The Every day Hit: April 16, 2024

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The Every day Hit is a recap of the highest monetary information tales for April 16, 2024.

On the Web site

Hashish inventory shorts have grown like weeds

In the previous couple of weeks, marijuana brief positions have jumped dramatically. There are actually $1 billion of shorted hashish shares. Learn extra right here.

Report: Virginia lawmakers say authorized hashish gross sales gained’t begin till 2027

Authorized marijuana gross sales in Virginia gained’t get underneath approach till 2027 on the earliest, now that Gov. Glenn Youngkin has formally vetoed the Democratic invoice to launch regulated hashish gross sales, two Democratic lawmakers predicted throughout a current webinar. Learn extra right here.

Wana Manufacturers founder Nancy Whiteman steps down as Cover Progress USA strikes ahead

Wana Manufacturers introduced that CEO Nancy Whiteman could be stepping down from her day-to-day position on the finish of Might 2024 to pursue philanthropic actions and different pursuits. Learn extra right here.

9 arrests made in JuicyFields worldwide hashish ponzi scheme

Worldwide legislation enforcement businesses have arrested 9 people in reference to the $684 million Ponzi scheme referred to as JuicyFields that collapsed in 2022, after victimizing about 186,000 traders. Learn extra right here.

Inexperienced Market Report Finance Awards: LeafLink takes Finest Monetary Know-how 

On the New England Hashish Conference in Boston on March 22, hashish tech agency LeafLink took dwelling the Inexperienced Market Report Finance Award for finest monetary tech supplier, in recognition of its cost answer providers that assist marijuana corporations sidestep issues created by the dearth of conventional banking providers. Learn extra right here.

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Going concern warnings cloud Xtacy Therapeutics’ shrunk losses

Canadian-based Xtacy Therapeutics Corp. (CSE: XTCY) (OTCQB: XTCYF), previously referred to as International Wellness Methods Inc., posted financials for the fiscal years ending Sept. 30, 2023, and 2022, displaying an uphill battle to maintain its doorways open. Learn extra right here.

Cleveland File Rendezvous renovation plan contains hashish dispensary

The dispensary could be on the primary ground, with workplaces for the operation on the constructing’s second ground. A future section would come with a complete of 4 flats on the third and fourth flooring of the 1908 classic construction. Learn extra right here.

Agrify assured in restoration regardless of main income decline in 2023

Michigan-based Agrify Company (Nasdaq: AGFY) posted a dramatic decline in income for each the fourth quarter and full fiscal yr ending Dec. 31, 2023, regardless of seeing its first optimistic quarterly web earnings of $572,000 within the fourth quarter. Learn extra right here.

Stiiizy sued over Delta-8 merchandise in Missouri, Illinois

California-based hashish firm Stiiizy Inc. is being sued over its Delta-8 hemp merchandise. The category-action case is being introduced by Taylor Byron in Illinois and Taylor Berry in Missouri, who each declare the merchandise should not authorized hemp, however as an alternative regulated hashish containing extra THC than allowable by legislation—in some situations practically 200% extra of the lively ingredient, THC. Learn extra right here.

4Front Ventures experiences income drop as web losses rise

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) income fell 21% to $21 million for the fourth quarter versus 2022’s income within the fourth quarter. It additionally elevated barely over the third quarter’s income of $20 million. Learn extra right here.

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In Different Information

Heritage Hashish

Heritage Hashish Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Firm“) at present introduced the graduation of a sale and funding solicitation course of underneath Canadian courtroom safety throughout debt settlement and asset gross sales. Learn extra right here.

Illinois

Illinois’ largest hashish enterprise affiliation is pushing to ban the sale of delta-8 THC, an more and more widespread psychoactive substance that’s popped up in nook shops throughout the nation lately. Learn extra right here.

Massachusetts

Hashish social fairness companies are lastly set to see an infusion of state cash after years of ready. Learn extra right here.

Disclosure

The statements made regarding these merchandise haven’t been evaluated by the Meals and Drug Administration. The efficacy of these merchandise has not been confirmed by FDA-approved evaluation. These merchandises are often not meant to diagnose, take care of, treatment, or forestall any sickness. All information discovered proper right here won’t be meant as another option to or completely different from information from well-being care practitioners. Please search the recommendation of your well-being care expert about potential interactions or completely different attainable points sooner than using any product. The Federal Meals, Drug and Magnificence Act requires this discovery.