Daily Hit: March 30, 2023

The Daily Hit is a recap of the top financial news stories for March 30, 2023.

On the Site

New York MSO Coalition Blasts State Officials Over Lack of Cannabis Enforcement

The same group of businesses and other marijuana industry stakeholders that recently filed suit against the state of New York on Thursday issued a scathing statement attacking Gov. Kathy Hochul and cannabis regulators in her administration for “willingly” letting unlicensed marijuana dealers operate with near-impunity across the state. Read more here.

Massachusetts Suspends Elev8 License After Owner Threatens Former Employees

The Massachusetts Cannabis Control Board issued an order last week suspending the retail licenses held by Elev8 Cannabis Inc. after the owner published violent threats against former employees on social media. The CCB said in its order that Elev8’s owner, Oluwaseun Adedeji, recorded and posted a five-minute video on Instagram. Read more here.

Virginia Governor: Exempt Some CBD Products from New Hemp Crackdown

Virginia Gov. Glenn Youngkin this week proposed a major amendment to a bill his fellow Republicans are crafting to crack down on the burgeoning hemp industry, to protect certain medical marijuana products that are mostly CBD but also contain THC. Read more here.

South Dakota Medical Marijuana Company Sues State for $1.3 Million

A medical cannabis company in rural South Dakota that had its cultivation and manufacturing licenses suspended in February filed suit against the state for $1.3 million in damages, claiming its permits were improperly yanked and that the situation is threatening to drive it out of business. Read more here. 

Earnings Roundup:

4Front Boosts Revenue in 2022, Positions Itself for Growth in Illinois

iAnthus Delivers Messy Report as Revenues Fall Amid Numerous Lawsuits

Lowell Farms Posts $24.6 Million Loss for 2022, But CEO Optimistic

Safe Harbor Reports Rising Revenue, Settles Payment Owed to PCCU

Verano Tops $200 Million in Losses on Record Revenue, as Stores Lose Balance Sheet Value

In Other News

Silver Spike Investment Corp.

Silver Spike Investment Corp. reported total investment income $2 million for the fourth quarter of 2022. This compares to total expenses of $0.6 million, resulting in net investment income of approximately $1.4 million, or $0.23 per share. Read more here.

Clever Leaves Holdings

Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW) saw its revenue increase 10% to $4.6 million  in the fourth quarter of 2022, compared to $4.2 million for the same period a year ago. Cannabinoid revenue increased 71% to $1.9 million compared to $1.1 million, and noncannabinoid revenue was $2.8 million compared to $3.1 million. Read more here.


Legislation aimed at clearing up the legal morass that has delayed Georgia’s medical marijuana program for years died in the waning hours of this year’s General Assembly session, eventually a victim of its own weight. 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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