StaffMarch 30, 2023
The Daily Hit is a recap of the top financial news stories for March 30, 2023.
On the Site
New York MSO Coalition Blasts State Officials Over Lack of Cannabis Enforcement
The same group of businesses and other marijuana industry stakeholders that recently filed suit against the state of New York on Thursday issued a scathing statement attacking Gov. Kathy Hochul and cannabis regulators in her administration for “willingly” letting unlicensed marijuana dealers operate with near-impunity across the state. Read more here.
Massachusetts Suspends Elev8 License After Owner Threatens Former Employees
The Massachusetts Cannabis Control Board issued an order last week suspending the retail licenses held by Elev8 Cannabis Inc. after the owner published violent threats against former employees on social media. The CCB said in its order that Elev8’s owner, Oluwaseun Adedeji, recorded and posted a five-minute video on Instagram. Read more here.
Virginia Governor: Exempt Some CBD Products from New Hemp Crackdown
Virginia Gov. Glenn Youngkin this week proposed a major amendment to a bill his fellow Republicans are crafting to crack down on the burgeoning hemp industry, to protect certain medical marijuana products that are mostly CBD but also contain THC. Read more here.
South Dakota Medical Marijuana Company Sues State for $1.3 Million
A medical cannabis company in rural South Dakota that had its cultivation and manufacturing licenses suspended in February filed suit against the state for $1.3 million in damages, claiming its permits were improperly yanked and that the situation is threatening to drive it out of business. Read more here.
Earnings Roundup:
• 4Front Boosts Revenue in 2022, Positions Itself for Growth in Illinois
• iAnthus Delivers Messy Report as Revenues Fall Amid Numerous Lawsuits
• Lowell Farms Posts $24.6 Million Loss for 2022, But CEO Optimistic
• Safe Harbor Reports Rising Revenue, Settles Payment Owed to PCCU
• Verano Tops $200 Million in Losses on Record Revenue, as Stores Lose Balance Sheet Value
In Other News
Silver Spike Investment Corp.
Silver Spike Investment Corp. reported total investment income $2 million for the fourth quarter of 2022. This compares to total expenses of $0.6 million, resulting in net investment income of approximately $1.4 million, or $0.23 per share. Read more here.
Clever Leaves Holdings
Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW) saw its revenue increase 10% to $4.6 million in the fourth quarter of 2022, compared to $4.2 million for the same period a year ago. Cannabinoid revenue increased 71% to $1.9 million compared to $1.1 million, and noncannabinoid revenue was $2.8 million compared to $3.1 million. Read more here.
Georgia
Legislation aimed at clearing up the legal morass that has delayed Georgia’s medical marijuana program for years died in the waning hours of this year’s General Assembly session, eventually a victim of its own weight. Read more here.
John Schroyer
