Trulieve Cannabis Corp. Archives

Adam JacksonDecember 1, 2023

The sale is part of the company's restructuring efforts.

Debra BorchardtNovember 30, 2023

Despite persistent headwinds in the industry, cannabis operators remain optimistic about 2024.

StaffNovember 21, 2023

The Daily Hit is a recap of the top financial news stories for Nov. 21, 2023.

On the Site

Family Sues Trulieve Over Death in Massachusetts Cannabis Facility

The family of Lorna McMurrey, a 27-year-old woman who died from an asthma attack at a Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) production facility in Massachusetts, has filed a wrongful death lawsuit against the company. Read more here.

Slang Puts Itself up for Sale

Slang Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) may be putting itself up on the sales block.. The decade-old cannabis company retained PGP Capital Advisors LLC to assist in exploring, reviewing, and evaluating strategic alternatives that may be available to maximize shareholder value. Read more here.

Cronos Group Gets Investor Case Dismissed

Cronos Group Inc. (NASDAQ: CRON) got some good news from U.S. District Judge Eric N. Vitaliano when he dismissed the investor lawsuit against the cannabis company. The lead plaintiff in the case, Keith Norman, alleged that Cronos Group knew it mislabeled some transactions that it recorded as sales. Read more here.

MariMed Secures $58.7M from Needham Bank

MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) closed on a 10-year $58.7 million loan with Needham Bank, a Massachusetts-based community bank. The money from the loan will first be used to pay off existing loans and potentially buy some assets, the company said. Read more here.

Earnings:

• Indiva Posts Record Earnings as Cannabis Edibles Demand Surges

• LEEF Brands Faces Revenue Decline Despite Cost-Cutting Efforts

In Other News

AgriCann Solutions Corp.

AgriCann Solutions Corp. received licensing from Health Canada that allows for the production and distribution of a wide range of cannabis-infused products, including edibles, beverages, concentrates, and topicals (the “Cannabis 2.0 licence”), through AgriCann’s wholly owned subsidiary Newline Ventures Inc. Read more here.

Curaleaf Holdings

A lawsuit in Florida federal court alleges cannabis company Curaleaf discriminated against one of its managers due to his age and an injury he sustained at work by firing him after he enlisted an attorney to assist with his workers’ compensation claim. Read more here.

Veriheal

Cannabis health-tech company Veriheal announced the three winners of its annual Innovation in Cannabis Scholarship for 2023, each of whom will receive $10,000 to put toward college tuition and fees. Read more here.

John SchroyerNovember 16, 2023

Lorna McMurrey's death was the first-known on-the-job fatality for the legal cannabis industry - but not the last.

Adam JacksonNovember 10, 2023

Trulieve CEO: 'That court definitely leaned positive.'

StaffNovember 9, 2023

The Daily Hit is a recap of the top financial news stories for Nov. 9, 2023.

On the Site

Village Farms Leans on Brand Diversification to Navigate Cannabis Glut

Village Farms International (Nasdaq: VFF), an agriculture veteran turned cannabis grower, is weathering a competitive cannabis market by betting on brand variety and operational efficiency, executives said during the company’s third-quarter earnings call. Read more here.

Aurora Cannabis’ Diversification Strategy Pays off in Q2

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) is experiencing its “strongest fiscal year to date,” according to its chief executive officer. Total net revenue for the quarter was C$63.4 million, a year-over-year increase of 30.5%, mainly attributable to Aurora’s global medical cannabis business and its plant propagation business. Read more here.

Texas Receives 132 Applications for Low-THC Medical Marijuana Dispensaries

Despite Texas’ nearly symbolic “low-THC” medical marijuana law, which legalizes cannabis products that contain no more than 1% THC, the state received 132 applications for dispensary business permits. Read more here.

Rhode Island Marijuana Grower Fined $625k for Unregistered Products

A Rhode Island cannabis grower has agreed to pay a $625,000 fine and to yank a lawsuit it filed against the state, in exchange for permission to keep its business permit. Regulators found that Fire Ganja had 1,473 marijuana plants, 1,507 ounces of flower, 2,038 ounces of hash, and 276 ounces of concentrates, all without proper tracking tags affixed. Read more here.

Canopy Growth Could Be Writing a Turnaround Tale with Q2 Results

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) reported some improvement in its financials for the second quarter of the fiscal year 2024, hinting at a shift toward hope for the struggling operator. The company posted a net revenue of C$70 million with a gross margin of 34% for the quarter ended Sept. 30. Read more here.

Other Earnings:

• Charlotte’s Web Weathers Turbulent Q3 as Regulatory Hurdles, Competition Bite

• Curaleaf’s Expansion, Exits Buoy Mixed Q3 Results

• NewLake Capital Partners Up Year-Over-Year, Despite Problem Tenant

• Nova Records Surge in Revenue as SNDL Deal Close Nears

• Planet 13 Grapples With Headwinds in Q3 as Expansion Looms

• TerrAscend Projects Strong Pipeline as Cannabis Sales Surge in Q3

• Trulieve Grows Top Line, Sees Profitability Shrink in Q3

In Other News

MICHIGAN PRODUCT RECALL: Armada Cannabis Co.

A single batch of Armada Cannabis Co.’s Cannabis Apple Cider is being recalled because the products were not compliantly produced and don’t have the necessary ingredient to ensure shelf stability, the Michigan Cannabis Regulatory Agency said. The cans were sold between Oct. 11 and Nov. 1 with an expiration date of Jan. 1, 2024. Read more here.

Canada Greenhouse Capacity

One after another, many of Canada’s largest cannabis greenhouses and indoor grow operations have been sold or mothballed as the industry continues to search for a supply-demand equilibrium after years of overproduction. The facilities, each costing anywhere from 100 million Canadian dollars ($73 million) to more than CA$500 million, are being closed for various reasons. Read more here.

Clever Leaves Holdings

Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) reported revenue in the third quarter of 2023 increased 33% to $3.8 million compared to $2.9 million for the same period in 2022. Net loss was $5.1 million compared to a net loss of $20.2 million in the prior year period. Read more here.

Hydrofarm Holdings Group

Hydrofarm Holdings Group Inc. (Nasdaq: HYFM) saw its net sales decrease 27% to $54.2 million in its third quarter ended Sept. 30. Net loss was $19.9 million compared to a year-ago net loss of $23.5 million. Read more here.

Urban-Gro

Urban-gro Inc. (Nasdaq: UGRO) reported third-quarter revenue of $20.9 million, up 69% over the same period a year ago. Net loss was $3.4 million, or $0.29 loss per share, as compared to a net loss of $8.7 million, or $0.81 loss per share, a year ago. Read more here.

Adam JacksonNovember 9, 2023