The Daily Hit is a recap of the top financial news stories for March 27, 2023.
On the Site
Toys R Us Sues Unlicensed Dispensary in Brooklyn
Last week a lawsuit was filed in a New York Federal court by Toys R Us, also known as Tru Kids, against an unlicensed cannabis dispensary that uses the name Zaza R Us and Nedhal Y. Saleh. oys R Us said in the lawsuit that it sent a letter to the dispensary in January 2023 asking the company to stop using the signage, which copies the Toys R us logo but replaces the star image in the backwards “R” with a cannabis leaf image, and never received a response. Read more here.
New York Moves to Let Medicaid Pay for Medical Marijuana
New York lawmakers got a step closer to authorizing state-funded insurance payments to cover the cost of medical cannabis for patients, with a bill to do so advancing easily out of a state Assembly committee hearing. Read more here.
Nasdaq Gives Aurora September Deadline to Up Share Prices or Risk Delisting
Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) has six months to get its share price back above $1 or face the specter of losing its Nasdaq listing, the company was told by the exchange’s management group. Nasdaq Stock Market LLC told the Canadian cannabis giant it hasn’t met its minimum stock price requirement since Feb. 8, as its share price closed below a U.S. dollar for 30 consecutive business days. Read more here.
Planet 13 Sees Opportunity in Competitors’ Distress
As the small get weaker, the big get stronger by gobbling them up. Or they just wait for the weak to die off, and then take over their territory. That’s the simple version of what Nevada-based Planet 13 Holdings’ leadership discussed as a likely strategy for their home state in 2023, since they believe many other retailers are on “life support” and ripe for acquisition. Read more here.
Scenes from the GMR 2023 Women’s Summit
The Green Market Report 2023 Women’s Summit was a rousing success last week in New York City. The well-attended conference featured many leading women in the cannabis industry giving great advice to the audience. Watch highlights from the event here.
In Other News
Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) closed under the definitive agreement to sell Blue Camo LLC, which comprises Ayr’s Arizona assets, to AZ Goat AZ LLC, a group consisting primarily of the former owners of Blue Camo, who sold the business to Ayr in 2021. Read more here.
Bhang Inc. (CSE: BHNG) (OTC Pink: BHNGF) entered into a debt settlement agreement with an arm’s length lender relating to an outstanding amount owing of $100,000 plus interest. Bhang has agreed to make cash payments in four installments to the lender and issue subordinate voting shares and share purchase warrants under the agreement. Read more here.
Verano Holdings Corp.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) simplified its capital structure by completing the conversion of all its outstanding Class B proportionate voting shares into Class A subordinate voting shares, resulting in one class of outstanding shares. Read more here.