The Day by day Hit: Could 11, 2022

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The Day by day Hit is a recap of the highest hashish enterprise tales for Could 11, 2022.

ON THE SITE

Ascend Wellness Holdings

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported its monetary outcomes for the primary quarter ending March 31, 2022. Whole income of $101.2 million decreased 0.8% quarter-over-quarter and elevated 33.4% year-over-year. Ascend inventory jumped over 5% in buying and selling to shut at $3.20. Ascend additionally reported that it had a web lack of $27.8 million or a lack of $0.16 per primary and diluted frequent share in the course of the quarter, in comparison with a web lack of $16.5 million within the fourth quarter of 2021. Learn extra right here.

MedMen Surrenders Property to Ascend Wellness

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) lastly agreed to shut the deal to promote its New York property to Ascend Wellness (OTC: AAWH). The 2 corporations had initially agreed to the transaction, however then MedMen was accused of getting “purchaser’s regret” by Ascend when it tried to drag out of the deal. The 2 corporations then engaged in a nasty authorized battle with MedMen accusing Ascend of greasing politicians‘ palms within the state. Learn extra right here.

Harborside Inc. and Pelorus Fairness Group

Pelorus Fairness Group accomplished the second and ultimate tranche of its beforehand introduced $77.3M non-dilutive actual property debt financing with Harborside Inc. (CSE: HBOR) (OTCQX: HBORF). The preliminary funding included three particular person loans to Harborside, Urbn Leaf Holdings Inc., and Loudpack JV Company with a second tranche made out there upon the ultimate closing of the three-way merger. The proceeds have been used primarily to retire sure present loans and supply extra working capital. Learn extra right here.

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Agrify Beats Income Estimates

Agrify Company (Nasdaq: AGFY)  introduced monetary outcomes for the primary quarter ended March 31, 2022, as income elevated 271% to $26 million for the primary quarter versus $7 million for the prior-year interval. This was additionally greater than Agrify’s fourth-quarter income of $25.3 million and beat the Yahoo Finance common analyst estimate for revenues of $25..3 million. The inventory value was up by over 6% in early buying and selling to these days promote at $2.60. Learn extra right here.

Goodness Development

Goodness Development Holdings, Inc. (CSE: GDNS) (OTCQX: GDNSF) reported monetary outcomes for its first quarter ended March 31, 2022. Goodness Development had complete income within the first quarter of $15.6 million, a rise of 18.2% as in comparison with the identical time interval in 2021. The web loss within the quarter was $14.6 million versus a web lack of $6.9 million within the first quarter of 2021. Learn extra right here.

GMR Ladies’s Management Awards: Narim Jarrous

Narmin Jarrous manages operational planning and positioning for all developmental methods throughout the Unique Manufacturers group, whereas additionally main the groups’ Social Fairness efforts, decided to carry up communities which have been disproportionately impacted by the prohibition of marijuana. Learn extra right here.

Psychedelic Drugs Patents

Probably the most vital facets of the psychedelics enterprise—and one that’s turning into extra contentious—is about securing and defending the patent for the particular molecule or artificial {that a} psychedelics firm is banking on as a result of it may primarily defend the funding of thousands and thousands of {dollars} a startup spends on organising and working scientific trials, hiring costly medical employees and different enterprise growth bills. Learn extra right here.

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Concentrating on Feminine Hashish Manufacturers (VIDEO)

On April, 28, 2022, the Inexperienced Market Report hosted its first Ladies’s Summit in New York Metropolis. This panel was titled “Concentrating on Feminine Manufacturers” and featured a stellar lineup of profitable ladies together with Cannaclusive Founder Mary Pryor, Humble Growth Founder Solanje Burnett, CMO of Trube Tokes Kymberly Byrnes and moderated by Politico’s Mona Zhang. Extra right here.

IN OTHER NEWS

Harborside Inc.

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically built-in hashish enterprise, immediately introduced it opened two new retail shops in California, bringing its complete retail retailer rely to 13, with a brand new Harborside-branded retailer in San Francisco, and a brand new Urbn Leaf-branded retailer in La Mesa, situated in San Diego County. Learn extra right here.

FSD Pharma Inc.

FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9A), a life sciences holding firm devoted to constructing a portfolio of property and biotech options, has closed the sale of non-core property for $16.4 million. The corporate has bought its former hashish processing facility, situated in Coburg, Ontario, which it acquired for $5.5 million in November 2017. The property features a 26.1-hectare parcel of land and a 50,800 sq. meter constructing. 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 often not meant to diagnose, take care of, treatment, or forestall any sickness. All knowledge discovered proper right here won’t be meant as another option 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.

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