The Daily Hit is a recap of the top financial news stories for June 14, 2023.
On the Site
Hexo Shareholders Greenlight Tilray Deal, Company Warns of Possible Default
Canadian licensed cannabis producer Hexo Corp. (TSX: HEXO) (Nasdaq: HEXO) is set to be acquired by Tilray Brands, following a formal sign-off on Wednesday by Hexo shareholders in a near-unanimous vote. If the deal doesn’t go through as planned by the end of the month, Hexo could wind up in default, the company warned. Read more here.
Maryland Regulators Shut Down Cookies Baltimore Over Advertising, Security Breaches
Cookies Baltimore, formally known as MIMD Operating 1 LLC, opened its doors on May 15 and found itself in hot water less than a month later. The court document obtained from the Maryland Cannabis Administration details alleged breaches of both the Cannabis Reform Act and Code of Maryland Regulations. Read more here.
High Tide Revenue Rises, But Company Still in the Red
Canada-based High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) drastically improved its revenue for its second fiscal quarter, which ended April 30, by a whopping 46%, but the company still fell short of profitability, with a $1.6 million net loss. Read more here.
Aurora Cannabis Revenues Rise as Cash Burn Rages
Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) reported total net revenue for its fiscal third quarter was $64 million, which rose sequentially from the second quarter’s revenue of $61.7 million and topping last year’s revenue of $50.4 million. The company attributed the increase to the contribution of $10.8 million from Bevo, which was acquired in August 2022. Read more here.
Aleafia Revenue Increases Slightly Ahead of RWB Acquisition
Aleafia Health Inc. (TSX: AH)(OTCQB: ALEAF) delivered its audited financial results for the quarter and fiscal year ending March 31 in Canadian dollars. During the fourth quarter, total revenue increased 9% to $11.7 million from $10.7 in the 2022 fourth quarter. Read more here.
In Other News
Pineapple Inc. (OTC Pink: PNPL), a legal cannabis industry operator focused on non-plant touching activities, such as leases to licensed cannabis operators, online, and in-store hemp-derived CBD transactions, and cannabis business licensing and consulting services, has acquired Pineapple Wellness Inc. and its e-commerce platform, PineappleWellness.com. Read more here.
PRODUCT RECALL: Kind Care of Colorado & Elevated
Another marijuana recall over mold and yeast concerns has hit Colorado, with the latest safety notice impacting dispensaries in Fort Collins and Longmont. According to a June 14 recall notice from the Colorado Marijuana Enforcement Division, Kind Care of Colorado in Fort Collins and Longmont dispensary Elevated sold potentially unsafe marijuana flower, shake and pre-rolled joints from February 10 to June 6 of this year. Both medical and recreational marijuana harvests were included in the recall. Read more here.