The Daily Hit is a recap of the top financial news stories for Aug. 17, 2023.
On the Site
Shinnecock Tribe Dispensary Still on Track Despite Tilt Comments
This week, Tilt Holdings (OTC: TLLTF) stunned many in the cannabis community when it decided to cut several social equity brands. During the conference call to discuss the latest earnings, interim CEO Tim Conder said Tilt’s partnership with the Shinnecock tribe was also “undergoing a deep analysis,” with construction of the retail store paused. The tribe says: Not so fast. Read more here.
Canopy Growth Sells Hershey Facility for C$53 Million
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) is selling its Hershey Drive facility in Smiths Falls, Ontario, as part of its move to become a simplified, asset-light operating model. Canopy Growth said it will retain its Smiths Falls-based post-harvest manufacturing facility. The facility will be sold to Hershey Canada Inc. for cash consideration of approximately C$53 million. Read more here.
AYR Wellness Revenue Increases, Expands in Florida and Ohio
Multistate cannabis operator AYR Wellness Inc. (OTCQX: AYRWF) reported a revenue increase of 18% year over year, reaching $116.7 million for the second quarter ending June 30. Read more here.
Adastra Sees Three-fold Rise in Q2 Revenue
Canadian extracts processor Adastra Holdings Ltd. (CSE:XTRX)(FRA:D2EP) reported its second-quarter financial results ending June 30, marking a three-fold rise in revenue from the previous year. During the period, Adastra recorded revenue of C$10.9 million, a 205% hike from the second quarter of 2022. Read more here.
Decibel Maintains Canadian Market Share, Cash Flow Tightens
Decibel Cannabis Company Inc. (TSX: DB) (OTCQB: DBCCF) reported notable gains for its second quarter sending June 30, with net revenue of C$30.9 million, a sequential rise of 14% from the previous period and an impressive year-over-year surge of 66%. Read more here.
In Other News
MTL Cannabis Corp.
MTL Cannabis Corp. (CSE: MTLC) received final approval to list its common shares on the Canadian Securities Exchange under the trading symbol MTLC. It will commence trading on the exchange at the opening of Monday, August 21.
Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN) reported revenues for the second quarter of 2023 of approximately $654,000, more than double the $312,000 for the same period the previous year. The revenue increase was primarily due to the collaboration agreement of Evogene’s subsidiary AgPlenus with Corteva and from sales of Lavie Bio’s ThrivusTM product. Read more here.
Vertical Peak Holdings
Vertical Peak Holdings Inc. (CSE: MJMJ) (OTC PINK: SPLIF) entered into binding letter of intent dated August 9 to sell all its California operations to Downwind Holdings Inc. Total aggregate net purchase price, including the deposit and assumed obligation, is estimated at CAD $12.3 million. Read more here.