StaffJune 8, 2023
The Daily Hit is a recap of the top financial news stories for June 8, 2023.
On the Site
TerrAscend to Acquire Maryland Dispensary For $22 Million in Mostly Stock Deal
Toronto-based TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced Thursday that it will acquire a Maryland medical marijuana dispensary for $22.1 million in a mostly stock deal, less than a month before adult-use cannabis sales are set to launch in the state on July 1. Read more here.
New York Launches Enforcement Crackdown on Unlicensed Marijuana Shops
New York state authorities have begun what they say will be a sweeping crackdown on the 1,500 or more unlicensed marijuana businesses that have sprouted up over the past year, with surprise inspections and cease-and-desist orders issued at seven retail shops in New York City on Wednesday. Read more here.
Sunderstorm Acquires Abide Brands
California-based Sunderstorm has purchased the vape company Nevada-based Abide Brands, the maker of Bounti Vapes, for an undisclosed amount. It is the first acquisition by Sunderstorm with the intent to expand the company’s product offering line. Read more here.
Exclusive Interview: MariMed Leadership Talks Path to Profitability
Massachusetts-based MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) posted a profit in 2022, an anomaly among U.S. publicly traded cannabis companies which combined for billions in losses. CEO Jon Levine and CFO Susan Villare recently sat down with Green Market Report to talk about how the business positioned itself to weather the headwinds under which the national marijuana industry labors and what they think it will take for the broader sector to reach sustainable profitability. Read more here.
In Other News
Colorado
Colorado’s marijuana businesses could soon see higher licensing fees as state regulators deal with their first cannabis cash shortage. The majority of the Colorado Marijuana Enforcement Division’s funding comes from licensing fees and fines on dispensaries, growing operations, and other legal pot businesses. As Colorado’s marijuana industry suffers through a recession and more businesses shut down or leave the state, however, the MED is running out of money. Read more here.
Debra Borchardt
