The Daily Hit: February 27, 2024

The Daily Hit is a recap of the top financial news stories for Feb. 27, 2024.

On the Site

Northern California cannabis company sues city, alleges corruption in licensing process

A small marijuana retail chain in Northern California has filed suit against the town of Healdsburg and its city council, claiming that a November award of two retail permits to its competitors was “riddled with procedural and substantive errors” and that the process itself was tainted by political donations. Read more here.

California-based distributor enters Nevada with acquisition

Marijuana distributor Nabis, which cut its teeth in its highly competitive home state market of California, is now entering neighboring Nevada with the acquisition of Blackbird, which reportedly controls 25% of the Nevada cannabis supply chain. Read more here.

Delivra Health Brands Q2 sales dampened by shifting consumer patterns

Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF) net revenue fell 14% in its second quarter, which ended Dec. 31, 2023, but the company was still able to boost its gross profit for the period. Read more here.

Heritage Cannabis posts C$20 million loss for 2023 fiscal year

Toronto-based Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQB: HERTF) reported a C$19.9 million net loss for its latest fiscal year, which ended on Oct. 31, 2023. Most of the losses, C$14.1 million, were incurred in the fourth quarter alone. Read more here.

In Other News

New Jersey

A group of residents of Highland Park, New Jersey, are suing the town, aiming to overturn town ordinances allowing for the sale and distribution of cannabis, saying they are in conflict with the federal Controlled Substances Act and state law. Read more here.

Canada

Canada’s tax collection agency is following through on a threat to garnish cash from licensed cannabis producers that are delinquent on their excise duty payments. The move is a major escalation in the Canada Revenue Agency’s efforts to collect money it’s owed by federally regulated cannabis companies with outstanding excise debt. Read more here.

Consumption lounges

Nevada’s first regulated cannabis consumption lounge has opened its doors in Las Vegas. The venue, Smoke and Mirrors, celebrated its grand opening on Friday, February 23, with the inaugural purchase made at 4:20 p.m. by Clark County Commission Chairman and longtime cannabis advocate Tick Segerblom. Read more here.

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