The Daily Hit is a recap of cannabis business news for Sept. 7, 2022.
ON THE SITE
Ascend Wellness CEO Arrested In Florida, Charged With Battery
The head of Canadian marijuana company Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) was arrested in Florida on Saturday and charged with battery. In a statement, Ascend said only that it’s “aware of allegations … regarding a domestic-related misdemeanor” against CEO Abner Kurtin, and that the company is conducting its own investigation. Read more here.
Verano Closes On Sierra Well In Bought Deal For $29 Million
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) closed its previously announced $29-million-dollar deal to buy WSCC, which operates as Sierra Well. The deal adds five active dispensaries and two cultivation and production facilities to Verano’s Nevada operations. Read more here.
Flora Growth Absorbs No Cap Hemp, Bets On Pre-Rolls
Just Brands LLC, a wholly owned subsidiary of Flora Growth Corp. (Nasdaq: FLGC), has acquired No Cap Hemp Co. in exchange for 10% of the gross revenue earned from the sale of No Cap products, up to a maximum of $2 million. JustBrands said it will continue to expand its flower and smokeable line as well as distribute the No Cap brand throughout Florida. Read more here.
Icanic Brands Posts Record Revenue As It Integrates LEEF, Sheds Debt
Icanic Brands (CSE: ICAN) (OTCQB: ICNAF) posted mixed results as the company touted record revenues for the quarter while racking up $15 million in losses. “The results are in-line with our expectations as we experienced a significant increase in revenue due to the acquisition of LEEF, but also incurred several one-time transaction-related costs,” said newly minted CEO Micah Anderson, who was tapped to head the company after Brandon Kou resigned yesterday. Read more here.
IN OTHER NEWS
MariMed Appoints Jon Levine As President
Green Check Verified Acquires PayQwick To Power The Cannabis Financial Ecosystem
Green Check Verified, a fintech provider of compliant cannabis solutions and services to financial institutions, announced deal terms, unanimously approved by both boards, to acquire PayQwick, which has been successfully servicing underbanked cannabis businesses with payments and lending since 2015. Read more here.
Missouri Governor Shuts Door On Marijuana Special Session
A spokeswoman for Gov. Mike Parson said Tuesday the governor will not expand the scope of his upcoming special session so lawmakers could consider legalizing recreational marijuana. Some Missouri legislators on Thursday called for Parson to include marijuana legalization in his upcoming special session on tax relief to try and blunt momentum on a ballot measure. Read more here.
Vertically Integrated Cannabis Company The Nirvana Group Expands Into New Mexico
Tulsa, Oklahoma-based The Nirvana Group plans to open a 30,000-square-foot manufacturing facility in Albuquerque by end of September to produce house and partner brands. The manufacturing facility will also offer white labeling services. Read more here.