The Daily Hit is a recap of the top financial news stories for May 23, 2023.
On the Site
Brad Hoch Returns as CFO for TILT Holdings as Dana Arvidson Departs
In the midst of a series of financial and operational shifts, Phoenix-based TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) announced a change in its leadership. The firm’s CFO, Dana Arvidson, has left the company, effective immediately, with Brad Hoch, the current accounting chief and former CFO, stepping in as interim CFO. Read more here.
SEC Halts $60 Million Ponzi-Like Scheme by WeedGenics
Hirschmann and Williams, who raised over $60 million from investors to expand their cannabis operations, allegedly utilized the majority of these funds for $16.2 million in Ponzi-like payments and to personally enrich themselves, the agency said on Tuesday. Read more here.
Acreage Holdings Revenue Slips Slightly, High Hopes for Connecticut
Long after the markets closed on Monday, Acreage Holdings, Inc. (OTCQX: ACRHF, ACRDF) reported its financial results for the first quarter ended March 31. Revenue fell 1.6% from last year to $55 million. Sales fell sequentially by 2.7% from the fourth quarter. The net loss in the first quarter was $16 million. Read more here.
Delivra Health Brands Rises on Sales of Dream Water
For the second time this year, Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF), a consumer packaged goods company with a position in the health and wellness sector, reported positive adjusted EBITDA. Read more here.
Premium Drives Record Net Growth for Rubicon, Keeps Rosy Outlook for Segment
Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), a licensed producer of “organic, certified” premium cannabis, reported a notable year-over-year growth of 71% revenue growth in its first quarter 2023. The rise is attributed to robust growth in the premium cannabis segment and expansion of its product offerings. Read more here.
In Other News
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, completed the sale of its facility located in Mississauga, Ontarion, for CAD$19.7 million. Net proceeds will be used to pay down existing company debt. Read more here.
A piece of legislation signed by Montana’s governor on Monday could have foiled plans for new marijuana dispensaries, although existing dispensaries are allowed to expand operations. The new law, HB 128, extended the date for new applicants from July of this year to 2025, despite some prospective operators already investing thousands of dollars. Read more here.
Zelira Therapeutics Ltd.
Zelira Therapeutics Ltd (ASX:ZLD, OTCQB:ZLDAF), a global leader in the development and commercialisation of clinically validated cannabinoid-based medicines, executed additional binding term sheets to provide a further $3.25 million to support FDA clinical trials for Zelira’s proprietary and patented protected HOPE 1 product. Read more here.