The Daily Hit: June 27, 2023

The Daily Hit is a recap of the top financial news stories for June 27, 2023.

On the Site

Florida Governor Signs Medical Marijuana Bill Despite Opposition to Federal Reform

In the span of just four days, Florida Gov. Ron DeSantis both nixed the possibility of federal marijuana decriminalization if he wins the U.S. presidency and also gave a significant boost to his home state’s medical marijuana market by signing a pro-cannabis legislative bill into law. Read more here.

New Jersey to Expand Cannabis Retail Ownership, Licensing

A sweeping expansion in the New Jersey’s cannabis retail ownership has been given a nod by the state’s legislature. The move, following the passage of A4151, will allow individuals, including current licensees, to possess up to a 35% equity stake in a maximum of seven different class 5 retail licenses. Read more here.

TerrAscend Obtains $25 Million Loan, Buys Third Maryland Dispensary

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced Tuesday that it had both closed on a $25 million commercial loan in its home nation of Canada and also acquired its third Maryland dispensary in a $6.75 million deal. Read more here.

FDA Issues Draft Guidance on Clinical Trials for Psychedelic Drugs

The U.S. Food and Drug Administration released draft guidelines to aid scientists studying the therapeutic potential of psychedelic drugs, marking an updated direction in the regulation of clinical trials for these substances. The new guidelines, intended for industries researching medical applications of psychedelics, underscored the unique challenges presented by these compounds in terms of safety and efficacy. Read more here.

From $0 to $100M: How Two Cannabis Entrepreneurs Grew Without Outside Funding

Deciding whether to fundraise for a start-up company is a big decision. On one hand, having money to support the initial growth can alleviate some of the growing pains; on the other, raising funds can be a job unto itself – and that money often comes with strings attached. Read more here.

In Other News

RECALL ALERT: Oregon

Multiple batches of cannabis flower have been recalled after testing positive for aspergillus (mold) and heavy metals (cadmium and mercury), the Oregon Liquor and Cannabis Commission announced Monday. Read more here.

New York

Licensed cannabis growers in New York would be temporarily allowed to sell their product to dispensaries with Tribal Nation licenses operating in the state under pending legislation that will soon head to Gov. Kathy Hochul. Read more here.

The Parent Co./Gold Flora

TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF) received the final order from the Supreme Court of British Columbia approving the previously announced proposed business combination with Gold Flora. Conditional approval has also been received from the NEO Exchange in connection with the agreement and the listing of the common shares and warrants to purchase common shares of Gold Flora Corp., the entity resulting from the business combination, subject to customary listing conditions. Read more here.

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