The Day by day Hit is a recap of the highest hashish enterprise tales for April 6, 2022.
ON THE SITE
The debt troubles going through Parallel are exposing the chance to different firms. Progressive Industrial Properties (NYSE: IIPR) will get 10% of its revenues from Parallel and Sundial’s (OTC: SNDL) three way partnership with SAF Group known as Sunstream Bancorp owns some defaulted debt. In March 2021, Sundial Growers Inc. shaped a 50/50 three way partnership with SAF Alternatives LP, a member of the SAF Group known as SunStream Bancorp Inc. The Joint Enterprise’s first mandate was the formation of a particular alternatives fund with commitments from third-party restricted companions alongside an preliminary dedication from Sundial of $100 million. Learn extra right here.
Tilray Manufacturers, Inc. (Nasdaq: TLRY) reported monetary outcomes for the third fiscal quarter ending February 28, 2022. Tilray‘s ret income elevated 23% to $152 million through the third quarter from $124 million within the prior-year quarter. Nevertheless, it fell sequentially from the second quarter’s income of $155 million and barely missed the income estimates by roughly $4.7 million. The rise was pushed by a 32% progress in hashish income to $55 million, 64% progress in beverage alcohol income to $20 million, and wellness income of $15 million. Learn extra right here.
Lengthy after the markets closed on the east coast, The Inexperienced Natural Dutchman Holdings Ltd. (CSE: TGOD) (OTC: TGODF) delivered its monetary outcomes for the fourth quarter ending December 31, 2021, and for the full-year 2021. The Inexperienced Natural Dutchman reported revenues rose 46% to $11 million within the quarter over final 12 months’s $3.4 million for a similar time interval. It was a sequential improve of 27%. Learn extra right here.
Half 3 of Inexperienced Market Report’s sequence on California‘s battle on hashish.
For those who have been to ask what the principle downside going through the most important hashish market within the nation is, there could be one resounding reply – TAXES.
Hashish taxes on the state and native ranges are choking the life out of companies throughout the state of California and cultivators, producers, and retailers are in search of aid anyplace. At the moment, companies are topic to a $161 a pound state cultivation tax for flower, then a 15% state excise tax (which is absolutely 27%, however we’ll get into that later), a ten% state gross sales tax in most areas, to not point out the various native cultivation, processing, manufacturing, distribution, and retail tax, successfully making the tax fee on the typical hashish buy about 50%. Learn extra right here.
IN OTHER NEWS
Akerna (Nasdaq: KERN), a hashish enterprise software program firm and developer within the world hashish trade, in the present day introduced the next letter from its Chief Govt Officer, Jessica Billingsley, to its shareholders and the funding group. Learn extra right here.
Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF) introduced that it’s going to report its monetary and working outcomes for the primary quarter ended March 31, 2022 after market shut on Could 9, 2022. Learn extra right here.
C3 Industries (“C3”), a multi-state, vertically built-in hashish firm with headquarters in Ann Arbor, MI, in the present day introduced the appointment of Parks McMillan as vice chairman of cultivation. Learn extra right here.
NewLake Capital Companions
NewLake Capital Companions, Inc. (OTCQX: NLCP), a number one supplier of actual property capital to state-licensed hashish operators, in the present day is saying the closing of part-one of a three-part dedication for a cultivation property in Missouri. Learn extra right here.
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