the multistate operator tried to claim that it was wronged when the state’s medical marijuana commission rescinded a business permit it initially granted the company. Read more here.

Red White & Bloom Wins Top Bid for Aleafia

Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) confirmed that it has emerged as the top bidder to acquire assets from Aleafia Health Inc., a development approved by the Ontario Superior Court of Justice. Read more here.

Hemp Company Founders Plead Guilty in $1.8M Scandal

CanaFarma’s co-founders pled guilty to charges related to the misappropriation of nearly $1.8 million of investor money, eliminating the need for a trial that was slated for next week. Read more here.

New Mexico Cannabis Industry Rife With Rulebreaking

New Mexico’s cannabis industry has been a bit too freewheeling, insiders and regulators told state lawmakers in the Land of Enchantment this week during a legislative hearing. That’s led to literally thousands of citations for business rule violations in recent months. Read more here.

Colorado Marijuana Sales Pass $15 Billion Since 2014

In August, Colorado’s first-in-the-nation recreational cannabis market and its longstanding medical marijuana industry surpassed a historic milestone, having sold more than $15 billion in cannabis goods since the adult-use market launched on New Year’s Day in 2014. Read more here.

In Other News

Vext Science

Vext Science (CSE: VEXT) (OTCQX: VEXTF) completed its previously announced non-brokered private placement of $11.5 million through the issuance of 67,647,058 common shares of the company at a price of $0.17 each, including the full exercise of a $1.5 million overallotment option. Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. has added another $500,000 to a ballot initiative aimed at legalizing the recreational use of marijuana, bringing its total contributions to $39.55 million, according to a newly filed finance report. Trulieve has contributed all but $124.58 of the money raised by the political committee Smart & Safe Florida, which is leading the initiative. Read more here.

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