The Daily Hit is a recap of the top financial news stories for Nov. 14, 2023.
Tryke Sues Curaleaf Over Alleged $13M Price Change to Merger Deal
Multistate operator and cannabis titan Curaleaf has been sued over allegations that it wrongly changed the deal terms of a merger after the purchase had already closed. Three-state operator Tryke Companies, which does business as Reef Dispensaries, said in a lawsuit that Curaleaf wrongly tried to drive the cash price down by $12.9 million after the deal closed, with no justification for the change. Read more here.
Recreational Cannabis Brings More Tax Revenue than Alcohol in Michigan
Recreational marijuana is bigger than beer, wine, and liquor in Michigan. During the 2023 fiscal year, which ended on Sept. 30, the state of Michigan collected nearly $100 million more in recreational marijuana excise taxes than in fiscal year 2022, according to a House Fiscal Agency report released last week. Read more here.
Ohio Republican Legislators Willing to Push Back on Issues 1, 2
Ohio voters last week supported a constitutional amendment guaranteeing basic abortion rights and a law allowing the legal use of recreational marijuana. Some Republican state lawmakers quickly went on the record pushing back against the measures, vowing to use legislative oversight and powers to upend or ignore the changes. Read more here.
Jushi Still Awash in Red Ink Despite Trimming Losses
Florida-based Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) reduced its losses for the third quarter this year by 62% year-over-year, but it still lost $20.6 million, bringing its losses for the year so far to $47 million. Read more here.
The Cannabist Revenue Flat as Maryland Market Grows
The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CBSTF), formerly known as Columbia Care, reported its financial results for the third quarter ended Sept. 30. Revenue dropped slightly from last year’s $135 million to this year’s $129 million, it was also essentially flat from the second quarter. Read more here.
More earnings:
• Body and Mind Cuts Losses to $20M in Latest Fiscal Year
• BYND Sales Slip as Regional Tensions Rise
• Gold Flora Financials Benefit from TPCO Merger
• Goodness Growth Loses $5.2M Despite Revenue Increase
• Ispire Records Net Loss Despite Strong Growth in Vape Sales
• Lowell Farms Revenue Continues to Decline
• MediPharm Labs Adds M&A Back to Growth Strategy
• Safe Harbor Revenue, Deposits Up as Company Passes $20B Milestone
• Margin Pressures, Competition Drive Schwazze’s Q3 Loss
• Unrivaled Brands Sees Revenues Slip As Legal Cases Mount
Get more cannabis earnings updates here.
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