The Daily Hit is a recap of cannabis business news for Dec. 6, 2022.
ON THE SITE
Weedmaps Lays Off 25% of Staff
The parent company of online cannabis marketing giant Weedmaps.com laid off a quarter of its staff, or 175 employees, as part of a cost-savings move, the company reported in a filing with the U.S. Securities and Exchange Commission this week. Read more here.
Doyen Elements Geoff Thompson to Plead Guilty
The cannabis fraud drama of Doyen Elements, or Covalent Collective, might finally be coming to an end. Geoff Thompson is scheduled to enter a plea of guilty at a hearing on Dec. 13, 2022. In December 2021, Thompson was charged in federal court in Chicago for ripping off investors to the tune of $950,000. Read more here.
Irwin Naturals Shores up Mental Health Clinics as Revenue Slumps
Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) posted results that showed dipping revenue as the nutraceutical giant tries to expand its wellness clinic footprint. The company attributed the slowdown in business to “volume and startup costs related to Emergence by Irwin Naturals (ketamine clinics) and Irwin Naturals Cannabis (intellectual property licensing to the cannabis industry).” Read more here.
Pennsylvania’s Trulieve Calling Dr. Wiz Khalifa
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced the official launch of Khalifa Kush premium medical marijuana products statewide in all Trulieve Branded Pennsylvania retail locations starting Monday, Dec. 12. Read more here.
Cannabis Industry Takes on Deadbeat Dealers
The cannabis industry is taking it upon itself to address deadbeat dealers within the industry – the people taking cannabis products to sell and then not paying for them. The most common payment term in retail is 30 days after the receipt of the product, however, that is being stretched to 60 and even 90 days in the cannabis industry. Read more here.
IN OTHER NEWS
HEXO Corp. (TSX: HEXO) (Nasdaq: HEXO), a producer of high-quality cannabis products, repaid the total outstanding principal amount of the company’s 8% unsecured convertible debentures issued Dec. 5, 2019, which matured on Dec. 5, 2022, in the amount of C$40.14 million together with all accrued and unpaid interest. Read more here.
Glass House Brands
Glass House Brands Inc. (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) closed the third and final tranche of its previously announced non-brokered private placement of Series B Preferred Stock, face value $1,000 per share of GH Group Inc., a subsidiary of the company. The final closing of the offering included approximately $7.8 million of cash. Of this, about $7 million was fresh capital. Read more here.