The Daily Hit is a recap of cannabis business news for Nov. 8, 2022.
ON THE SITE
Planet 13 Picks Waukegan Over Chicago
Las Vegas-based cannabis company Planet 13 has decided to open its Illinois retail shop in Waukegan. Planet 13 partnered with Chicago-area social equity applicant Frank Cowan to win one of 185 new retail licenses that recently were issued by the state of Illinois. Read more here.
Star Buds Cannabis Owner Stays Afloat as Debt Deepens
CordovaCann Corp. (CSE: CDVA) (OTCQB: LVRLF) rose in trading Tuesday after it published its financial statement for fiscal 2022, which showed improvements in revenue and cost control despite operating with a heavy deficit. Cordova recorded $13.5 million in revenues, up 23% versus $10.3 million the year prior, primarily driven by the growth of the Star Buds Cannabis Co. retail footprint in Canada, the company said. Read more here.
Nova Sees Record Profits As It Trims Losses With Value Brand
Nova Cannabis Inc. (TSX: NOVC) recorded a net loss of $1.5 million versus $6.2 million loss last year; slightly up from a $1.4 million loss in the previous quarter. The company attributed the reduction in loss over the year primarily a result of the increase in sales and gross margin. Read more here.
AFC Gamma’s Net Income Rises 45%
AFC Gamma, Inc. (NASDAQ: AFCG) announced its financial results for the third quarter of 2022. with a net income of $11.5 million or $0.57 per basic weighted average share of common stock. This is a 45% increase in net income from last year’s third quarter. It missed Zack’s estimate, which was listed at $0.67 per share. Read more here.
IN OTHER NEWS
A pair of investors who said an affiliate of California pot firm Pineapple Ventures owed them $75,000 stemming from a financing deal have come to a conditional settlement in the case, a recent court filing shows. Anna Vocino and Alfred Loren Tarquinio had said in their Los Angeles County Superior Court suit that they agreed to lend money to defendant Neu-Ventures Inc. Read more here.
CNBX Pharmaceuticals Inc. (OTCQB: CNBX), a global leader in the development of cancer related cannabinoid-based medicine, has acquired a controlling interest in TaGeza Biopharmaceuticals Ltd. Co-founder Benjamin Dekel will continue to serve as the company’s chief scientist, and CNBX Chairman Gabriel Yariv will assume the position of TaGeza Biopharmaceuticals CEO. Read more here.