The Daily Hit is a recap of the top financial news stories for Aug. 29, 2023.
On the Site
New York Judge Changes Course on Exemptions, Freezes All Cannabis Licensing
New York state Judge Kevin Bryant abruptly reversed course in a new order on Tuesday that now forestalls any exemptions to a retail licensing freeze in New York. He also blasted state regulators for not having their ducks in a row. Bryant rejected exemptions for all 30 of the retailers that the OCM said were primed to open. Read more here.
RIV Capital Gets Closer to Opening Adult-Use Sales in New York
After the markets closed on Monday, RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) released its financial results for the three months that ended June 30. Due to a change in Riv’s fiscal year end from March 31 to Dec. 31, the company noted that its current fiscal year will be comprised of three quarters for a total of nine months, beginning on April 1 and ending on Dec. 31. Read more here.
Silo Wellness Buys NUGL in Deal Valued at C$43 Million
Silo Wellness, Inc. (CSE: SILO) (OTCQB: SILFF) is buying NUGL Inc. (OTC Pink: NUGL) in a deal valued at C$43 million. Last month Silo announced it was partnering with Jamaica-based Kaya Group, which is owned by Nugl. Nugl and Kaya merged in April 2022 to form a multifaceted cannabis lifestyle company. Read more here.
Irwin Naturals’ Psychedelics Expansion Costs Build Through Q2
Nutraceutical firm Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) continued to pay for its expansion into psychedelics clinics, posting a $5.4 million loss in the second quarter ended June 30, down from a $111,000 profit for the same period a year ago. Read more here.
• PharmaCielo’s Q2 Revenue Plunges
• Red White & Bloom Sees Revenue Slump in Second Quarter
In Other News
Indiva Ltd. (TSXV:NDVA), reported Q2 net revenue of C$7.5 million, 20.3% sequential decrease from Q1 and a 7.6% year-over-year decrease, driven primarily by the loss of revenue from Indiva Life Lozenges and declines in sales of Wana gummies. Read more here.
Reddi Beverage Co.
Reddi Beverage Co. LLC says it has sold infused beverages under the FLORA brand and trademark since 2019, but learned in May at the National Restaurant Association Trade Show in Chicago that Floral Beverages LLC was seeking to trade on its name and goodwill, when it reserved a booth directly next to Reddi’s “to prominently display its confusingly similar FLORAL brand for cannabidiol-infused beverages.” Read more here.
Shiny Health & Wellness Corp.
Shiny Health & Wellness Corp. (TSXV: SNYB), a provider of premium cannabis products announces that its ShinyBud adult-use dispensaries in Ontario, will begin sales of Shiny Health’s first white label products with two Quebec based licensed producers to manufacture products consisting of hash and THC flower. Read more here.