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News from Tilray, IRS and Carebourn Capital.
The Daily Hit is an overview of the top financial stories for Tuesday, 24 September 2024.
On the Site
Tilray joins the hemp-THC club with infused beverages in the U.S.
The Canadian producer can expand its product portfolio beyond traditional marijuana and alcohol by riding the DTC hemp wave.
Report: IRS official says that rescheduling could bring new 280E enforcement tool
An IRS official stated in August that the nullification of 280E would not be retroactive.
Georgia investors sue Mississippi marijuana company to recover $200k
Investors claim that the company failed to respond to the lawsuit in any way, despite having been served in July.
Carebourn Capital busted in stock conversion scheme
Carebourn has named indoor farming company Grow Solutions as one of its partners.
Colorado report blames marijuana sales decline on maturing national market
Just among licensed growers, the market’s struggles led to a 17% year-over-year contraction.
Other News
Massachusetts
Minority-owned cannabis business owners in Massachusetts can receive up to $500,000 each in grants from the Cannabis Social Equity Trust Fund. This state-funded fund redistributes 15% from marijuana sales taxes to entrepreneurs in communities that have been disproportionately affected by the war against drugs.
Verity Analytics
Public records show that California regulators have revoked the license of another commercial marijuana testing lab in the last month. California Department of Cannabis Control permits show that Verity Analytics, based in San Diego County, has had its license revoked. This is part of a long-awaited crackdown against unscrupulous laboratories.
Missouri social equity
The microbusiness program, which was promoted to Missouri voters, was marketed as a way for victims of the drug war to get a foothold in this growing industry. The Independent obtained contracts in recent months that reveal out-of state companies or cannabis industry insiders repeatedly tried to use qualified applicants for licenses, but then largely shut out the profit.
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