The Daily Hit is a recap of the top financial news stories for June 5, 2023.
On the Site
Cannabis Celebrates Gay Pride Month
The cannabis industry owes a debt of gratitude for the early push for legalization. Green Market Report had a chance to speak with the inclusive group Proud Mary, and others, at the recent CWCB Expo in New York City. Watch the video here.
Atlas Global Shutters Alberta Site, Lays Off 50 Workers
Atlas Global Brands Inc. (CSE: ATL), a budding Canadian-Israeli cannabis company, is shutting down its Alberta operations in a bid to slash costs and streamline its operations in the country. In a statement, the company said that it would also liquidate any assets tied to its smaller companies in the region, which includes layoffs impacting “approximately 50 employees.” Read more here.
ICYMI: TPCO Shareholder Blasts Proposed Gold Flora Deal
Geronimo Capital founder and TPCO (OTC: GRAMF) shareholder George Allen sent a letter to the company’s CEO Troy Datcher outlining why he thinks the deal with Gold Flora is terrible. Allen questioned the numbers supporting the transaction and suggested that the board could be doing the deal because it benefits them more than shareholders. Read more here.
Monthly Illinois Cannabis Sales Inch Upward in May, State Reports
Cannabis retailers in the Land of Lincoln sold $132.7 million in marijuana last month, according to the Illinois Department of Financial and Professional Regulation, less than a $1 million increase from the $131.9 million in April sales. Read more here.
LeafLink Partners with Logistics Shop to Optimize California Cannabis Supply Chain
New-York based LeafLink, a major cannabis wholesale platform, is partnering with Leafgistics, a cannabis logistics company, to coordinate and streamline the storage and movement of cannabis products across the California market. Read more here.
In Other News
Greenlane Holdings Inc. (Nasdaq: GNLN) will effect a one-for-10 reverse stock split of its Class A common stock, par value $0.01 per share, that will become effective on June 5 at 5:01 p.m. Eastern Time. The reverse split is primarily intended to bring Greenlane into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq. Read more here.
Grow Labs Organics
Investors have high expectations for a medicinal cannabis startup based on the Isle of Man, which has secured a £1m seed funding round. Grow Lab Organics – founded by Alex Fray, Charlie Price, and Charlie Lyons – is researching and growing different strains of medicinal cannabis.
The governor of Colorado has signed a bill into law that would allow online marijuana sales. It strikes language from existing statute that explicitly prohibits cannabis from being sold on the internet, while adding regulations to provide for online commerce. Read more here.