The Daily Hit is a recap of the top financial news stories for March 8, 2023.
On the Site
Oklahoma Voters Reject Adult-Use Cannabis in Low-Turnout Special Election
Oklahoma’s burgeoning cannabis industry will remain medical only after voters rejected a proposed ballot initiative that would have legalized adult-use marijuana in the state. Nearly 62% voted no, while 38% voted yes, with more than 95% of ballots counted as of Wednesday morning. Despite the backing of several high-profile organizations, including the Oklahoma Democratic Party and the Marijuana Policy Project, the initiative faced opposition from law enforcement groups and some prominent political leaders. Read more here.
Slang Worldwide Latest Multistate Brand to Exit California
Slang Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) will become the latest multistate cannabis brand to effectively pull up stakes from California, CEO John Moynan said in an interview with Green Market Report on Tuesday. The pivot comes less than two years after the company made a splash about re-entering California, which it previously left in 2019. Read more here.
Michigan’s Skymint in Receivership, Showing Cracks in Cannabis Market
Skymint, one of Michigan‘s largest marijuana cultivators and retailers, is now under the control of a receiver as the industry faces an increasingly difficult market in the state. The action by the Ingham County Circuit Court in Lansing signals what could be one of the largest marijuana company failures in the U.S. in the nearly decade-long span since the substance was legalized in certain states. Read more here.
Trulieve Revenue Slips in Fourth Quarter
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) delivered fourth-quarter revenue of $302 million, with 2% retail revenue growth and 96% of revenue from retail sales. This fell by 1% from $305 million in the same time period in 2021 and missed the Yahoo Finance estimate for revenue of $304 million. Read more here.
IM Cannabis Corp. to Lay Off At Least 20% of Workers in Major Restructuring
Israel-based IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC) announced Wednesday it will lay off at least 20% – and perhaps up to a quarter – of its employees in its Middle East home nation, in a restructuring push toward profitability. Read more here.
In Other News
NewLake Capital Partners
NewLake Capital Partners, Inc. (OCTQX: NLCP), a provider of real estate capital to state-licensed cannabis operators, reported revenue of $12.2 million for the fourth quarter ended Dec. 31, 2022. That’s a year-over-year increase of 35.7%. Net income attributable to common stockholders totaled $6.7 million, as compared to $4.3 million. Read more here.
Women in Cannabis
Women holding executive positions in the cannabis industry only grew 1% to 23.1% in 2021, short of the greater US business world where women hold 35% of leadership. Maybe if women had more control of the industry – you would see stronger performance. Read more here.