Finance

The Securities and Exchange Commission (SEC) has charged American Patriot Brands Inc. (APB), its chief executive officer, and five other entities with siphoning off millions of dollars in a long-running scheme that defrauded more than 100 investors across the country. According to the SEC’s complaint, APB CEO Robert Y. Lee, along with current and former executives Brian L. Pallas and J. Bernard Rice, began making a series of “false and misleading statements to investors” in 2016 about the company’s financial position… Read more.

A few days before Christmas, a joint law enforcement task force found nearly 9,000 pounds of cannabis worth almost $15 million during a raid in a suburban neighborhood in Antioch, Calif. The California Department of Cannabis Control believes that the four houses searched in the bedroom community 45 minutes outside San Francisco were linked to China. Mexican cartels have a long history of importing, growing and redistributing illicit cannabis in the United States. But Chinese investors, owners and workers have emerged in… Read more.

Cannabis retailer High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA) released first-quarter results Friday, posting a 64% year-over-year revenue increase. "Our Q1 earnings numbers represent the best quarter ever in High Tide’s history in terms of revenue, adjusted EBITDA, and market share growth. Q1 is now our second consecutive quarter of record revenue and adjusted EBITDA and saw a meaningful improvement in our free cash flow position," said CEO Raj Grover. HITI Financial Highlights Revenue increased to $118.1 million in the first… Read more.

In this article, we discuss 10 best psychedelic stocks to buy according to hedge funds. If you want to see more stocks in this selection, check out 5 Best Psychedelic Stocks to Buy According to Hedge Funds.  Data Bridge Market Research predicts that the psychedelic drugs market will expand at a compound annual growth rate (CAGR) of 16.3% over the next eight years, resulting in a market value of $6.85 billion by 2027. The primary drivers of this growth are expected to be… Read more.

Since recreational use of cannabis became legal in Canada in 2018, the federal government of that country has imposed a total duty on cannabis products of over 1 billion Canadian dollars ($740 million). Executives expect that the government would ease the tax and excise regime it imposes on the sector as employment and financial losses rise as the milestone is reached. Around CA$862.3 million in total duty on cannabis products was levied by the federal government between the 2018–19 and 2020–21… Read more.

Lucy Scientific Discovery Inc. (Nasdaq: LSDI), which focuses on psychotropic drugs and had its initial public offering last week, rang the closing bell at the Nasdaq stock exchange today in New York. The company is focused on becoming the premier research, development, and manufacturing organization for the emerging psychedelics-based medicines industry, it said in a statement. “This milestone marks a significant step in the company’s growth and plans for expansion,” said CEO Chris McElvany. “We look forward to the opportunities ahead of us… Read more.

With penalties and fees, the money owed to the state could top $500 million. The California cannabis industry as a whole owes the state a quarter billion in unpaid taxes, according to state data and industry experts. With added fees, that total could easily balloon into a $500 million tax tab. To combat the rising debt trend, collections efforts appear to be ramping up, even against companies that have gone out of business. As of Dec. 2, the cannabis sector… Read more.