The Daily Hit is a recap of cannabis business news for Nov. 22, 2022.
ON THE SITE
Rhode Island Green Lights Recreational Sales for Five Dispensaries
Recreational cannabis sales will kick off next month in Rhode Island for at least five existing medical dispensaries, Gov. Dan McKee announced today. In a press release, McKee said he and the state Department of Business Regulation have granted “hybrid retail licenses” to the five dispensaries, which will be able to start selling adult-use cannabis on Dec. 1. Read more here.
Oregon Governor Pardons 45,000 Cannabis Convictions
Oregon Gov. Kate Brown this week announced she’s heeding President Joe Biden’s call last month for U.S. governors to pardon low-level cannabis convictions and pardoned roughly 45,000 residents. Read more here.
New Products Drive Revenue Growth for Canadian Edibles Maker Indiva
Canadian edibles producer Indiva (TSXV: NDVA) (OTCQX: NDVAF) launched a “record number” of new products in the third quarter of 2022, which drove up revenues to year-over-year growth of 5.9%, but the company still recorded a loss of $1.9 million. Read more here.
Medical Marijuana Inc. Posts Falling Revenue, Focuses on Overseas Hemp Ventures
Medical Marijuana Inc. (OTC: MJNA) saw revenue fall in the third quarter despite cutting costs in during the period, according to financial results for the quarter ended Sept. 30. Those measures mostly benefitted margins for the company. Read more here.
Report: Cannabis Flower Prices Continue Freefall
Inflation might be getting all the headlines, but cannabis flower appears to be immune from its influence. According to data from cannabis analytics firm Headset, the most popular consumption format for cannabis has been suffering wide-scale price compression. Read more here.
IN OTHER NEWS
The New York State Cannabis Control Board and the New York State Office of Cannabis Management have approved Etain LLC’s change of control request. Etain is the owner and operator of a legally licensed Registered Organization with cannabis cultivation and manufacturing facilities and retail dispensaries in the state of New York. This approval clears the path for RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) to complete its previously announced acquisition of Etain and Etain IP LLC. Read more here.
Oregon cannabis regulators approved a final rule Nov. 17 to address gaps in the regulated laboratory testing sector that have drawn licensee complaints about THC potency numbers in the competitive state environment. Under the new rule, the Oregon Liquor and Cannabis Commission may require a licensee to submit samples identified by the commission to a laboratory of the commission’s choosing to be tested in order to determine whether a licensee is in compliance with the cannabis testing. Read more here.
Société québécoise du cannabis (SQDC)
For the second quarter of its current fiscal year, the Société québécoise du cannabis (SQDC) has reported comprehensive income of $22.3 million. The SQDC is a government corporation mandated to distribute and sell cannabis in Québec with a focus on protecting customers’ health and safety. Read more here.