The Daily Hit: August 27, 2024

The Daily Hit is a recap of the top financial news stories for Tuesday, August 27, 2024.

On the Site

Ascend Wellness parts with both its CEO, CFO

Declining sequential revenue and increased losses may have led to the C-suite overhaul.

Read more here.

Cannabis stocks tumble as rescheduling hopes get slapped

The DEA decision for an administrative hearing pushes back hopes for a change in 2024.

Read more here.

Ohio cannabis regulators issue almost $213,000 in advertising fines to five companies

Greenleaf Apothecaries, which was hit the hardest by regulators, said it would appeal the $150,000 it received.

Read more here.

Death sparks lawsuit against Pure Leaf Kratom

Kratom has not been approved by the FDA and is illegal to import.

Read more here.

Earnings:

• Entourage Health’s earnings remain under pressure
• Grown Rogue sees revenue rise amid ambitious expansion plans
• POSaBIT reports revenue boost in second quarter

In Other News

RIV Capital

Shareholders of RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) voted in favor of a special resolution to approve the previously announced proposed business combination with Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF). Approximately 98.8% of the votes eligible to be cast at the shareholders meeting were in favor the deal.

Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) has entered into a partnership with the Carvana PPA Tour and MLP by Margaritaville to sponsor premier pickleball events in Arizona, Florida and Georgia.

Read more here.

Avant Brands

Avant Brands Inc. (TSX: AVNT) (OTCQX: AVTBF) will consolidate its outstanding common shares in a 30-to-1 exchange of existing common shares. The effective date for the consolidation is Aug. 30

Read more here.