The Daily Hit is a recap of the top financial news stories for June 29, 2023.
On the Site
Canopy Growth Sells Property, Assets in Bid to Raise Cash
Beleaguered Canada-based Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) announced Thursday that it sold one of its California facilities in the town of Modesto. The sale brings Canopy to C$81 million in income from unloading five total properties since April 1, as the company scrambles to deal with a massive debt load and billions in losses. Read more here.
Tantalus Labs Lays Off ‘Majority’ of Staff, Files for Restructuring
Company founder Dan Sutton announced Wednesday that he had had to lay off a “substantial majority” of staffers from the British Columbia-based greenhouse cultivation business, which was founded in 2018. He said the regulatory and tax system in the nation was to blame for Tantalus’ and many other companies problems. Read more here.
Canadian Cannabis Sales Growth Sputters
Canada’s still-nascent cannabis industry is facing an existential dilemma. On one hand, the market has seen impressive sales growth and an expanding ecosystem of brands since the nation legalized recreational cannabis in October 2018. On the other, the industry is far from immune to macroeconomic woes as it grapples with slowing demand, tightening competition, and pricing pressures. Read more here.
Wisconsin Lawmakers Nix Marijuana Legalization Proposal – Again
Eisconsin GOP lawmakers in control of the state Senate have for the second time in two months voted down a proposal to legalize marijuana in their state. The state Senate on Wednesday killed a last-minute bill from Minority Leader Melissa Agard that would have legalized cannabis on a party-line 22-11 vote. Read more here.
Reunion Neuroscience Posts $48 Million Loss Ahead of Acquisition
Toronto-based Reunion Neuroscience (Nasdaq: REUN) (TSX: REUN) reported a $48 million net loss for its 2023 fiscal year, which ended March 31, but the company expressed optimism on its development of a psychedelic treatment for postpartum depression. Read more here.
In Other News
All of Curaleaf’s New Jersey retail locations have elected to unionize as members of United Food and Commercial Workers (UFCW) Local 360. The company’s retail locations in Edgewater, Bellmawr, and Bordentown serve both medical and adult-use clients. Read more here.
CanadaBis Capital Inc.
Vertically integrated Canadian cannabis company CanadaBis Capital Inc. reported net revenue of C$6.1 million for the fiscal third quarter ended April 30. Net income totaled C$1.2 million for the period, an increase of 874% over Q3 2022. Read more here.