The Daily Hit is a recap of the day’s top business in the cannabis industry for March 29, 2022.
On the Site
On Monday the Marijuana Opportunity, Reinvestment, and Expungement or MORE Act was supposed to go to a vote in the House, but that has now been extended to Wednesday. It seems several politicians are trying to tweak the language with amendments. However, even if it gets passed by the House on Wednesday, it would still need to get approved in the Senate which has its own goals. Read more here.
Urban-gro, Inc. (Nasdaq: UGRO) reported its fourth-quarter and full-year financial results, plus the company provided full-year 2022 guidance. Revenue was $19.0 million in the fourth quarter of 2021 versus $9.2 million in the prior-year period, representing an increase of $9.7 million, or 106%. It beat the analyst estimate for revenue of $18.8 million by Yahoo Finance. Urban-gro attributed the increase to a jump in cultivation equipment sales tied to an expansion in client base and incremental services revenue from acquisitions of $2.7 million. Read more here.
In 2020, a group of cannabis beverage experts and former Pabst Brewing Company employees were granted the rights to create a line of cannabis-infused drinks under the Pabst Blue Ribbon name, making it one of the few national brands to enter the cannabis space. Pabst Labs produces Pabst Blue Ribbon’s 10mg High Seltzer, Not Your Father’s Cannabis Infused Root Beer, as well as ST IDES Cannabis product lines, including its 100mg infused 4oz shots. Read more here.
As psychedelic retreats amp up, and clinical studies dig deeper into the intricacies of the psychedelics experience, there has been a collective review of the social side of using psychedelics and how and why doing psychedelics with a group could be a better therapeutic experience. But there remain some obstacles to doing more of that sort of socially-collective consciousness research. Read more here.
In Other News
Aleafia Health Inc. (OTCQX: ALEAF) provided a corporate update regarding its outstanding listed unsecured convertible debentures (TSX: AH.DB), issued on June 27, 2019, and maturing on June 27, 2022. The Forbearance Agreement, entered into between the company and holders of Convertible Debt representing approximately 62% of the aggregate principal amount of debentures outstanding, has been extended until April 11, 2022 as the company tries to amend the terms.
YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) announced that Sandra Ceccacci, will join YourWay as its Chief Financial Officer effective April 4, 2022. Ms. Ceccacci joins YourWay from Clearway Group of Companies, where she served as Vice-President of Finance, providing strategic, operational, and financial leadership to one of Canada’s leading nationwide contractors. Read more here.