The Daily Hit: November 4, 2024
The Daily Hit is a recap of the top financial news stories for Monday, November 4, 2024.
On the Site
Nebraska judge clears path for medical marijuana ballot measures, but fraud trial still ongoing
The judge overseeing the case said that, as of Friday, the evidence presented was not enough to prove fraud.
Vireo Growth adds $10M to Chicago Atlantic debt package
The company’s new CEO sees the funding as key to teeing up its expansion plans in Minnesota.
Nevada’s Deep Roots closes on Source acquisition
The deal adds four dispensaries and a lounge license for Deep Roots as regulators try to kickstart its cannatourism plans.
Altria’s investment in Cronos is costing it millions
The $1.8 billion investment is now worth roughly $496 million.
Decibel Cannabis insiders lead $2M funding round
Company directors and officers bought approximately 18.6 million shares; around 56% of the first closing.
In Other News
Oregon Croptober
A “dream season” in Southern Oregon, the heart of Oregon outdoor cannabis production, has pushed the state to a new annual harvest record for the plant. It’s a double-edged sword for growers: They’re happy with their own big, healthy crops, but now face the prospect of selling into a market that’s recovered only a bit from historic price lows the past two years.
Avicanna
Avicanna closed a non-brokered private placement offering of 2,666,701 units of the company at a price of C$0.30 per unit for aggregate gross proceeds of C$800,010. The company intends to use the proceeds for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.
4Front Ventures
4Front Ventures Corp. announced the official ribbon-cutting ceremony for its new cultivation and production facility in Matteson, Illinois, will take place on Nov. 6. This event marks the completion of the first phase of 4Front’s multiphase expansion project in Illinois, with the facility now operational and meeting growing consumer demand across the state.
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