The Daily Hit is a recap of the top financial news stories for May 10, 2023.
On the Site
New York Regulators Issue Revised Cannabis Industry Rules
New York’s much-awaited revised marijuana industry rules were issued Wednesday by the Office of Cannabis Management, to the delight of stakeholders who immediately began poring over them for significant changes. The new rules are also on the agenda for Thursday’s Cannabis Control Board meeting. Read more here.
Many New York Stakeholders Skeptical of New Illicit Market Enforcement Push
Following a new push by New York Gov. Kathy Hochul to crack down on unlicensed cannabis sellers across the Empire State last week, few in the legal industry expressed optimism that the policy would have the intended effect, with several predicting that the unregulated market would simply pivot instead of giving up. Read more here.
Missouri Cannabis Sales Pass $1 Billion, Connecticut Sales Down Slightly
Missouri and Connecticut both launched adult-use cannabis markets at the beginning of the year, but they’re seeing very different sales trends. Read more here.
Trulieve Cannabis Records Net Loss Despite High Revenue
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced a net loss despite significant revenue from retail sales for the first quarter ending March 31. The U.S.-based cannabis giant reported a revenue of $289 million for the quarter, with 95% resulting from retail sales. This missed the Yahoo Finance average analyst estimate for sales of $292 million. Read more here.
• Some AFC Gamma Clients Having Trouble Making Payments
• NewLake Capital Tenant Issues Cloud Yearly Revenue Growth
• Schwazze Turns a Profit in First Quarter, Continues Expansion
• Verano Revenue Up 12%, Adult-Use Sales in Connecticut Bolster Results
• Village Farms’ Canadian Cannabis Sales Grow
In Other News
New York Conditional Adult-Use Retail Dispensary Licenses
A group of Conditional Adult-Use Retail Dispensary (CAURD) licensees have documented in a letter an “alarming and unacceptable” lack of communication and transparency among state cannabis regulators. The group of seven CAURD licensees, along with the Long Island CAURD Coalition and “several others” who signed anonymously, sent the letter late Tuesday night. Read more here.
The state of Vermont is cracking down on synthetic cannabis which officials say is creating confusion in the state’s fledgling legal marketplace. This includes delta-8 and delta-10 products. Read more here.