The Daily Hit is a recap of the top cannabis business stories for March 28, 2022.
On The Site
Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the fourth quarter and year ending December 31, 2021. Planet 13 reported revenues rose 48% to $29.9 million versus last year’s $20.1 million for the same time period. The revenues dropped sequentially from the third quarter’s revenues of $32 million. The net loss before taxes declined to $1.3 million as compared to a net loss of $18.7 million. the company also trimmed the total net loss to $5.1 million as compared to a net loss of $18.2 million. Read more here.
The latest documents in the privately-owned Parallel Cannabis (formerly Surterra Wellness) lawsuit lay bare the issues surrounding the company’s debt and its inability to pay those debts causing defaults. The court documents filed on Friday outline a plan by Parallel’s then CEO Beau Wrigley and his family fund called the PE Fund to create a new level of debt that would jump ahead of the Senior debt holders (some of whom are filing the lawsuit). That money would then pay the debt owed and avoid default. However, there were many problems with the plan and those issues are outlined in the latest complaint. Read more here.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED) reported its financial results for the full year ended December 31, 2021. MindMed has no revenue at this time but did report that the net loss for the year was $92.3 million, compared to $33.7 million for 2020. MindMed did note that it had cash totaling $133.5 million compared to $80.1 million as of December 31, 2020. The company said this will be enough capital to meet its operating requirements beyond its key development milestones in 2023 and into 2024. That means investors have to look at how the company is spending its money. Read more here.
Human beings seek treatment for any addiction to any substance (or any behavioral act) that is affecting their social development and their ability to lead a productive life. While these issues have been part of mental health treatment for decades, there is still much work to be done. Enter the psychedelics industry, which is discovering new ways to tackle tobacco addiction with psilocybin (with tobacco cessation studies piling up new data), drug addiction (findings that psychedelics can replace opioid use), and other behavioral addictions. Read more here.
In Other News
Good Day Farm Retail Management announced the relocation of its Little Rock dispensary to a larger, 4,034-square-foot retail space conveniently located at 11600 Chenal Parkway. The Company quickly outgrew the retail space and is now expanding its footprint in response to the growing demand for innovative, high-quality medical cannabis products. Notably, the Company will be the first in the state to carry strains from famed cannabis brand Cookies.