The Day by day Hit is a recap of the highest monetary information tales for January 12, 2023.
On The Web site
Organigram Earnings Beat
Share costs for Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) had been up practically 8% in early Thursday buying and selling after outcomes illustrated the corporate’s monetary self-discipline, because it trimmed losses and posted revenues that beat expectations for the primary quarter ending November 30, 2022. The Canadian hashish firm reported internet income of $43.3 million, up 43% from $30.4 million in the identical time interval final yr. Learn extra right here.
Hashish Sentences Drop
A brand new report issued by the U.S. Sentencing Fee discovered that the variety of federal hashish possession sentencings dropped considerably lately, from 2,172 within the fiscal yr 2014 to solely 145 offenders within the fiscal yr 2021. For the 70.1% of hashish possession offenders who acquired a sentence of imprisonment within the final 5 fiscal years, the common jail sentence imposed was 5 months. Sadly, the report additionally famous that prior hashish possession sentences added to an incarcerated particular person’s felony historical past factors leading to longer sentences. Learn extra right here.
Marijuana M&A Strikes
There have been quite a lot of expectations for consolidation within the hashish trade, so it appears 2023 is already off to a busy begin. At this time there are three offers to say from Akerna, LEEF Manufacturers, and Wee-Cig. Learn extra right here.
Cobb Launches Sunburn
Earlier this month, Brady Cobb rolled out among the first of 11 dispensaries his firm Inexperienced Sentry Holdings purchased from MedMen (OTC: MMNFF) for $63 million in August. All the shops shall be rebranded as Sunburn Hashish by the tip of the primary fiscal quarter. Inexperienced Market Report spoke with Cobb on the launch social gathering for the Orlando storefront. Learn extra right here.
In Different Information
Lowell Farms Inc. (OTCQX:LOWLF) has retained Canaccord Genuity Corp. to help in its ongoing evaluate of strategic alternate options. The Board of Administrators has fashioned a strategic alternate options particular committee of unbiased administrators to discover, evaluate and consider strategic alternate options which may be accessible to the Firm to maximise shareholder worth. The Particular Committee will consider a full vary of strategic and monetary alternate options, together with, however not restricted to, a number of of the next: sale, divestiture, acquisition, or merger that will contain all or a part of our enterprise or property, restructuring, recapitalization or another strategic transaction which may be recognized throughout our strategic evaluate. Aside from as described on this information launch, the Firm has not made any selections associated to strategic alternate options at the moment. The Firm cautions that there are not any assurances that the analysis of strategic alternate options will consequence within the approval or completion of any particular transaction or end result. The Firm doesn’t intend to remark additional except and till the Board of Administrators approves a particular transaction, concludes its evaluate of strategic alternate options or determines that additional disclosure is acceptable or required.
Cannara Biotech Inc. (OTCQB: LOVFF) introduced particulars of its proposal to consolidate all the issued and excellent frequent shares of the Firm on the premise of ten (10) pre-consolidation frequent shares for each one (1) post-consolidation frequent shares, topic to the approval of shareholders on the upcoming assembly of shareholders to happen on January 25, 2023, in addition to TSXV approval. The Firm doesn’t intend to bear a reputation change at the side of the proposed consolidation. Learn extra right here.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) introduced the opening of its Palm Seashore Gardens dispensary in addition to the growth of BlueKudu infused chocolate flavors accessible on Florida retail menus. Starting on Friday, January 13, Florida sufferers may have entry to 2 new flavors of BlueKudu artisanal infused goodies: espresso darkish chocolate and caramel milk chocolate. Each flavors shall be accessible for preorder on-line, in-store, and through statewide supply. Learn extra right here.
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