Canadian cannabis company Aurora Cannabis (Nasdaq: ACB) reported that its fourth-quarter net revenue for medical cannabis increased 4% year-over-year to $36.6 million, while adult-use cannabis revenue fell 35% year-over-year to $12.6 million. Sequentially, sales of adult-use cannabis increased 22% from the third quarter, primarily due to sales from its “profitable acquisition” of Thrive Cannabis.
C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) posted results that showed slimming revenue in a state that has seen less tourist and local spending as wallets get tighter. The company posted revenue of $7.2 million – down 4% sequentially, “narrowly outperforming Nevada market sales which saw an overall decline of 5% in total sales over the same period. C21 said it was pivoting away from tourists and focusing more on locals.
Medical marijuana company Vireo Health, a subsidiary of Goodness Growth Holdings (OTC: GDNSF) is fighting back against a recent loophole for edibles in the state of Minnesota. The conflict stems from a recent amendment to Minnesota laws that now allows anyone to sell edible products with up to 5 milligrams of THC derived from hemp and a THC concentration of up to 0.3% to anyone over the age of 21. The complaint against the state says that the hemp-derived edibles are chemically identical to medical cannabis-derived edibles sold by Vireo that have the same type, quantity, and concentration of THC.
Northern Lights Acquisition Corp. revealed that it will need a few extra weeks to deliver the $70 million that it owes Safe Harbor Financial under the terms of a deal signed back in February, with the cash now due on Sept. 28 instead of Aug. 31. But the delay is only due to both parties waiting on approval from the Nasdaq, which is relatively common and doesn’t mean the deal is in danger,
The New York Cannabis Control Board awarded conditional business licenses to 19 cultivators and 10 processors, which brings the total number of licensed growers to 261 and the total number of processors to 25.