The Daily Hit is a recap of the top financial news stories for May 2, 2023.
On the Site
Michigan Turning to State Testing Labs
The Michigan Cannabis Regulatory Agency hopes a new state-run marijuana testing lab can build trust in an industry in turmoil and ultimately root out potential corruption. The Legislature is expected to approve the state budget in the coming weeks, which includes a $4.4 million earmark for the CRA to establish, build and staff its own reference testing lab. Read more here.
Colorado Marijuana Company Cancels New York Entrance, Cites ‘Painful Delays’
Colorado cannabis company Terrapin Care Station decided to reverse course on a previously announced production facility in the town of Auburn, New York, which a company spokesman said was due to delays in getting the broader market operational. Read more here.
‘Dozens’ Line Up for Two First Georgia Dispensary Openings
Despite the restrictive nature of Georgia’s medical cannabis program – and the fact that there are only two dispensaries yet in the entire state – the debut of retail sales was met with jubilation on Friday and “dozens” of patients that swarmed the two shops when they opened for sales. Read more here.
Entourage Health’s Revenue Slips as Losses Mount
Late after the markets closed on Monday, Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced its financial results in Canadian dollars for the fiscal year ended Dec. 31, 2022. Revenue in the fourth quarter fell sequentially to $12 million from the third quarter revenue of $13 million. Read more here.
In Other News
At a hearing of the Wisconsin Legislature’s Joint Finance Committee on Tuesday, members voted 12-4 to eliminate numerous provisions of Gov. Tony Evers’s (D) budget request, including measures on legalizing, taxing, and regulating cannabis in the state. Read more here.
Green Thumb Industries
A blind trust overseeing Gov. Wes Moore’s investment holdings will have to divest a large portion of the Democrat’s holdings in the state’s growing cannabis industry. Topping the list of assets in Moore’s trust is nearly $1.2 million in stock in Green Thumb Industries (OTC: GTBIF) (CSE: GTII). Read more here.
GABY Inc. reported 2022 sales of $21.8 million, down 16% from sales in 2021. California-focused cannabis retailer recorded a net loss for the year of $29.3 million. The company also announced the departure of its CEO, Margot Micallef, who is temporarily resigning for personal reasons. Simon Lileikis, the company’s president, will fill the CEO role on an interim basis. Read more here.