Here’s your Daily Hit – the recap of all the cannabis business news for February 22, 2022.
On The Site
Turning Point Brands, Inc. (NYSE: TPB) reported its financial results for the fourth quarter and full-year ending December 31, 2021 as sales remained flat year-over-year. Turning Point‘s fourth-quarter total sales in 2021 were $105.283 million down slightly from 2020’s fourth-quarter total sales of $105.285 million. Net income in the fourth quarter fell to $11 million from last year’s $14 million. For the full year 2021, sales increased 10 % to $445.5 million, while net income increased 36.3% to $52.1 million. This was in line with the company’s previously announced lowered guidance. The diluted EPS was $2.52 and Adjusted Diluted EPS was $3.03 versus $1.85 and $2.60 in the same period one year ago, respectively. Read more here.
Superette Inc. said it was buying Cannoe Corp. secured $5 million in financing. Cannoe has six stores that will give Superette exposure to new areas and key brand-driven markets including highly frequented cottage and resort towns. Superette said in a statement that the acquisition of Cannoe brings immediate and meaningful scale to its retail operations, doubling its footprint to twelve operating stores, with four locations to be finalized in 2022. Read more here.
After the market closed on Friday before a three-day weekend in the U.S., MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced the appointment of Ana Bowman as Chief Financial Officer, effective February 22, 2022. Bowman succeeds outgoing interim CFO Reece Fulgham, who will be returning to consulting firm Sierra Constellation Partners. The appointment comes on the heels of the company’s successful lawsuit brought by former CFO James Parker. Read more here.
Columbia Care (OTC: CCHWF) cut the ribbon on its newly redesigned dispensary called the Cannabist in Brooklyn. CEO Nicholas Vita spoke to the Green Market Report and the company’s plans for its new look and he ventures a guess as to when New York will begin legal sales. The Brooklyn location is located directly across the street from the Brooklyn courthouse and the irony is lost on no one. Watch the video here.
In Other News
Ayr Wellness Inc. (OTCQX: AYRWF) announced the launch of Changing Legacies, a series of record expungement clinics scheduled to take place on February 27, 2022. As part of the series, Ayr has partnered with numerous not-for-profit and community organizations with expertise in social justice and legal and criminal justice reform. The company and its partners specifically designed each clinic to assist individuals in expunging cannabis and other non-violent crimes from their records, allowing an opportunity for a fresh start. Read more here.
Jushi Holdings Inc. (OTCQX: JUSHF) announced a series of upcoming launches of branded cannabis products in the Commonwealth of Massachusetts, beginning with the debut of its flower brands, The Bank and Sèchè. The company is also expected to launch its vaporizable cartridges & jarred concentrates line, The Lab, and its edibles line, Tasteology, in the second quarter of 2022, pending regulatory approval. Jushi’s brands will be available for purchase at its subsidiary, Jushi MA, Inc. d/b/a Nature’s Remedy of Massachusetts, in Tyngsborough and Millbury, Massachusetts, and has plans to roll out to the more than 190 partner dispensaries across the Commonwealth. Read more here.
Trulieve Cannabis Corp. (OTCQX: TCNNF) announced an exclusive partnership with multi-platinum-selling, GRAMMY Award, and Golden Globe Award-nominated recording artist Wiz Khalifa’s brand, Khalifa Kush. Trulieve will become the exclusive producer, processor, and retailer of Khalifa Kush branded products in Florida and other northeast markets, beginning this summer. “We’re excited to partner with the undisputed leader in the Florida market,” said Wiz Khalifa. “Trulieve’s dedication to working with the community and creating an amazing customer experience perfectly lines up with our brand values, making them a great fit for our first expansion to the East Coast.”