StaffApril 10, 2023
The Daily Hit is a recap of the top financial news stories for April 10, 2023.
On the Site
Tilray to Acquire Hexo Corp. for $56 Million, Loses $1.1 Billion in Q3
Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) inked a deal to acquire Quebec-based Hexo Corp. (Nasdaq: HEXO) (TSX: HEXO) in a $56 million stock-swap deal, Tilray announced Monday. At the same time, Tilray revealed $1.1 billion in losses for its third fiscal quarter of 2023. Read more here.
Lawsuits Force Alabama to Review Two More Medical Marijuana Businesses
The pair of litigants – Med Shop Dispensary and TheraTrue Alabama – won rulings from a Montgomery County circuit court judge after arguing that technical problems on the state’s end prevented them from filing their applications before the Dec. 30, 2022, deadline. A third case was dismissed. Read more here.
Maryland Adult-Use Cannabis Sales to Start in July
Maryland lawmakers over the weekend finished a bill to launch the state’s recreational cannabis market in July. State lawmakers finished the measure on Saturday, just days before a deadline of midnight on Monday, when the 2023 legislative session will adjourn for the year. Gov. Wes Moore has committed to signing the bill into law. Read more here.
Cannabis Consulting Firm Turns Unrivaled Brands Around in 2022
Unrivaled Brands (OTCQB: UNRV) posted encouraging financial results for the fourth quarter of 2022 showing that the California-based company’s reported income from operations rose to $8.8 million, a notable improvement versus a loss of $13.3 million in the same period the previous year. Read more here.
Cannabis Job Growth in Illinois Wilts, Falls Nationally
Employment in Illinois climbed 4% to just under 30,000, compared to a 72% jump in 2021, according to the Vangst Cannabis Jobs Report, based on data from Vangst, an employment platform, and cannabis-research firm Whitney Economics. The picture was worse nationally, however. Industry employment fell 2% last year, which was the first decrease in a decade. Read more here.
In Other News
Verano Holdings, Acreage Holdings
Eight months after adult-use cannabis sales commenced in New Jersey, state regulators determined two companies continued to prioritize adult-use consumers over medical patients, resulting in more infractions. Locations for Verano Holdings and Acreage Holdings were each fined $5,000 for the violations. Read more here.
Connecticut
Cannabis sales in Connecticut reached a record high last month, according to new data from the Department of Consumer Protection. In March, cannabis sales reached a total of more than $22 million for adult use and medical use. Adult-use sales amounted to approximately $9.6 million and medical use sales brought it about $12.6 million. Read more here.
John Schroyer
