The Daily Hit is a recap of the top financial news stories for May 15, 2023.
On the Site
Green Thumb Industries Facing 10 Federal Complaints from Teamsters
Although the nearly two-week strike at several Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) facilities by unionized workers has concluded, the Illinois-based multistate operator is still negotiating with the International Brotherhood of Teamsters over employment terms for many of its workers. Read more here.
Cannabis Companies Skymint, 3Fifteen Battle in Receivership
Lawyers entangled in the court-ordered receivership of Lansing marijuana giant Skymint continue to battle over the company’s finances. The alleged trouble stems from Skymint‘s $78 million acquisition of Birmingham-based competitor 3Fifteen Cannabis in April 2022. Read more here.
Related: SNDL Sales Dip in First Quarter
Columbia Care Sees Revenue Uptick Despite Retail Closures
Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported its top-line revenue for the first quarter grew 1% from the same quarter in 2022 to $124.5 million. The growth beat expectations by $1.3 million and was largely driven by strong performance in the East Coast markets, particularly New Jersey, Virginia, and West Virginia. Read more here.
Tilt Pledges ‘Frugality as a Core Value’ After $5M Loss
Tilt Holdings (NEO: TILT) (OTCQX: TLLTF) lost $4.9 million for its first quarter in 2023, a vast improvement from the final three months of 2022, when it lost a whopping $73 million. But that’s only one step in the right direction, intimated the newly minted interim CEO Tim Conder. Read more here.
TPCO Sales Down But So Are Losses
TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF), which does business as The Parent Company, posted a $16.5 million loss for the first quarter of 2023, a solid improvement from the $735 million it managed to burn through in the 24 months before that. Read more here.
• Auxly Cut Expenses, Achieves Positive Adjusted EBITDA in Q1
• Enveric to Cut Costs, Cannabis Operations
• Fire & Flower Revenues Rise Slightly in First Quarter
• 4Front Ventures Provides Rosy Outlook as it Expands Illinois Operations
• Goodness Growth Ekes Past Expectations
• Restructuring, Strategy Rework Fuel IM Cannabis’ Q1 Profit Boost
• Safe Harbor Offsets $1.4M Loss with $1B Deposit Capacity Increase
In Other News
Pelorus Capital Group
Pelorus Capital Group, a provider of commercial real estate loans for the regulated cannabis sector, announced that $50 million in aggregate principal amount of 7% senior secured notes due Sept. 26, 2026, issued by its private mortgage real estate investment trust subsidiary, the Pelorus Fund REIT LLC, have been assigned an A rating by Egan-Jones Rating Company – the highest rating issued to date in the cannabis industry. Read more here.
CEA Industries Inc. (Nasdaq: CEAD, CEADW) more than doubled its revenue in the first quarter of 2023 to $4.7 million compared to $1.7 million for the same period in 2022. The increase was primarily attributed to improvements in the company’s supply chain and deployment of project work as it worked through delayed projects from prior periods. Read more here.