The Daily Hit is a recap of the top financial news stories for Aug. 24, 2023.
On The Site
High Times Names Fifth CEO in 5 Years
Despite a looming deadline with its lender ExWorks, High Times named Shaun Jarvis as interim chief executive officer. The financially troubled cannabis media company saw the departure of CEO Paul Henderson, who was also the interim chief financial officer and a director of Hightimes Holding Corp. on August 15. Read more here.
POSaBIT Records $1.8 Million Loss Despite Spike in Revenue
Cannabis payment provider POSaBIT Systems Corp. (CSE: PBIT) (OTC: POSAF) posted a $1.8 million loss for the second quarter of 2023, despite increasing its revenue by 64% year-over-year to $13.4 million. Read more here.
Big Plan Holdings Buys PA Retail Spot from Ascend for $3.25M
Big Plan Holdings teamed up with Evelyn Capital to purchase a cannabis tenant retail building in Monaca, Pennsylvania, from Ascend Wellness Holdings for $3.25 million. Read more here.
Incannex Seeks FDA Approval for Psilocybin-Assisted Psychotherapy Program
Clinical-stage pharmaceutical Incannex Healthcare Ltd. (Nasdaq: IXHL) is moving forward with a new psychotherapy treatment program using psilocybin, the company announced Thursday. Read more here.
TGOD Merger Boosts BZAM Q2 Revenues Amid Losses
BZAM Ltd. (OTC: BZAMF) reported its financial results ending June 30, showing rises in revenue but much higher losses. Read more here.
Green Market Report Finance Awards: Top CEO Sundie Seefried
On August 3, Green Market Report hosted its 2023 Finance Summit. At the Summit, the winners of the 2023 GMR Cannabis Finance Awards were announced. The winner of the Top Chief Executive Officer was Sundie Seefried of Safe Harbor Financial (Nasdaq: SHFS), who has helmed the company since its debut in 2015. Read more here.
In Other News
CBD of Denver Reports Q2 Financials
Revenue increased 155% to $729,453 for Q2 2023, but the company still posted a $9,701 loss for the quarter. Read more here.
The Michigan agency that regulates the marijuana industry has taken up to two years to complete its disciplinary process against businesses that violated state policies, according to the results of an audit released Thursday. Read more here.
Maine’s Congressional Delegation is urging the Department of Justice to shut down foreign-owned, illegally operated marijuana businesses in Maine. Some of these reports identify Chinese ownership. Read more here.