The Each day Hit: January 24, 2022


It’s time on your Each day Hit of hashish monetary information for January 24, 2022.

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The battle between Ascend Wellness (OTC: AAWH) and MedMen Inc. (OTC: MMNFF) is getting messier by the day. The most recent shot is coming from MedMen whose counterclaim alleges that Ascend’s CEO Abner Kurtin used political affect with New York Governor Kathy Hochul and was shortly thereafter capable of get hold of an electronic mail saying the license switch from MedMen to Ascend was accredited.

MedMen says in its countersuit that on December twenty eighth, Richard Zahnleuter the Common Counsel of the Workplace of Hashish Administration (which helps however doesn’t direct the Hashish Management Board) contacted MedMen to say he would possibly want as much as 60 days to complete its assessment. Nonetheless, MedMen additionally mentioned that Zahnleuter emailed the next night saying that the December sixteenth electronic mail did give the “ultimate” approval for the deal. Making issues much more sophisticated, MedMen says it spoke with Zahnleuter on the telephone who mentioned he had been “pressured” to ship the e-mail saying the December sixteenth electronic mail gave ultimate approval. Zahnleuter wouldn’t speak in confidence to MedMen who had pressured him.


Hashish banking supplier Dama Monetary has entered into an settlement to amass GrowFlow Corp. for an undisclosed quantity. GrowFlow is a enterprise administration and compliance firm that has processed greater than $3.3 billion for hashish retailers, cultivators, processors, and distributors. The deal is alleged to be deliberate to shut this quarter.


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An rising development in some bioscience startups is the event of each hashish and psychedelics merchandise. One such firm is Enveric Biosciences, headquartered in Naples, Florida, which hopes to leverage psychedelics-derived molecules for the thoughts and create artificial cannabinoids for the physique within the remedy of most cancers. Enveric Biosciences focuses on synthesizing novel, tailor-made and extremely differentiated spinoff molecules primarily based on traditional psychedelics reminiscent of psilocybin, N,N-dimethyltryptamine (DMT), mescaline and MDMA. 


The legalization of hashish is already off to a tough begin within the state of Texas. The state legalized medical marijuana, however this system is so restrictive that solely a handful of dispensaries exist with roughly 16,00 registered sufferers. 500 physicians have been accredited to prescribe medical marijuana within the state. Texas can also be an enormous agricultural state and the urge for food for hemp farming appears stronger than the will for medical marijuana. It’s additionally sparking some dangerous conduct by Texans out and in of the state. This week, Law360 reported that Todd Smith, a political advisor for Texas Division of Agriculture Commissioner Sid Miller, was indicted on soliciting bribes for hemp licenses. He was charged with soliciting a $25,000 fee in alternate for getting a license awarded by the Division in August 2019. The indictment additionally alleges that Smith managed to attain $65,000 in August and November 2019 from two individuals.

In Different Information


Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM), a number one distributor and producer of hydroponics tools and provides for managed setting agriculture, introduced it has entered into an settlement with California-based AXEON Water Applied sciences, a number one producer of water purification options, to distribute new strains of reverse osmosis water filtration techniques and options for the horticultural market.


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Sunstream Alternatives LP, an affiliate of Sunstream Bancorp Inc., a three way partnership sponsored by Sundial Growers Inc. (NASDAQ: SNDL), has been assigned an funding grade score of BBB+ by Egan-Jones Scores Firm, an unbiased, unaffiliated score company.


Novamind Inc. (CSE:NM)(OTCQB:NVMDF) has entered right into a securities buy settlement with a single institutional investor for a non-public placement of its frequent shares and warrants to buy Frequent Shares for gross proceeds of roughly C$5 million. Pursuant to the Personal Placement, the Firm will difficulty 12,500,000 Frequent Shares and Warrants to buy as much as an mixture of 12,500,000 Frequent Shares at a purchase order value of CAD$0.40 per Frequent Share and related Warrant.

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