The Daily Hit is a recap of the top financial news stories for March 7, 2023.
On the Site
Illinois Out-of-State Cannabis Sales Drop as New Missouri Market Proves Itself
Illinois saw its lowest number of out-of-state cannabis purchases since February 2021 – and Missouri’s new adult-use program could be behind the drop. Total recreational cannabis products sales by legal retailers also fell, hitting $120.5 million in February, the lowest since the same month in 2022. Read more here.
Illinois Craft Cannabis Growers Get Major Deadline Extension
The 88 social equity craft cannabis growers awarded permits by Illinois last year were granted a reprieve this past week, when the state Department of Agriculture pushed back a March 1 deadline to be operational by more than a year for many of those licensees. Read more here.
AFC Gamma Credit Losses Increase More Than 300% in 2022
AFC Gamma Inc. (Nasdaq: AFCG) reported an interest income of $21 million and a net income of $2.9 million for the fourth quarter ended Dec. 31, 2022. The company reported $0.14 per basic weighted average common share and distributable earnings of $12.6 million or 62 cents per basic weighted average common share for the fourth quarter of 2022. This beat the Yahoo Finance average analyst estimate for earnings of 58 cents and income of $18.3 million. Read more here.
Atlas Global Expands Retail in Middle East, Inks International Snoop Dogg Brand Deal
Atlas Global Brands Inc. (CSE: ATL) is rapidly moving to acquire valuable cannabis assets for its recent international venture after snapping up two pharmacies in Israel and inking an exclusive licensing agreement for Snoop Dogg’s brands. Read more here.
In Other News
Colorado Cannabis Recall
The Colorado Department of Revenue alongside the Colorado Department of Public Health and Environment issued a health and safety advisory for marijuana sold at several stores in Colorado. DOR identified harvest batches produced by Green Street LLC that passed initial contaminant testing but failed retesting. Read more here.
Scotts Miracle-Gro (NYSE: SMG) CFO Matthew Garth said the company still sees promise in the struggling $100 billion cannabis market to which it sells indoor growing and hydroponic equipment. In the wake of “shifting tectonic plates” and oversupply issues, Garth said Monday that Scotts is rightsizing its Hawthorne segment that serves the cannabis market. Read more here.