The Daily Hit is a recap of the top financial news stories for Oct. 4, 2023.
On the Site
Tilray Throws Investors a Bone with Q1 Beat
Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) posted its first-quarter 2024 financial results ending Aug. 31, showing a mixed bag, with gains in revenue amid shrinking cannabis margins. However, the company still beat analyst predictions. Read more here.
Grown Rogue Picks Up Option to Buy New Jersey License
Grown Rogue International (CSE: GRIN) (OTC: GRUSF) plans to enter the New Jersey market by buying 70% of ABCO Garden State LLC, pending regulatory approval from the New Jersey Cannabis Regulatory Commission. Grown Rogue also has the option to buy the remaining 30% of the company. Read more here.
Chicago Considering Killing ZBA Process for Dispensary Permits
Chicago’s rules for where dispensaries and other cannabis businesses can set up shop would be dramatically changed to give greater control to the local City Council member under an ordinance soon to be introduced at City Hall. Read more here.
Cannabis Funding Deals Hit Rough Patch in 2023
North American marijuana retailers and growers are leading the pack when it comes to raising capital over the past 12 months, but the industry as a whole has hit a very rough financial patch compared to a year ago. According to Viridian Capital Advisors, capital raises overall are down 61.2% year-over-year. Read more here.
In Other News
New York Testing Labs
Certified Testing & Data and Nova Analytic Labs launched a joint venture in New York with a state-of-the-art testing lab to service the state’s burgeoning cannabis market. Licensed earlier this year as CTND NY, the new facility will officially open in Albany in November.
UC Asset LP
UC Asset LP (OTCQB: UCASU) will use its cashflow from net profit to buy back its stocks. The company acquired 50% of a 15,000-square-foot cannabis property in May, from which the company has started to receive a monthly dividend of $12,000. Last week, the company also entered into a memorandum of understanding to build another 8,000-square-foot cannabis property, which is expected to generate $20,000 monthly rent upon completion. Read more here.
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