Cannabis News Today – June 14th, 2024
Welcome to “Cannabis News Today,” your daily summary of significant happenings in the Cannabis Industry.
SEC Wins $10 Million Judgment Against Cannabis Stock Promoter
The SEC secured a $10 million judgment against a cannabis stock promoter after a six-year legal battle. The promoter was found to have manipulated stock prices on an undisclosed basis. Read all about it on the TDR Website!
High Tide Q2 2024: Earnings and Debt
High Tide Inc. (NASDAQ: HITI, TSXV: HITI) reported Q2 2024 revenue of $124.3 million, a 5% increase year-over-year, with a gross profit of $35.3 million and a margin of 28.4%. The company achieved a record free cash flow of $9.4 million and secured $15 million in debt financing. CEO Raj Grover highlighted the company’s positive net income, strong cash position, and plans for aggressive store expansion. Read all about it on the TDR Website!
New Hampshire Senate Approves Marijuana Legalization Bill
The New Hampshire Senate passed a marijuana legalization bill, with the final House vote expected later today. If approved, New Hampshire will become the 25th state to legalize cannabis, first reported on Marijuana Moment. Read all about it on the TDR Website!
Michigan Becomes Top Cannabis Market
Michigan has surpassed California as the leading cannabis market by sales volume. This shift highlights Michigan’s growing influence in the cannabis industry. Read all about it on the TDR Website!
Planet 13 Announces New Board Member
Planet 13 (CSE: PLTH, OTC: PLNH) appointed David Loop to its Board of Directors. Loop brings extensive experience to the company, aiming to bolster its strategic initiatives.
NewLake Capital Partners Increases Dividend
NewLake Capital (OTC:NLCP) Partners announced a dividend increase for Q2 2024, raising the common stock dividend to $0.43 per share. This reflects the company’s strong financial performance.
DeSantis Criticizes Florida Marijuana Legalization Measure
Florida Governor Ron DeSantis claimed that the proposed marijuana legalization measure would allow people to bring large quantities of cannabis into elementary schools, sparking controversy.
Indiva Obtains Creditor Protection
Indiva (TSXV: NDVA) has obtained creditor protection to pursue strategic alternatives. The company aims to restructure and stabilize its financial position.
Congressional Committee Removes Marijuana Banking Protections
A key congressional committee removed marijuana banking protections from a critical spending bill. This decision could impact financial operations within the cannabis industry.
Read more cannabis news on the TDR Website!
