StaffJune 21, 2023
The Daily Hit is a recap of the top financial news stories for June 21, 2023.
On the Site
TerrAscend Gets Green Light for TSX Listing, $15M Offering
A top North American cannabis operator, TerrAscend Corp., has received conditional approval to list its common shares on the Toronto Stock Exchange (TSX), the company said Wednesday. The move, which is still subject to meeting certain customary conditions, marks a significant milestone for the cannabis industry. Read more here.
Viola Entering the Chicago Cannabis Market
A familiar name in the cannabis world is coming to Chicago, where a Viola retail store is set to open in the next week. It’s the latest among the roughly two dozen new pot shops to open since the state of Illinois awarded 192 licenses last year after lengthy legal delays. Read more here.
Body and Mind Stays Bullish on Expansion Despite Revenue Slump
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) posted $7.3 million in revenue for the third quarter of fiscal year 2023, which ended on April 30, 2023. The results represented a slight slump from the company’s previous quarter revenues of $7.7 million. Read more here.
Oregon’s Cannabis Retailers Must Comply with New Tax Rules or Forfeit Licenses, State Says
Oregon is now mandating marijuana retailers to establish good standing with state tax collectors before renewing their business licenses — or risk losing the permit altogether. The rule is a temporary measure set to last until December 12, but will be revisited later this year for permanent rulemaking, the Oregon Liquor and Cannabis Commission’s Recreational Marijuana Program said in a June 16 statement. Read more here.
Maryland Cannabis Company Headed to Auction Block
Maryland-based Temescal Wellness Maryland, better known as Evermore Cannabis is headed to the auction block on Monday June 26, 2023. The company apparently defaulted on a loan from the lenders Ascend Maryland 2 LLC. The assets are being sold as they were used to secure the loan. Read more here.
In Other News
Statehouse Holdings Corp.
StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF), a California-focused, vertically integrated cannabis enterprise, continues to engage in discussions related to potential future financing options. In addition, the company’s Series A debtholders have granted StateHouse a further extension to July 3, on repayment of the company’s outstanding debt obligations owing to the Series A Debtholders. Read more here.
New York
The Coalition for Access to Regulated & Safe Cannabis (CARSC), which represents licensed registered medical cannabis operators and equity applicants excluded from New York’s nascent adult-use market, released a report detailing the severe degree to which the State’s adult-use cannabis program is failing to meet tax revenue targets. Coming into 2023, NYS projected it would generate $56 million in state cannabis tax revenues in the first year of legal adult-use sales with most of the money — $40 million — coming from licensing fees paid by growers and sellers. Read more here.
New Jersey
The New Jersey Cannabis Regulatory Commission approved several additional legal marijuana stores to open while underscoring sales from both recreational and medical cannabis has brought in roughly $180 million. Read more here.
William Sumner
