The Day by day Hit is a recap of hashish enterprise information for Oct. 19, 2022.
ON THE SITE
Circle Ok Proprietor Doubles Down on Hashish Wager in Florida
Florida medical marijuana sufferers may quickly have the choice to purchase their medication from a gasoline station subsequent 12 months. Inexperienced Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) mentioned on Wednesday that it struck a cope with Alimentation Couche-Tard Inc. to start out promoting hashish by way of Circle Ok comfort shops. Learn extra right here.
Tilray Bullish on Alcohol as Hashish Earnings Shrink
Because the hashish sector hangs by threads, one firm is using the ethanol tide searching for larger margins. Tilray Manufacturers Inc. (Nasdaq: TLRY) mentioned its Breckenridge Distillery will associate with Anheuser-Busch-owned Breckenridge Brewery on a barrel-aged beer and beer-aged whiskey beneath the banner Buddy Move. Tilray executives mentioned that they remained bullish on the alcohol sector, because the enterprise phase generated $20.7 million, rising 34% versus the prior 12 months quarter. Learn extra right here.
Leafly Cuts 21% of Workers in Quest to Lower Prices
Leafly (Nasdaq: LFLY), a web-based hashish info useful resource and market, introduced Tuesday that it might reduce 21% of its workforce as a part of new cost-saving measures. Total, annual money financial savings are anticipated to be $16 million starting in 2023, primarily attributable to decreased headcount. Learn extra right here.
Layoffs Mark Subsequent Stage of Hashish Business Cutbacks
As of January 2022, hashish supported 428,000 full-time jobs in America. That equates to greater than 107,000 jobs added in 2021, in line with the 2022 Jobs Report from Leafly. Whereas that marks the fifth 12 months of trade job progress above 27%, 2022 may break that pattern, as hashish corporations have been shifting gears and tightening budgets to spice up backside traces – together with chopping workers. Learn extra right here.
Native Modiv Fights Again Towards Jersey Metropolis Denial
A authorized battle is heating up in Jersey Metropolis, New Jersey after the applicant Native Modiv was denied a hashish license. Each Native Modiv and Jersey Metropolis filed briefs filed final week in Hudson County Superior Courtroom in line with Regulation 360. In its temporary Native Modiv claimed that the CCB (Hashish Management Board) abused its authority by reviewing Plaintiff’s software for “proof of native help” primarily based on elements that it claimed have been fully inapplicable. Learn extra right here.
IN OTHER NEWS
Inexperienced Natural Dutchman/BZAM
The Inexperienced Natural Dutchman (OTC: TGODF) shares popped on the information that it purchased privately owned Canadian-based BZAM Holdings (BZAM) in an all-stock deal. BZAM shareholders will find yourself holding roughly 49.5% of the mixed firm. The deal is predicted to shut on Nov. 8, 2022. Learn extra right here.
NewAge Inc. (previously generally known as New Age Drinks Corp.)
The Securities and Change Fee filed expenses towards Brent David Willis, the previous chief govt officer of NewAge Inc. (previously generally known as New Age Drinks Corp.), alleging that Willis engaged in a multiyear fraud by disseminating quite a few false and deceptive press releases and making false public statements regarding NewAge’s enterprise dealings. Learn extra right here.
AmeriCann Inc., a hashish firm that develops state-of-the-art cultivation, product manufacturing, and distribution services, reported a major improve in year-over-year income, climbing greater than 44% for the fiscal 12 months ending Sept. 30, 2022, in contrast with the prior 12 months. Learn extra right here.
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