The Daily Hit is a recap of the top financial news stories for February 21, 2023.
On the Site
OCM Claims Variscite Application Score Too Low for a License
New York’s Office of Cannabis Management took another swing at the case filed by Variscite NY, which has stalled the adult-use licensing program in three state regions. The agency filed a motion last week with the Appeals Court for the Second Circuit asking it to block the current case, arguing that Variscite’s New York license application would likely not be approved based on its low score. Read more here.
MedMen Looks to Sell Assets in Arizona, Illinois & Nevada
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) hired ATB Capital Markets Inc. to help the company review and sell one or more of its noncore assets in Arizona, Illinois, and Nevada. ATB will help MedMen determine which assets to sell to boost liquidity and maximize shareholder value with an asset-light model. Read more here.
MariMed, Schwazze Active in Acquisitions
MariMed, Inc. (CSE: MRMD) (OTCQX: MRMD) announced it is buying the operating assets of troubled medical dispensary Ermont, Inc. located in Quincy, Massachusetts. Meanwhile, Schwazze (NEO: SHWZ) (OTCQX: SHWZ) announced it was buying Cannabis Care Wellness Centers, LLC and Green Medicals Wellness Center #5, LLC also known as Smokey’s. Read more here.
Unrivaled Brands Finds Growth Under Leadership of Cookies CFO
Unrivaled Brands Inc. (OTCQB: UNRV) saw 10% growth in sales through 2022 under a new batch of executives trying to turn the once-scaling company around. Sales growth appears to be one of the fewer upbeat aspects of the company’s journey lately, after a turbulent year of lawsuits, C-suite shuffles, and shareholder angst fueled by market woes. Read more here.
Canopy Growth Dilutes Shares Again in $150 Million Public Offering
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) entered into an agreement with an institutional investor for a convertible debt issuance worth $150 million, which provides access to needed capital but further dilutes shares for existing shareholders. Read more here.
In Other News
The Cannabis Place
The Cannabis Place, a firm licensed to open a recreational marijuana dispensary in Queens, New York, plans to make delivering to Nassau County a major part of its business model. After winning a license last month, Suffolk County resident Osbert Orduña and his partners found a “phenomenal” location in the western part of the borough that’s a block away from the subway and has a garage bay for delivery drivers, according to Orduña. Read more here.
Israeli cannabis developer Canonic on Tuesday launched a series of hybrid cannabis products produced with the aid of artificial intelligence. The strains were bred selectively to contain higher levels of THC and particular terpene characteristics with the assistance of the tech engine “GeneRator AI” developed by Evogene, of which Canonic is a subsidiary. Read more here.