The Daily Hit: February 29, 2024

The Daily Hit is a recap of the top financial news stories for Feb. 29, 2024.

On the Site

BZAM restructures, to go up for sale under creditor protection order

Cash-strapped Canadian marijuana company BZAM Ltd. (CSE: BZAM) (OTC: BZAMF) announced Thursday that it has obtained a court order protecting it from its creditors as it pursues a restructuring and looks for a new owner. The company also warned shareholders that it may cease trading on at least one exchange in the near future. Read more here.

Trulieve beats on revenue, claims $113M in 280E tax refunds

Stemming from plans the firm announced last year, Trulieve filed amended federal tax returns for the years 2019, 2020, and 2021, claiming refunds totaling $143 million. The firm also said it recently filed corresponding state tax returns, seeking an additional $31 million in refunds. Read more here.

269 Michigan municipalities to split $87.1M in cannabis tax revenue

Michigan counties and municipalities that allow marijuana businesses in their borders will split $87.1 million in tax revenue collected in 2023. That’s nearly $30 million more than last year. Under state law, counties split 30% of the tax revenue collected from the 10% excise tax on recreational marijuana sales with cities, townships and villages. Read more here.

Verano’s revenue jumps in 2023, but expects first quarter to dip

Chicago-based Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) announced rising revenue for the fourth quarter and 2023 but cautioned that increased competition in New Jersey would hurt the first quarter’s revenue. Read more here.

More earnings:

Record gains for Avant post-Flowr merger

Cronos Group delivers solid quarter despite Israeli-Hamas war pressure

Grown Rogue targets New Jersey as revenue soars 32%

Hydrofarm losses down in 2023, but so were sales

In Other News

SOMAÍ Pharmaceuticals Unipessoal LDA , an EU-GMP European pharmaceutical and biotech company distributing cannabinoid-containing pharmaceuticals, entered into a definitive agreement with AKANDA Corp. (Nasdaq: AKAN), an international medical cannabis company, to acquire 100% off of the issued and outstanding shares of its Portuguese subsidiary RPK Biopharma (Holigen). Read more here.

In a complaint filed Monday, Delos Group LLC said Murphy R. Kittrell Jr. and his son Niko Kittrell’s mismanagement has made Sixty-Six Management LLC insolvent, resulting in substantial monetary losses that can only be mitigated by selling off some of the properties involved. Read more here.

MTL Cannabis Corp. (CSE: MTLC) reported revenue of C$22.4 million for the third quarter ended Dec. 31, 2023, a 158% improvement over the C$8.7 million reported in the same quarter of last year. Read more here.

Pervasip Corp. (OTCPK: PVSP) reported gross profit for the year ended Nov. 30, 2023, of $4.9 million on $15.8 million in revenues, compared to gross profit of $2.7 million during the same period in 2022. Read more here.

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