Cannabis News Today – June 18th, 2024

Welcome to “Cannabis News Today,” your daily summary of significant happenings in the Cannabis Industry.

The Cannabist Company Restructures Operations 

The Cannabist Company (Cboe CA:CBST, OTCQX:CBSTF) has announced a corporate restructuring plan aimed at saving $10 million annually. This includes divesting assets and licenses in Florida and focusing on markets poised for growth such as Ohio and Delaware. Read all about it on the TDR Website!

High Tide Inc. (HITI): Raj Grover on Strategic Growth and Market Leadership

High Tide Inc. (NASDAQ: HITI, TSXV: HITI) reported $124.2 million in revenue for Q2 and over $500 million in trailing 12-month revenue. CEO Raj Grover discussed strategic growth, emphasizing Canadian market expansion, potential US entry, and the success of their discount club model, which boosted market share from 3% to 11%. The company aims to reach a 15% market share in Canada within two years and capitalize on potential US federal legalization. High Tide’s diverse portfolio includes the largest Canadian retail chain, top consumption accessory platforms, and significant online customer base. Read all about it on the TDR Website!

Florida Governor Vetoes Hemp Bill 

LFTD Partners Inc. commends Florida Governor Ron DeSantis for vetoing a hemp bill that they claim would have been detrimental to jobs within the industry.

Goodness Growth Holdings Closes Private Placement 

Goodness Growth Holdings (CSE: GDNS, OTCQX: GDNSF) has successfully closed a non-brokered private placement, providing additional capital to support its strategic initiatives.

Verano Authorizes Share Repurchase 

Verano Holdings Corp. (CBOE CA: VRNO, OTC: VRNOF) announced a share repurchase program, allowing the company to buy back up to $100 million of its shares, signaling confidence in its future growth and value.

Pennsylvania Lawmakers Push for Legalization 

Bipartisan lawmakers in Pennsylvania have introduced a marijuana legalization bill as Ohio prepares to launch its own market across the border, first reported on Marijuana Moment. 

Criticism of FDA’s Marijuana Rescheduling Process 

Opponents of marijuana rescheduling criticize the FDA’s process, arguing it relied on inadequate studies, sparking a debate over the scientific basis for policy decisions, first reported on Marijuana Moment. 

Read more cannabis news on the TDR Website!

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