The Daily Hit is a recap of cannabis business news for August 8, 2022.
ON THE SITE
Analyst Thinks Weedmaps Should Spill The T
Cantor Fitzgerald analyst Pablo Zuanic thinks Weedmaps or WM Technology Inc. (NASDAQ MAPS) could use a little more disclosure when it comes to talking about its statistics. While the analyst maintains his Overweight rating on the cannabis platform company, he also lowered his target price from $11.30 to $10.50. The stock was lately trading at $3.43 and the company reports its earnings on Tuesday after the market closes. Read more here.
Agrify Expected To Miss Revenue As Hydroponics Falter
Agrify Corporation (Nasdaq: AGFY) will postpone its earnings call for an additional week as preliminary second-quarter results show that it missed expectations during a time when consumer demand for hydroponics is fading. The company announced the unaudited results for the second quarter ending June 30, 2022. Read more here.
GRN Holdings To Become Marijuana, Inc. In Major Restructure
GRN Holdings Corporation, Inc. (OTC Pink: GRNF) will become known as Marijuana Inc. from now on, pending approval. The company also announced new changes in management and its business model as well as a corporate restructuring. Read more here.
Brittney Griner Case Brightens Spotlight On U.S. Decriminalization Efforts
Decriminalization of psychedelics continues to gain momentum in the U.S. It appears to be mirroring cannabis in how it is spreading, which is still a federally illegal substance now legal in 19 states plus the District of Columbia. Read more here.
Canopy Growth Sees Huge Loss Driven By Cash Burn
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) slid in early trading on Friday after the company said it lost over C$2 billion in the second quarter– as falling margins and weak sales continue to plague the industry. The company announced its financial results for the first quarter ending June 30, 2022. Read more here.
Health Canada Report Paves Legal Pathway For CBD
Health Canada recently published a long-awaited report that experts say provides a regulatory pathway to expand the country’s cannabidiol (CBD) market. CBD — Delta-9 THC’s chemical cousin — is a hemp-derived ingredient that can be converted into products with a variety of types and formats such as oils, gummies, capsules or topicals. Read more here.
Planet 13 Could Buy Out Its Social Equity Partner In Illinois
The Nevada-based cannabis superstore Planet 13 Holdings (OTC: PLNHF) announced that it has signed an option to potentially buy out its social equity partner in Illinois. The company said it has reached a deal with Frank Cowan, who owns 51% of Planet13 Illinois, to gain a controlling interest. Read more here.
IN OTHER NEWS
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), a international provider of consumer cannabis products, has announced three new hires joining the company’s executive leadership team this month. Ed Kremer will join as Chief Financial Officer, Camilo Lyon was named Chief Investment Officer, and Mitch Hara will be Chief Strategy Officer, a new role at the company. Mr. Kremer and Mr. Lyon will begin August 8 and Mr. Hara joined effective August 3. Read more here.
Acreage Holdings, Inc
Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), a vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the U.S., today reported its financial results for the second quarter ended June 30, 2022. Read more here.
MariMed, Inc. (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the second quarter ended June 30, 2022. Read more here. Read more here.
Jushi Holdings Inc.
Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced that it entered into a confidential settlement agreement with Curaleaf Holdings, Inc. and with Jushi’s former Chief Financial Officer, Edward Kremer, to resolve claims Jushi asserted in a lawsuit filed on July 15, 2022, including a claim asserted against Mr. Kremer for breach of his employment agreement and a claim asserted against Curaleaf for tortious interference. Read more here.
Icanic Brands Company Inc.
Icanic Brands Company Inc. (CSE: ICAN)(OTCQB: ICNAF), a multi-state brand operator of cannabis brands in California, announces that, at the meeting of Secured Debentureholders held on August 8, 2022, the secured debentureholders voted overwhelmingly in support of the previously announced recapitalization transaction to be implemented by way of a court-approved plan of arrangement under the British Columbia Business Corporations Act. For additional details regarding the Recapitalization Transaction, please see the Company’s news releases dated June 8 and July 13, 2022. Read more here.
Himalaya Technologies, Inc.
Himalaya Technologies, Inc. (OTC: HMLA) is providing a shareholder update on its operating activities, minority investments, and growth plans. The company was brought SEC current in April 2022 after several Form 10 amendments passed regulatory review and is now PCAOB fully audited. Read more here.
Irwin Naturals Inc., Invictus Clinics, LLC
Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) completed the acquisition of two ketamine clinics in Georgia through an asset purchase of Invictus Clinics, LLC, which will be brought into the fast-growing national chain of psychedelic mental-health facilities. Read more here.
YourWay Cannabis Brands Inc.
YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) (FSE: HOB) held its annual general and special meeting of shareholders of the company today. The Meeting was terminated prior to any business being conducted as the company’s audited annual financial statements for the year ended December 31, 2021 and the related management’s discussion and analysis as well as the company’s unaudited interim financial statements for the three months ended March 31, 2022 and the related management’s discussion and analysis have not yet been finalized. Read more here.
GreenGrowth CPAs held a month-long survey in the summer of 2022 asking operators a series of questions regarding the impacts of inflation on their cannabis operation. And according to their findings, 1 in 4 operators reported planning to raise prices in the near or immediate future to combat rising inflation costs. Out of the respondents who participated in the survey, more than 50% believe the cannabis business environment has declined in the last 12 months. Read more here.