The Daily Hit is a recap of cannabis business news for Sept. 29, 2022.
ON THE SITE
Vermont Recreational Cannabis Sales Will Launch Oct. 1 in Burlington
At least three Vermont stores will have adult-use cannabis sales beginning on Oct. 1: CeresMED in Burlington, Mountain Girl Cannabis in Rutland and FLORA in Middlebury. Several more retailers are expected to quickly follow. Read more here.
Heritage Cannabis Reports Rising Revenue, Trims Losses
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported its financial results for the third quarter ended July 31, 2022. Heritage delivered revenue of $10 million, an increase of 111% over last year’s $5.1 million. Heritage said the growth was attributed to a continued increase in its vape and concentrate offerings as well as the launch of the flower vertical. Read more here.
Safe Harbor SPAC Complete
Safe Harbor Financial, technically known as SHF Holdings (Nasdaq: SHFS) has completed its special purpose acquisition corporation (SPAC) deal with Northern Lights Acquisition Corp. (Nasdaq: NLIT). Northern Lights is now officially known as SHF Holdings, and the stock will continue to trade on the Nasdaq marketplace. SHFS Shares began trading at $9, down 12% as the broader market experienced selling and Norther Lights shares closed at $10.81 on Wednesday. Read more here.
IN OTHER NEWS
Canadian cannabis grower Sugarbud seeking creditor protection
Calgary, Alberta-based Sugarbud Craft Growers Corp. “expects that it is likely to default on several material debtor agreements due to ongoing liquidity constraints,” the company said in a Monday news release. The cannabis producer is seeking creditor protection. Read more here.
High Tide to Acquire 2 Jimmy’s Cannabis Shop Locations in British Columbia
High Tide (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company, entered into a definitive agreement to acquire 100% of the equity interest of 1171882 B.C. Ltd., operating as Jimmy’s Cannabis Shop BC. Under the deal, High Tide will acquire two of the five retail cannabis stores currently operated by Jimmy’s in British Columbia for $5.3 million. Read more here.
Irwin Naturals Acquiring Ketamine Media
Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) has agreed to acquire all of the issued and outstanding shares of Keta Media LLC dba Ketamine Media, the nation’s leading growth platform for clinics offering ketamine-assisted therapy. With a global network dedicated to improving patient outcomes, KM has established relationships with clinics in more than 45 states and three countries connecting providers and patients using a unique patient-centered approach to communication. Read more here.