The Daily Hit is a recap of cannabis business news for Nov. 30, 2022.
ON THE SITE
International Cannabis Reform Ramps Up in Europe, South America
Global cannabis reform is gaining momentum. What started as a ripple in three countries has become a global policy movement. While many countries, primarily in Africa and Asia, continue to ban cannabis, a hotbed of reform activity is transpiring everywhere else. Read more here.
Cannabis Company Finds Novel Solution to Real Estate Woes
After struggling to find a downtown office landlord willing or able to house its headquarters, one of Chicago’s publicly traded marijuana companies has found a different solution: moving to a massive apartment complex. Verano Holdings (OTC: VRNOF) (CSE: VRNO) signed a 12-year lease for roughly 25,000 square feet in the office portion of Three Old Town Park. Read more here.
Eleventh-Hour Lobbying Push for SAFE Banking Under Way
The clock is ticking on the current Congressional session, with the 535-member body set to adjourn for the two-year cycle on Jan. 3. With that, the fate of the SAFE Banking Act is still very much up in the air, with no solid intel about exactly what will happen to the measure. Read more here.
SpringBig to Cut Nearly One-Quarter of Staff
SpringBig Holdings Inc. (Nasdaq: SBIG) will cut 23% of its staff in an effort to “right-size its expense structure,” the company announced Wednesday. The staff cuts, which total 37 positions, will be undertaken through layoffs and attrition. Read more here.
Latest cannabis earnings:
- Cansortium Sees Q3 Revenue Climb Despite Hurricane Ian
- Humble & Fume Accessories Business Trends Upward
- Khiron Faces ‘Temporary’ Revenue Drop, Remains Optimistic
IN OTHER NEWS
Icanic Brands Co.
Icanic Brands Co. (CSE: ICAN) (OTCQB: ICNAF), a multistate operator of premium cannabis brands in California, reported sales of $7 million for the quarter ended Sept. 30, a year-over-year increase of 180%. The company reported a net income for the period of $10.6 million. Read more here.
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a North American cannabis operator, announced that its subsidiary, WDB Holding MI Inc. (DE), and all subsidiaries of TerrAscend refinanced an existing senior secured term loan of $55 million. The amendment provides for a senior secured term loan with a principal amount of $25 million, plus incremental term loans of $30 million at the option of TerrAscend. Read more here.
Franchise Global Health
Franchise Global Health Inc. (TSXV: FGH) (FRA: WV4A) reported revenue of $11.9 million for the third quarter of 2022, a year-over-year increase of $11.7 million. The company noted that during the quarter, it entered into an agreement to acquire Flora Growth Corp. (Nasdaq: FLGC).