The Daily Hit is a recap of the top financial news stories for Aug. 22, 2023.
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Verano Sues Alabama Marijuana Commission Over License Loss
Chicago-based Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) on Monday followed through with its threat to sue Alabama marijuana regulators, after a state commission voided a medical cannabis business license that had been granted to the multistate operator in June. Read more here.
Lawsuit Between Scotts’ Hawthorne, Luxx Lighting Heats Up
The battle between hydroponic heavyweight Hawthorne, a subsidiary of Scotts Miracle-Gro (NYSE: SMG), and Luxx Lighting is heating up. The relationship between the two companies began in 2021 when Hawthorne agreed to buy Luxx Lighting in a deal valued at $215 million. Read more here.
StateHouse, Pelorus Ink Major Service Agreement for Humboldt Facilities
California-based cannabis company StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF) has announced an 18-month managed service agreement with Pelorus Capital Group. Under the deal, StateHouse will be taking over operations at the Willow Creek facility in Humboldt County, commonly referred to as the “Humboldt Facilities.” Read more here.
Leef Brands Sees 14.6% Sales Boost in Q2
California-based Leef Brands Inc. (CSE: LEEF) (OTC: LEEEF) reported Q2 net sales of $9.3 million, a rise of 14.6% versus the previous year. Profit figures also rose, with a gross profit of $2.9 million, a year-over-year growth rate of 8.2% for the quarter. Read more here.
In Other News
Humble & Fume
Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) bolstered its expansion plans with an additional $4 million investment by Green Acre Capital Distribution Corp. into HC Solutions Holdings Inc., a joint venture company established by Humble and Green Acre. The focus of this venture continues to be the strategic distribution of cannabis products across the United States, with a primary focus on California. Read more here.
CuraScientific Corp. (OTCPINK: CSTF) reported revenue of $441,000 for the three months ended June 30, up significantly from the $9,000 reported a year ago. The company also reduced convertible notes from $1.2 million in the period ended June 30, 2022, to $335,000 for the latest period. Read more here.
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