The Daily Hit is a recap of the top financial news stories for March 9, 2023.
On the Site
Trulieve’s 2023 Road Map: Open More Stores and Bankroll Florida Legalization
Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) had a busy 2022 expanding and finishing off its blockbuster acquisition of Arizona-based Harvest Health & Recreation. By contrast, this year the company plans to spend more time keeping its head down and focusing on making money. Read more here.
Jones Soda Plans More Cannabis Expansion
Beverage maker Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) just finished its second year of a “three-year turnaround strategy” and is now making cannabis a core component that plan by expanding its infused-product offerings even further. Read more here.
Pennsylvania Lawmakers Weigh Options for Adult-Use Legalization
Now that Pennsylvania’s Democratic Gov. Josh Shapiro has formally introduced a budget that contains specifics for taxing adult-use cannabis, state lawmakers are beginning to examine different options on how a recreational market could be structured. That includes potentially letting state-run liquor stores sell marijuana instead of giving first crack at the market to existing medical marijuana companies. Read more here.
Ayr Wellness’ Early Bets on Emerging Markets Pay Off
Expansion efforts and key market partnerships are starting to pay off for Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) after new earnings show the Florida-based multistate operator’s new business strategies added meat to its balance sheet. The company generated $124.6 million in revenue in the fourth quarter. Still, the company reported a net loss of $166.4 million for the quarter. Read more here.
Village Farms Sales Dip Slightly in Fourth Quarter
Village Farms International, Inc. (Nasdaq: VFF) delivered revenue fell 5% to $69.5 million from last year’s $72.8 million. It just barely missed the Yahoo Finance average analyst estimate for revenue of $70 million. The company blamed the drop on a stronger U.S. dollar compared to the Canadian dollar decreasing reported U.S. sales for our Canadian Cannabis operations by ($2.4 million). Read more here.
In Other News
Unrivaled Brands Inc. (OTCQB: UNRV), a cannabis company with retail and cultivation operations throughout California, entered into a binding term sheet to resolve outstanding litigation with People’s California LLC, subject to final documentation. Upon execution of the binding term sheet, the parties agreed to inform the court of the settlement and request a stay of all pending litigation. Read more here.
California-based cannabis and lifestyle brand Stiiizy is entering the regulated cannabis market in Illinois, bringing the number of states where the company’s products are available to five. The brand’s launch in Illinois will include three of its signature product lines, with a rollout to more than 90% of the licensed dispensaries serving the state’s $1.5 billion adult-use cannabis market. Read more here.