The Daily Hit is a recap of the top financial news stories for June 28, 2023.
On the Site
Canopy Growth Continues to Crater, Auditors Resign Over Operational Concerns
Canadian cannabis giant Canopy Growth Corp. (Nasdaq: CGC) is feeling the heat as its stock price continues to slump and its principal accountants flee the wreckage, according to recent reports and regulatory filings. Read more here.
New York Continues Illicit Cannabis Crackdown, But Some Shops Defiantly Remain Open
A sweeping crackdown by New York state authorities and city-level officials is still very much underway, as exemplified by a dozen shops in the city of Syracuse that have been shuttered in recent months. But it’s still an open question as to whether civil approaches such as code violations will work broadly with a majority of illicit dealers. Read more here.
New York Marijuana Coalition Demands ‘Course Correction’ from Governor
A small but vocal group of activists representing a loose coalition of marijuana companies and community activists – including the mother of Eric Garner – held a rally Wednesday outside the Manhattan office of New York Gov. Kathy Hochul, chanting “Open up the program!” and demanding the state move quicker on issuing more cannabis business permits. Read more here.
Arizona Marijuana Monthly Sales Pass $100M for First Time in March
Arizona recreational marijuana sales passed the nine-figure mark for the first time in March since the adult-use market launched in January 2021, according to data from the state Department of Revenue. That month, recreational cannabis sales inched past the threshold for a final tally of $100.7 million, in addition to $32 million in medical marijuana sales. Read more here.
TerrAscend Completes $20.5M Private Placement
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) closed on a second round of private placements this week worth $20.5 million, the company said Wednesday. The second tranche involved selling 2,292,434 units of the company at $1.50 each, generating around $3.4 million. Read more here.
In Other News
Medical marijuana dispensaries in New Hampshire can now sell their products to cannabis patients from other states and Canada. But starting Wednesday, New Hampshire visitors who can show a medical marijuana card with matching identification can make purchases at Granite State dispensaries. Read more here.
Acreage Holdings Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) appointed Carl Nesbitt as chief financial officer, effective July 3. Read more here.