The Daily Hit: February 8, 2024

The Daily Hit is a recap of the top financial news stories for Feb. 8, 2024.

On the Site

Aurora Cannabis revenues rise as company is cautiously optimistic

Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) reported its financials for the third quarter of the 2024 fiscal year, showing some positive growth despite a continued decline in consumer cannabis revenue and a climbing net loss. Read more here.

More sales fail to ease cannabis retail margins, affecting wholesale prices

The average wholesale price of cannabis flower in the United States has started to decline, marking a potential shift in the market after a period of year-on-year price rises through the last quarter of 2023 and into the early part of 2024. Read more here.

Ayr Wellness pushes out debt to 2026

AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) announced that it has extended the maturity of all of its Senior Notes due 2024 and certain other debt by two years. Read more here.

Safe Supply buys minor stake in fentanyl strips maker

Canadian-based Safe Supply Streaming Co. Ltd. (CSE: SPLY) has acquired a 7% interest in Safety Strips Tech Corp., a startup focused on harm reduction technologies, particularly fentanyl test strips. Read more here.

Study finds psychedelic users crowdsource to find ‘trip killers’

The Journal of American Medical Association published a study that found hundreds of psychedelic drug users turning to the social media platform Reddit looking for ways to end a “bad trip.” Read more here.

In Other News

Massachusetts

Recreational and medical cannabis companies in Massachusetts made $1.79 billion in sales last year — the highest number yet. Read more here.

Vermont

Business owners and farmers told lawmakers Wednesday that a bill making changes to Iowa’s regulation of hemp products would harm Iowa businesses as well as prevent families with children who have severe pain or complications with illnesses from accessing cannabidiol products. Read more here.

Illinois

The Illinois Department of Financial and Professional Regulation announced today recreational cannabis sales totals for January 2024. January out-of-state resident sales dropped to its lowest total since February 2020, the second month of legalization. Read more here.

Virginia

A House panel in Virginia has voted to advance amended legislation that would legalize retail marijuana sales in the state, sending the bill to the chamber floor. Read more here.

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