The state of Michigan began sales of adult-use cannabis on Sunday. People waited in long lines in cold weather for a chance to buy recreational marijuana. There weren’t a lot of dispensaries open for the first day, but the state’s regulatory agency said that $221k was spent on Day 1.
Four government agencies teamed up to make a statement regarding banking and hemp growers. The key takeway was that the banks would not need to fill out Suspicious activity reports known as SARS for companies engaged in the growth or cultivation of hemp. The narrow interpretation is that this only applies to farmers, but many in the industry believe it applies to all hemp producers and brands.
Rapper Lil Wayne announced he was launching his own cannabis brand called GKUA. If you were wondering what the initials stand for, it doesn’t stand for anything They just liked the letters.
Sunniva continues to spiral downward. The company is being sued by Matrix Venture who is claiming default on a loan and wants the Okanagan Falls facility as repayment. Sunniva says it will the lawsuit, but it did concede in a filing that it was in default and there is another financial instrument the company is in default on. You may recall, the C-suite has been in great turmoil as the CFO and other departed.
Cresco Labs entered an at the market agreement with Canaccord for C$55 million in shares.
Indus Holdings reported revenue of $10 million for its fiscal third quarter, still, the EBITDA loss was $16 million.
4Front Ventures reported third-quarter revenue of $16 million and a net loss of $7 million.
SOL Global reported a second-quarter net loss of $51 million on no revenues.
Isodiol Reported revenue of $1.8 million for the second quarter, but a net loss of $3.2 million. The company said it would be rebranding and restructuring its product lines.
In stock moves, Willow Biosciences received approval to trade on the Toronto Stock Exchange. The symbol will remain WLLW.
Jushi Holdings received approval to trade on the Canadian Securities Exchange using the symbol JUSH, they will leave the Neo exchange.