Daily Hit: March 21, 2023

The Daily Hit is a recap of the top financial news stories for March 21, 2023.

On the Site

New York Cannabis Store Adds Potency Disclaimers to Some Products

One of the five licensed and legal marijuana retailers in New York state just added THC potency disclaimers to a range of its products due to flaws in the current lab testing system, which is supposed to determine cannabis product potency to be displayed on labels for customers to see. Read more here.

Tinley’s Sheds Weight as California Cannabis Beverage Market Tightens

Looking to address growing market challenges, The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) cut staff and paused some expansion plans while it focuses on its relocation from Long Beach to Blaze Life Holdings’ (BLH) Canoga Park cannabis manufacturing and distribution facility. Read more here.

Another Shareholder Sues Innovative Industrial Over King’s Garden

As the cannabis industry has found itself struggling to compete against unlicensed players, high taxes and falling prices – the ripple effect continues. Late last week, another shareholder filed suit in Maryland against cannabis real estate investment trust Innovative Industrial Properties (IIP) (NYSE: IIPR) for failing to be truthful to investors about its business dealings with Kings Garden. Read more here.

Akerna Wraps Up 2022 With Losses, Exits Cannabis

Former cannabis company Akerna (Nasdaq: KERN) reported its unaudited financial results for the fourth quarter, which ended Dec. 31, 2022. Akerna is attempting to sell off its cannabis assets and has plans to merge with Gryphon Digital Mining. Read more here.

In Other News

Posabit Systems Corp.

Ancillary technology company Posabit Systems Corp. (CSE: PBIT, OTC: POSAF) released new financial guidance, and said it expects revenues of $60 million-$63 million for the 2023 fiscal year, with profits in the $15 million-$17 million range. Read more here.

Federal Rescheduling Review

U.S. Secretary of Health and Human Services Xavier Becerra this week declined to put a timeline on when his agency would finish an ongoing review of marijuana’s status as a Schedule 1 controlled substance, which could result in federal cannabis legalization. Read more here.

Veritas, Durango Cannabis Recalls

Two recalls were issued this week by Colorado authorities for products made by Veritas Fine Cannabis and Durango Cannabis Co., after testing found potentially unsafe levels of mold. Read more here.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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