
Adult-use sales are slated to begin on Feb. 6.
Adult-use sales are slated to begin on Feb. 6.
The 1937 Group hopes to help minority-owned businesses get a leg up in the industry.
Gov. Pritzker made the comments while visiting a dispensary.
The Daily Hit is a recap of cannabis business news for Nov. 29, 2022.
Flowr Corp. Throws in Towel, Looks for Buyers
Toronto-based The Flowr Corp., (TSX.V: FLWR) (OTC: FLWPF) is officially on the market after it reported that it does not have enough of a runway to make it to the end of the third quarter. According to regulatory filings, potential bidders submitted binding offers last Friday, with financial firm Ernst & Young Inc. acting as a monitor. Read more here.
RIV Capital Closing in on New York Acquisition, Loses $142 Million in Q2
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) posted a $142.3 million loss for its second quarter of fiscal 2023, but most of the losses were chalked up to a “goodwill impairment charge” as part of the upcoming acquisition of New York-based Etain – a deal that RIV Capital leadership said would give the firm a national foundation for future growth. Read more here.
Pritzker Names New Cannabis Chief
Erin Johnson, a lawyer for Amazon and state government veteran, has been named the state’s top cannabis regulator. Johnson is an associate general counsel for Amazon Web Services but was chief of staff at the Illinois Department of Juvenile Justice in the Pritzker administration from 2019 to mid-2021. Previously she was associate general counsel and chief diversity officer from 2016 to 2018 for then-Gov. Bruce Rauner. Read more here.
More Financial Reports:
High Times
The owners of High Times magazine have dropped their lawsuit against a former majority shareholder of the publication’s parent company, according to a joint stipulation entered Monday in California federal court. The stipulation notes that the action has been dismissed with prejudice and holds that each party bears their own costs. It makes no mention of a settlement, and counsel for the parties did not immediately respond to requests for comment on Monday. Read more here.
The Valens Company Inc.
Shareholders of the Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) voted in favor of the resolution approving the plan for SNDL Inc. to acquire all of the issued and outstanding common shares of Valens on the basis of 0.3334 of a SNDL common share for each outstanding Valens common share. More than 96% of votes cast at the company’s special meeting of shareholders held on Nov. 29 were in favor of the resolution. Read more here.
Rhode Island
As Rhode Island is set to begin recreational marijuana sales Thursday, state regulators are ramping up their staff as they oversee the industry. The state legalized adult recreational cannabis in May, with the planned start of sales on Dec. 1. Read more here.
Money used for specific categories won't need to be repaid.
The Daily Hit is a recap of cannabis business news for Oct. 24, 2022.
Consumers Paying a Lot More for Weed in Illinois
Retail marijuana prices in Illinois have been among the highest in the nation because of a relatively limited number of stores since recreational weed became legal nearly three years ago. But retail weed prices are down 15% so far this year, Cantor Fitzgerald analyst Pablo Zuanic writes in a note to clients. Read more here.
Flora Growth Buys German Franchise Global Health
Flora Growth Corp. (Nasdaq: FLGC) announced it is buying German-based medical cannabis company Franchise Global Health Inc. (TSXV: FGH) for an undisclosed amount. However, Flora Growth did note in a statement that FGH’s German reportable segment achieved revenues of C$30.1 million, gross profit of C$2.1 million, and net income of C$0.4 million in the first half of 2022. Read more here.
Canadian Cannabis Company on Brink of Bankruptcy as Debt Comes Due
Radient Technologies Inc. (TSXV: RTI) is looking for ways to stay open as unpaid taxes and a looming debt bill worth more than $10 million comes due. Radient said that is pursuing avenues to raise sufficient working capital to allow the company to operate as a going concern, “but cannot assure it will be able to do so.” Read more here.
Both Dakotas Consider Recreational Cannabis Next Month
South Dakota and North Dakota both will ask voters whether to lift state prohibitions on adult-use marijuana in the upcoming Nov. 8 general election. Read more about what each of those measures include here.
Ascend Wellness Holdings
Ascend Wellness Holdings Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multistate, vertically integrated cannabis operator focused on bettering lives through cannabis, announced the opening of its Scranton, Pennsylvania, dispensary for medical patients only. Read more here.
Neptune Wellness Solutions
Neptune Wellness Solutions Inc. (Nasdaq: NEPT), a diversified and fully integrated health and wellness company, has agreed to settle and resolve a shareholder class action lawsuit for total consideration of between $4 million and $4.25 million. The suit filed against Neptune and certain of its current and former officers and directors, captioned Gong v. Neptune Wellness Solutions, Inc. (Case No. 2:21-cv-01386-ENV-ARL), relates to allegations that, among other things, the company made misrepresentations of material information. Read more here.
Here's why retail cannabis prices—and profits—in Illinois have been among the highest in the nation.
One of the early Illinois marijuana players is trying to expand its footprint at home and elsewhere.
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Georgia Medical Cannabis Program Rules Delayed over Technicality https://t.co/2yIzbsYYGs
Illinois Cannabis Sales Bolstered by New Stores in January https://t.co/GXsvqSr8hc
Bright Green Attempts to Lure Investors to Its $500 Million Offering https://t.co/8DeeRxhDtr
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