The Daily Hit is a recap of the top financial news stories for February 23, 2023.
On the Site
RIV Capital, JW Asset Management Settle Disagreement
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) settled its conflict with JW Asset Management LLC (JWAM) related to the company’s acquisition of New York medical cannabis operator Etain. JWAM had complained about the purchase price paid for Etain by Riv Capital. Read more here.
Green Check Verified Raises $6 Million in Series A Round
Florida-based cannabis banking solutions firm Green Check Verified announced Thursday that it had successfully completed a Series A fundraising round to the tune of $6 million, which it will use for further expansion. Read more here.
BDSA Predicts Global Cannabis Market Will Hit Almost $60 Billion by 2027
The global cannabis market is on track to nearly double its sales within the next four years to a whopping $59.6 billion by 2027, with three-quarters of that expected to be sold in the United States. That’s according to a market forecast this week by Colorado-based BDSA, which found that consumer spending on cannabis hit $32 billion in 2022. Read more here.
California Cannabis Sales Drop for First Time in Five Years
California cannabis may be in trouble. The state has seen an 8% dip from last year in the amount of legal marijuana purchased by consumers, the first time the state has seen a downturn in sales since the legal market launched in 2018. Read more here.
In Other News
Humble & Fume
Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) saw continued growth of its California cannabis distribution business, increasing second-quarter revenue 177% from the first quarter. Year-over-year, second-quarter revenue increased 16% to $19.6 million. Read more here.
Total Arizona marijuana sales in 2022 mirrored the total from 2021, the first year of the legal adult-use market, but the paths that each year reached $1.4 billion in sales were strikingly different. In 2021, medical marijuana sales were the driving factor, accounting for nearly 55% — about $760 million — of the total. In 2022, the recreational cannabis market soared to nearly 70% of sales, or more than $950 million, as the medical market crashed to slightly more than $500 million. Read more here.