The Daily Hit is a recap of cannabis business news for Nov. 29, 2022.
ON THE SITE
Flowr Corp. Throws in Towel, Looks for Buyers
Toronto-based The Flowr Corp., (TSX.V: FLWR) (OTC: FLWPF) is officially on the market after it reported that it does not have enough of a runway to make it to the end of the third quarter. According to regulatory filings, potential bidders submitted binding offers last Friday, with financial firm Ernst & Young Inc. acting as a monitor. Read more here.
RIV Capital Closing in on New York Acquisition, Loses $142 Million in Q2
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) posted a $142.3 million loss for its second quarter of fiscal 2023, but most of the losses were chalked up to a “goodwill impairment charge” as part of the upcoming acquisition of New York-based Etain – a deal that RIV Capital leadership said would give the firm a national foundation for future growth. Read more here.
Pritzker Names New Cannabis Chief
Erin Johnson, a lawyer for Amazon and state government veteran, has been named the state’s top cannabis regulator. Johnson is an associate general counsel for Amazon Web Services but was chief of staff at the Illinois Department of Juvenile Justice in the Pritzker administration from 2019 to mid-2021. Previously she was associate general counsel and chief diversity officer from 2016 to 2018 for then-Gov. Bruce Rauner. Read more here.
More Financial Reports:
- Organigram Posts Record Revenues in Q4, Predicts More Growth in 2023
- Red White & Bloom Keeps Debt at Bay – For Now
- Slang Losses Trend Down, Still Not Profitable
IN OTHER NEWS
The owners of High Times magazine have dropped their lawsuit against a former majority shareholder of the publication’s parent company, according to a joint stipulation entered Monday in California federal court. The stipulation notes that the action has been dismissed with prejudice and holds that each party bears their own costs. It makes no mention of a settlement, and counsel for the parties did not immediately respond to requests for comment on Monday. Read more here.
The Valens Company Inc.
Shareholders of the Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) voted in favor of the resolution approving the plan for SNDL Inc. to acquire all of the issued and outstanding common shares of Valens on the basis of 0.3334 of a SNDL common share for each outstanding Valens common share. More than 96% of votes cast at the company’s special meeting of shareholders held on Nov. 29 were in favor of the resolution. Read more here.
As Rhode Island is set to begin recreational marijuana sales Thursday, state regulators are ramping up their staff as they oversee the industry. The state legalized adult recreational cannabis in May, with the planned start of sales on Dec. 1. Read more here.