The daily hit: June 24, 2024

The Daily Hit is a summary of the most important financial news stories of Monday, June 24, 2024.

On the website

MedMen’s creditors are likely to lose millions, according to documents from the trustee and the receiver

The company’s trustee is slowly winding down, giving away or selling off assets in California while generating interest in other states.

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Preliminary court ruling dismisses lawsuit alleging illegal market transactions by Glass House

The judge overseeing the case said the court is unable to enforce an injunction against Glass House.

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California’s high-profile cannabis bust list is growing rapidly

There are hundreds of companies that have quietly disappeared from the California market, and there are also others that have made headlines.

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Iowa hemp beverage makers are suing the state over new THC limits

The new rules are expected to come into effect on July 1.

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Curaleaf launches hemp-derived THC products, an e-commerce platform

The cannabis giant wants to gain a foothold in the buzzing segment.

Read more here.

In other news

Good day farm

Some well-known names in Arkansas’ medical marijuana industry backed a $48 million capital raise focused on Louisiana, according to a May 23 filing with the U.S. Securities & Exchange Commission. Alex Gray, chief strategy officer and president of sales for Little Rock-based Good Day Farm, is listed as manager of NOLA PharmaHoldings LLC, which made the exempt securities offering.

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Pennsylvania

Pennsylvania’s medical marijuana retailers posted sales of more than $1.3 billion last year, despite hiccups and glitches that operators say could be avoided if the state’s mandated track-and-trace software worked properly — or at least case the way it should work according to the law.

Read more here.

New Mexico

An NPR investigation into a cluster of cannabis farms in New Mexico found businesses that largely employ workers and are managed and financed by Chinese looking for opportunity. But some businesses have broken the law, even as states like New Mexico have legalized marijuana.

Read more here.