The Daily Hit is a recap of the top financial news stories for May 11, 2023.
On the Site
Cannabis Industry Reacts to Senate Banking Committee Taking Up SAFE
The latest iteration of the Secure and Fair Enforcement (SAFE) Banking Act, a bill aimed at resolving financial challenges faced by the marijuana industry, took center stage at a U.S. Senate Banking Committee meeting on Thursday. Read more here.
New York Awards More Retail Licenses, Hears Farmers Cry for Aid
New York cannabis regulators held one of their most sweeping meetings of 2023 on Thursday, a three-hour long hearing in which they added more retail permits and a new testing lab license, debated highlights of newly tweaked industry rules, approved a broad new social equity plan, and heard from several marijuana farmers who warned their businesses are on the brink of collapse. Read more here.
TerrAscend Continues Losing Streak Despite Revenue Increase
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) continued to post hefty losses to its bottom line in the first quarter of 2023, despite increasing revenue by nearly 43% year-over-year, the sixth sequential quarter in which revenues went up. The Ontario-based multistate operator, which has a footprint in five states, lost $19.2 million in the quarter ending March 31, following a total loss of just under $300 million last year. Read more here.
Leafly Loses Last Year’s Profits in Single Quarter, Despite Layoffs
Leafly Holdings Inc. (Nasdaq: LFLY) reported a $5.4 million loss for the first quarter this year, effectively wiping out the $5.1 million in profit the company turned for all of 2022, despite a 21% reduction in staff and other cost-saving measures. Read more here.
• Lowell Farms Loses Another $4 Million, CFO Steps Down
• Nova Cannabis’ Private Label Strategy Fuels Positive Q1 Growth, Reduces Net Loss
• Urban-Gro Maintains Rosy Outlook Despite Q1 Revenue Dip
In Other News
Safe Harbor Financial
SHF Holdings, Inc., which operates as Safe Harbor Financial, (Nasdaq: SHFS), financial services and credit facility provider to the regulated cannabis industry, and Five Star Bank, a New York-based subsidiary of Financial Institutions Inc. (Nasdaq: FISI), are partnering to expand crucial access to cannabis banking nationwide. Read more here.
The New Hampshire Senate has rejected a House-passed bill to legalize marijuana. Just two days after receiving an unfavorable recommendation from the Senate Judiciary Committee, the full chamber defeated the measure in a 14-10 vote on Thursday. Read more here.
VerifyMe Inc. (Nasdaq: VRME), reported quarterly consolidated revenue of $5.7 million for the three months ended March 31, an increase of 3,416% compared to the same period a year ago, primarily attributable to the acquisition of the PeriShip Global business in April 2022. Read more here.