The Daily Hit is a recap of the top financial news stories for April 13, 2023.
On the Site
Cannabis Water CEOs Plead Not Guilty in Pump & Dump Scheme
The former CEOs of American Premium Water Corp., Zachary Davis and Ryan Fishoff, pleaded not guilty in a $10 million pump-and-dump scheme that cost Ohio investors more than $219,000. The indictment was first filed in the Northern District of Ohio on March 8 against six individuals associated with the cannabis-infused water company. Read more here.
Michigan Cannabis Market Keeps Breaking Its Own Sales Records
The Michigan marijuana market continued to break records in March, hitting a new sales high of almost $250 million for the month, after selling $2.3 billion in 2022. The new sales record includes $9.8 million in medical marijuana sales and $239.8 million in recreational cannabis sales, for a total of $249.6 million in March, according to data from the Michigan Cannabis Regulatory Agency. Read more here.
Connecticut Approves Three More Social Equity Retailers
The Connecticut Social Equity Council last week signed off on the trio of equity joint venture shops for Budr Hartford Holding Corp. The joint ventures are essentially partnerships between social equity entrepreneurs and established companies that will front startup expenses for the new dispensaries. Read more here.
Avant Brands Delivers Solid Quarter
After the markets closed on Wednesday, Avant Brands Inc (TSX: AVNT)(OTCQX: AVTBF) reported its revenue rose 71% to $7.9 million for the fiscal first quarter that ended Feb. 28, 2023. The net loss from operations of $100,000 (an improvement of 98% or $1 million). Read more here.
Benzinga Miami Reveals More Cracks in Cannabis
Despite a struggling stock market, consumer demand for cannabis is higher than ever – and companies are focused on creating clear, enjoyable experiences to drive growth. That sentiment permeated the recent Benzinga Cannabis Capital Conference in Miami, where cannabis industry leaders gathered to discuss strategies and insights. Read more here.
In Other News
Ignite International Brands
A consulting firm is asking a Nevada federal court to award it nearly $157,000 in legal fees a week after winning a $1.6 million judgment against a cannabis company run by Instagram celebrity Dan Bilzerian in a contract dispute. Read more here.
Urban-gro Inc. (Nasdaq: UGRO) signed more than $40 million in contracts in the first quarter 2023, bringing the company’s total backlog to a record $123 million as of March 31, 2023. The company also reiterated its guidance, and in the first quarter of 2023, the company received $2.4 million of cash following a settlement with its former bank. Read more here.
Marijuana grower and retailer Insa has laid off staff in recent weeks, citing numerous challenges from out-of-state competition that did not exist months before, according to Peter Gallagher, CEO and co-founder. Gallagher did not specify how many jobs were cut. Read more here.