The Day by day Hit is a recap of the highest hashish enterprise tales for July 27, 2022.
ON THE SITE
Halo Kills PhytoCann Deal, Provides Again Excessive Tide Shops
Halo Collective Inc. (NEO: HALO) (OTCQX: HCANF) has determined to not purchase PhytoCann Holdings SA and cited market situations because the driving issue for not pursuing the proposed acquisition. Along with killing the PhytoCann deal, Halo additionally mentioned it primarily gave again the shops it had deliberate to purchase from Excessive Tide. Learn extra right here.
Cannara’s Rising Earnings Present Canadian Demand Stays Sturdy
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) posted constructive third-quarter outcomes – displaying the resilience of the Québec mega-producer amid waning earnings for a lot of all through the sector. The corporate introduced its third-quarter monetary and working outcomes for the three and nine-month intervals ending Could 31, 2022. Learn extra right here.
Turning Level Misses Estimates, Lowers Outlook
Turning Level Manufacturers, Inc. (NYSE: TPB) introduced disappointing monetary outcomes for the second quarter ending June 30, 2022, as web gross sales dropped by 16.1% to $102.9 million. This missed the yahoo Finance common analyst estimate for income of $105 million, but it surely was larger than the primary quarter’s web earnings of $100 million. Turning Level reported that mixed web gross sales for Zig-Zag and Stoker’s Merchandise solely declined by 0.9% for the quarter. NewGen web gross sales, which is the vape class, declined by 45.1% and dropped 2.1% sequentially. Learn extra right here.
Horizon Consolidates Hashish ETFs, Bearish On Outlook
Canadian-based Horizons ETFs Administration Inc. is beefing up its hashish index funds for buyers, with consolidation strikes set to kick in every week from now. The information comes as marijuana corporations proceed to put up declining earnings amid a tightening financial panorama that finds most asset courses and fairness indices within the detrimental. Learn extra right here.
IN OTHER NEWS
Verano Holdings Corp.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), a multi-state hashish firm, at the moment introduced because of inner compensation and tax evaluations, sure accounting errors have been uncovered and will probably be required to restate every of the beforehand issued monetary statements set forth under, all of which, along with all associated disclosures, beforehand furnished or filed experiences, earnings releases, investor shows or comparable communications, ought to subsequently not be relied upon. Learn extra right here.
HEXO Corp. (TSX: HEXO; NASDAQ: HEXO), introduced at the moment it acquired an extension of 180 calendar days from the Nasdaq Inventory Market LLC to regain compliance with the Nasdaq’s minimal $1.00 bid value requirement set forth in Nasdaq Itemizing Rule 5550(a)(2) for continued itemizing on the Nasdaq Capital Market, following the expiration of the preliminary 180 calendar days interval to regain compliance on July 25, 2022. Learn extra right here.
Willow Industries Inc.
Willow Industries Inc., an organization in hashish kill-step and decontamination expertise, is happy to announce the appointment of Scott Daly as Chief Industrial Officer. On this function, Scott will oversee the event and execution of the go to market business technique to speed up Willow’s exponential progress throughout new and current markets. Learn extra right here.
The Flowr Company
The Flowr Company (TSX.V: FLWR; OTC: FLWPF) herein pronounces the closing of the beforehand introduced sale of the Kelowna Analysis Station R&D Facility to Hawthorne Canada Restricted for an mixture buy value of $15.9 million. The Firm is utilizing the proceeds from the sale of this non-core asset to scale back the excellent principal debt below its ATB led credit score facility to $1 million. Learn extra right here.
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