The Each day Hit is a recap of the day’s high enterprise information for the hashish business for March 23, 2022.
On the Website
Cresco Labs
Cresco Labs (OTC: CRLBF) is shopping for New York-based Columbia Care (OTC: CCHWF) in a $2 billion deal that may make it the biggest marijuana firm within the U.S. The all-stock buy would give Cresco a presence in new recreational-marijuana markets, corresponding to New Jersey and Virginia. It’s the biggest merger within the marijuana enterprise since Trulieve, primarily based in Quincy, Fla., purchased Harvest Well being & Recreation for $2.1 billion final 12 months. The deal is the most important involving a Chicago-based marijuana firm since Grassroots was purchased by Curaleaf, headquartered in Wakefield, Mass., for $715 million in 2020. Learn extra right here.
Whereas the information of the Columbia Care acquisition was the massive information of the morning, Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) additionally reported its monetary outcomes for the fourth quarter and 12 months ending December 31, 2021. Cresco’s fourth-quarter income rose 34% over final 12 months to $218 million, this was solely a slight enhance over the third quarter’s income of $215 million. The money stream from operations was $38 million. Taxes and curiosity funds pushed the corporate to report a internet lack of $11 million the quarter. Learn extra right here.
Agrify
Agrify Company (Nasdaq: AGFY) introduced monetary outcomes for the fourth quarter and financial 12 months ended December 31, 2021, with income rising 481% to $25.3 million for the fourth quarter over final 12 months’s $4.4 million for a similar time interval. It was additionally a giant bounce over the third quarter’s income of $15.8 million. Agrify delivered a internet loss for the fourth quarter of $13.3 million, or $0.60 per diluted share, in comparison with a internet lack of $13.1 million, or $2.23 per diluted share, within the prior-year interval. Learn extra right here.
In Different Information
Aurora
Aurora Hashish Inc. (NASDAQ: ACB) (TSX: ACB) reached an settlement to amass all the issued and excellent shares of TerraFarma Inc. (mum or dad firm of Thrive Hashish) for $38 million payable in money and Aurora frequent shares , plus two earnout quantities payable in Aurora Shares or money, if relevant, primarily based on Thrive attaining sure income targets inside two years of the closing of the Transaction. Based in 2018, Thrive is a licensed producer of super-premium hashish concentrates and craft dried flower, and leverages revolutionary cultivation and extraction strategies with a singular give attention to attaining the very best high quality requirements. Thrive is most generally identified for its award-winning flagship leisure model, Greybeard Hashish Co. (“Greybeard”), which amongst different accolades was acknowledged because the #1 model advisable by Canadian budtenders in 2021, and was the 2021 winner of Finest Focus from the Variety Journal Awards, as voted for by budtenders. Learn extra right here.
Metrc
Metrc introduced its new contract with the state of South Dakota to help the regulation of the state’s medical hashish market. This marks Metrc’s twentieth authorities contract to this point nationwide for the implementation of its hashish track-and-trace techniques. “As South Dakota continues to ramp up their lately applied medical hashish market, we’re thrilled to have the chance to spearhead the state’s first-ever track-and-trace program,” stated Jeff Wells, CEO of Metrc. “Our group at Metrc is trying ahead to working carefully with the Departments of Well being and Income, state regulators, and licensed operators to implement a powerful regulatory framework that may successfully information South Dakota’s newly rising medical market down the trail to success.” Learn extra right here.
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Disclosure
The statements made regarding these merchandise haven’t been evaluated by the Meals and Drug Administration. The efficacy of these merchandise has not been confirmed by FDA-approved evaluation. These merchandises are normally not meant to diagnose, cope with, treatment, or forestall any sickness. All knowledge discovered proper right here is not going to be meant as another choice to or totally different from knowledge from well-being care practitioners. Please search the recommendation of your well-being care expert about potential interactions or totally different attainable points sooner than using any product. The Federal Meals, Drug and Magnificence Act requires this discovery.
