The Daily Hit: March 6, 2024

The Daily Hit is a recap of the top financial news stories for March 6, 2024.

On the Site

California receiver auctions off assets from distributor Herbl for $1.4M

A California court-appointed receiver in charge of liquidating assets from the now-defunct distributor Herbl successfully sold off some of the company’s holdings for $1.4 million, after the company had a fantastic flame-out last year before going under. Read more here.

Hawaii Senate greenlights adult-use cannabis

The Hawaii State Senate passed a measure Tuesday that would legalize and regulate cannabis for adults over the age of 21 and establish a regulatory scheme for licensed sales. SB 3335, which was drafted by the state Attorney General’s office, now moves to the Hawaii House of Representatives for further consideration. Read more here.

Birmingham cannabis retailer to open 8th Michigan store — and its first on the East Coast

As Birmingham-based marijuana operator Quality Roots prepares to open its eighth store in Michigan, the company is also expanding to New Jersey as part of a business shift to a management service organization. Read more here.

How to prepare for the cannabis industry earnings season

As the cannabis industry gears up for another earnings season, investors are reminded of the critical importance of thorough preparation in navigating the flurry of corporate financial reports. Read more here.

Earnings

Curaleaf eyes global future despite 2023 losses

MariMed’s revenue rises in 2023, growth forecast set at 5%-7% for 2024

In Other News

Wana Brands

Wana Brands is introduce cannabis-infused edibles to Europe, starting with Switzerland. The move is facilitated through a partnership with Switzerland-based Alpen Group. Read more here.

Virginia

Virginia could become the first Southern state to allow regulated retail sales of cannabis if Gov. Glenn Youngkin doesn’t sign, veto, or amend the measure that the legislature passed. Read more here.

Anheuser-Busch

Anheuser-Busch, which makes beers like Budweiser, Bud Light, and Corona, reported Its alcohol sales declined 13% last year. To help reverse that slump, the company is looking to greener pastures. That’s according to Justin Tidwell, CEO and co-founder of cannabis brand Nowadays, which just launched a partnership this week with an Anheuser-Busch wholesaler, Krey Distributing, to sell Nowadays’ products throughout Missouri. Read more here.

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