The Daily Hit is a recap of the top financial news stories for May 4, 2023.
On the Site
Scotts Miracle-Gro Makes Positive Comments On Cannabis
The challenges presented by the cannabis industry are harder to combat than those presented by COVID-19, at least according to the CEO of Scotts Miracle-Gro. During Scotts (NYSE: SMG) latest earnings call, CEO Jim Hagedorn made some fairly positive comments about the cannabis industry, while also delivering an unvarnished assessment of the challenges. Read more here.
Tilray’s SweetWater Inks Mercedes-Benz Stadium Deal
Tilray Brands Inc. (Nasdaq: TLRY) subsidiary SweetWater Brewing Company signed a new partnership with Mercedes-Benz Stadium and the opening of two new branded bars at Atlanta’s premier sports and entertainment venue, which is home to the NFL’s Atlanta Falcons and Atlanta United of Major League Soccer. Read more here.
Green Thumb Industries Agrees to 50% Wage Hike Following Worker Strike
Following an employee strike in Illinois that began just one day before the cannabis holiday of April 20, workers at two facilities owned by Green Thumb Industries have won a 50% wage increase, according to a press release on Tuesday from the International Brotherhood of Teamsters. Read more here.
Alaska ‘Bud & Breakfast’ Cannabis Scam Netted Couple $700k, Feds Say
A married couple from a small town in the far interior of Alaska has been charged with wire fraud in connection with a sham marijuana tourism business that they never intended to launch, federal prosecutors said in a recently unsealed indictment. Read more here.
• Revenue, Losses Down for Jones Soda in First Quarter
• Simply Better Brands Revenue Jumps 254%
In Other News
Eastern Band of Cherokee Indians
In a reverse decision, the Eastern Band of Cherokee Indians’ Tribal Council withdrew its backing of a $64 million loan to support the Tribe’s medical cannabis program. During a meeting on Thursday, Principal Chief Richard Sneed vetoed the council’s initial approval in a multipage letter and called for an “immediate need for an accounting of the money spent to date.” Read more here.
Oregon Secretary of State Shemia Fagan will continue in her official duties until Monday, May 8, at which point Deputy Secretary Cheryl Myers will take on oversight of the agency until a new Secretary is appointed by the governor. Fagan resigned after an ethics investigation was announced related to her consulting role for a cannabis company. Read more here.