The Daily Hit is a recap of the top financial news stories for July 26, 2023.
On the Site
Tilray Brands Stock Jumps on $30M Revenue Beat
Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) stock was up more than 20% after the cannabis CPG giant surprised investors with boosts in revenue and adjusted EBIDTA, while lowering its net loss for the fourth quarter ending May 31. The company posted net revenue of $184 million for the fourth quarter, notching 20% year-over-year growth. Read more here.
Sol Global’s Cannabis Holdings Get Haircuts in Valuations
SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) reported unaudited financial results for the second quarter ended May 31, 2023. The company has become more diversified and its cannabis holdings now account for only about 20% of its business. Read more here.
22nd Century Group Names New CEO, Initiates Cost Reduction
Tobacco and cannabis company 22nd Century Group, Inc. (Nasdaq: XXII) reported that John Miller, who leads the tobacco business unit, has been appointed as interim Chief Executive Officer. In addition, the company secured an additional $11.7 million in gross proceeds from registered direct financing and announced the start of an estimated $15 million annualized cost reduction initiative. Read more here.
Chris Webber Scales Back $175 Million Detroit Cannabis Plan as Market Sours
Chris Webber’s planned $175 million marijuana development in Detroit remains unfinished in southwest Detroit nearly two years since it was announced. Market conditions that sank marijuana prices by more than 56% between breaking ground and now kept Webber from advancing on the project. He said the company still has plans but is scaling them back. Read more here.
Craft 1861 to Sell Plant-Touching Operations in New Mexico
Craft 1861 Global Inc., a wholly owned subsidiary of Craft 1861 Global Holdings Inc. (Cboe Canada/NEO: HUMN), has entered into a binding letter of intent to divest its plant-touching operations in New Mexico to RKA LLC. Read more here.
In Other News
Gold Flora Corp.
Gold Flora Corp. (NEO: GRAM) launched a new sales and distribution company, Stately Distribution to provide service and support to the California cannabis market. Stately will operate comprehensive sales and management for the Gold Flora’s rapidly growing first-party brands, which with the recent merger with The Parent Co., includes nine brands, as well as a select group of strategically curated third-party partner brands. Read more here.
Ohio Recreational Marijuana
A proposal to legalize adult use of cannabis in Ohio narrowly fell short Tuesday of the signatures it needed to make the fall statewide ballot. Backers will have 10 days, or until Aug. 4, to gather at least 679 more signatures. Read more here.
Gold Leaf Acres
The Oklahoma Medical Marijuana Authority made an arrest after an anonymous complaint about a licensed grow facility led to an inspection where thousands of untagged cannabis plants and over 600 pounds of untagged cannabis were discovered. Read more here.