The Daily Hit is a recap of cannabis business news for Nov. 9, 2022.
ON THE SITE
Cannabis Trade Orgs, Activists Relieved by Midterm Outcomes
Even though control of Congress was still up in the air Wednesday morning following several tight midterm races, spokespeople for several cannabis trade organizations and activist groups expressed happiness with the new political landscape. Read more here.
Cannabis Industry Reacts as Adult-Use Legalized in 2 More States
While those in the industry hoped for a clean sweep, or even a majority grab, many view the results as meaningful developments while federal reconsideration of the plant’s legality gears up. Read more here.
Most Cannabis Ballot Issues in Southeast Michigan Pass
Voters Tuesday narrowly allowed the marijuana retailer to continue operations under two proposals in Memphis, a city of just 1,100 residents on the border of Macomb and St. Clair counties. Elsewhere, Michigan’s marijuana measures saw success as well, winning in 75% of the communities where they were on the ballot. Read more here.
Cities in Colorado, Rhode Island Reject Recreational Cannabis
At least seven localities in Colorado and Rhode Island voted down recreational marijuana sales measures on Election Day this week, another display signaling the cannabis industry still has inroads to make – even in states that have longstanding markets. Read more here.
Earnings Season Continues:
- Canopy Growth Still Sees Cash Burn, Revenues Beat
- Acquisitions Drive Up Schwazze Revenue in Q3
- Trulieve Loses $115 Million in Q3, Plans More Expansion
- Agrify Revenue Falls by 55%, Guidance Lowered
- Aleafia’s Revenue Increases 21% in Fiscal Second Quarter
- Village Farms Cannabis Sales Grow as Produce Wilts
IN OTHER NEWS
iAnthus Capital Holdings
iAnthus Capital Holdings Inc. (CSE: IAN) (OTCPK: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported revenue for the third quarter of 2022 of $39.4 million, down 20% from a year ago. Read more here.
1CM Inc. (CSE: EPIC) (OTCQB: MILFF) (FSE: IQ70) completed a $5.8 million private placement to issue 4 million common shares in the capital of the company at a price of $1.45 per share in a nonbrokered private placement to certain accredited investors. Gross proceeds will be used for general corporate purposes. Read more here.
Neptune Wellness Solutions Inc. (Nasdaq: NEPT), a diversified and fully integrated health and wellness company, completed the divestiture of its cannabis business which includes the cannabis plant in Sherbrooke, Québec, the Mood Ring and PanHash brands, and related assets. Read more here.