StaffThe Daily Hit is a recap of the top financial news stories for Monday, July 1, 2024.
On the Site
Federal court dismisses Massachusetts legalization suit, but appeal already planned
Attorneys in the case expected to move onto appeals, regardless of who came out ahead at this stage.
IRS reaffirms that cannabis companies still subject to 280E
The agency called out “taxpayers filing amended returns” and noted that they are “not entitled to a refund.”
East West Bank sues Irwin Naturals, Klee Irwin for defaulting on $40 million loan
The bank accused Klee Irwin of diverting money away from the business for personal expenses.
Judge denies injunction in South Dakota hemp ban case
The state effectively banned gummies, vape pens, and smokable hemp containing such compounds.
Workers at Illinois Cresco Labs facility vote to dump union
Workers got better raises and company benefits after decertifying the union.
In Other News
Goodness Growth Holdings
Goodness Growth Holdings (CSE: GDNS) (OTCQX: GDNSF) changed its name to Vireo Growth, effective June 15. The company expects to begin trading as Vireo Growth on the Canadian Securities Exchange under the ticker symbol VREO and on the OTCQX Market under the ticker symbol VREOF on or about July 8.
CBD of Denver
CBD of Denver (OTC Pink: CBDD) reported revenue for June is estimated to be approximately $300,000.
LiveWire Ergogenics
LiveWire Ergogenics (OTC: LVVV), a company focused on acquiring, leasing, licensing, and managing special-purpose real estate properties, acquired a minority equity position in Verde Partners Inc., a Nevada-based investment firm and owner of one of the largest cannabis cultivation campuses in Coachella, California.
