The Daily Hit is a recap of the top financial news stories for February 9, 2023.
On the Site
Canopy Slashes 800 From Payroll After Revenues Slide
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) reported slumping revenues on Thursday and signaled a new cost-savings era that includes cutbacks on cultivation and 800 layoffs. The stock fell more than 8% in early trading on the news to lately sell at $2.52, a big drop from its year high of $9.61. Read more here.
Aurora Cannabis Revenue Boosted by Strong Euro
Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) achieved positive adjusted EBITDA and reduced its debt even though it still recorded a net loss in its latest quarterly earnings. Aurora attributed the rising revenue to “growth across all cannabis business segments” as well as a full-quarter contribution of C$6.6 million from Bevo Farms. Read more here.
How Much Adult-Use Cannabis Has New York Sold? Who Knows?
While many other states quickly release sales figures for new cannabis markets, New York has been conspicuously silent. Inquiries to the New York Office of Cannabis Management and the existing stores regarding sales figures have been met with silence. Read more here.
Ayr Wellness to Exit Arizona, Expand to Ohio
Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) is exiting Arizona and turning its attention to Ohio. The multistate cannabis operator signed a definitive agreement to sell its Arizona assets, Blue Camo LLC, to AZ Goat LLC. Read more here.
Cannabis Dispensary Deals Show How Prices Are Falling
The value of a cannabis dispensary just isn’t what it used to be. Six months ago, Planet 13 (OTC: PLNHF), a Las Vegas-based marijuana company, announced it would pull the trigger on its option to buy out its social-equity partner in an Illinois cannabis dispensary in a $2.9 million transaction. By the time the deal closed yesterday, the value had dropped by $1 million because of the steep downdraft in the stocks of cannabis companies. Read more here.
In Other News
Pineapple Express Cannabis Co.
Minaro Corp. (OTC Pink: MNAO) (the “Company”), a publicly traded company, announced the execution of a share exchange, the change of its name to Pineapple Express Cannabis Company, and an application to change the company’s current ticker symbol. Read more here.
Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) expanded the company’s cannabis genetics and strain portfolio within its Oregon operations. With the expansion, Halo Collective now offers a wide range of unique and rare strains, sourced from some of the top growers and breeders in the state. Read more here.
BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) reported sales orders of $6.1 million in 2022 , representing a 160% increase over 2021. Fourth-quarter sales orders of $2.7 million were more than triple the sales orders from the same quarter in 2021. Read more here.