The Daily Hit is a recap of the top financial news stories for Sept. 21, 2023.
On The Site
Innovative Industrial Properties Gets Investor Lawsuit Dismissed
An investor lawsuit that accused cannabis REIT (real estate investment trust) Innovative Industrial Properties (IIP) (NYSE: IIPR) of knowing about a fraudulent scheme by its tenant Kings Garden was dismissed by a New Jersey Judge. Read more here.
Montana Marijuana Sales Hit New Record in August
Medical and recreational marijuana sales in Montana hit a record high in August of $28.6 million, according to state data, up a notch from July when sales were $28.5 million. Read more here.
Hemp Entrepreneur Named Minnesota Marijuana Czar
The upcoming Minnesota Office of Cannabis Management now has a leader: Erin DuPree, founder of hemp goods store Loonacy Cannabis Co. in Apple Valley that sold low-dose THC products. Read more here.
The Cannabist Company Secures $25M in Private Placement
The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CCHWF) announced Thursday it finalized a private sale deal with institutional investors. The company sold 22.2 million units at C$1.52 each, totaling approximately C$33.8 million (US$25 million). Read more here.
Filament Brings Coca Leaves to Canada From Peru
Magdalena Biosciences, the joint venture between Filament Health (OTCQB: FLHLF) (NEO: FH) and Jaguar Health Inc., has imported coca leaves to Filament’s Vancouver, British Columbia, research facility. Read more here.
C21 Sees Positive Sales Signs as Nevada Continues to Contract
C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) reported its financials for the period ending July 31. The company logged a revenue of $7.2 million, mirroring its performance from the prior year. This comes even as the broader Nevada cannabis market saw a 5% drop in sales. Read more here.
In Other News
Maine
Up to half of the products sold in Maine’s medical cannabis market could be contaminated with pesticides, harmful microbes, yeast and mold, according to two studies released this week. Read more here.
Congress
Republican senators, including the lead GOP sponsor of a bipartisan marijuana banking bill, will soon be introducing new legislation to prevent marijuana from being federally legalized by the Food and Drug Administration (FDA) without congressional approval. Read more here.
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