The Daily Hit is a recap of the top financial news stories for April 25, 2023.
On the Site
Cookies Lawsuit: Company Uses Threats, Violence, Kickbacks to Do Business
The leaders of global cannabis brand Cookies have been using threats, violence and financial kickbacks to enrich themselves at the expense of company shareholders, according to a lawsuit filed by two of the company’s investors. Read more here.
Missouri Cannabis Jobs Boom, Market Saturation Concerns Loom
Legalization of recreational cannabis in Missouri led to a surge in job growth within the industry, but the trend could be slowing as labor needs are met. The number of active licenses to work in the sector catapulted from 9,800 in October to more than 14,000 in March, after voters approved recreational marijuana use through a constitutional amendment last November. Read more here.
Schwazze to Buy Everest Apothecary in New Mexico for $38 Million
Denver-based Medicine Man Technologies Inc., which operates as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), has signed definitive documents to acquire a batch of cannabis assets in New Mexico. The acquisition will allow Schwazze to manage Everest Apothecary, a non-profit corporation operating in the state. Read more here.
Data Confirms 4/20 is THE High Holiday
Now that 4/20 is officially in the rearview mirror, the bean counters say that this year’s holiday did not disappoint. Consumers clearly don’t care whether cannabis companies are making any money or not, they were here to party. Read more here.
Unrivaled Brands Posts Consistent California Revenue in Q1 2023
California-based Unrivaled Brands Inc. (OTCQB: UNRV) reported preliminary financial results for the first quarter 2023, showing revenue of $8.7 million and a gross margin of 48%. The bulk of revenue came from Unrivaled’s three retail stores and cultivation facility. Read more here.
In Other News
In a lengthy answering brief filed Monday, the city of Sacramento asked the Ninth Circuit to uphold U.S. District Judge Kimberly J. Mueller’s order abstaining from and pausing a constitutional challenge filed by Kenneth Gay, who owns Peridot Tree Inc, which was denied entry into Sacramento’s equity program for failing to meet residency requirements, as Gay lives out of state. Read more here.
CBD of Denver
CBD of Denver Inc (OTC Pink: CBDD), having begun a restructuring of its operations in fourth quarter of 2022, reported that revenue increased to $113,478 during the quarter from $26, 907 in the previous quarter putting the company back on a growth trajectory that management expects to continue throughout 2023. Read more here.
Minnesota took a step closer to legalizing recreational marijuana for adults after the Democrat-controlled House passed the bill Tuesday. The House approved the measure on a 71-59 vote after a long debate that spanned from Monday night into Tuesday afternoon. Read more here.