StaffNovember 7, 2022
The Daily Hit is a recap of cannabis business news for Nov. 7, 2022.
ON THE SITE
Agrify Faces Hostile Takeover
Last week, Agrify Corp. (Nasdaq: AGFY) shareholder Marc Beginin stated he wants to reorganize the company in a hostile takeover. Beginin is the chief executive officer of Prodigy LLC, which operates as Prodigy Processing Solutions. He was formerly the CEO and founder of Precision Extraction Solutions before it was acquired by Agrify in October 2021. Read more here.
Unrivaled Sued for Breach of Contract, Responds with Fraud Allegations
An acquisition deal that only a year ago was celebrated by the buyer, Unrivaled Brands (OTCQX: UNRV), as key to making the business a “preeminent West Coast multistate operator” has now apparently fallen apart, with both companies suing each other over various alleged misdeeds. Read more here.
Tilray Snaps Up Another Alcohol Company, Expands Into Northeast
Tilray Brands Inc. (Nasdaq: TLRY) said Monday that it bought Montauk Brewing Company and tapped veteran beverage executive Ty H. Gilmore to lead Tilray’s U.S. beer business in a bid to secure more alcohol profits. Read more here.
High Times Buys Moxie in All-Stock Deal
Hightimes Holding Corp. and HT Red LLC, a wholly owned subsidiary of Hightimes, bought MXY Holdings Inc., also known as Moxie Holdings, in an all-stock deal. Moxie is known for cultivating, producing, manufacturing, distributing, and selling cannabis products in the state of California. Read more here.
Michigan-based JARS Buys Colorado’s Euflora
Michigan-based private company JARS Cannabis is buying Colorado-based Euflora LLC for an undisclosed amount. The acquisition and rebranding of Euflora retail stores are expected to be completed by the end of the fourth quarter. Read more here.
Earnings Round-Up:
- Acreage Revenues Increase, But So Do Losses
- Cronos Group Squeaks By in Third Quarter Earnings
- Curaleaf Skims by on Revenue, Sees Higher Losses
- MariMed Lowers 2022 Guidance on Missed Revenue
- Weedmaps CEO Steps Down as Losses Mount
IN OTHER NEWS
IM Cannabis
IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC), an international medical and adult-use recreational cannabis company, announced that it is commencing exit of the Canadian cannabis market to focus its resources on pursuing growth opportunities in Israel, Germany, and Europe. With this move, the Company aims for a leaner organization with a primary focus on achieving profitability in 2023. Read more here.
Vext Science
Vext Science Inc. (CSE: VEXT) (OTCQX: VEXTF), a multistate cannabis company with expertise in extraction, manufacturing, cultivation, and marketing, announced the refinancing of the company’s existing $4.4 million principal amount of 10% secured nonconvertible debentures issued by the company on Dec. 31, 2019, and maturing Dec. 31, 2022. Read more here.
