Ohio Issue 2 Archives

StaffDecember 1, 2023

Ohio Gov. Mike DeWine called on the state legislature to find a “sweet spot” for tax rates.

StaffNovember 30, 2023

The Daily Hit is a recap of the top financial news stories for Nov. 30, 2023.

On the Site

Ohio Bill Would Allow Local Bans, Additional Taxes on Cannabis Businesses

A Republican state lawmaker in Ohio has introduced a bill to partially gut the voter-approved ballot measure that legalized recreational marijuana in the midwestern state earlier this month, setting the stage for a possible legislative battle over the future shape of the state’s cannabis trade. Read more here.

California, Michigan Move to Fund Social Equity Programs

Both California and Michigan made separate moves to get more funding to social equity cannabis companies in recent days, with the former poised to award $15 million to local governments that have social equity permit programs and the latter newly reserving $1 million in grants for eligible companies. Read more here.

StateHouse Looks for New Revenue Streams, Efficiencies as California Struggles

California-based StateHouse Holdings Inc. (CSE: STHZ) (OTCQB: STHZF) recorded a $17 million loss in the third quarter this year, up dramatically from the $1.9 million net loss in the second quarter, but down year-over-year from the $20.1 million the company lost in the same period a year ago. Read more here.

Simply Better Brands Revenue Grows 45% in Q3, Losses Trimmed

Simply Better Brands Corp. (TSXV: SBBC) (OTCQB: SBBCF) reported its interim financial results for the third quarter ended Sep. 30, during which revenue grew 45% to $19.4 million. The company noted that the revenue growth was achieved while simultaneously reducing operating expenses by $4.3 million. Read more here.

More Earnings:

• Adastra Revenue Keeps Climbing, Losses Trend Down in Q3

• MTL Cannabis Q2 Revenue Soars Post-Merger

• Vibe Growth Net Loss Inches Upward as Revenue Shrinks in Q3

In Other News

POSaBIT Systems Corp.

POSaBIT Systems Corp. (CSE: PBIT) (OTC: POSAF) reported revenue of $13.6 million for the third quarter ended Sept. 30, up 32% over the same period a year ago. Net loss for the quarter was $7.5 million. Read more here.

Oregon

For most of 2023, a downward trend in cannabis production in Oregon promised an easing of the industry’s woes. But state economists Mark McMullen and Josh Lehner’s most recent forecast, released Nov. 20, contained crushing news for the industry. Read more here.

Virginia

A new report found that because of high prices, fewer Virginians obtain medical cannabis through the state’s regulated market, compared to other states. The data revealed the cost of a gram of medical marijuana costs $14 in Virginia. A gram of medical cannabis costs $8.73 in Washington DC, while a gram of adult-use cannabis in Maryland costs $9.27. Read more here.

John SchroyerNovember 30, 2023

The changes target several provisions, from social equity funding to potency caps.

StaffNovember 20, 2023

The Daily Hit is a recap of the top financial news stories for Nov. 20, 2023.

On the Site

4Front Revenue Slips as Legal Woes Mount

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported pro forma revenue from continuing operations for the third quarter of $28 million versus $31.38 million for the second quarter. The company attributed the revenue decrease to lower pricing coupled with transitory pressures from competitors liquidating inventory before leaving the market. Read more here.

SNDL, Nova Cannabis Scrap Planned Merger, Maintain Ties

SNDL (Nasdaq: SNDL) and Nova Cannabis Inc. (OTC: NVACF) announced they have mutually agreed to terminate their strategic partnership agreement, ending a year-long quest to fuse the Canadian operators. Read more here.

Ohio Cannabis Companies Anxiously Await Clarity on Adult-Use Regulations

With the Ohio state legislature considering edits to the adult-use law approved by voters and an unclear outlook for how program rules may be shaped by regulators, industry stakeholders are grappling with a host of uncertainties that could impact them and the nascent rec market as a whole. Read more here.

Inside the Mind of Storz & Bickel’s Jürgen Bickel

Jürgen Bickel, alongside Markus Storz, has been instrumental in establishing Storz & Bickel as a leader in high-end vaporizers. But that quality and reputation comes with a hefty price tag. Even so, the products continue to attract a loyal customer base. Read more here.

In Other News

Cronos Group

A New York federal judge has thrown out a consolidated investor suit alleging Canadian cannabis company Cronos Group Inc. misled investors about its revenue, saying the consolidated complaint fails to indicate that the company’s officers were making deliberate misstatements. Read more here.

Canopy Growth Corp.

Canopy Growth Corp. (TSX: WEED) (NASDAQ: CGC) received approval from the Ontario Superior Court to sell all or substantially all of the assets of BioSteel Canada and BioSteel Manufacturing LLC. Read more here.

StaffNovember 20, 2023

Industry stakeholders are grappling with a host of uncertainties.

StaffNovember 14, 2023

The Daily Hit is a recap of the top financial news stories for Nov. 14, 2023.

On the Site

Tryke Sues Curaleaf Over Alleged $13M Price Change to Merger Deal

Multistate operator and cannabis titan Curaleaf has been sued over allegations that it wrongly changed the deal terms of a merger after the purchase had already closed. Three-state operator Tryke Companies, which does business as Reef Dispensaries, said in a lawsuit that Curaleaf wrongly tried to drive the cash price down by $12.9 million after the deal closed, with no justification for the change. Read more here.

Recreational Cannabis Brings More Tax Revenue than Alcohol in Michigan

Recreational marijuana is bigger than beer, wine, and liquor in Michigan. During the 2023 fiscal year, which ended on Sept. 30, the state of Michigan collected nearly $100 million more in recreational marijuana excise taxes than in fiscal year 2022, according to a House Fiscal Agency report released last week. Read more here.

Ohio Republican Legislators Willing to Push Back on Issues 1, 2

Ohio voters last week supported a constitutional amendment guaranteeing basic abortion rights and a law allowing the legal use of recreational marijuana. Some Republican state lawmakers quickly went on the record pushing back against the measures, vowing to use legislative oversight and powers to upend or ignore the changes. Read more here.

Jushi Still Awash in Red Ink Despite Trimming Losses

Florida-based Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) reduced its losses for the third quarter this year by 62% year-over-year, but it still lost $20.6 million, bringing its losses for the year so far to $47 million. Read more here.

The Cannabist Revenue Flat as Maryland Market Grows

The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CBSTF), formerly known as Columbia Care, reported its financial results for the third quarter ended Sept. 30. Revenue dropped slightly from last year’s $135 million to this year’s $129 million, it was also essentially flat from the second quarter. Read more here.

More earnings:

• Body and Mind Cuts Losses to $20M in Latest Fiscal Year

• BYND Sales Slip as Regional Tensions Rise

• Gold Flora Financials Benefit from TPCO Merger

• Goodness Growth Loses $5.2M Despite Revenue Increase

• Ispire Records Net Loss Despite Strong Growth in Vape Sales

• Lowell Farms Revenue Continues to Decline

• MediPharm Labs Adds M&A Back to Growth Strategy

• Safe Harbor Revenue, Deposits Up as Company Passes $20B Milestone

• Margin Pressures, Competition Drive Schwazze’s Q3 Loss

• Unrivaled Brands Sees Revenues Slip As Legal Cases Mount

Get more cannabis earnings updates here.