The Daily Hit is a recap of the top financial news stories for April 24, 2023.
On the Site
SNDL Delivers Uneven Earnings: Big Revenue Gain, Big Losses
SNDL Inc. (Nasdaq: SNDL) reported its earnings in Canadian dollars for the full year and fourth quarter ended Dec. 31, 2022. Net revenue for the quarter was $240.4 million, an increase of 4% over the third quarter of 2022, with sequential growth in liquor retail, cannabis retail, and cannabis operations segments. Read more here.
Detroit Businessman Pleads Guilty to Bribing Marijuana Regulator
A Detroit-area businessman who pleaded guilty Friday to bribing a top medical marijuana regulator in exchange for approval of state dispensary licenses said the payments included $4,000 a month for the official’s wife, who was paid as a “consultant” during the process. Read more here.
TILT Holdings Sees More C-Suite Shuffle, Gary Santo Departs CEO Role
Phoenix-based TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) announced a change in its top leadership. Gary Santo has resigned as the chief executive officer and board member, effective immediately. Tim Conder, a board member, has been appointed as the interim CEO. Read more here.
SC Labs Snaps Up C4 Labs Arizona
SC Labs, a U.S. cannabis and hemp testing company, has acquired Arizona-based C4 Laboratories for an undisclosed price. In a Monday statement, SC Labs said that the acquisition allows the company to expand its reach to the Arizona market, bringing the total number of states where the company is licensed and accredited to five: Arizona, California, Colorado, Michigan, and Oregon. Read more here.
Cannara Biotech Revenues Rise as Expansion Brings in More Profit
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) posted meaningful rises in net revenues for its fiscal second quarter results ending Feb. 28. The vertically integrated Canadian producer reported a 76% revenue increase, reaching $13 million, compared to the same period last year. The increase is attributed to the company’s expanding workforce and increased growing capacity. Read more here.
In Other News
Blueberries Medical Corp.
Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA), the Canadian parent of Blueberries S.A.S., reported revenue for the year ended Dec. 31, 2022, of $235,449, an increase of $96,702 (or 70%) from comparative period. The increase is primarily due to the introduction of the new product CBD isolate. Read more here.
Colorado Gov. Jared Polis and the Cannabis Business Office within the Colorado Office of Economic Development & International Trade announced the Cannabis Business Loan Program for social equity licensed cannabis businesses in Colorado. The CBO has partnered with mission-based lender NuProject to provide financing that is not otherwise available to cannabis businesses through traditional lenders. Read more here.
Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) repurchased an aggregate of approximately $22.3 million (US$16.6 million) principal amount of its convertible senior notes in multiple transactions since the start of April 2023 at a total cash cost, including accrued interest, of $16.7 million and $5.3 million (US$4.0 million), including accrued interest, satisfied by the issuance of an aggregate ~6.35 million common shares of Aurora. Read more here.