The Daily Hit is a recap of the top financial news stories for Aug. 16, 2023.
On the Site
4Front Ventures Bids California Farewell in Search of Profits
Phoenix-based 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported its second-quarter financial results ending June 30, showing a slight rise in revenue and headway in the Windy City as the company packs its bags in California. Read more here.
Marley Sends Tilray a $13 Million Bill
The ongoing battle between Marley Green LLC and Tilray (NASDAQ: TLRY) continues, with the latest round involving a demand for payment of $13 million for a licensing deal. The original deal stretches back to 2018 when Docklight Brands, which at the time was a part of Privateer Holdings, signed a licensing agreement with the late Bob Marley’s estate and its company, Marley Green. Read more here.
Cresco Labs Continues Retail Expansion in ‘Year of the Core’
Revenue for Chicago-based Cresco Labs (CSE: CL) (OTC: CRLBF) fell 9% in the second quarter ended June 30, compared with the same period a year ago. But the $198 million brought in during the period was a slight uptick from the first quarter. Read more here.
Illinois Cannabis Sales Rise, Taxes Fall
Illinois collected 3% less in marijuana taxes during the fiscal year ended June 30 than it did a year earlier, even though recreational cannabis sales grew 5% during that period. Read more here.
Ohioans Will Vote on Recreational Marijuana in November
After a number of fits and starts, the Coalition to Regulate Marijuana Like Alcohol appears to have succeeded in getting its proposed law for an adult-use marijuana program on the November ballot. According to a certification form, the campaign has at least 711 valid signature from Franklin County voters, which is enough to qualify the measure for the November ballot. Read more here.
In Other News
Germany’s cabinet passed a contentious bill on Wednesday to legalize recreational marijuana use and cultivation, one of the most liberal cannabis laws in Europe that could potentially provide further momentum for a similar worldwide trend. The legislation, which still has to pass parliament, does not allow for the widespread sale of cannabis via legal stores. Read more here.
Washington Liquor and Cannabis Board
Washington’s cannabis authority has busted two retailers for selling cannabis without licenses, with one falsely claiming to be affiliated with a Native American tribe, according to announcements by state enforcers who say they seized nearly 60 pounds of marijuana. Read more here.
VPR Brands LP (OTC: VPRB) reported sales for the second quarter ended June 30 were $1.9 million, a roughly $1 million increase over the same period a year ago. Net income increased to $928,322. Read more here.