Daily Hit: January 17, 2023
The Daily Hit is a recap of the top financial news stories for January 17, 2023.
On the Site
‘Perfect Storm’ for Cannabis M&A in 2023
While the capital fundraising scene for cannabis companies in 2022 contracted considerably from the year prior, the outlook for 2023 is for a spike in mergers and acquisitions, several experts indicated this week. Read more here.
Missouri Next in Line for Adult-Use Sales
Missouri is launching its legal adult-use cannabis sales on Feb. 6. Starting on Dec. 8, 2022, consumers were allowed to legally possess up to 3 ounces of marijuana. That same day, the Department of Health & Senior Services began accepting requests for existing medical facility licensees to convert to a fully legal facility. Once approved, it is up to each dispensary to decide when it will begin selling adult-use cannabis. Read more here.
Texas Poised to License More Low-THC Dispensaries
Texas is poised to expand the size of its highly restrictive medical marijuana program, from just three dispensaries to a still-undetermined number, but the state is retaining its ban on full-fledged cannabis. Read more here.
Second New York Dispensary Soft Launches, Social Equity Fund Status Up in Air
A second New York dispensary is set to open in Manhattan more than two weeks after the state saw its first legal adult-use sale. The “Union Square Travel Agency: A Cannabis Store,” located at the former home of an old Chase bank on the corner of Broadway and East 13th Street, held a soft open last week. Read more here.
Real Estate Investment Firm Enters Oklahoma Cannabis Market Through Acquisition
Following a five-state search for a marijuana cultivation operation to buy, Georgia-based real estate investment firm UC Asset LP announced this week it’s entering the cannabis industry by acquiring Oklahoma-based Fire Ranch Farm in an all-stock deal. Read more here.
Strong Revenue Figures Driving Numinus Wellness Growth
Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, is one of the few in the industry reporting revenue growth, for the most part, because of its area of business concentration as a provider of therapy treatment services involving ketamine and Spravato. Read more here.
In Other News
SNDL Inc. (Nasdaq: SNDL) completed its acquisition of all of the issued and outstanding common shares of The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS), other than those already held by SNDL and its subsidiaries, pursuant to a plan of arrangement under the Canada Business Corporations Act, for total consideration of approximately C$138 million. Read more here.
Fair State Brewing Cooperative
Fair State Brewing Cooperative launched Minnesota’s first cannabis fulfillment and co-packing house and distribution center exclusively for hemp-derived beverages. Named after Fair State’s cannabis beverage line, Chill State Collective offers co-packing, storing, distribution and endorsement to assist other top-tier cannabeverage brands in Minnesota. Read more here.
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