StaffThe Daily Hit is a recap of the top financial news stories for Thursday, August 8, 2024.
On the Site
L.A. County watchdog agency: City’s cannabis licensing, social equity needs reform
A civil grand jury reported that some licensed L.A. dispensaries are so desperate for revenue that they’ve begun breaking the law by selling legal marijuana to unlicensed competitor shops.
Massive Missouri cannabis recall affects more than 2,600 products from one brand
The products from Twenty Twenty were not properly tested before sale.
Florida marijuana legalization campaign draws national attention, funding
Two apparent billionaires took opposing stances on the issue this month.
New guidelines spell out penalties for rule breaking in Michigan cannabis market
The move comes a year after industry leaders cried foul against the CRA for what they called uneven and arbitrary disciplinary actions.
High Tide lands new $15 million credit line
High Tide also issued another 230,760 common shares at a price of $3.47 each once the loan closed.
Earnings:
- The Cannabist beats estimates for the second quarter
- Charlotte’s Web continues to slide in Q2, takes more steps to cut costs
- Cresco Labs narrowly misses revenue estimates, touts more efficiency
- Cronos Group leans into GrowCo as revenue rises
- GrowGeneration loses another $5.9 million as it undergoes restructuring
- Hydrofarm loses $23.5 million for second quarter, secures new manufacturing contract
- Leafly reports declines in second-quarter revenue, customer count
- Planet 13 beats revenue estimates, VidaCann deal runs up costs
- TerrAscend misses analyst estimates for Q2 despite rising revenue
- Canadian cannabis boosts Village Farms revenue, but produce weighs
- Weedmaps continues to eke out profits while streamlining performance
In Other News
Missouri
For the second time in as many weeks, and just days after a recall of thousands of flower products, Missouri’s cannabis industry is facing another monumental disruption. Additional administrative holds have been placed in Metrc by marijuana regulators for dozens of brands, encompassing a wide array of product categories.
Alabama
The full rollout of Alabama’s medical marijuana industry remains on hold because of lawsuits challenging the state’s procedures, but the Alabama Medical Cannabis Commission on Thursday did clear the way for two more companies to start growing plants.
Minnesota
Minnesota’s Office of Cannabis Management is calling for public input on its first draft of recreational marijuana sales regulations. The entire draft of rules, which is more than 100 pages long, is available for review until Aug. 30 on the state office’s website.
