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Ontario-based Indiva Limited (TSX: NDVA) received creditor protection in Canada in the face of mounting debt pressures and other market challenges, the company announced Thursday. The Ontario Superior Court of Justice granted Indiva an Initial Order under the Companies’ Creditors Arrangement Act, which allows the company to restructure its business and financial affairs while continuing operations. The Canadian cannabis edibles producer has been grappling with strains that have weighed on its performance. In the first quarter of 2024, Indiva reported a slight increase in gross revenue to C$10.6 million, but its net revenue slipped to C$9.3 million due to higher…

This story was republished with permission from Crain’s Cleveland Business and written by Jeremy Nobile.  While Ohio could be just a couple weeks out from the awarding of dual-use licenses and the state’s first non-medical marijuana sales, most operators are mum on what prices could look like for products at the retail level. Crain’s asked several companies to weigh in on what dispensary prices on adult-use products might look like in the beginning and how those might compare with medical prices today. Each declined to share figures but opted to comment in more general terms — though some speculated in more detail…

Travis County Judge Jan Soifer has dismissed a lawsuit filed by Texas Attorney General Ken Paxton against the state’s capital city Austin over its 2022 voter-approved ordinance decriminalizing cannabis possession. The judge stated that the ordinance wasn’t causing any harm to the residents and didn’t violate state law. Several cities in Texas approved decriminalizing cannabis including Austin, where in May 2022 voters agreed to allow the possession of four ounces or less of cannabis. Austin isn’t only the state capital but also home to the University of Texas which has more than 50,000 students. It has a more liberal view than many…

Canadian cannabis chain High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) has obtained a $15 million loan to repay existing debts and support its expansion plans, the company announced Thursday morning. The loan will be provided in two parts: $10 million now and $5 million in November 2024. High Tide also has the option to borrow an additional $10 million if needed. The company said in a news release that it believes it can take on more debt to help fund the opening of new Canna Cabana stores across Canada. High Tide currently has a low debt-to-income ratio and is “underleveraged,”…

While it’s often believed that letting cannabis stores open in a neighborhood will drive down property values, a new report from real estate company Tomo says not so fast. Instead, Tomo found that, on average, if a dispensary opens in your area, you’re likely to see an additional $4,400 increase in your property value each year. The firm said in the report that it assessed various factors that cause real estate prices to fluctuate in Colorado, Michigan, and Oregon – states where cannabis is legal and available from storefront merchants, with enough time in-market to identify the pre- and post-legalization…

License renewal fees will jump nearly 70% to $9,000 for all cannabis operators in the state.South Dakota medical marijuana companies will shortly have to fork over a good bit more to the state to renew their business permits. Under the terms of Senate Bill 43, which Gov. Kristi Noem signed into law in March, permit fees will increase to $9,000 from the current level of $5,310, KELOLAND reported. Though that may seem a steep hike, it’s just a third of what was originally proposed by lawmakers, given that the original medical cannabis legalization ballot measure called for the fees to…

News from: Colorado, Blüm, Anson Funds, Massachusetts, and more.The Daily Hit is a recap of the top financial news stories for Wednesday, June 12, 2024. On the Site Colorado has worst April cannabis sales month since 2016 The year-over-year sales decline came despite high hopes for 4/20. Read more here. Blüm wins eviction lawsuit against People’s California Unrivaled has been looking to distance itself from associations with People’s California after lengthy legal struggles. Read more here. Anson Funds to pay $2.25 million for secret short seller relationship Anson Funds had a secret deal with a short selling publisher for negative…

The year-over-year sales decline came despite high hopes for 4/20.Colorado marijuana sales fell by 5% from March to April, the state Department of Revenue reported Wednesday, with dispensaries reporting $120.1 million in sales, down from $126.6 million. It’s the worst April sales performance since 2016 for Colorado cannabis shops, despite the traditional 4/20 sales bump that most marijuana retailers typically experience. The latest total includes $105.5 million in recreational sales along with $14.6 million in medical sales, according to the state tally. Calendar year sales totals are now $476.5 million, with a historical total of $15.9 billion. The new sales…

Atai’s proposal to purchase the company will serve as a stalking horse bid under the Sale and Investment Solicitation Process.IntelGenx Corp. (OTCQB: IGXT) (TSX: IGX) was granted protection under the Companies Creditors Arrangement Act, which is the Canadian version of bankruptcy. The company told investors that on May 27, the court granted an order that approved a sale and investment solicitation process for its assets. The court also approved an agreement of purchase by Atai Life Sciences AG for IntelGenx solely to serve as a “stalking horse” bid under the CCAA’s Sale and Investment Solicitation Process. IntelGenx’s statement noted that…

Massachusetts state lawmakers this week said they’re not likely to deal with intoxicating hemp goods during this year’s legislative session, meaning the issue won’t change, from a legal perspective, at least until lawmakers reconvene in Boston next year. After a hearing this week of the legislature’s Joint Committees on Agriculture and Cannabis Policy, state Rep. Paul Schmid said that a “well-thought-out solution will require continued conversations into the next session and beyond,” the CommonWealth Beacon reported. This year’s legislative session is slated to end on July 31, and next year’s session won’t kick off until January. But it’s near-certain that…