The Daily Hit is a recap of the top financial news stories for February 28, 2023.
On the Site
Green Thumb Industries Loses $51 Million in Q4 Despite Revenue Increase
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) hit $1 billion in revenue for 2022, including a 6% uptick in the fourth quarter to the tune of $259 million, and even turned a profit for the year of $12 million. But the company still lost $51 million in year’s final quarter. Read more here.
Cronos Beats on Earnings, Falls on EPS as Canadian Cannabis Margins Wane
Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) posted earnings results on Tuesday that show the company trimming losses as it tries to profit in a crowded Canadian market suffering from a downward slide in prices. Cronos posted net revenue of $22.9 million for the quarter, down 11.3% over the year, though the company managed skirt past the Yahoo Finance’s analysts’ average estimate of $22.1 million. Read more here.
Illinois Rec MJ Sales Dip in January as Lawmakers Revisit Social Equity
Adult-use cannabis sales took a slight downturn last month in Illinois, from a record high of almost $144 million in December to just under $128 million in January, according to state data. The dip in sales came just before Illinois state lawmakers announced that they’re forming a new working group to tackle marijuana industry issues, including the possible expansion of the state’s social equity program. Read more here.
Nalu Bio Raises $12 Million in Series A Round
Nalu Bio, a producer of chemistry-based, ultra-pure cannabinoids, raised a $12 million Series A funding round. The privately owned synthetic cannabis company said it will use the money to accelerate the growth and scale production of cannabinoids for consumer products and therapeutics. The funding follows on the heels of Nalu Bio’s breakthrough in the cost-effective synthesis of the minor cannabinoid THCV. Read more here.
In Other News
TD Bank Group (TSX: TD) (NYSE: TD) and Cowen Inc. (Nasdaq: COWN) have received all regulatory approvals required under their merger agreement to complete TD’s acquisition of Cowen. With this step completed, TD expects the acquisition to close on March 1, subject to the satisfaction of other customary closing conditions. Cowen also announced today that it would be discontinuing its cannabis coverage. Read more here.
Tennesseans will likely have to wait another year before they can see any movement on medical cannabis in the state. Senate Bill 1104 failed in the state Senate Judiciary Committee Tuesday afternoon on nearly a party-line vote. Read more here.
Chicago Atlantic Real Estate Finance
Chicago Atlantic Real Estate Finance Inc. (Nasdaq: REFI), a commercial real estate finance company, announced that its wholly owned subsidiary Chicago Atlantic Lincoln LLC entered into an amendment to extend the maturity of its $92.5 million secured revolving credit facility from Dec. 16, 2023, to Dec. 16, 2024, and retained the one-year extension option, subject to customary conditions. Read more here.
Sana Packaging – a sustainable cannabis packaging brand – has reclaimed over half a million pounds of ocean-bound plastic. The company launched its first reclaimed ocean-bound plastic cannabis packaging product in 2019. The company now produces six ocean-bound plastic products and has reclaimed more than 550,000 pounds of ocean-bound plastic. Read more here.