The Daily Hit is a recap of the top financial news stories for March 16, 2023.
On the Site
New York Cannabis Coalition Sues State Over Recreational Market Rollout
A group of businesses, hopeful cannabis entrepreneurs, and at least one medical marijuana-supporting physician has filed suit against the state of New York and its cannabis regulators, calling for recreational retail licensing to be opened up immediately to all stakeholders. Read more here.
Lowell Farms Sells Off Parts to Satisfy Debts
Lowell Farms Inc. (CSE: LOWL) (OTCQX: LOWLF) agreed to sell its “Lowell Smokes” and “35s” brands and associated intellectual property to Lowell Brands LLC. This newly formed Delaware limited liability company is being called BrandCo. In return, the company said that noteholders have agreed to forgive all debts the company owed under the Debentures. In addition, the company’s Chairman George Allen is leaving to be replaced by Ann Lawrence. Read more here.
Irwin Naturals Drops Bid to Buy Braxia Scientific
Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) said that it no longer plans to buy Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF), an unexpected reversal after the two struck a deal to combine forces in January. Closing had been planned for this month. Read more here.
Cresco Labs Records $180M Loss in Q4, Misses on Revenue
Despite record sales last year, Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) saw its revenues start to shrink at year-end as declining prices continue to eat at margins, new financial statements released on Thursday show. Read more here.
Weedmaps Losses Surpass $82 Million for 2022
Leafly Plans New Round of Layoffs After Posting $5 Million Profit in 2022
Tilt Sales Down Nearly $30 Million in 2022, Losses Rise
GrowGeneration Posts $163 Million Loss, CEO Says 2023 Looking Brighter
In Other News
A woman suing Trulieve Inc. over unwanted text messages she says violate the Telephone Consumer Protection Act told the U.S. District Court for the Southern District Court of Florida on Thursday that she had settled her individual claims against the company. Read more here.
4Front Ventures Corp.
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) has appointed cannabis industry veteran Kris Krane to its board of directors to fill the vacancy created from the resignation of Kathi Lentzsch as a director of the company. Krane served as a strategic advisor to the company since stepping down as co-founder and president of Mission Dispensaries after more than a decade with the business. Read more here.
American Patriot Brands
he Securities and Exchange Commission today charged American Patriot Brands Inc., a cannabis cultivation and distribution company, its CEO, and five other entities and individuals for their participation in a long-running scheme in which they raised more than $30 million from more than one hundred investors across the country and siphoned off millions of those funds to enrich themselves. Read more here.