StaffThe Daily Hit is a recap of the top financial news stories for Tuesday, August 6, 2024.
On the Site
Ohio welcomes recreational marijuana sales with excitement, celebration
Earlier today, adult-use recreational cannabis went on sale at dozens of dispensaries across Ohio, nearly nine months after voters approved Issue 2.
Cannabis research lags growing US market, federal report finds
Researchers still face barriers and red tape studying cannabis, particularly those sold in state-licensed dispensaries.
Tiffany Chin: Snoop Dogg’s right-hand woman at Death Row Cannabis
Snoop Dogg bought Death Row Records in 2022 with big brand plans in the works.
New Hampshire governor signs two bills to improve medical cannabis access
The measures eliminate the qualifying conditions list and expand who can write recommendations for cannabis.
Casa Verde leads $2 million funding round for cannabis tech firm Growlink
The company said some of the money will be invested in expanding the platform’s integration capabilities.
New York regulators add more permits, get another earful from licensees ‘hemorrhaging’ money
There are still only 156 legal recreational marijuana shops operating across New York state.
Earnings:
- Trulieve beats second-quarter sales estimates as Ohio kicks off
- Vireo Growth posts significant gains with $668,000 loss in second quarter
In Other News
Connecticut
Former Connecticut legislator Brandon McGee has been selected as the new head of the state’s Social Equity Council. McGee takes over for Executive Director Ginne-Rae Clay, who resigned last month after questions emerged over her handling of funds.
Nevada
The Nevada Supreme Court reversed a lower court ruling that found the inclusion of cannabis as a Schedule I Controlled Substance violated the Nevada Constitution.
Cannabis stocks
Cannabis stocks are on the rise after recreational marijuana sales started up in Ohio and two major cannabis companies delivered better-than-expected quarterly earnings reports. AdvisorShares Pure US Cannabis, a popular exchange-traded fund tracking marijuana stocks, was up 8% at $6.90 in midday trading. Shares of Green Thumb were up 8.6% at $10.94, while Trulieve shares climbed 8.2% to $9.36.
