The Daily Hit is a recap of the top financial news stories for March 13, 2023.
On the Site
Silicon Valley Bank Failure Could Have Tangential Effects for Cannabis, Experts Say
The surprise failure on Friday of Silicon Valley Bank – the biggest U.S. bank to fail since 2008 – has some marijuana finance experts warning that there are almost certain to be ripple effects for cannabis companies, even if the cannabis sector doesn’t take a direct hit from SVB going under. Read more here.
Glass House Brands 2022 Sales Improve as California Flower Prices Rise
California-based single-state operator Glass House Brands (OTC:GLASF) has positioned itself to benefit from rising flower prices in the state as more competition bounces out of the cultivation business. Read more here.
Michigan Court Approves Skymint Order as Industry Braces for Receiverships
A Michigan court officially approved an order that appoints an independent third party to oversee the financial management of Skymint, the brand name for Green Peak Innovations Inc. Skymint, which owes its investors at least $135 million and is behind on rent obligations and back taxes, was placed into receivership by a judge last week. Read more here.
Oregon Cannabis Prices Bottoming Out Again
Oregon marijuana prices have hit their lowest point in the history of the state’s legal market, at $4 a gram for average recreational customers. That’s down 16% from last year, according to an annual report from the Oregon Liquor and Cannabis Commission delivered to the state legislature last month. Read more here.
Unrivaled Brands, People’s California Settle All Litigation
A messy case of legal fingerpointing between two California companies has apparently ended amicably, with both Unrivaled Brands and People’s California agreeing to a settlement. Although the terms of the settlement were not immediately disclosed, the end result is that both companies will “request a stay of all pending litigation.” Read more here.
In Other News
High Fusion Inc. (CSE: FUZN) closed the sale of its property in Pueblo, Colorado, with funds received on March 10, 2023, to be applied to the repayment of the 2020 debentures. The Property was originally purchased by the company in 2014 and leased to Palo Verde LLC, a licensed cannabis business under the Colorado Marijuana Enforcement Division. In March 2021, High Fusion was approved for the transfer of the MED license, and Palo Verde LLC was purchased at that time. However due to a lack of funding, the Palo Verde operation had minimal activity during 2022, and both the medical and adult use licenses have not been renewed. Read more here.
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) met the regulatory requirements and has achieved approval from the Brazil Health Authority (ANVISA) to import its first formulated CBD product into Brazil. Heritage also achieved stability on two additional products that are awaiting final approval. Read more here.