The Daily Hit is a recap of the top financial news stories for July 19, 2023.
On the Site
Tobacco Giant Philip Morris to Buy Israeli Cannabis Company
Tobacco titan Philip Morris International Inc. (NYSE: PM), the maker of Marlboro cigarettes, is poised to spend up to $650 million on an Israeli cannabis company that specializes in metered-dose inhalers for pain management. The deal will proceed in stages, with the first being a $120 million investment by Philip Morris in Syqe Medical. Read more here.
New York Nearly Doubles Legal Cannabis Retailers, Approves Farmers Market Rules
The New York Cannabis Control Board meeting Wednesday morning was full of laughter and celebratory tears as over 200 more marijuana entrepreneurs received conditional permits for dispensaries and the state’s legal cannabis growers got the first regulatory layout of how proposed farmers markets will work. Read more here.
10 Predictions for Cannabis for 2024
A new report from cannabis analyst Pablo Zuanic, founder of Zuanic & Associates, outlined 10 predictions for the industry over the next 18 months. Ultimately, Zuanic said he is playing the long game and not being swayed by the noise of the short-term players. Read more here.
Catch Pablo Zuanic at the Green Market Report Finance Summit in New York City on August 3. Learn more here.
Fitch Upgrades Then Withdraws Ratings for Canopy
Fitch Ratings has taken the Canopy Growth Corp. (Nasdaq: CGC) and subsidiary 11065220 Canada’s long-term issuer default ratings on a roller coaster ride of downgrades and upgrades, finally ending the saga in a complete withdrawal of all ratings. Read more here.
Avant Brands Scores Record Profits, Faces $1M Lawsuit over Acquisition Spat
Avant Brands Inc. (TSX: AVNT) (OTCQX: AVTBF) delivered another quarter of record revenues and positive cash flow for the period ending May 31, marking the fourth consecutive quarter of momentum. Read more here.
In Other News
An oversaturated market has pushed the cannabis industry and city leaders in San Francisco to try to slow down the number of businesses opening up over the next four years. An ordinance approved by the board of supervisors and signed by the mayor will create a moratorium on new businesses beginning July 23. Read more here.
BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) closed a firm commitment underwritten public offering with gross proceeds to the company of approximately $2.6 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The company intends to use the net proceeds for product design and manufacturing, sales and marketing campaigns, patent prosecution, and working capital. Read more here.