The Daily Hit: September 16, 2024
- States on the East Coast are seeing significant growth in cannabis tax revenue.
- Ohio has strict cannabis advertising rules, posing challenges for companies in the state.
- Acreage secures a new lender and pays off existing debt, but still faces financial challenges.
- High Tide reports revenue of over C$131 million in the third quarter, driven by expansion efforts.
The Daily Hit is a recap of the top financial news stories for Monday, September 16, 2024.
States’ coffers filling with cannabis tax revenue
The East Coast leads the country in cannabis tax collection growth.
Read more here.
Companies look for some leeway with Ohio’s restrictive cannabis advertising rules
Ohio is currently one of the most restrictive markets in the country when it comes to advertisements around legal marijuana.
Read more here.
Acreage gets a new lender and pays off the old
Despite the financial maneuverings, Acreage continues to face a mountain of debt.
Read more here.
High Tide revenue tops C$131M in third-quarter beat
The strong performance comes amid High Tide’s ongoing expansion efforts.
Read more here.
Colorado July cannabis sales second-highest of 2024
So far in 2024, only March has recorded higher sales.
Read more here.
Michigan August cannabis sales near $300 million despite Ohio launch
August’s sales were up 3% from July and increased even in regions that border Ohio.
Read more here.
Akanda Corp.
Akanda Corp. has obtained a license for hemp cultivation in Canada. This license is directly tied to Akanda’s previously announced agreement with 1107385 B.C. LTD, further advancing the company’s strategic initiatives in the Canadian cannabis market.
Read more here.
Leafly
Leafly has entered into a new partnership with the New York Cannabis Retail Association, a nonprofit coalition of New York dispensary owners. Leafly and NYCRA will sponsor a series of industry events in 2024 and implement marketing initiatives designed to strengthen New Yorkers’ awareness of the importance of buying legal and local cannabis.
Read more here.
Nebraska
A former state senator who is also a former State Board of Health member filed a legal challenge Thursday seeking to invalidate two Nebraska ballot petitions related to medical cannabis.
Read more here.