The Daily Hit: August 22, 2024

The Daily Hit is a recap of the top financial news stories for Thursday, August 22, 2024.

On the Site

Despite governor’s report, most Illinois social equity businesses not operational yet

A raft of issues have prevented social equity owners from opening, with lack of investment being the largest.

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Nevada awards six more cannabis consumption lounge permits

This lottery was a redo of an earlier one that resulted in winners who weren’t actually qualified for the licenses.

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Verano quickly closes on recently announced deals

Verano expands its market portfolio while The Cannabist contracts.

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Pace of Ohio recreational marijuana sales slows in second week

Ohio has sold $22.47 million in nonmedical marijuana since adult-use sales began on Aug. 6.

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Benuvia Therapeutics whistleblower sues for wrongful termination

Marilynn Martin also alleged that the company fired women in management to replace them with inexperienced men.

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Cansortium posts net income of almost $1 million in second quarter

Cash flow from operations in the second quarter was down to $2.8 million because of the “settlement of tax payments.”

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In Other News

Missouri

Missouri Gov. Mike Parson on Thursday blasted the state’s secretary of state for declining to implement an emergency rulemaking that would have banned psychoactive consumable cannabis products manufactured outside the state’s regulated adult-use marijuana market.

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Herbal Dispatch

Herbal Dispatch Inc. (CSE: HERB) reported gross revenue for the second quarter ended June 30 of C$4.3 million, reflecting an increase of more than 300% from the same period a year ago. On a year-to date basis, the company generated C$5.9 million in gross revenue, surpassing the total revenue for the entire year of 2023.

Read more here.