The Each day Hit is a recap of the highest monetary information tales for March 13, 2024.
On the Website
Ascend CEO shares particulars on 280E tax nullification technique
Within the wake of Ascend’s annual earnings submitting this week, CEO John Hartmann once more sat down with Inexperienced Market Report to speak concerning the highlights, together with the corporate’s new tax technique, which the corporate stated it expects will cowl its complete 2023 tax invoice after it amends three prior yr returns. Learn extra right here.
GrowGeneration loses one other $46.5 million, forecasts additional income declines
Hydroponics retailer GrowGeneration Corp. (Nasdaq: GRWG) posted a $46.5 million web loss for 2023, together with a $27.3 million loss within the fourth quarter, as revenues for the enterprise additionally took a downward flip, the corporate reported Wednesday. Learn extra right here.
Planet 13 posts a $73.6M loss, however is optimistic about Florida
Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) misplaced $73.6 million final yr, together with $14.3 million within the fourth quarter alone, although many of the web loss was from a $46.8 million one-time impairment cost, the Nevada-based firm reported this week. Learn extra right here.
Jushi trims losses however nonetheless within the purple after 2023
Florida-based Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) posted a web lack of $65.1 million for 2023, together with an $18 million web loss within the fourth quarter, the corporate reported on Wednesday. Learn extra right here.
Cybin to lift $150M by way of non-public placement
Toronto-based Cybin Inc. (NYSE:CYBN) might be elevating roughly $150 million by way of the non-public placement of greater than 348 million widespread shares to proceed funding operations and medical trials, the corporate introduced Wednesday. Learn extra right here.
Police bust certainly one of Michigan’s largest unlawful marijuana develop operations up to now
On March 7, the Michigan State Police executed warrants on a single operation at 4 industrial buildings in Livonia, ensuing within the seizure of greater than 6,000 marijuana vegetation, 2,500 kilos of psilocybin mushroom bars, and 700 kilos of marijuana flower. Learn extra right here.
Village Farms sees fourth quarter gross sales beat, web loss decline
Produce and hashish grower Village Farms Worldwide (Nasdaq: VFF) reported its monetary outcomes for the fourth quarter and the fiscal yr ending Dec. 31, 2023, exhibiting an increase in consolidated gross sales alongside a web loss drop. Learn extra right here.
SpringBig reviews income improve in fourth quarter
Hashish information firm SpringBig Holdings, Inc. (OTCQX: SBIG), reported earnings after markets closed on Tuesday, with income elevated 1% to $6.8 million. The corporate reported a web lack of $3.2 million versus a lack of $4.5 million within the prior yr. Learn extra right here.
Cannabist sees revenues improve because it trims losses
The Cannabist Firm Holdings Inc. (NEO: CBST) (OTCQX: CCHWF) reported its monetary outcomes for the fourth quarter and full yr ending Dec. 31, 2023, eking previous income expectations because the agency figures out learn how to transfer on from its terminated megadeal. Learn extra right here.
Ayr Wellness delivers rising revenues in 2023
AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) reported monetary outcomes for the fourth quarter and full yr ended Dec. 31, 2023. Ayr Wellness was inline with Yahoo Finance common analyst estimates for the fourth quarter. Learn extra right here.
Cresco beats fourth quarter income estimates regardless of dip
Cresco Labs Inc. (OTCQX: CRLBF) introduced its monetary outcomes for the fourth quarter and full fiscal yr ending Dec. 31, 2023, as divestment efforts powered its backside line and tripled its working money movement regardless of a slight income droop. Learn extra right here.
In Different Information
Vice President Harris
Vice President Kamala Harris will maintain the administration’s first public occasion on marijuana reform this week after President Joe Biden addressed the problem as certainly one of his priorities in final week’s State of the Union deal with. Learn extra right here.
Virginia
Although a invoice to legalize and regulate retail hashish gross sales in Virginia has been handed by the legislature and is now awaiting motion by Gov. Glenn Youngkin (R), supportive lawmakers now say they imagine it’s unlikely the proposal will develop into regulation this session. Learn extra right here.
Texas
The CEO of Texas’ largest medical hashish distributor is urging leaders to control the state’s CBD market, citing issues over well being points associated to hemp-derived merchandise corresponding to delta-8 and delta-9 THC. Learn extra right here.
Disclosure
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