StaffThe Daily Hit is a recap of the top financial news stories for Wednesday, August 14, 2024.
On the Site
Tilray buys Molson Coors breweries, partners with Florida Gators
The cannabis and beverage company projects the Molson Coors deal alone will expand its new beer accounts by 30%.
Vermont cannabis regulators introduce new rules, license type
The state’s regulators created a propagation license that will focus on growers of young plants and seeds.
ICYMI: CNBC’s Tim Seymour takes ‘glass half full’ view of second quarter cannabis earnings
Seymour pointed to Glass House Brands as a potential California cannabis winner.
Acreage’s year-to-date losses top $57 million after second quarter
The company said its acquisition by Canopy Growth USA is expected to close in the first half of 2025.
Read more here.
4Front Ventures continues Illinois expansion despite Q2 funding setback
The company saw double-digit wholesale growth in both Illinois and Massachusetts during the quarter.
More earnings:
- Agrify lowers second-quarter loss to $2.8 million, despite revenue decline
- cbdMD revenue falls 15%, but losses trimmed
- Decibel sees continued revenue slump in second quarter, bets on Qwest relaunch
- IM Cannabis records another loss in Q2, despite boost from German market
- MediPharm Labs benefits from international markets as revenues rise
- Safe Harbor continues profitable streak into second quarter
- Springbig sees profit on cost cuts, despite revenue dip
In Other News
Los Angeles
California’s task force targeting illegal cannabis seized more than 2.2 million cannabis packages with the forged state seal from the Toy District in downtown Los Angeles, the office of Governor Newsom announced Tuesday.
Theory Wellness
One week after Ohio became the 24th state to legalize recreational cannabis use, Theory Wellness, located in Sherwood, noted customers were spending an average of $75 per visit and purchasing at least two items during their visits.
CEA Industries
CEA Industries reported second quarter revenue of $1.8 million, an increase of 66% that is primarily attributed to a $1.2 million contract that was booked and fulfilled in the quarter.
