The Daily Hit is a recap of the top financial news stories for Nov. 29, 2023.
On the Site
New York’s Adult-Use Market Set to Move Forward on Hundreds of Licenses
Hundreds of licensees will be allowed to move forward with opening adult-use cannabis stores in New York following the settlement of a pair of lawsuits filed over the state’s rocky recreational rollout. The process has been on hold for months as the cases worked their way through the state courts. Read more here.
Cansortium Expands in Florida as Revenue Climbs in Q3
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), which operates under the Fluent banner, reported a significant rise in revenue alongside solid operational growth for the third quarter ended Sept. 30. Despite those positive financial results, the company still faced mounting expenses and a net loss. Read more here.
RIV Capital Lowers Losses Even as Revenue Ticks Down
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) net revenue for the quarter of $1.7 million, a decrease from $2 million in the same period last year. The decline was primarily linked to competitive pressures in the medical cannabis retail business, influenced by the troubled launch of the adult-use market in New York and the expansion of the illicit market in the state. Read more here.
• Ayurcann Losses, Revenue Shrink in Q1
• Good Shroom Co. Nearly Triples Revenue, But Still Posts Loss for FY2023
• Red White & Bloom Still Awash in Red Ink as Revenue Dips
ICYMI: Insiders: Southern California Cannabis Still Plagued by Illicit Competition, High Taxes
The sixth anniversary of the launch of California’s adult-use cannabis market fast approaching, but the largest recreational marijuana market in the world still has yet to figure out how to replace its enormous illicit market with legal businesses. That’s what several SoCal industry insiders told Green Market Report this week. Read more here.
In Other News
Incannex Healthcare Inc. (NASDAQ: IXHL) implemented its transaction to redomicile Incannex Healthcare from Australia to the United States as of Nov. 28. Shares of common stock issued in connection with the redomiciliation are expected to commence trading on The Nasdaq Stock Market LLC under the symbol IXHL on Nov. 30. Read more here.
1933 Industries Inc. (CSE:TGIF) (OTCQB:TGIFF), a Nevada-focused cannabis cultivator and producer, reported total revenue for the fiscal year ended July 31 of C$18.3 million, a year-over-year increase of 46% from fiscal 2022. Read more here.
PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) reported revenue of C$351,688 for the third quarter ended Sept. 30., a 26% decline from the same period a year ago. The Canadian parent company of a Colombian cannabis operation recorded a net loss of C$2.8 million for the period, compared with a year-ago net loss of C$5.2 million. Read more here.