StaffThe Daily Hit is a recap of the top financial news stories for Wednesday, May 8, 2024.
On the Site
Green Thumb continues winning streak with $31 million first quarter profit
The increase in revenue was attributed to “increased retail and consumer packaged goods sales.”
Verano revenue flat in the first quarter but beats expectations
The Chicago-based multistate operator recorded a net loss of $5 million for the quarter, which was a year-over-year improvement.
Colorado Legislature approves sweeping overhaul of cannabis industry rules
The bill would, among other things, phase out the requirement for RFID tags for every plant.
Michigan marijuana firm secures $16M investment for new grow facility
C3 is projected to turn $250 million in revenue this year with a strong profit margin.
Additional earnings
- Charlotte’s Web sales slump as cost cuts, turnaround efforts ramp up
- GrowGen posts wider first quarter loss on lower sales
- IM Cannabis revenues slip from last year
- Innovative Industrial Properties’ core funds rise as net income dips
- MariMed shrinks losses while growing wholesale revenues
- Nova’s revenue climbs as British Columbia expansion proceeds
- Village Farms sees strength in its Canadian cannabis
In Other News
PharmaCann
Crain’s researchers spend months each year collecting revenue and employment data from nearly 400 of the Chicago area’s leading private companies. This year, one cannabis company made the list. PharmaCann ranked 157th with an estimated $445.2 million in revenue for 2023.
PharmaCielo
The Ontario Securities Commission issued a failure to file cease trade order for PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) prohibiting the trading by any person of any securities of the company in Canada, including trades in the company’s common shares made through the TSX Venture Exchange. The FFCTO was issued as a result of the company’s delay in filing its audited annual consolidated financial statements for the year ended Dec. 31, 2023.
