The Daily Hit: September 12, 2023

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

On the Site

New York Regulators Sign Off on Oct. 4 Licensing Launch During Contentious Hearing

New York regulators formally signed off Tuesday on opening the next round of both recreational and medical marijuana business licensing on Oct. 4, with hopes the move could lead to much-needed market progress. Read more here.

More Licensing Wrinkles in Alabama

Yet another wrinkle has arisen amid Alabama’s attempts to sort out its ongoing and contentious medical marijuana licensing process, with some stakeholders claiming they were now wrongly discredited as having owners with felony convictions. Read more here.

Lucy Scientific Acquires BlueSky Wellness in All-Stock Deal

Lucy Scientific Discovery Inc. (NASDAQ: LSDI) has announced its acquisition of hemp maker BlueSky Wellness in another all-stock deal, hot on the heels of purchasing rights to cannabis brand, High Times. Read more here.

International Star Eyes Cannabis-Themed Entertainment

International Star Inc. (OTC: ILST) announced today its purchase of a 20% stake in a new film production firm, B Studios. The latest foray is part of ILST’s strategy to broaden its presence in the cannabis-themed entertainment sector, according to a news release Monday. Further details regarding the transaction will be provided in subsequent announcements. Read more here.

GMR Hosts First New York Focused Summit on September 13

Green Market Report is hosting its first New York-focused Summit. The program for this event is unique in that it follows the New York supply chain featuring speakers from each level of licensing beginning with cultivators and ending with investors. Read more here.

In Other News

U.S. Virgin Islands

The Office of Cannabis Regulations has released new draft rules, which are open for public comment through Oct. 10. A timeline for approval of the rules has not been finalized, and it remains unclear when Virgin Islanders will be able to apply for licenses to legally grow and sell cannabis. Read more here.

RAMM Pharma Corp.

After an exchange of correspondence with the CSE, RAMM Pharma Corp. (CSE: RAMM) decided not to proceed with its previously announced non-brokered private placement. The CSE had responded to the announcement of intent, saying,  “the Issuer has nearly $6 million in cash with no apparent immediate need for the private placement.” The company will resubmit its intention to commence a normal course issuer bid. Read more here.

The Bettering Co.

The Bettering Company, a new luxury cannabis edibles brand, received $6.7 million in funding, bringing the company’s total funding to date over $11 million. The Bettering Company will launch sales of its branded THC-infused gummies in fall 2023 in dispensaries across Illinois. Read more here.

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