The Daily Hit is a recap of the top financial news stories for March 1, 2023.
On the Site
Cowen Will No Longer Cover the Cannabis Sector
Cowen Group was one of the first major financial institutions to cover the cannabis industry on the equity research side, but on Wednesday, TD Bank Group (TSX: TD) (NYSE: TD) announced on Wednesday that it completed its acquisition of Cowen Inc. (Nasdaq: COWN) and subsequently dropped coverage. Read more here.
Riv Capital Third Quarter Revenue Flat, CEO Leaves
RIV Capital Inc.‘s (CSE: RIV) (OTC: CNPOF) CEO Mark Sims left the company, effective immediately. The company made the announcement alongside its financial results for the quarter ending Dec. 31, 2022. Revenue for Riv Capital’s fiscal third quarter (which is essentially sales from New York medical operator Etain) was $2 million, only a slight improvement over second-quarter revenue of $1.9 million. Read more here.
Other cannabis earnings reports:
SEC Orders Adam Nugent, FWM to Pay $3 Million over Cannabis Investment Scheme
The Securities and Exchange Commission announced on Tuesday that it had settled fraud charges against Utah-based registered investment adviser Foresight Wealth Management (FWM) and its principal, Adam E. Nugent, for violations related to a private fund they managed. Read more here.
Michigan’s Cannabis Sales Avoid Collapse Over Unpaid METRC Fees
Michigan’s marijuana industry narrowly avoided a near-complete stoppage this week due to a miscommunication with its private tracking system service provider. Florida-based METRC LLC recently instituted a new monthly service fee of $40 per month, which came as a surprise to those in the industry who say they never received an invoice. Read more here.
In Other News
Steep Hill Inc.
Steep Hill Inc. (CSE: STPH) entered into a settlement and release agreement with its wholly owned subsidiary Steep Hill Inc. and several Green Analytics parties to terminate license agreements between the parties as of Feb. 28. As a result, Steep Hill has no continuing licensed operations in the states of Massachusetts, New Jersey, and Pennsylvania and will continue not engaging in any such actives in Maryland. Read more here.
Greenway Greenhouse Cannabis Corp.
Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (OTC: GWAYF), a cultivator of greenhouse cannabis for the Canadian market, generated revenue of $1 million for the third quarter of fiscal year 2023, an increase of 103% compared to the same quarter in fiscal 2022. Read more here.