The Daily Hit is a recap of the top financial news stories for Nov. 1, 2023.
On the Site
Scotts Miracle-Gro Weathers Hydroponics Downturn, Outpaces Earnings Estimates
Lawn leader Scotts Miracle-Gro Co. (NYSE: SMG) disclosed a dip in annual sales but outperformed earnings expectations, thanks to cost-saving measures. Scotts reported a 10% sales decrease, attributed largely to sluggish performance in its U.S. consumer segment and a significant downturn in its Hawthorne hydroponics subsidiary. Read more here.
Ayr Pushes Out More Debt Repayment, Secures New $50M Loan
Florida-based Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) announced Wednesday that it landed $50 million in new financing and also restructured some of its debt to give the company two additional years on terms, delivering the business some much-needed financial breathing room. Read more here.
Federal Judge Upholds Virginia Hemp Law Over Industry Challenge
A federal judge in Virginia upheld a state law aimed at regulating intoxicating hemp-derived products, dismissing a legal challenge from hemp companies in the state. The ruling, issued Monday, asserts that the law aligns with the federal Farm Bill of 2018, which allowed states to enact stricter regulations despite legalizing hemp and hemp derivatives at the federal level. Read more here.
Pineapple Ventures Accused of Hijacking LA Social Equity Cannabis License
A dispute over control of a California cannabis dispensary’s social equity license has led to a lawsuit. PNPLXPRESS Inc. and its owner, Joshua Eisenberg, accusing former executive Vincent Mehdizadeh of orchestrating a covert operation to seize the license designed to promote fair industry participation. Read more here.
Innovative Industrial Properties Revenue Still Rising
Maryland-based Innovative Industrial Properties Inc. (NYSE: IIPR) continued its hot streak in the most recent quarter, which ended Sept. 30, with net income of $41.3 million on revenues of $77.8 million. Read more here.
The Social Equity Landscape in US Cannabis
Social equity in the marijuana industry has been picking up steam for years now as cannabis prohibition continues to be repealed state-by-state across the United States. This is the first installment of a look at the state of social equity in the U.S. cannabis industry. Read more here.
In Other News
New York Medical Marijuana
Applications for registered organizations – the formal label given to medical marijuana operators in New York state – are now being accepted by the state Office of Cannabis Management. During the Sept. 12 Cannabis Control Board meeting, the board approved adding more ROs to the state’s legal medical cannabis market to pave the way for increased access to medical cannabis. Read more here.
Nevada Consumption Lounges
Nevada’s Cannabis Compliance Board approved six new conditional licenses for consumption lounges last week. Read more here.
The Green Organic Dutchman Ltd., a subsidiary of BZAM Ltd., completed its first shipment of Canadian certified organic, EU-GMP medical cannabis to the U.K. on Oct. 25. The company will supply 4C LABS with approximately 600 kilograms of flower annually for the next two years. Read more here.