The Each day Hit: August 2, 2023

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The Each day Hit is a recap of the highest monetary information tales for Aug. 2, 2023.

On The Website

Unlicensed Hashish Gross sales Overrun State’s Authorized Program, Strangling Tax Income

Authorized hashish gross sales and tax revenues in New York are at a fraction to date of what was initially projected, due largely to the thriving unlicensed market, which one legal professional estimated was upwards of 36,000 companies statewide. Learn extra right here.

MariMed Ends Q2 within the Crimson Regardless of Rising Revenues

Massachusetts-based MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) posted a $900,000 loss for its second quarter of the 12 months, regardless of growing revenues year-over-year by $3.5 million, the corporate reported Wednesday. Learn extra right here.

Oklahoma Supreme Courtroom to Resolve Medical Marijuana Allow Price Case

The Oklahoma Supreme Courtroom this week heard arguments on a lawsuit filed final month by a coalition of hashish firms who argue that a big enterprise price improve, which went into impact in June, is illegitimate as a result of it’s tantamount to a tax hike. Learn extra right here.

New Mexico Asks Courtroom to Halt Gross sales at Rulebreaking Dispensary

New Mexico hashish officers have requested a district court docket to halt gross sales at a licensed marijuana store they are saying has been illegally promoting out-of-state marijuana and manufacturing its personal merchandise with out correct permits. Learn extra right here.

Invoice Reintroduced to Prep Federal Authorities for Marijuana Legalization

In one other signal that some in Washington, D.C. are considering forward to when the hashish business turns into federally authorized, Democratic U.S. Sen. John Hickenlooper of Colorado simply final week reintroduced a invoice designed to get the federal paperwork prepared to regulate correctly for when legalization happens. Learn extra right here.

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Hawthorne’s Gross sales Stoop Drags Scotts Miracle-Gro’s Q3 Earnings Down

Garden and backyard merchandise maker Scotts Miracle-Gro Co. (NYSE: SMG) reported lower-than-expected third quarter earnings ending July 1, 2023, primarily as a result of a pointy decline in its hydroponic enterprise section, Hawthorne. Learn extra right here.

Turning Level Nets $9.9 Million in Q2 Income Beat

Smoking equipment seller Turning Level Manufacturers Inc. (NYSE: TPB) noticed better-than-expected second-quarter monetary outcomes ending June 30, 2023, buoyed by rising authorized consumption as extra state markets open. Learn extra right here.

California Hashish Farmers Hoping Supreme Courtroom Will Hear Corruption Circumstances

A small cadre of hashish farmers from the guts of California’s Emerald Triangle, who’ve been attempting for years to show native corruption via court docket instances, at the moment are putting their final hopes within the U.S. Supreme Courtroom by way of a petition that was filed on July 12 and one other that their legal professional stated needs to be filed by Friday this week. Learn extra right here.

In Different Information

Minnesota

Whereas many different localities round Minnesota are busy banning hashish commerce or putting in moratoriums on licensing, Minneapolis has taken the other method and introduced a “permissive” coverage for marijuana retailers. Learn extra right here.

Arizona

There at the moment are 26 social fairness licenses obtainable in Arizona, licenses aimed toward folks from these communities, which can be found by lottery. However a brand new investigation from the Arizona Heart for Investigative Reporting exhibits lots of these licenses at the moment are owned by company dispensaries as an alternative. Learn extra right here.

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New York

New York Metropolis is now ranked as the highest metropolis on this planet in terms of marijuana consumption, in keeping with a latest examine. Learn extra right here.

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