Mydecine Innovations Group Inc. (CSE: MYCO) (FSE: 0NF0) (OTC: MYCOF) will restate its previously filed audited financial statements for the fiscal year ended Dec. 31, 2022. Mydecine said the changed financials would result in a lower cash position and increased debts and expenses. Mydecine also said it applied to the British Columbia Securities Commission for a temporary management cease trade order in connection with its filing of audited financial statements and the management discussion and analysis for 2023. During 2022, the company received 18 million units of PanGenomic Health Inc. with ..read more

A Delaware Senate committee this week advanced a bill that would provide state-level protections for banks and other financial institutions that serve licensed cannabis businesses. House Bill 355, which already passed in the House, would shield banks, credit unions, armored car services, and accounting firms from state prosecution for working with Delaware cannabis companies. Proponents gave argued that the lack of access to financial services poses a public safety risk, as businesses are forced to deal in large amounts of cash. One of its authors said during Wednesday’s hearing that the ..read more

Last year, Vancouver-based THC BioMed Intl Ltd. (OTC: THCBF) said it hoped to bounce back after some financial setbacks, but it seems like the company opted to go AWOL instead. The Canadian cannabis producer hasn’t provided any company updates since June 2023, leaving investors wondering what’s next for those with money still tied up in its stock. “(THC BioMed) has shit the bed,” one user anonymously wrote to Green Market Report in an email. According to regulatory filings, the company last month reported the appointment of a new auditor, as required by Canadian securities law. That chan ..read more

The Daily Hit is a recap of the top financial news stories for Thursday, April 25, 2024. On the Site Humboldt County officials report on ‘overall decline’ of local cannabis industry The decline in cultivation applications is a sign that many have lost interest in the legal market altogether. Read more here. Hawaii Senate kills bill to decriminalize cannabis possession The legislature put a plug on any more immediate actions on cannabis. Read more here. Grown Rogue grows ownership of Michigan’s Golden Harvests Grown Rogue sees a lot of promise in Michigan, the second largest market in the U.S ..read more

California’s Humboldt County, long the heart of cannabis cultivation in the state’s famed Emerald Triangle, has seen an “overall decline” in legal cannabis cultivation business applications since 2018, county officials were told this week by staff. Although the county still has slightly more than a thousand legal marijuana farms – 1,068 to be precise, the Lost Coast Outpost reported – the number of applications for cultivation permits has dropped to a trickle, Planning and Building Director John Ford told the county board of supervisors. Ford recapped that there are still 400 more application ..read more

The Hawaii Senate this week rejected a measure that would have increased the amount of cannabis a person could possess without facing severe criminal penalties. The bill failed by a vote of 15-9, marking the second defeat of a marijuana-related measure in the state’s legislature this session. Earlier this month a bill to legalize recreational cannabis use for adults 21 and older failed to make it out of committee. According to a report from the Hawaii Civil Beat, opponents of SB 2487 expressed concerns that the bill would lead to increased youth access to the plant, discourage Asian tourists ..read more

Grown Rogue International Inc.  (CSE: GRIN) (OTC: GRUSF) has increased ownership in its Michigan operations of Golden Harvests. The move bumped Grown Rogue’s interest in Golden Harvests from 52.2% to 80% in two transactions valued at $2.8 million. The deal consisted of $200,000 paid in cash and $2.6 million paid through 4-year sellers’ notes. The deal values Golden Harvests at $10 million. “We are excited to announce that we increased our ownership in Golden Harvests to 80%,” said Obie Strickler, CEO of Grown Rogue. “Michigan is such an important asset to our Company because it ..read more

New York’s much-touted $200 million cannabis equity fund, which was supposed to help those impacted by the war on drugs, wound up being a deal that heavily favors Chicago Atlantic Group and might leave taxpayers on the hook, an investigation by The City showed. The story traces back to when the New York Social Equity Cannabis Investment Fund was announced by Gov. Kathy Hochul in 2022 as part of her Seeding Opportunity Initiative. The state allocated $50 million to the fund in the 2022 budget and hoped to attract an additional $150 million from private investors. However, after failing to secu ..read more

The Daily Hit is a recap of the top financial news stories for Wednesday, April 24, 2024. On the Site Deep Roots Harvest to acquire The Source assets The deal will build on C21 Investments’ recent purchase of Deep Roots. Read more here. Adastra reports record sales in 2023, but remains in the red The jump in sales was primarily attributed to higher demand for Adastra’s in-house brand, but growth was offset by a increase in spending on marketing. Read more here. Software crash hit Michigan marijuana dispensaries on 4/20 The software glitch was across the country and was resolved after several ..read more

Nevada-based cannabis company Deep Roots Harvest signed an agreement to acquire most of the assets of The Source Holdings LLC, another Nevada cannabis operator, for an undisclosed price. The deal includes five retail locations and three facilities for administration, cultivation, and manufacturing, but it excludes one retail store in Reno. The Source has been a notable player in the Nevada cannabis market since 2015. Deep Roots Harvest, founded in 2014, currently operates five dispensaries across the state and plans to open a sixth store later this year. The announcement follows Deep Roots’ r ..read more