StaffThe Daily Hit is a recap of the top financial news stories for Wednesday, September 11, 2024.
On the Site
Boston law firm sues New York social equity shop for $143k in unpaid legal bills
The first individually owned social equity cannabis dispensary in New York, Smacked LLC, is being sued by a Boston law firm that says the shop owes more than $143,000 in legal bills, plus interest. Read more here.
FDA sidesteps MDMA controversy at PTSD meeting, but public pushes back
A recent U.S. Food and Drug Administration meeting on post-traumatic stress disorder treatments has reignited, within more official channels, the debate over the agency’s decision last month to delay approval of privately-owned Lykos Therapeutics’ MDMA-assisted therapy. Read more here.
Psilocybin CEO arrested at airport fleeing stock fraud charges
The U.S. Department of Justice announced that the chief executive officer of psilocybin company Minerco Inc. (OTC: MINE), Julius Jenge was arrested on Aug. 22 at Ronald Reagan Washington National Airport, where he was booked on a one-way flight to Tanzania. Read more here.
Lessons learned from Washington state’s marijuana regulations for the U.S. after rescheduling
Washington state’s decade-old regulatory framework for its legal cannabis market could serve as a solid launch pad for tweaking rules following federal marijuana rescheduling. Read more here.
In Other News
Idaho
An organization is hoping the third time’s the charm for putting a marijuana decriminalization initiative on Idaho’s ballot. Read more here.
Massachusetts
Many local cannabis advocates and small business owners say the turmoil within the state Cannabis Control Commission has distracted commissioners from doing their jobs to keep the state’s $7 billion cannabis industry equitable, fair and stable. Read more here.
Mammoth Distribution
California-based Mammoth Distribution on Wednesday announced the finalized acquisition of Papa & Barkley, one of the most established cannabis brands in the state. Financial details were not disclosed. Read more here.
