The Daily Hit is a recap of the top financial news stories for Aug. 15, 2023.
On the Site
Tilt Cuts Social Equity Brands With No Warning
In a surprise move by the company’s new leadership, Tilt Holdings (OTC: TLLTF) cut its social equity brands. These include: Her Highness, a female-centric brand based in New York and founded by Laura Eisman and Allison Krongard; Highsman, founded by former professional football player Ricky Williams; and Black Buddha Cannabis, founded by Roz McCarthy, who is also the founder and CEO of Minorities for Medical Marijuana Inc. Read more here.
Halo Collective to Delist from CBOE Following Disastrous Q2
International cannabis company Halo Collective Inc. (Cboe: HALO) (OTC Pink: HCANF) (FSE: A9K0) reported a punishing second quarter for 2023, including a 48% drop in revenue to just $3.5 million for the quarter that ended June 30, due to oversupply in its core markets of California and Oregon. The company announced it was delisted from the Cboe Exchange as of Monday. Read more here.
New Missouri Auditor Launches Review of Cannabis Bureaucracy
The newly elected Missouri state auditor, Scott Fitzpatrick, launched a formal investigation into how the state oversees its medical and recreational marijuana industries, fulfilling a campaign pledge he made last year in his run for the office. Read more here.
Greenlane Paints Profitability Roadmap Amid Q2 Revenue Miss
Florida-based Greenlane Holdings, Inc. (NASDAQ:GNLN) reported a slump in revenue for the second quarter ending June 30, but outlined a strategy for real returns in the near future. The company’s second-quarter revenue stood at $19.6 million, marking a decrease from the $24 million in the previous quarter. Read more here.
iAnthus Revenue Continues Downward Slide in Q2
Late Monday evening after the markets closed, iAnthus Capital Holdings Inc. (CSE: IAN) (OTCPK: ITHUF) reported its second quarter financial results ending June 30, showing deepened losses as the Canadian producer tries to crawl out of sweeping legal and financial crises. Read more here.
In Other News
RECALL: Missouri Cannabis Products/Delta Extraction
The Division of Cannabis Regulation in Jefferson City, Missouri, has issued a public product recall for nearly 63,000 manufactured marijuana items distributed by Delta Extraction LLC. This recall happened after a result of the products failing to meet compliance standards and posing a potential threat to the health and safety of consumers. Read more here.
Unrivaled Brands, Inc. (OTCQB: UNRV) reported that revenue for the quarter ended June 30 was composed of retail revenue of $8.4 million and cultivation revenue of $0.4 million. While sales for the company have been stable, Unrivaled also noted that it had reduced its workforce by 39% over the past year, from 238 a year ago to 145 as of June 30. Read more here.
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) expanded its global footprint by entering into a supply agreement to provide dried medical cannabis flower to 4C Labs in the United Kingdom. Read more here.