Adam JacksonAugust 18, 2023
Tilray has been on a spree since its recent earnings beat.
Tilray Brands Archives - Green Market Report
Adam JacksonAugust 18, 2023
Debra BorchardtAugust 16, 2023
Instead of paying, Tilray passed the bill onto Privateer's founders.
StaffAugust 8, 2023
The Daily Hit is a recap of the top financial news stories for Aug. 8, 2023.
On the Site
Tilray Leans into Beer in All-Cash Deal
Cannabis company Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) continued to expand its alcohol footprint by acquiring eight beer and beverage brands from Anheuser-Busch (NYSE: BUD) in an all-cash deal. Read more here.
Colorado Audit Finds Lax Cannabis Industry Oversight by State
A Colorado state audit requested by lawmakers on inspections of marijuana dispensaries found that regulators hadn’t lived up to their mandate, with oversight spotty and incomplete between 2019 and 2022. Read more here.
Cronos Reports Reduced Revenue, Announces Asset Sale
Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) delivered its 2023 second-quarter earnings as lower flower sales in Israel caused total revenue to fall to $25.7 million. Cronos also reported a net loss of $8.4 million, withdrew guidance, and announced the sale of assets. Read more here.
Green Thumb Industries Continues Profitable Streak in Q2
While GTI’s latest quarterly performance was an increase from the first quarter, with profits up 46% from Q1’s $9.1 million in income, the numbers are down from the same time period a year ago, when GTI made $24.4 million. Read more here.
More Earnings:
• AFC Gamma Falls Short on Revenue as Tenants Skip Rent
• Ascend Wellness Delivers Solid Second Quarter
• GrowGeneration Sees 15.1% Same-Store Sales Slump
• Verano Posts Solid Second Quarter Revenue, Raises Guidance
• Weedmaps Returns to the Black in Q2 with $1.9 Million Profit
In Other News
SMRB LLC
A cannabis company own er must pay nearly $700,000 in restitution and civil fines for his role in a scheme that ultimately defrauded investors out of $4.8 million, the Ninth Circuit has ruled, saying it didn’t matter the yacht he bought with investor money was worth less than the amount he “ultimately lost” in the scheme. Read more here.
BYND Cannasoft Enterprises
BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN, CSE: BYND) reported revenue increased 21% to C$251,047 in Q2 2023 from C$207,653 in the same period a year ago. Net loss increased 242% to C$1.1 million. Read more here.
Missouri
Missouri’s application period for microbusinesses will close this week. Next month, the Missouri Lottery will pick six winners from each of the state’s eight congressional districts, for a total of 48 new small business licenses. Read more here.
Debra BorchardtAugust 8, 2023
The company is laying the groundwork for THC beverages.
Adam JacksonAugust 1, 2023
Zuanic predicted continued growth in Canadian market despite seasonal variances.
StaffJuly 27, 2023The Daily Hit is a recap of the top financial news stories for July 27, 2023.
On the Site
Mastercard Fallout Means More Pain for Cannabis Industry
When financial titan Mastercard Inc. (NYSE: MA) cut ties with a swath of payment processors that had been aiding marijuana retailers across the country, the news sent shivers down the collective spine of the cannabis industry. Analysts predicted the move would only increase the likelihood of all-cash transactions, thus heightening the chances of more violent robberies. Read more here.
Tilray Leverages CPG Expertise to Build Beyond Cannabis
Against the backdrop of a tumbling sector, Tilray’s fourth-quarter and full-year financial results for 2023 were dynamite. The company reported better-than-expected top-line results across all segments. The adult-use cannabis segment recorded its best revenue generation in nearly eight quarters despite the challenges of price deflation. Read more here.
Michigan Cannabis Companies Wanted a Crackdown on Unlicensed Cannabis – They Got It, and Then Some
After years of little to no enforcement under former Michigan Cannabis Regulatory Agency Executive Director Andrew Brisbo, operators demanded a change. They wanted regulators to root out the illicit market marijuana entering the legal space and cratering prices and to also punish those involved in the schemes. The industry is now crying foul and is urging the agency to slow down fines and apply them more evenly under sustained pricing pressure. Read more here.
Imperial Brands to Retain Cannabis Investment as Auxly Extends Debenture Maturity
Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF) has announced a two-year extension to the maturity date of a $123 million debenture held by its partner, Imperial Brands PLC. The loan, originally due in September 2024, will now mature in September 2026. Read more here.
Cannara Biotech Delivers Solid Quarter as Company Grows
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) announced its fiscal third quarter 2023 financial and operating results for the third quarter ending May 31, 2023. Cannara Biotech reported revenue of $15.8 million versus last year’s $9.9 million for the same time period. The company also reported net income of $2.9 million versus last year’s net income of $1.4 million in the same time period. Read more here.
In Other News
Tantalus Labs
A B.C. Supreme Court judge has approved the bulk sale of more than 1.2 tonnes of cannabis by a company after the Canada Revenue Agency threatened to destroy it. In a ruling released online this week, the court allowed Tantalus Labs Ltd. to move ahead with a hasty sale of its remaining inventory of cannabis flower. The agency had earlier declined to renew the company’s excise tax license due to financial difficulties. Read more here.
Missouri
Regulators at the Missouri Department of Health and Senior Services have had trouble holding medical-marijuana businesses accountable for things that went against their rules. But when new cannabis regulations go into effect on Sunday, officials will have that power to hit marijuana facilities with fines, suspend their operations or even revoke their licenses if they host events where unlawful activity occurs. Read more here.
Adam JacksonJuly 27, 2023
Growth in both sales and profit suggests a general positive trajectory for the company.
StaffJuly 26, 2023
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.
StaffJune 14, 2023The Daily Hit is a recap of the top financial news stories for June 14, 2023.
On the Site
Hexo Shareholders Greenlight Tilray Deal, Company Warns of Possible Default
Canadian licensed cannabis producer Hexo Corp. (TSX: HEXO) (Nasdaq: HEXO) is set to be acquired by Tilray Brands, following a formal sign-off on Wednesday by Hexo shareholders in a near-unanimous vote. If the deal doesn’t go through as planned by the end of the month, Hexo could wind up in default, the company warned. Read more here.
Maryland Regulators Shut Down Cookies Baltimore Over Advertising, Security Breaches
Cookies Baltimore, formally known as MIMD Operating 1 LLC, opened its doors on May 15 and found itself in hot water less than a month later. The court document obtained from the Maryland Cannabis Administration details alleged breaches of both the Cannabis Reform Act and Code of Maryland Regulations. Read more here.
High Tide Revenue Rises, But Company Still in the Red
Canada-based High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) drastically improved its revenue for its second fiscal quarter, which ended April 30, by a whopping 46%, but the company still fell short of profitability, with a $1.6 million net loss. Read more here.
Aurora Cannabis Revenues Rise as Cash Burn Rages
Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) reported total net revenue for its fiscal third quarter was $64 million, which rose sequentially from the second quarter’s revenue of $61.7 million and topping last year’s revenue of $50.4 million. The company attributed the increase to the contribution of $10.8 million from Bevo, which was acquired in August 2022. Read more here.
Aleafia Revenue Increases Slightly Ahead of RWB Acquisition
Aleafia Health Inc. (TSX: AH)(OTCQB: ALEAF) delivered its audited financial results for the quarter and fiscal year ending March 31 in Canadian dollars. During the fourth quarter, total revenue increased 9% to $11.7 million from $10.7 in the 2022 fourth quarter. Read more here.
In Other News
Pineapple
Pineapple Inc. (OTC Pink: PNPL), a legal cannabis industry operator focused on non-plant touching activities, such as leases to licensed cannabis operators, online, and in-store hemp-derived CBD transactions, and cannabis business licensing and consulting services, has acquired Pineapple Wellness Inc. and its e-commerce platform, PineappleWellness.com. Read more here.
PRODUCT RECALL: Kind Care of Colorado & Elevated
Another marijuana recall over mold and yeast concerns has hit Colorado, with the latest safety notice impacting dispensaries in Fort Collins and Longmont. According to a June 14 recall notice from the Colorado Marijuana Enforcement Division, Kind Care of Colorado in Fort Collins and Longmont dispensary Elevated sold potentially unsafe marijuana flower, shake and pre-rolled joints from February 10 to June 6 of this year. Both medical and recreational marijuana harvests were included in the recall. Read more here.
John SchroyerJune 14, 2023
If the deal doesn't go through as planned by the end of the month, Hexo could wind up in default.
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