The Daily Hit is a recap of the top financial news stories for May 31, 2023.
On The Site
Cronos Exiting U.S. Hemp CBD Market
Toronto-based global cannabis company Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) on Wednesday announced its departure from the United States hemp CBD industry, saying it plans to refocus on the Canadian marijuana market until cannabis is federally legalized in the U.S. Read more here.
Skymint to Hit Auction Block with Lender as Stalking Horse Bidder
The assets of embattled Michigan marijuana cultivator and retailer Skymint will be auctioned off. After three months under a court-appointed receiver, saving the company under current leadership appears to be not possible, according to a motion filed by Gene Kohut. Read more here.
MedMen Trims Losses, But Still a Going Concern
Despite its financially precarious position, MedMen Enterprises Inc. (OTCQX: MMNFF) (CSE: MMEN) trimmed its annual losses and opened another store in Illinois this year. Still, the California-based multistate operator is facing major headwinds and remains a going concern, according to its latest quarterly earnings report for its fiscal 2023 third quarter. Read more here.
• Cansortium Sees Revenue Uptick as Fluent Expansion Continues
• Red White & Bloom Makes Headway in U.S. Cannabis Market
• StateHouse Revenues Rise As Debt Bill Looms
Green Cross Colorado Founder Sues CEO, Alleges Embezzlement, Tax Fraud
The founder of a successful cannabis beverage company in Denver filed suit against his business’s CEO and two associates, alleging that the executive and his collaborators stole millions from the company over a years-long span. Daniel Griffin, the founder of Green Cross Colorado LLC, filed a lengthy 12-count lawsuit in Denver District Court. Read more here.
Minnesota Expands Medical Market, Legalizes Adult Use
The long-awaited bill legalizing recreational marijuana in Minnesota has been signed into law by Gov. Tim Walz, following approval from the state Senate in a narrow 34-32 vote. Minnesota becomes the 23rd state in the U.S. to legalize adult-use cannabis. Read more here.
In Other News
Shares in Perth-based medical cannabinoid developer Zelira Therapeutics’ (ASX: ZLD) rocketed by 256% today after the company revealed its diabetic nerve pain drug had delivered what it says are superior results to Lyrica, Pfizer’s global market-leading neurology product. Read more here.
Medicine Man Technologies Inc. (OTCQX: SHWZ) (NEO: SHWZ), which operates as Schwazze, promoted its president, Nirup Krishnamurthy, to the role of chief executive officer. Justin Dye, now former CEO and executive chairman, will continue to lead the board of directors as its nonexecutive chairman. Read more here.
California-based CuraScientific Corp. (OTC PINK: CSTF) purchased the microbusiness cannabis license held by Chad Enterprises LLC for $600,000. CuraScientific plans to expand its customer acquisition, delivery routes, and territories with the new license. Read more here.