The Daily Hit: December 5, 2024
The Daily Hit is a recap of the top financial news stories for Thursday, December 5, 2024.
On the Site
Marijuana companies face skeptical appeals court in commerce challenge
A crew of cannabis operators seeking to limit federal oversight of state-licensed marijuana businesses encountered sharp questioning from federal appeals court judges, who expressed doubt about arguments that commercial cannabis sales should be exempt from Congress’s commerce powers. Read more here.
DEA judge sets timeline for rescheduling hearings
Federal hearings to peg cannabis down the drug scheduling ladder begin Jan. 21 and will run six weeks, a Drug Enforcement Administration judge ruled Wednesday. Read more here.
Snoop Dogg on his way to becoming the Martha Stewart of the cannabis world
Snoop Dogg launched a new direct-to-consumer cannabis lifestyle marketplace with the expansion of his Smoke Weed Every Day (S.W.E.D.) with the e-commerce site, SWED.com. Read more here.
iAnthus settles long-running lawsuit over MPX deal
iAnthus Capital Holdings (CSE: IAN) (OTCQB: ITHUF) agreed to settle a five-year-old lawsuit over its acquisition of MPX Bioceutical Corp., the company said Wednesday. Read more here.
Empire Cannabis Club files for bankruptcy, claims $3.4 million of debt
The Empire Cannabis Club, known for its bold fight to keep open an unlicensed cannabis operation in New York City, has filed for bankruptcy. Read more here.
Cannabis social equity experts warn newcomers of difficult fundraising landscape
A trio of Black cannabis entrepreneurs and social equity advocates warned newcomers to the marijuana trade during a Wednesday panel at MJBizCon in Las Vegas that the capital fundraising landscape is a harsh one, and that many in such scenarios wind up relying on money from friends and family or predatory venture capital investors. Read more here.
In Other News
Texas
The 2025 Texas legislative session starts in about a month on Jan.14, and lawmakers will be discussing a bill proposing a complete ban on all forms of consumable THC products, according to Lt. Gov. Dan Patrick. Read more here.
Ohio
AYR Wellness is making plans to open up four new locations by the end of June 2025 and Pure Ohio Wellness is hoping to add three new locations by this time next year. Read more here.
