The Daily Hit is a recap of cannabis business news for Nov. 14, 2022.
ON THE SITE
Moxie Cannabis & High Times Have a Lot in Common
It seems High Times and the company it just bought, Moxie Holdings, have a lot in common. Both companies failed to go public as planned, and both have not paid their debts. MXY Holdings and High Times also share the same auditor of company financials, GreenGrowth CPAs. Read more here.
Kansas City Entertainment District Takes New Approach to Cannabis Consumption Lounges
The news of a new entertainment district in the Kansas City metro area – which is slated to include cannabis consumption areas when it opens for business next year – appears to be part of both the ongoing normalization of marijuana use across the U.S. and an evolution of a business model that has struggled to find its footing. Read more here.
Verano Delivers Solid Quarter as Expansion Continues
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its financial results for the third quarter ending September 30, 2022, as revenue increased 2% sequentially and 10% year-over-year to $228 million. Verano attributed the revenue growth to strength from adult use sales in New Jersey. Read more here.
MediPharm to Cut 30% of Non-Manufacturing Staff after 3Q Losses
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) is poised to cut its non-manufacturing staff head count by 30% after another losing quarter, which saw the Ontario-based company shed another $5.9 million (C$7.9 million), according to the company’s Q3 report. Read more here.
More earnings announcements:
- Auxly Faces Rising Losses Amid Cash Crunch
- Despite Revenue Uptick, Columbia Care Posts $38M Loss for Q3
- Goodness Growth Posts Strong Sales, Increased Expenses
- Alcohol Sales Pump Up SNDL Profits, Nova Adds Margins
- TerrAscend Misses on Revenue, Posts $300M Loss in Q3
- Tilt’s Revenues Drop, Guidance Lowered
IN OTHER NEWS
Safe Harbor Financial
Third-quarter revenue for Safe Harbor Financial increased 38.6% to $2.38 million for the three-months ended Sept. 30, 2022, compared to $1.72 million for the third quarter of 2021. Loan interest revenue shot up 1,400% with nearly 700 accounts placed with the financial services company. Read more here.
Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) announced the national rebrand of its Grassroots premium cannabis flower brand and shared details on the brand’s previously announced expansion into California with the launch of Diamond Infused Pre-Rolls. Read more here.
During the three months ended Sept. 30, 2022, Unrivaled Brands generated revenue from continuing operations of $10.76 million composed of retail revenue of $8.77 million and cultivation/distribution revenue of $2 million. Read more here.