The Daily Hit is a recap of the top financial news stories for Oct. 17, 2023.
On the Site
New York Adds Two Weeks to Cannabis Licensing Window After Being Inundated
After receiving “thousands” of marijuana business license applications since the latest permitting window opened on Oct. 4, New York cannabis regulators on Tuesday green-lit a two-week extension for the submission period. Entrepreneurs will now be allowed to apply until Dec. 18. Read more here.
Avant Posts Solid Q3, Provides Israel Update
Canadian producer Avant Brands Inc. (TSX: AVNT) (OTCQX: AVTBF) continued to enjoy climbing sales and positive operational cash flows during its third quarter ended Aug. 31. Over the past year, its made its most money ever, totaling $33 million. The quarter’s performance was also boosted by what CEO Norton Singhavon called their “best quarter for cannabis harvests.” Read more here.
Pervasip 2023 Losses Mount to $1.4 Million in Q3
Seattle-based Pervasip Corp. (OTCPK: PVSP), which operates in Oregon and Washington primarily through its subsidiary brands Artizen Corp. and Zen Asset Management LLC, disclosed that its year-to-date losses are now at $1.4 million, up from roughly $1 million in the same time period last year. Read more here.
4Front Secures $10 Million Credit Facility
After the markets closed on Monday, 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) announced that it had entered into a $10 million senior secured credit facility agreement with ALT Debt II, LP (the “Lender”), an affiliate of Altmore Capital. The company said that the money is committed to building out its retail operations in Illinois. Read more here.
In Other News
Verano Holdings Corp.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) received final approval to commence trading of its Class A subordinate voting shares on Canada’s Neo Exchange, which operates as Cboe Canada, on Oct. 18. Shares will continue trading in Canada on Cboe Canada under the symbol VRNO and in the U.S. on the OTCQX as VRNOF. Read more here.
A recreational marijuana growing and manufacturing facility proposed for Grand Rapids will receive $10 million dollars in loans from the Iron Range Resources and Rehabilitation Board. According to a news release sent from the agency, the company behind the project is HWY35 LLC. Read more here.
Following notice of a settlement, a federal judge in Washington state has dismissed a suit from Seattle-based Docklight Brands Inc. against two firms over a scuttled licensing deal to sell Bob Marley-branded cannabis products in Canada. According to the previously operative complaint, a subsidiary of British Columbia-based Tilray Inc. — High Park Holdings — quit making required quarterly payments after Tilray merged with Aphria Inc. Read more here.