StaffThe Daily Hit is a recap of the top financial news stories for Wednesday, May 15, 2024.
On the Site
With cover of rescheduling, MSOs already trying to seize 280E tax savings
Publicly traded cannabis companies are looking to their tax returns to save tens of million of dollars this year – and possibly recoup taxes paid in previous years. Read more here.
Gold Flora reports $13.7 million quarterly loss to open 2024
California-based Gold Flora Corp. (Cboe Canada: GRAM), formerly The Parent Company, posted a $13.7 million loss for the first quarter of the year, to follow up its $42.7 million annual loss in 2023. Read more here.
Schwazze posts $16 million loss for the first quarter
Colorado-based Medicine Man Technologies, which does business as Schwazze (OTCQX: SHWZ) (Cboe CA: SHWZ), posted a $16 million net loss for the first three months of 2024, deepening its financial hole since last year’s $34.5 million loss. Read more here.
TILT Holdings weathers first quarter losses, revenue
TILT Holdings Inc. (OTCQX: TLLTF) posted mixed financial results for the first quarter ending March 31. Read more here.
Michigan marijuana sales down in April by $10 million
Despite one of the most robust cannabis markets in the nation, and the annual cannabis holiday of 4/20 last month, Michigan marijuana sales fell between March and April, according to state sales totals. Read more here.
Latest New York cannabis lawsuit aims to invalidate 463 retail permits
The latest in a host of legal actions filed against New York marijuana regulators is asking a state judge to strike down a whopping 463 cannabis retail permits issued last year, alleging that authorities wrongly skipped a required step in the licensing process. Read more here.
Parallel Cannabis settles its $7.4 million case with Legacy Knight
Beleaguered cannabis company Parallel Cannabis, which was associated with chewing gum heir William “Beau” Wrigley, has settled one of its lawsuits. Read more here.
Cresco Labs beat on stale sales, rosy on 2024
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) reported its first quarter 2024 financials ending March 31, showing showing flat revenue over the year at $184 million, but beating analyst expectations by $1.2 million. Read more here.
Lowell Farms first quarter revenues fell by 35%
After the markets closed on Tuesday, Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF) announced its unaudited earnings for the first quarter of 2024 ending March 31, 2024. Read more here.
MediPharm Labs boosts revenues, trims losses as prospects brighten
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) posted a 67% rise in revenue and a narrower net loss for the first quarter ending March 31, as expansion looks to backpack off regulatory momentum in its key markets. Read more here.
Ayr Wellness delivers solid first quarter results
AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) reported financial results for the first quarter ending March 31, 2024. Read more here.
Marijuana companies are spending millions in Ohio for the recreational sales launch
Ohio’s established cannabis companies are gearing up to serve a significantly larger market as a regulatory framework allowing non-medical sales to begin in early summer comes into focus, investing heavily in their companies along the way. Read more here.
In Other News
New Jersey
State officials have stressed that they agree with medical marijuana patients who say the price of cannabis in New Jersey remains too expensive, and one lawmaker is trying to change that. Read more here.
Michigan
Nearly 1,100 pre-packaged marijuana joints already sold or in inventory at 20 dispensaries across Michigan were recalled over public health concerns on Wednesday. Read more here.
