The Every day Hit is a recap of hashish enterprise information for Nov. 1, 2022.
ON THE SITE
New York Regulators Roll Again Hashish Testing Requirements
New York hashish regulators on Tuesday took a serious step in easing testing lab security requirements for the upcoming leisure marijuana market, apparently in response to business stress concerning contamination thresholds. The Workplace of Hashish Administration notified licensed growers through e-mail on Tuesday that “the Workplace has up to date its Laboratory Testing Limits to take away the cross/fail limits” for micro organism, mildew, and yeast. Learn extra right here.
Nevada Receives 100 Hashish Lounge Functions, Predicts Opening Early 2023
Nevada has taken one other step towards turning into the primary state with a solidly functioning hashish consumption lounge business that enables companies each promote hashish and have guests smoke on-site. The state Hashish Compliance Board introduced Monday on Twitter that it had acquired a complete of 100 consumption lounge purposes earlier than the submission window closed on Oct. 27. Learn extra right here.
Hexo Experiences $1 Billion Loss for Fiscal Yr 2022
Hexo (Nasdaq: HEXO) reported internet income for fiscal yr 2022 of $191.1 million, up from $123.8 million from the fiscal yr that ended July 31, 2021. Whole income was $265 million, up 53% from the prior fiscal yr. The online loss for the total yr was an eye-popping $1 billion versus final yr’s internet lack of $115 million. Learn extra right here.
Sol World Continues Sluggish Exit from Hashish
SOL World Investments Corp. (CSE: SOL) (OTCPK: SOLCF) didn’t launch any third-quarter income figures however as a substitute famous its internet losses. For the third quarter, the overall loss from investments was $11.2 million versus a acquire of $12.5 million for a similar interval in 2021. The corporate additionally lowered its stake in hashish from 18% to 14% and is as a substitute gravitating to corporations like electrical motorbike firm Damon Motors and robotic supply firm Kiwi Campus. Learn extra right here.
Avant Manufacturers Bids to Purchase Flowr Corp. Subsidiary out of Chapter
1000343100 Ontario Inc., of which Canadian hashish producer Avant Manufacturers Inc. (TSX:AVNT) (OTCQX:AVTBF) owns 50% of the issued and excellent shares, has entered right into a stalking horse buy settlement to amass all the issued and excellent shares within the capital of The Flowr Group Inc., a subsidiary of The Flowr Corp. A stalking-horse bid is the preliminary bid on the belongings of a bankrupt firm. Different consumers can submit competing affords following a low-end stalking horse bid. Learn extra right here.
Hashish Activists Push for Psychedelics Renaissance
Because the psychedelics business’s disagreements with the federal authorities on quite a lot of points proceed to rage, the struggle to make issues proper between the residents of this nation and their duly-elected officers over a federally unlawful plant has been taken up by a number of the identical activists who led the cost for hashish. Learn extra right here.
IN OTHER NEWS
SNDL Acquires Zenabis Enterprise
SNDL Inc. (Nasdaq: SNDL) introduced in the present day that, within the context of proceedings pursuant to the Zenabis Group’s submitting below the Corporations’ Collectors Association Act (Canada), it has efficiently closed its acquisition of the Zenabis Enterprise, pursuant to an approval order of the Québec Superior Court docket. Learn extra right here.
Marijuana stays in a authorized grey space in Virginia 16 months after the state legalized the possession and use of marijuana for leisure functions. However the state has not established a authorized technique of buying the product for nonmedicinal makes use of. Learn extra right here.
When Massachusetts lawmakers handed a package deal of reforms to the state’s marijuana enterprise legal guidelines over the summer season, their intent appeared clear: To crack down on municipalities charging hashish operators unjustified “affect” charges, that are ostensibly meant to offset the adverse results of a marijuana enterprise. However now, with the legislation scheduled to take impact subsequent week, there may be widespread disagreement over its implementation — and a probability that many cities and cities will in the intervening time proceed to gather affect charges that exceed the brand new authorized limits. Learn extra right here.
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