The Daily Hit is a recap of cannabis business news for August 30, 2022.
ON THE SITE
Riv Reports Etain Revenues Amid NY Headwinds
After the market closed on Monday, RIV Capital (CSE: RIV, OTC: CNPOF) released its financial results for the first quarter ending June 30 with revenue of $1.4 million and net losses of $3.4 million. However, the real story for Riv Capital is its purchase of the New York medical marijuana company Etain, which generated retail revenue of $1.3 million from dispensaries in Manhattan, Kingston, Syracuse and Yonkers. Read more here.
Flower One Faces Setbacks Amid Falling Revenue, Cash Crunch
It was near midnight on Monday when Flower One Holdings (CSE: FONE, OTCQB: FLOOF) posted results for the quarter ended June 30 – and which missed expectations. The Nevada-based cannabis cultivator and producer is reeling from from consecutive periods of revenue drop amid financing concerns. The company lent its woes to some of the same issues stated in the previous quarter, such as the pandemic’s lingering effect on tourism and the illicit market. Read more here.
Cannabis Companies Hope For Reprieve This Labor Day Weekend
Cannabis retailers are looking to a weekend of block parties and barbecues to be a profitable bright spot after one of the industry’s most sobering summers comes to an unofficial close. If history is any indication, this weekend is expected to provide one of the largest boosts to cannabis sales this year, with Friday set to rake most of the coin. Read more here.
Green Organic Dutchman Reports Record Quarter Despite Net Loss
International cannabis company The Green Organic Dutchman Holdings (CSE: TGOD, OTC: TGODF) announced a “record” quarter for the second quarter of 2022, based on increasing revenues and an expanding footprint, but the company also posted a net loss of $6.8 million. Read more here.
Wesana Health Posts $2.7 Million Loss Despite Cuts
Wesana Health Holdings (CSE: WESA, OTCQB: WSNAF) successfully reduced its annual operating expenses by more than $2.1 million, but the psychedelics research and development company still recorded a net loss of $2.7 million in the second quarter of 2022. The company said it expects to continue to operate in the red for the short term due to earmarked expenditures for the drug development business segment. Wesana management provided no timeline for that to change. Read more here.
IN OTHER NEWS
Jelly Belly Says CBD Entrepreneur Isn’t Its Founder
Famous candymaker Jelly Belly filed suit in California to separate itself somewhat from the “murky CBD and marijuana food” industry. Read more here.
Xebra Completes Last Legal Requirement to Receive Mexican Cannabis Authorizations
On Dec. 2, 2021, all five Supreme Court justices voted unanimously in favor of granting Xebra’s wholly owned Mexican subsidiary, Desart MX, SA de CV. Now Mexico’s Federal Circuit Court has now enforced the Supreme Court decision, by also recording a written resolution, and by issuing a further irrevocable injunction in favor of Xebra Mexico. Read more here.
PharmaCielo Releases Q2 2022 Financial Results, Upsizes Oversubscribed Debenture Financing
The Company continues to grow sales and expects to build momentum through the remainder of 2022 and through 2023, with recent progress in Israel, Brazil and Mexico. Read more here.