Hi,

The collapse of California cannabis distributor Herbl signals potential wider instability in the state's cannabis market. Cannabis companies aren’t eligible for bankruptcy protection and are still beholden to the IRS’s 280E tax code which has more financial impact than passing the SAFE act as shown by a recent analysis.

In the past, we reported that fentanyl-tainted meds were found in Mexican pharmacies often visited by US tourists and sold over the counter. Finally, last week, Mexican authorities conducted raids on some of these pharmacies. An analysis at a morgue in Baja California has shown that a shocking percent of deaths can be attributed to fentanyl and meth, contrary to President Andres Obrador’s comments about fentanyl usage not existing in mexico.

Across the Atlantic, Germany is making strides in drug reform, with a published draft law indicating plans to declassify cannabis as a narcotic, potentially representing a seismic shift in European drug policy. Lets go Germany! :)

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Have a sensational week!
Jessica

07/05/23
Skymint's assets to be auctioned off on August 8, marking the end of a dramatic collapse in Michigan's cannabis industry.
Greenlane Holdings (Nasdaq: GNLN) completes a public offering of 4,047,619 units at $1.05 per unit.
Coalition submits over 220,000 signatures to Ohio Secretary of State to place adult-use marijuana programs on the ballot.
Lucy Scientific [LSDI] acquires Wesana Health's SANA-013 assets for mental health treatment. Forms Lucy Discoveries Holdings for psychedelic medicine research and innovative therapies.
Curaleaf Holdings [CSE:CURA, OTCQX:CURLF] acquires Clever Leaves' Portuguese processing facility to strengthen EU operations. Supports responsible growth as European cannabis adoption accelerates.
Canopy Growth [TSX: WEED, NASDAQ: CGC] completes conversions of $100M convertible debentures. Balance sheet actions strengthen financial position and improve profitability.

07/06/23
Cookies faces another lawsuit alleging fraud and breach of contract, adding to previous legal actions against the global cannabis brand.
Investor lawsuit against Parallel Cannabis' former CEO William "Beau" Wrigley Jr. allowed to proceed, alleging fraud and misrepresentation.
Santa Barbara County pursues strict tax delinquency policy, potentially forcing closure of non-compliant cannabis businesses.
Michigan edibles maker fined $100k and loses medical cannabis license after a child consumed mislabeled gummies.
Cronos Group explores options, including a potential sale, after attracting acquisition interest.
Curio Wellness raised $4.1M in funding shortly after Maryland legalized recreational cannabis sales.
Intelligent Bio Solutions [Nasdaq: INBS] partners with TSCOM for fingerprint drug screening system distribution in South America. First order secured.

07/07/23
Denver's illicit cannabis has dropped 74% since 2014 due to declining demand. Legal sales fall 28% in 2022. Colorado collects $54.8M in cannabis tax revenue.
Ayr Wellness [CSE: AYR.A, OTCQX: AYRWF] secures $40M refinancing for Gainesville facility, eyes Florida's growth potential. Defers $69M debt payments.
Fitch lowers Canopy Growth's [Nasdaq: CGC] rating to RD due to debt swaps and operational concerns. Liquidity risks and challenges in the Canadian market. U.S. expansion carries execution risks.
Tilray Brands [TSX:TLRY] emerged from the merger as a global cannabis player. Stock tumbles over 91% during industry downturn. International presence offers growth beyond U.S. legalization.
Aurora Cannabis [TSX:ACB], former leader, now a micro-cap below $1. Stock dropped 60% in the past year. Impressive brand portfolio with regional presence. Penny stock with potential.
Pennsylvania lawmakers renew push for adult-use marijuana legalization. Uncertain prospects in the Republican-controlled Senate.