The Daily Hit is a recap of cannabis business news for August 18, 2022.
ON THE SITE
Ayr Wellness Raises Guidance Despite Headwinds
Ayr Wellness Inc. (OTCQX: AYRWF) hiked its outlook for the year on Thursday despite posting results that missed expectations — as sales slip and losses rise. The multi-state operator reported financial results for the first quarter ending June 30, 2022. Read more here.
Decibel Sees Record Revenue, Preps for Exports to Israel
Decibel Cannabis Company Inc. (TSX-V: DB) (OTCQB: DBCCF) posted promising results as it continues to find gains in the Canadian market and overseas. The Alberta-based company delivered its financial report card using Canadian dollars in the period ending June 30, 2022. Read more here.
Medical Marijuana Sales Slip in the Second Quarter
Medical Marijuana Inc. (OTC: MJNA) reported $7.8 million in net revenue in the second quarter of 2022. This fell from last year’s revenue of $9.6 million for the same time period in 2021. The company also reported a net loss of $11 million versus last year’s net income of $7 million. Read more here.
JuicyFields Ponzi Scheme Highlights Many Points of Failure
Like the plot of an improbable fintech thriller, cannabis e-investment conglomerate JuicyFields has imploded into an apparent Ponzi scheme of massive proportions, leaving tens of thousands of online investors wondering who is responsible for the biggest swindle in cannabis. Read more here.
Americans Perception of Psychedelics is Shifting
The science of psychedelics continues to validate what clinicians have known for years about the benefits in treating mental health. Over the last 30 years, the science of psychedelics has accelerated and continues to validate what clinicians have known for years about the benefits of psychedelics in treating mental health and wellness. Read more here.
IN OTHER NEWS
High Tide Inc.
High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that it has entered into a binding commitment letter with Connect First Credit Union Ltd. for a $19 million credit facility with an initial 5-year term, at connectFirst’s floor interest rate. Read more here.
PuraVerde, Inc., a cannabis company and operator, today announced the launch of its streamlined Regulation A, Tier 2 public offering for both un-accredited and accredited investors. Driving innovative research and development, PuraVerde is formulating products for the future of commercial cannabis. Read more here.
TYSON 2.0, Verano Holdings Corp.
TYSON 2.0, legendary boxer, entrepreneur, and cannabis advocate Mike Tyson’s cannabis company today announced the launch of its Ric Flair Drip Cannabis line in partnership with Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), a multi-state cannabis company. Read more here.
Zen Leaf Dispensary
Workers at the Verano/Zen Leaf Dispensary in the neighborhood of Pilsen have voted by a margin of more than 90% to join Teamsters Local 777. The vote in favor of unionization comes in spite of the fact that the company fired union supporters during the campaign. Read more here.
Small Pharma Inc.
Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that the TSX Venture Exchange has accepted the company’s application for its normal course issuer bid for up to five million common shares in the capital of the company, representing 1.55% of the issued and outstanding shares, over a 12-month period. Read more here.
Bright Minds Biosciences
Bright Minds Biosciences (Nasdaq: DRUG) (CSE: DRUG), a biotechnology company focused on developing novel drugs for targeted treatment of neuropsychiatric disorders, epilepsy and pain, issued this news release in response to a request by the Investment Industry Regulatory Organization of Canada (IIROC) to comment on recent trading activity of its stock. Read more here.