StaffMarch 20, 2023
The Daily Hit is a recap of the top financial news stories for March 20, 2023.
On the Site
Aurora Seeks to Dilute Shares as Cannabis Capital Raises Remain Scarce
Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) asked Canadian regulators on Friday to approve a plan to $650 million worth of stocks, debt, and other financial products over the next two years. Read more here.
Bilzerian’s Ignite Faces More Trouble Over Documents
Instagram celebrity Dan Bilzerian and his cannabis-focused company Ignite International Brands are in hot water with the courts for not turning over documents in a contract dispute case. According to Law360, the company was told on Feb. 28 that it had 10 days to produce 65 documents, which it failed to do. Read more here.
Michigan’s Gage Cannabis Pinches TerrAscend’s Earnings
TerrAscend said it effectively overpaid for both Ferndale-based Gage Cannabis and Morenci-based Pinnacle Emporium as the value in the Michigan market plummeted due to product oversupply and increased competition. The publicly traded company (OTC: TRSSF) recorded a $332.5 million loss in 2022, largely due to $311.1 million in impairment charges tied to the acquisitions. Read more here.
Housing Works Launches Legal Cannabis Delivery in ‘Select NYC Neighborhoods’
The first licensed recreational cannabis retailer in New York has now added home delivery to its options for customers, albeit in only a handful of areas within New York City. Housing Works, the nonprofit that launched adult-use marijuana sales in December, began offering home delivery a “few weeks” ago. Read more here.
Mississippi Legislature Tweaks Medical Marijuana Program
Mississippi lawmakers this week gave final approval to a bill that, on its face, contains a number of business-friendly provisions that may make life easier for the state’s medical cannabis operators. House Bill 1158, which both chambers passed as of last week, heads now to Gov. Tate Reeves for his signature. Read more here.
In Other News
Oregon
Businesses across the recreational cannabis industry in Oregon are facing some of the worst economic conditions since marijuana was legalized over seven years ago. The average price per gram of marijuana has fallen to $4, a record low according to a recent state budget forecast. Read more here.
IGC Pharma
India Globalization Capital Inc. (NYSE American: IGC) becan operating under the new name IGC Pharma Inc., effective March 30, as part of a rebranding strategy that better reflects IGC Pharma’s strategic focus and vision for the future. Read more here.
Adam Jackson
