The Daily Hit is a recap of the top financial news stories for Aug. 14, 2023.
On the Site
SNDL Sees Gains From Vice Segments, Will Ring-Fence Skymint and Parallel
Canadian cannabis and liquor retailer SNDL Inc. (NASDAQ: SNDL) reported earnings that signaled more upward growth through the second quarter ending June 30, with the company hinting at plans to create a new entity that would absorb Skymint and Parallel. Read more here.
Michigan Cannabis Sales Break Another Record in July, Likely to Top $3B in 2023
Michigan’s marijuana market continues its ascent, breaking another sales record in July. The industry sold roughly $276.75 million worth of adult-use recreational and medical marijuana products last month, a 33.5% increase over January’s sales. If sales continue at this pace, they will top $3 billion in 2023. Read more here.
Harmony Biosciences Buys Zynerba Pharmaceuticals in $60M Deal
Harmony Biosciences Holdings Inc. (Nasdaq: HRMY) is buying Zynerba Pharmaceuticals Inc. (Nasdaq: ZYNE) in an all-cash deal valued at $60 million. Harmony will fund the transaction from its existing cash on hand. The deal is expected to close in the fourth quarter. Read more here.
Columbia Care Beats Estimates for Second Quarter Revenue
Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) reported its financial results for the second quarter ended June 30, 2023, as revenue fell slightly to $129.2 million from last year’s $129.5 million, but improved over the previous quarter’s revenue of $124.5 million. However, it beat the Yahoo Finance average analyst estimate for revenues of $124 million. Read more here.
• 22nd Century Gets Lift From Cannabis Division in Q2
• Auxly Sees Revenues Drop 8% in Second Quarter
• Clever Leaves Revenue Rises, Costs Fall in Q2
• Glass House Shrinks Losses to $25M in Q2 on Revenue Increase
• Goodness Growth in Line with Expectations in Q2, Will Divest in NY
• IM Cannabis’ Revenues Inch Up
• MediPharm Labs Q2 Boosted by VIVO Acquisition
• Safe Harbor Losses Mount Despite Skyrocketing Revenue
• Tilt Revenue Falls as Focus Turns to Jupiter
• Urban-Gro Losses Stable While Revenues Continue Down from 2022
In Other News
AdvisorShares Poseidon Dynamic Cannabis Exchange Traded Fund
The AdvisorShares Poseidon Dynamic Cannabis Exchange Traded Fund (ETF), which is managed by the Paxhia sibling founders of California-based cannabis hedge fund Poseidon Investment Management, is shutting down less than two years after launching. Read more here.
CBD of Denver
CBD of Denver (OTC Pink: CBDD) entered into an agreement to acquire LUXORA Holding AG, a leader in the CBD wholesale market, seamlessly importing and distributing premier North American CBD Flower throughout Europe. Read more here.
Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. (TSX: DN) (OTC: DLTNF) reported net revenue of $18.3 million for the second quarter ended June 30, an increase of 4%, from $17.5 million for the same quarter last year. Read more here.
CEA Industries Inc. (Nasdaq: CEAD) reported revenue in the second quarter of 2023 was $1.1 million compared to $3.0 million for the same period in 2022. The decrease was primarily attributed to lower revenue recognition from the company’s backlog and an overall reduction in capital expenditures by cannabis operators. Read more here.