TPCO Holdings Archives

StaffJune 5, 2023

The Daily Hit is a recap of the top financial news stories for June 5, 2023.

On the Site

Cannabis Celebrates Gay Pride Month

The cannabis industry owes a debt of gratitude for the early push for legalization. Green Market Report had a chance to speak with the inclusive group Proud Mary, and others, at the recent CWCB Expo in New York City. Watch the video here.

Atlas Global Shutters Alberta Site, Lays Off 50 Workers

Atlas Global Brands Inc. (CSE: ATL), a budding Canadian-Israeli cannabis company, is shutting down its Alberta operations in a bid to slash costs and streamline its operations in the country. In a statement, the company said that it would also liquidate any assets tied to its smaller companies in the region, which includes layoffs impacting “approximately 50 employees.” Read more here.

ICYMI: TPCO Shareholder Blasts Proposed Gold Flora Deal

Geronimo Capital founder and TPCO (OTC: GRAMF) shareholder George Allen sent a letter to the company’s CEO Troy Datcher outlining why he thinks the deal with Gold Flora is terrible. Allen questioned the numbers supporting the transaction and suggested that the board could be doing the deal because it benefits them more than shareholders. Read more here.

Monthly Illinois Cannabis Sales Inch Upward in May, State Reports

Cannabis retailers in the Land of Lincoln sold $132.7 million in marijuana last month, according to the Illinois Department of Financial and Professional Regulation, less than a $1 million increase from the $131.9 million in April sales. Read more here.

LeafLink Partners with Logistics Shop to Optimize California Cannabis Supply Chain

New-York based LeafLink, a major cannabis wholesale platform, is partnering with Leafgistics, a cannabis logistics company, to coordinate and streamline the storage and movement of cannabis products across the California market. Read more here.

In Other News

Greenlane Holdings

Greenlane Holdings Inc. (Nasdaq: GNLN) will effect a one-for-10 reverse stock split of its Class A common stock, par value $0.01 per share, that will become effective on June 5 at 5:01 p.m. Eastern Time. The reverse split is primarily intended to bring Greenlane into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq. Read more here.

Grow Labs Organics

Investors have high expectations for a medicinal cannabis startup based on the Isle of Man, which has secured a £1m seed funding round. Grow Lab Organics – founded by Alex Fray, Charlie Price, and Charlie Lyons – is researching and growing different strains of medicinal cannabis.

Colorado

The governor of Colorado has signed a bill into law that would allow online marijuana sales. It strikes language from existing statute that explicitly prohibits cannabis from being sold on the internet, while adding regulations to provide for online commerce. Read more here.

StaffMay 30, 2023

The Daily Hit is a recap of the top financial news stories for May 30, 2023.

On The Site

Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year

Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.

New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing

New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.

Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins

Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.

Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana

Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.

YourWay Cannabis Can’t Find An Auditor For Filings

YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.

In Other News

Minnesota

Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.

Ohio

Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.

North Carolina

A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.