The Daily Hit is a recap of the top financial news stories for Aug. 30, 2023.
On the Site
Biden Administration Calls on DEA to Move Marijuana to Schedule 3
Marijuana rescheduling just got real. On Monday, the U.S. Department of Health and Human Services under the Joe Biden administration formally recommended to its peers at the Department of Justice that marijuana be moved lower on the list of federally controlled substances, from Schedule 1 to Schedule 3. Read more here.
StateHouse Shows Resilience Despite Revenue Dip in Q2
The California-based company’s net revenues for the period were $25.3 million, down versus the $34.6 million in the same period last year. However, gross margins improved to 49.9% in the second quarter from 46.6% in the prior year’s period. Read more here.
Entourage Health’s Revenue Slips in Second Quarter
Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced its financial results for the second quarter ending June 30, 2023. Entourage reported total revenue increased 1% to $13.37 million over last year’s revenue of $13.18 million. However, revenue fell sequentially from the first quarter’s $15 million. Read more here.
Simply Better Brands Q2 Revenue Soars 40% Despite Net Loss
Simply Better Brands Corp. (TSX: SBBC) (OTCQB: PKANF) reported its second quarter financials ending June 30, showing a 40% increase in revenue, reaching $23.6 million, as the company tries to invests in growing its brands and expanding its reach. Read more here.
RIV Capital Details New York Adult-Use Strategy – and it’s Not Retail
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF), one of the few “registered organizations” in New York licensed to sell medical marijuana through its Etain subsidiary, made clear that its approach to the Empire State’s recreational cannabis market is to compete on wholesaling and brand-building, not retail. Read more here.
In Other News
California Cannabis Administrative Prosecutor Program
The California Department of Justice has launched a cooperative program to help cities combat the prolific illicit market in the state. Through the program, the state plans to provide resources and education to build localized enforcement programs. Fresno is the first city in the state to participate. Read more here.
A Missouri judge denied on Wednesday Delta Extraction’s effort to stop the recall of 62,000 products containing the company’s THC concentrate that the state deemed a “potential threat to health and safety.” Read more here.
Pelorus Capital Group
Pelorus Capital Group entered into a managed service agreement with StateHouse Holdings Inc. to construct and manage operations at Pelorus’ cannabis cultivation asset located in Humboldt County, California. Read more here.