The Daily Hit is a recap of the top financial news stories for April 12, 2023.
On the Site
Organigram Delivers Solid Quarter, Forecasts Rising Revenue
Organigram reported that its net revenue increased 24% to $39.5 million, from $31.8 million in the same time period in 2022. The company attributed the increase to an increase in international revenue, partly offset by a decrease in medical sales. Read more here.
Steep Loan Lands Another Michigan Cannabis Operation in Receivership
A 130-acre marijuana industrial park in Windsor Township, Michigan, which is near Lansing, was billed as the largest of its kind east of the Mississippi when the project was announced in 2017. Six years later, the owners of parcels of the park are struggling, and on April 10, an Eaton County Circuit Court judge ordered control of the entities involved and at least part of the property be turned over to a court-ordered receiver. Read more here.
Germany Walks Back Plans for New Cannabis Industry
German officials appear to have backed off a plan, originally announced last year, to stand up a widespread marijuana retail industry across the European nation. Regulators now plan lower-profile legalization driven primarily by nonprofits and cannabis consumers themselves, instead of private industry. Read more here.
Tilray Leaders Try to Reassure Shareholders Following $1.1 Billion Writedown
Tilray Brands’ C-suite did its best to put investors at ease this week during the latest earnings call, which followed the disclosure that the company had posted a $1.1 billion loss in just the third quarter. The company’s CEO and CFO both spoke to the loss, which they said was essentially a writedown on the value of the company itself and its assets, which had been triggered by a decrease in Tilray’s market cap. Read more here.
In Other News
Florida Department of Health
A medical marijuana doctor cleared of wrongdoing after an undercover probe is seeking unspecified damages from the Florida Department of Health and two investigators who posed as patients. A lawsuit filed this week is the latest twist in a yearslong legal battle between Dr. Joseph Dorn and state health officials, who sought to strip him of his medical license, permanently ban him from ordering medical marijuana and impose a $10,000 fine. Read more here.
New York state
The air is warming, the flowers are starting to bloom and conditionally licensed cannabis growers in New York are getting ready to plant their second-ever legal harvest. But some are growing increasingly nervous about the lack of clarity surrounding the state’s coming seed-to-sale tracking system. Read more here.