Cannabis News Today – June 19th, 2024
Welcome to “Cannabis News Today,” your daily summary of significant happenings in the Cannabis Industry.
The Cannabist Company Exits Florida Market
The Cannabist Company Holdings Inc. (Cboe CA: CBST, OTCQX: CBSTF) announced its exit from the Florida market to optimize its presence and enhance financial performance. CEO David Hart cited poor market performance and high capital expenditure requirements as reasons for the decision. By reallocating resources, the company aims to focus on more promising markets, improving operational efficiency and profitability. This strategic shift underscores The Cannabist’s commitment to streamlining operations and maximizing returns in high-growth areas. Read all about it on the TDR Website!
Governor Hochul Shuts Down Illicit Cannabis Storefronts
Governor Kathy Hochul of New York announced the shutdown of over 100 illicit cannabis storefronts, boosting legal cannabis sales by 27% and seizing over $29 million in illegal products. This action supports legal retailers and addresses public safety concerns. Hochul emphasized the state’s commitment to a strong, equitable cannabis market through rigorous enforcement and new legislation. Read all about it on the TDR Website!
California Cannabis Industry Shows Health with Low Default Rates
A California lender reports low default rates among cannabis businesses, indicating a healthy and resilient industry. This trend underscores the stability and growth potential within the state’s regulated cannabis market.
Planet 13 to Launch New Entertainment Complex
Planet 13 Holdings Inc. (CSE: PLTH, OTCQX: PLNH) known for its cannabis superstores, is set to launch an entertainment complex called Planet 13 Fight Club. The venue will feature exclusive meet-and-greet events, combining cannabis retail with entertainment experiences.
California State Fair to Allow Marijuana Sales and On-Site Consumption
For the first time, the California State Fair will permit marijuana sales and on-site consumption. This marks a significant milestone in the normalization and acceptance of cannabis in mainstream public events.
Bastrop, Texas, Considers Decriminalizing Low-Level Marijuana Offenses
The town of Bastrop in Texas is moving towards decriminalizing low-level marijuana offenses. If successful, it will join other Texas cities in reducing penalties for minor cannabis-related infractions.
Missouri Marijuana Store Thrives, Officials Seek Revenue Cut
A marijuana store near the Arkansas border in Missouri is flourishing, drawing significant business. Local officials are exploring ways to secure a portion of the revenue generated by this booming dispensary.
Blüm Holdings Sells Santa Ana Location
Blüm Holdings Inc. (OTCQB: BLMH) has completed the sale of its Santa Ana location, resulting in an estimated $44.5 million in debt elimination and a $34 million gain. This strategic move is aimed at strengthening the company’s financial position.
Read more cannabis news on the TDR Website!
