The Daily Hit is a recap of the top financial news stories for August 1, 2023.
On the Site
TerrAscend Forecasts 23% Net Revenue Growth in 2023
TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) reported net revenue of $72.1 million for its second quarter ended June 30, an increase of 12.7% year-over-year and 3.9% sequentially. It marks the seventh consecutive quarter of growth. Read more here.
Maryland Doubles Cannabis Sales in First Month of Adult-Use Marijuana
Maryland cannabis companies sold a total of $87.43 million worth of both medical and recreational marijuana goods in the market’s first month of adult-use sales, according to state figures. Flower accounted for 58% of the products sold. Read more here.
Minnesota Becomes 23rd State to Legalize Adult-Use Cannabis
Beginning today, new legislation allows Minnesotans 21 and older to possess and use certain amounts of cannabis and cannabis products. However, retail sales aren’t expected to begin until early 2025, after the new state Office of Cannabis Management develops the framework for the program. Read more here.
Marijuana Industry Cuts Down on D.C. Lobbying
A broad trend of cannabis industry belt-tightening has now affected advocacy efforts in Washington, D.C., with many trade organizations slashing their lobbying budgets or in some instances shuttering the efforts altogether. Read more here.
Christina Lake Cannabis Weathers Distillate Price Compression
Despite market price compression in distillate, Vancouver-based Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) achieved revenue growth in its second quarter, rising 36% to $5.4 million from the same period last year, with an 81% increase sequentially. The firm saw a 118% increase in the volume of distillate sold for the first half of the year, versus the same six-month period last year. Read more here.
In Other News
Columbia Care Holdings
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) will voluntarily delist its common shares from the facilities of the Canadian Securities Exchange, effective as of market close on Aug. 2. Columbia Care will continue trading on the Cboe Canada, the new business name of the NEO Exchange. Read more here.
Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) has closed on its acquisition of the Medical Cannabis by Shopper’s Business from Shoppers Drug Mart. In addition, the company launched a new medical cannabis care platform, MyMedi.ca. Read more here.
Medical Marijuana Inc.
Medical Marijuana Inc. (OTC: MJNA) announced that its network marketing division, Kannaway, has completed an Asset Purchase Agreement with eXfuse LLC, dba KZ1, a Japan-based network marketing company. The KZ1 acquisition will increase the sales force of the company’s Kannaway division in Japan by approximately 1,450 individuals. Read more here.