The Daily Hit is a recap of the top financial news stories for February 2, 2023.
On the Site
MedMen on the Brink of Collapse
MedMen (OTC: MMNFF) is at the edge of capitulation after new financial statements on Thursday show the once-mighty MSO may not be able crawl out of the hole of debt it dug for itself. The company reported that it is more $137 million in debt, with $15 million cash and equivalents on the books. Read more here.
Curaleaf Employees Asks for Class Action Status Over Stolen Tips
Four dispensary employees asked an Illinois judge to certify a class in their suit against Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF) alleging that MSO store managers pocketed more than $125,000 in stolen tip jar money meant for workers. Read more here.
Irwin Naturals Raises $40 Million for Clinic Expansion
Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) reported that it had secured a credit facility as of February 1, 2023, with its existing commercial lender for up to $60 million with $40 million of it currently committed. Irwin Naturals said this money will help it to accelerate its roll-up and be a significant player in the world of psychedelic mental health clinics. Read more here.
Missouri’s Recreational Market Begins to Take Shape
Adult-use cannabis sales will be allowed to start on Monday in Missouri, led by medical marijuana operators that receive approval from the state by then. Lisa Cox, the state health department’s communication director, told Green Market Report that the “vast majority” of licensed medical cannabis facilities applied to participate in the adult-use program, but the approval process is just getting under way. Read more here.
In Other News
Celadon Pharmaceuticals Plc, a U.K. pharmaceutical company, gained MHRA registration for Good Manufacturing Practice manufacture of their high-THC cannabis active pharmaceutical ingredient. It is a worldwide industry leader with multibillion dollar acquisition potential. According to a spokesperson of the company, this is the first registration of a U.K. pharmaceutical facility for high delta-9-tetrahydrocannabinol cannabis API since the legalization of medical cannabis in the year 2018 in the U.K. Read more here.
Oregon Liquor and Cannabis Commission
Steve Marks, the longtime director of the Oregon Liquor and Cannabis Commission, told staff Wednesday that he will be resigning at the request of Gov. Tina Kotek. The resignation, first reported by Willamette Week, is not yet final, according to OLCC spokesperson Mark Pettinger. He said Marks had acknowledged the rumors swirling around the agency at a management meeting Wednesday, telling staff that details remained to be worked out. Read more here.