The Daily Hit is a recap of the top financial news stories for Aug. 9, 2023.
On the Site
ScanSource Claims Dutchie Owes $24.7 Million
Cannabis software company Dutchie is being sued by technology company ScanSource for not paying a bill valued at $24.7 million. ScanSource said in its lawsuit that the order included customizations, such as the Dutchie name etched into the devices, which made the products nonrefundable and not cancelable. Read more here.
Acreage Shrinks Board of Directors Further, Chairman Resigns
Acreage Holdings Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) last week trimmed its board of directors in further preparation for a megamerger with Canada-based Canopy Growth Corp. The latest move included the resignation of Acreage Chairman and founder Kevin Murphy and the departure of board member Brian Mulroney. Read more here.
Northern Michigan University Applies to Use Real Cannabis Plants in Program
Northern Michigan University is the first in the state to apply for a marijuana educational research license, which would allow it to bring cannabis plants into the classroom. The school in Marquette in the Upper Peninsula applied for the license in May and is awaiting approval from the Cannabis Regulatory Agency. Read more here.
• Canopy Growth Discloses ‘Substantial Doubt’ About Financial Future
• Chicago Atlantic Sees Decline in Income, But Reaffirms 2023 Outlook
• Curaleaf Sees 10% Jump in Retail in Q2 Despite Wholesale Decline
• Jones Soda Co. Cannabis Division Shines as Overall Revenue Dips in Q2
• Planet 13 Continues Losing Streak in Q2 Despite Increasing Sales
• Schwazze Slides Back into the Red with $6.6 Million Loss in Q2
• Trulieve Beats Q2 Revenue Estimate Despite $404M Loss, Lower Sales
• Village Farms Beats Q2 Estimates Despite Sales Slump
In Other News
BZAM Ltd. completed the sale of the majority of its assets in both its Midway properties in British Columbia, including all associated lands, support buildings, related equipment and on-site biomass, for $3,228,000, with 50% of the total net proceeds from the transaction, after commission and costs, being applied against the company’s term portion of its credit facility. Read more here.
Hydrofarm Holdings Group
Hydrofarm Holdings Group Inc. (Nasdaq: HYFM), an independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, reported net sales decreased to $63.1 million in its second quarter ended June 30. Read more here.
Halo Collective Inc. (NEO: HALO) (OTC Pink: HCANF) (FSE: A9K0) reported revenue of $4.6 million for the quarter, reflecting a 38.9% decrease compared to the same period last year. Read more here.