The Daily Hit is a recap of the top financial news stories for Aug. 28, 2023.
On The Site
Planet 13 Buys Florida’s VidaCann in $48 Million Deal
Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced it is buying Florida-based VidaCann, LLC in a deal valued at $48.9 million. The deal also gives a VidaCann member a seat on the board and VidaCann shareholders will end up with 26% ownership in Planet 13. Read more here.
Cansortium’s Rising Revenue Missed Q2
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a cannabis company that operates under the Fluent brand, reported a 9% increase in its second-quarter revenue ending June 30, reaching $24.4 million versus $22.4 million in the same quarter last year. Read more here.
PA Court Orders Dissolution of Parallel’s Subsidiary Over $5.8 Million Rent Debt
The legal battle between distressed cannabis operator Parallel and its landlord, Innovative Industrial Properties Inc. (NYSE: IIPR), has taken a new turn as a Pennsylvania state court ordered the dissolution of Parallel’s subsidiary, Goodblend Pennsylvania LLC, over its failure to pay $5.8 million in rent and penalties. Read more here.
Verano CEO Pens Open Letter to Alabama Governor Over License Reversal
George Archos, CEO of Verano Holdings Corp. (OTC: VRNOF), penned a letter to Alabama Gov. Kay Ivey expressing the company’s commitment to the state and raising concerns over the recent scrapping of its cannabis business license. Read more here.
GMR’s First Michigan Summit is Happening on Sept. 6
The Green Market Report is excited to announce the highly anticipated first-ever Michigan Cannabis Summit, set to take place on September 6, 2023, in the vibrant city of Detroit. This premier event will gather thought leaders, experts, and enthusiasts from the cannabis industry to discuss and explore the latest trends, developments, and opportunities in the flourishing Michigan cannabis market. Read more here.
Green Market Report Finance Awards: Top Investment Analyst Vahan Ajamian
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 Investment Analyst in Cannabis was Vahan Ajamian of High Tide Inc. Read more here.
In Other News
Medical marijuana patients spent $23.2 million in July to buy 5,157 pounds of medical marijuana, according to an Arkansas Department of Finance and Administration spokesperson. The ADFA said that the overall sales for 2023 are now at $164.6 million, equaling 34,214 pounds. Read more here.
Two indices tracking the performance of cannabis businesses on North America’s largest stock exchanges have been discontinued amid waning investor interest in marijuana stocks and billions in losses suffered by the companies. Read more here.