The Daily Hit is a recap of the top financial news stories for March 21, 2024.
On the Site
Subversive Capital ETF shutting down
Subversive Capital ETF (CBOE: LGLZ) joins the list of cannabis ETFs that have closed. According to an SEC filing on March 20, Tidal Investments LLC, the fund’s investment adviser, and Subversive Capital Advisor LLC, the fund’s investment subadviser, recommended that the board of trustees of Tidal ETF Trust close and liquidate the fund. Read more here.
Boost expected for Illinois cannabis sales this year
Illinois marijuana sales are expected to grow at a faster rate this year after slow growth in 2023. Cannabis research firm Whitney Economics is forecasting combined recreational and medical cannabis sales of $2.2 billion this year, up from $1.96 billion in 2023. Recreational products account for 83% of the Illinois market. Read more here.
Hempacco expanding footprint with partial acquisition of Covalent CBD
San Diego-based nutraceutical company Hempacco Co. Inc. (NASDAQ: HPCO) plans to expand its production and distribution capacity with the acquisition of some of the assets owned by competitor Covalent CBD. Read more here.
Earnings:
• Charlotte’s Web continues to suffer revenue declines
• SNDL delivers rising revenue for 2023 as it lowers losses
In Other News
Maryland
Legislation aimed at preventing counties from enacting overly burdensome zoning rules cleared a key hurdle in the Maryland General Assembly on Thursday, moving it closer to becoming law just as the state hands out the first round of new cannabis licenses. Read more here.
HYTN Innovations
HYTN Innovations Inc. (CSE: HYTN) has been awarded Good Manufacturing Practice certification by Australia’s Therapeutic Goods Administration for its Kelowna production facility. Read more here.
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