The Daily Hit is a recap of the top financial news stories for May 25, 2023.
On the Site
Bipartisan Legislators in Ohio Move to Legalize Adult-Use Cannabis
State representatives Casey Weinstein, a Democrat from Hudson, and Jamie Callender, a Republican from Concord, unveiled House Bill 168, which aims to legalize adult-use cannabis. The move follows a fresh citizen initiative seeking the same outcome. Read more here.
Vext Science Eyes Ohio for Growth
Vext Science Inc. (CSE: VEXT) (OTCQX: VEXTF), a U.S.-based cannabis operator in Arizona and Ohio, posted $9.1 million in total sales for the first quarter ended March 31, which is down from $10.8 million the previous year. According to financial filings, Vext netted $73,059 after taxes. Read more here.
Legal California Marijuana Sales Decline in First Quarter
California’s legal marijuana market continues to struggle, if the latest tax and sales numbers from the state Department of Tax and Fee Administration are any indication. The state pulled in $216 million in the first quarter of 2023, the agency reported this week, on $1.2 billion in taxable sales. Read more here.
Cresco Labs Grapples with Challenges in Planned Columbia Care Merger
Cresco Labs has set its sights on the multibillion dollar merger with Columbia Care, with a goal to finalize the process by the end of June. But even with the summer deadline around the corner, challenges in the planned consolidation remain, according to Cresco’s management on a call to discuss the company’s latest earnings report. Read more here.
In Other News
Goodness Growth Holdings and Grown Rogue International
Goodness Growth Holdings Inc. (CSE: GDNS) (OTCQX: GDNSF) and Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) have entered into a strategic agreement whereby Grown Rogue will support Goodness Growth in the optimization of its cannabis flower products, with a particular focus on improving the quality and yield of top-grade cannabis flower across its various operating markets, starting with Maryland and Minnesota. Read more here.
Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) reached agreement with Phylos Bioscience Inc., a U.S. cannabis genetics company and provider of production ready seeds based in Portland, Oregon, to initiate a wide-ranging technical and commercial relationship in Canada. Read more here.
ilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) has commenced a registered offering of $150 million aggregate principal amount of Convertible Senior Notes due 2027. Tilray also expects to grant a 30-day option to the underwriters of the notes offering to purchase up to an additional $22.5 million aggregate principal amount of notes, solely to cover over-allotments. Read more here.