Most Americans don’t trust executives from pharmaceutical, tobacco, or alcohol companies to come up with good guardrails for the marijuana industry, according to survey from Parabola Center for Law and Policy. Instead, respondents said they’d prefer to have individuals with “lived experience,” cannabis consumers, and social equity advocates in charge of setting up the industry. The survey included responses from 404 adults in the U.S. and was conducted in September 2023 in collaboration with RTI International, an independent nonprofit research institute. “Before federal legalization occurs, i ..read more

Agrify Corp. (Nasdaq: AGFY) announced Wednesday that it converted $13.8 million in debt to equity in and effort to regain compliance with a Nasdaq minimum shareholders’ equity requirement. The debt conversion comes just days after Agrify and Nature’s Miracle (NASDAQ: NMHI) mutually agreed to terminate their previously announced merger plan that would have given Agrify shareholders ownership of about 30% of the combined company. Agrify said entities affiliated with CEO Raymond Chang converted $11.5 million of a senior convertible note and $2.29 million of a junior secured note into pre-funded ..read more

The U.S. Department of Veterans Affairs is preparing a strategy to deploy of psychedelic treatments for mental health disorders if such therapies receive approval from the FDA, according to a document reviewed by the outlet. According to a report in The Intercept, a document that outlines the responsibilities of the “Psychedelic Medicine Integrated Project Team” has been circulated within the VA, however, the agency declined to comment on the topic. The document reportedly includes regular tasks for the team, such as advising the VA Under Secretary for Health Shereef Elnahal and providin ..read more

Glass House Brands Inc. (CBOE: GLAS.A.U) (OTC: GLASF) is seeking approval that could allow it to raise more than half a billion dollars from stock sales to investors north of the border over the next two years. The Long Beach, California-based firm announced Wednesday that it filed a shelf prospectus with Canadian regulators to allow for the issuance of up to C$782 million (US$576 million) in new equity shares through April 2026. While Glass House said it has no immediate plans to sell shares, the filing gives it a quick path to raise capital from equity offerings if opportunities arise. “Wit ..read more

This story was republished with permission from Crain’s Detroit and written by Dustin Walsh.  When Calvin Johnson Jr. retired from the Detroit Lions in 2016, he couldn’t wait to get out of the locker room. He shocked the sports world by leaving the NFL in his prime at just 30 years old — he would become a first-ballot Hall of Fame selection in 2021 — but the injuries and pain were nearly constant. Eight years later, though, Johnson wants to return. Not to the game, but the locker room … with his Webberville-based cannabis company Primitiv. The company Johnson co-founded with Rob Sims, a ..read more

This story was republished with permission from Crain’s Chicago and written by Ally Marotti.  After watching sales of their new THC-infused beverages explode in recent months, Illinois’ craft beer makers are worried proposed regulation could zap their newfound revenue stream. The state’s craft beer industry struggled following the pandemic. Ten percent of the state’s breweries permanently closed throughout 2022 and 2023, as taproom traffic failed to return to pre-pandemic norms and consumer drinking habits shifted away from craft beer. Survivors began looking to THC-i ..read more

Green Market Report held its 2024 Women in Cannabis Summit on May 16 in New York City. The attendees were treated to an amazing afternoon of wonderful panels each diving into a different part of the business world and addressing the challenges of working in cannabis. From the combination of commerce and culture to pitch decks to brand building – there was something from everyone. It was a judgment-free zone to ask questions and network. It was supportive and inspiring. Thank you to our sponsors who helped make this event a success: Duree & Co., The Cannabist, Pax, The Travel Agency, KCSA ..read more

New York Gov. Kathy Hochul’s administration quietly ended a $200 million program aimed at helping disadvantaged entrepreneurs open cannabis dispensaries, amid allegations of predatory lending practices. Lawmakers also got a chance to probe the Dormitory Authority of the State of New York’s new executive director, former Secretary of State Robert Rodriguez, at a committee confirmation hearing on Tuesday. His appointment was announced in April. The Social Equity Cannabis Investment Fund, which was overseen by DASNY, came under fire last month after a report by local nonprofit news outlet The Ci ..read more

The Daily Hit is a recap of the top financial news stories for Tuesday, May 21, 2024. On the Site Glass House drops defamation suit against Catalyst over illicit market allegations Executives with Glass House said the costs outweighed the potential returns; Elliot Lewis tells a different story. Read more here. DEA opens comment period for cannabis rescheduling The agency’s proposal could reschedule marijuana, but FDA approval would still be required for medical use. Read more here. Your Take: Reading the tea leaves on marijuana rescheduling Pozen: The evidence makes it pretty clear that DEA h ..read more

A pair of Massachusetts marijuana companies with locations on islands that are not connected to the mainland by any roads filed suit against state regulators, arguing that their inability to ship cannabis inventory on boats to their stores is endangering their ability to remain open. The suit was filed on Tuesday in Suffolk County Superior Court against the Massachusetts Cannabis Control Commission by the owners of Island Time on Martha’s Vineyard and The Green Lady Dispensary on Nantucket Island, MV Times reported. Until recently, Island Time was supplied by Fine Fettle, a licensed cannabis ..read more