The Daily Hit is a recap of cannabis business news for Oct. 24, 2022.
ON THE SITE
Consumers Paying a Lot More for Weed in Illinois
Retail marijuana prices in Illinois have been among the highest in the nation because of a relatively limited number of stores since recreational weed became legal nearly three years ago. But retail weed prices are down 15% so far this year, Cantor Fitzgerald analyst Pablo Zuanic writes in a note to clients. Read more here.
Flora Growth Buys German Franchise Global Health
Flora Growth Corp. (Nasdaq: FLGC) announced it is buying German-based medical cannabis company Franchise Global Health Inc. (TSXV: FGH) for an undisclosed amount. However, Flora Growth did note in a statement that FGH’s German reportable segment achieved revenues of C$30.1 million, gross profit of C$2.1 million, and net income of C$0.4 million in the first half of 2022. Read more here.
Canadian Cannabis Company on Brink of Bankruptcy as Debt Comes Due
Radient Technologies Inc. (TSXV: RTI) is looking for ways to stay open as unpaid taxes and a looming debt bill worth more than $10 million comes due. Radient said that is pursuing avenues to raise sufficient working capital to allow the company to operate as a going concern, “but cannot assure it will be able to do so.” Read more here.
Both Dakotas Consider Recreational Cannabis Next Month
South Dakota and North Dakota both will ask voters whether to lift state prohibitions on adult-use marijuana in the upcoming Nov. 8 general election. Read more about what each of those measures include here.
IN OTHER NEWS
Ascend Wellness Holdings
Ascend Wellness Holdings Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multistate, vertically integrated cannabis operator focused on bettering lives through cannabis, announced the opening of its Scranton, Pennsylvania, dispensary for medical patients only. Read more here.
Neptune Wellness Solutions
Neptune Wellness Solutions Inc. (Nasdaq: NEPT), a diversified and fully integrated health and wellness company, has agreed to settle and resolve a shareholder class action lawsuit for total consideration of between $4 million and $4.25 million. The suit filed against Neptune and certain of its current and former officers and directors, captioned Gong v. Neptune Wellness Solutions, Inc. (Case No. 2:21-cv-01386-ENV-ARL), relates to allegations that, among other things, the company made misrepresentations of material information. Read more here.