The Daily Hit is a recap of the top financial news stories for Nov. 7, 2023.
On the Site
Missouri Dispensary Agrees to $145k Settlement With Union
The deal between Point Management – the registered name of Shangri-La – and the United Food and Commercial Workers Union Local 655 calls for the reinstatement of five terminated employees and severance pay for five others who chose not to return to the store, according to a statement from the National Labor Relations Board. Read more here.
Trees Corp. Pulls Out of Merger Deal With 420 Investments
Toronto-based Trees Corp. (CBOE: TREE) unilaterally pulled out of a merger with Alberta-based 420 Investments Ltd. just four months after the deal was trumpeted by both companies. Trees gave no reasons for the move, but said the deal was dead as of Nov. 2. Read more here.
Ascend Wellness Beats on Revenue by 33% in Q3
New York-based Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) reported a solid third quarter, with the key metric of same-store sales climbing as the company cuts costs. Ascend’s gross revenue for the period that ended Sept. 30 soared 26.6% from a year earlier to $169.9 million. Read more here.
Social Equity Spotlight: Tiana Hercules on Finding Balance in Connecticut
Tiana Hercules is no stranger to the struggles of marginalized communities. As a public defender in Connecticut’s capital, she’s seen “countless” lives upended by nonviolent drug charges. Now, in an industry at times both lucrative and controversial, she stands at the crossroads of commerce and justice, helping shape social equity in Connecticut’s nascent cannabis market while launching her own cannabis brand. Read more here.
In Other News
American Hemp Brands
California-based Chilco River Holdings Inc. (OTC PINK:CRVH) has acquired Colorado-based American Hemp Brands Inc., a manufacturer of water-soluble legal cannabinoid nanoemulsions. Read more here.
High Seas, a cannabis boutique, filed a Writ of Mandate against Costa Mesa, California, to compel the city to allow the dispensary to open its doors. The company noted that the delay is costing High Seas well over $110,000 per month in fees, including retaining several highly valued employees on salary. Read more here.
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) completed the expansion of its cannabis cultivation and production facility located in Chestertown, New York. Read more here.