The Daily Hit is a recap of the top financial news stories for February 13, 2023.
On the Site
SNDL Lays Off Alberta Grow Employees, Focuses on Premium, Alcohol Brands
SNDL Inc. (Nasdaq: SNDL) will wind down its Alberta operations and lay off 85 facility employees, the company announced on Monday. The Canadian grow giant said that it would be “rightsizing” its cannabis cultivation site in Olds, Alberta, in order to focus on premium products and brands. Read more here.
Aleafia Health Trims Workforce 20%, Despite Rising Revenue
Aleafia Health Inc. (TSX: AH) (OTCQB: ALEAF) touted its profitability as the Canadian licensed producer managed to grow its different revenue channels, despite having to shore up costs and lay off 20% of its full-time payroll. Read more here.
Washington D.C. Businesses Optimistic About Upcoming Industry Expansion
In coming months, the city’s seven licensed dispensaries and nine licensed growers will be joined by an unknown number of gray market “gifting” businesses that have been operating in a quasi-legal jurisdiction for years. Read more here.
Future Looks Bright for Small Cap Cannabis
The author of a year-end letter to cannabis investors expects smaller cannabis companies to have an easier path than multistate operators going forward. Read more here.
C21 Opts to Not Dilute Shares
While most cannabis companies issue shares like it’s Monopoly money, Canadian operator C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) is choosing to work against further share dilution instead. Read more here.
Alleaves Buys BioTrack for $30 Million to Enter Growing New York Market
Health care software provider Forian Inc. (Nasdaq: FORA) has sold its cannabis software subsidiary, BioTrack, to rising cannabis tech firm Alleaves Inc. for $30 million in cash. Read more here.
In Other News
Gage Cannabis Co./Cookies
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) launched adult-use cannabis sales at its Cookies Detroit retail location. Through its subsidiary Gage Cannabis Co., the company will now provide adult-use customers in Detroit with access to high-quality products. Read more here.
Auxly Cannabis Group
Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) entered into an agreement with institutional investors pursuant to which the investors have agreed to purchase, on a private placement basis, 96 million common shares of the company at a price of $0.035 per common share and 96 million common share purchase warrants, with each warrant entitling the investors to purchase one common share at an exercise price of $0.045. Total gross proceeds will reach approximately $3.36 million, before deducting any applicable advisor or finder fees or offering expenses. Read more here.