The Daily Hit is a recap of cannabis business news for August 17, 2022.
ON THE SITE
Cresco Labs Revenue Rises, Maintains Wholesale Leadership
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) rose in early trading Wednesday morning with the company posting positive second-quarter results — reinforcing its position as the largest wholesale cannabis provider as it shores up its M&A moves. The Chicago-based cannabis operator released its financial results for the three months ended June 3o, 2022. Read more here. Read more here.
Lev Inches Toward $100 Million in Cannabis Capital
Lev, a commercial real estate (CRE) financing platform, said it completed more than $40 million in cannabis CRE loans across five different sponsors, with an additional $50 million in the pipeline. The news comes as cannabis are increasingly struggling to find funds to back their ventures amid a tightening environment – stymied by a lack of federal banking regulation. Read more here.
Cities Not Buy Cannabis Church Beliefs
In the early days of the legalization and decriminalization of cannabis, efforts have been attempted to link cannabis to a church. The move seems to suggest that members of the church should be afforded certain freedoms. If cannabis use was shown to be part of spiritual practice, then the church members argue they should be allowed to do as they please during these ceremonies. That their method of worship should be respected. Read more here.
Psylocibin Company Mydecine Shuts Down
Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) is basically shutting down as the company has burned through its cash and is closing its research operations in Denver Colorado. The psilocybin company reported financial results for the six months ending June 30, 2022, with a net loss of $8.09 million or a basic and diluted loss per share of $(1.31). Read more here.
IN OTHER NEWS
Tilray Brands, Inc.
Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, today announced that its medical cannabis division, Tilray Medical, has received approval to commercialize its Tilray branded medical cannabis products in Poland expanding its product offering and distribution across pharmacies in Europe. Read more here.
RAMM Pharma Corp.
RAMM Pharma Corp. (CSE: RAMM), announced its intention to commence a normal course issuer bid, under which it may purchase up to 5% of the current number of issued and outstanding common shares of the company. Read more here.
Farmhouse Inc. (OTCQB: FMHS) announced today the licensing agreement for Mutant Ape Yacht Club #30000, “Mega Robot,” as the face of a new web3 enabled brand launching in the cannabis industry. The licensing agreement is part of the company’s planned growth strategy into web3 by connecting the Farmhouse network of cannabis brands to exclusive and exciting NFT communities. Since June, the company has grown its NFT licensing portfolio to include Bored Ape Yacht Club, Mutant Ape Yacht Club, CryptoPunks, Meebits, CrypToadz, Doodles, and more. Read more here.