The Daily Hit is a recap of the top business stories in the cannabis industry for April 25, 2022.
On The Site
Cannabis investors have seen stock prices tumble even as cannabis companies report increasing sales. Green Market Report recently asked some leaders in the cannabis industry how they felt about the market in general despite the market pessimism. Read more here.
While most of the country was celebrating 420 last Wednesday, New Hampshire politicians were doing the opposite. WMUR reported that the state’s Senate Ways & Means Committee voted unanimously against a House bill that would make New Hampshire a “cannabis control” state, legalizing marijuana but allowing it to be sold only at state-owned storefronts, much like the current system for liquor. Read more here.
High Times is celebrating the four-year anniversary of its IPO filing by once again extending the offering. This time it’s being extended to June 30, 2022. Not that anyone can buy any stock. The company was told by the SEC that it couldn’t sell any more shares until it posted updated financial information, which it hasn’t. Read more here.
In Other News
Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) has formed HC Solutions Holdings Inc., a Joint Venture with Green Acre Capital Distribution Corp., for the purpose of distribution of cannabis throughout the United States, initially focused on accelerating the Company’s expansion into cannabis distribution operations in California. Subsequent to the formation of the JV, Green Acre completed a $2 million investment directly in the JV. Green Acre has funded its investment through an option agreement with Johnson Brothers, a leading wine, spirits and beer distributor in the United States. Read more here.
High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) announced approximately CAD$1,372,600 in total retail gross revenues across all retail platforms on April 20, 2022 (4/20), representing a 76.21% increase from the previous Wednesday. The company’s Canadian bricks-and-mortar stores reported a 63.05% increase, while sales across its e-commerce platforms (Grasscity.com, Smokecartel.com, Dailyhighclub.com, Dankstop.com, Nuleafnaturals.com, FABCBD.com, BlessedCBD.co.uk, and BlessedCBD.de) reported an increase of 129.41% over the previous Wednesday. Read more here.