It’s time for your Daily Hit of cannabis financial news for October 25, 2021.
On The Site
The MedMen (OTC: MMNFF) trial in Los Angeles began on Friday with a spicy first day of testimony. Former MedMen Chief Financial Officer James Parker took the stand to testify against his former employers in a case that stems from a 2019 complaint. Parker was once the CFO of the hard-charging California-based cannabis company but abruptly left filing a case that ultimately caused Chief Executive Officer and Co-founder Adam Bierman to leave the company and lose majority voting rights.
According to Law360, Parker told the Los Angeles jury on Friday that he had no choice but to resign after discovering potential illegal transportation of marijuana and stock market manipulation. Law360 also reported that Parker did not finish his testimony and that Parker’s attorney Michael J. Kump of Kinsella Weitzman Iser Kump & Aldisert LLP told the jury during his opening statement that Modlin and Bierman also “created and imposed a toxic management style that included racist, homophobic and sexist slurs and other abusive conduct,” and that Parker complained to them “repeatedly about this.”
The inaugural Frontier Finance Awards were named last week at the MJBiz conference in Las Vegas Nevada where Currency Research was broadcasting The Cash Show live from the event. Awarding the prizes to each bank was noted industry veteran Todd Kleperis who founded cannabis banking solution company Payzel after selling his armored car business in cannabis.
The Frontier Finance Award was given to Fresno First Bank for “Growth In Market” and First Federal Bank received the “Strongest Growth in Lending.” This is the first time banks have competed for the best bank in Cannabis. Banks have notoriously been remiss about their work in cannabis but the tide is changing and more banks are competing for the best financial performances they have done to gain industry acceptance.
MJ Biz Con
This year’s MJ Biz Conference confirmed over 27,000 people attended the show. In addition, the event had 1,300 exhibitors. Green Market Report had a chance to speak with MJ Biz CEO Chris Walsh on the exhibitor floor.
In Other News
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) announced preliminary unaudited revenue of CAD$24 million for the third quarter of 2021, representing another record quarter of high sequential and year-over-year revenue growth. All amounts are expressed in Canadian dollars
Record revenue expected to be an estimated CAD$24 million, 3 times greater than Q3 2020 and up more than 36% compared to prior quarter sequentially. Increased market share due to solid demand for Canndoc’s branded products and expansion of InterCure’s retail footprint.
Commenced trading on NASDAQ in September under the symbol INCR. The company plans to file its full financial results for the third quarter of 2021 on Monday, November 15, 202