The Daily Hit is a recap of the top financial news stories for June 20, 2023.
On the Site
Herbl Employees Say Goodbye Amid Reports the Company Shut Down
While Herbl has yet to confirm the news, it seems the big California distributor has turned out the lights. There had been rumblings for days that the company was in trouble. The whole thing appears to have crashed down on Friday, though Green Market Report has been unable to confirm that the company has been appointed a receiver. Read more here.
Grown Rogue’s Revenue Rises, Operating Cash Flow Sees 62% Surge in Quarter
Oregon-based craft cannabis company Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) reported a significant 28% increase in revenue, reaching $6 million for the three months ending April 30. The growth represents a substantial hike from the $4.7 million recorded in the same quarter of 2022. Read more here.
Seeing Green Shoots in Cannabis Equity
It’s been well documented that equity capital raises in cannabis have withered on the vine. As stock valuations plunged – by as much as 90% in some cases – investors had little interest in getting more stock in a company. But against this depressing backdrop, at least five cannabis companies have recently announced equity deals. Read more here.
22nd Century Group Eyes $5.3M Stock Offering Amid SEC Settlement
Cannabis and tobacco biotech firm 22nd Century Group Inc. (Nasdaq: XXII) has reached a preliminary settlement in a class-action lawsuit involving investors accusing the company of hiding a Securities and Exchange Commission investigation. Read more here.
In Other News
Chem ID Ltd.
The Association for the Cannabinoid Industry and the Centre for Medicinal Cannabis have entered into a strategic partnership with Chem ID Ltd, a leading provider of chemical data standardization, validation, and traceability solutions, to provide product authenticity, validation, and quality assurance within the commercial cannabis extract and medical cannabis markets in the U.K. and Europe. Read more here.
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) received regulatory approval from the Maryland Cannabis Administration for the acquisition of Derby 1 LLC , dba Peninsula Alternative Health, a medical dispensary in Maryland. The transaction will add a second dispensary to TerrAscends’s Maryland footprint and is expected to close shortly. Read more here.