The Daily Hit is a recap of the top cannabis business stories for June 8, 2022.
ON THE SITE
Surging May Sales not Enough for Scotts
The Scotts Miracle-Gro Company (NYSE: SMG) said consumer purchases of its core lawn and garden brands surged in May with unit volume now trending towards the company’s original assumptions for the season. However, a variety of factors are causing Scotts to lower its outlook for both sales and adjusted earnings for fiscal 2022. the stock was sliding over 13% in early trading to $88.50. The 52-week high for the stock was $204. Read more here.
Icanic Brands Restructures Debt
Icanic Brands Company, Inc. (OTCQB: ICNAF) has entered into a Restructuring Support Agreement with certain holders of its 2019 Secured Convertible Debentures for a proposed recapitalization transaction and to announce financing of approximately $2.0 million arranged by insiders of the company. The move will decrease the Icanic’s debt from $14.5 million to $10.9 million and save $110,000 in interest annually. Read more here.
California-based distribution company Hardcar crashed hard as the company was facing a big tax bill and no willing investors. In its death spiral, the company also laid off employees without wages that were owed to them. Yet, the “out of business” company was apparently still making cash drops and deliveries until a co-founder stepped back in to shut the operation down for good. Read more here.
How to Start Your Own Psychedelics Company
You’ve read the predictions, you’ve heard the buzz—psychedelics are about to change the world of mental health treatment. They promise no more mental health pharmaceuticals that numb out the brain, or that help mask the side effects. No more taking chemicals for the rest of your life that are not body-friendly, with the caveat that psychedelics can also cause brief, uncomfortable events during treatment on their way to profound, life-changing results. Read more here.
IN OTHER NEWS
Star Buds Cannabis Co., DoorDash Canada
Star Buds Cannabis Co., a Canadian cannabis retailer, operating under CordovaCann Corp. (CSE:CDVA) (OTCQB:LVRLF) in Ontario, Alberta, Manitoba and British Columbia, has entered into a partnership with DoorDash Technologies Canada to launch cannabis pickup on the DoorDash Marketplace app. The initial launch will be across Star Buds locations in Barrie and Innisfil, Ontario, bringing the accessibility and convenience of online ordering and pickup of cannabis products to consumers outside of metropolitan areas. Read more here.
Neptune Wellness Solutions Inc.
Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced the launch of a new consumer packaged goods (CPG) focused strategic plan to reduce costs, improve the company’s path to profitability and enhance current shareholder value. Read more here.
Impact Naturals Group, Rowe Capital Group
Impact Naturals Group, a health technology company, announced a capital raise and partnership with Rowe Capital Group. Impact Naturals’ growth-focused capital raise will enable the company to accelerate planned research and development of its CHYLOSOMA™ technology, which has unlocked greater bioavailability of lipid-soluble ingredients including cannabinoids, dietary supplements, and prescription therapies making them better absorbed and better distributed throughout the body. Read more here.