The Daily Hit is a recap of the top financial news stories for Aug. 8, 2023.
On the Site
Tilray Leans into Beer in All-Cash Deal
Cannabis company Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) continued to expand its alcohol footprint by acquiring eight beer and beverage brands from Anheuser-Busch (NYSE: BUD) in an all-cash deal. Read more here.
Colorado Audit Finds Lax Cannabis Industry Oversight by State
A Colorado state audit requested by lawmakers on inspections of marijuana dispensaries found that regulators hadn’t lived up to their mandate, with oversight spotty and incomplete between 2019 and 2022. Read more here.
Cronos Reports Reduced Revenue, Announces Asset Sale
Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) delivered its 2023 second-quarter earnings as lower flower sales in Israel caused total revenue to fall to $25.7 million. Cronos also reported a net loss of $8.4 million, withdrew guidance, and announced the sale of assets. Read more here.
Green Thumb Industries Continues Profitable Streak in Q2
While GTI’s latest quarterly performance was an increase from the first quarter, with profits up 46% from Q1’s $9.1 million in income, the numbers are down from the same time period a year ago, when GTI made $24.4 million. Read more here.
More Earnings:
• AFC Gamma Falls Short on Revenue as Tenants Skip Rent• Ascend Wellness Delivers Solid Second Quarter• GrowGeneration Sees 15.1% Same-Store Sales Slump• Verano Posts Solid Second Quarter Revenue, Raises Guidance• Weedmaps Returns to the Black in Q2 with $1.9 Million Profit
In Other News
SMRB LLC
A cannabis company own er must pay nearly $700,000 in restitution and civil fines for his role in a scheme that ultimately defrauded investors out of $4.8 million, the Ninth Circuit has ruled, saying it didn’t matter the yacht he bought with investor money was worth less than the amount he “ultimately lost” in the scheme. Read more here.
BYND Cannasoft Enterprises
BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN, CSE: BYND) reported revenue increased 21% to C$251,047 in Q2 2023 from C$207,653 in the same period a year ago. Net loss increased 242% to C$1.1 million. Read more here.
Missouri
Missouri’s application period for microbusinesses will close this week. Next month, the Missouri Lottery will pick six winners from each of the state’s eight congressional districts, for a total of 48 new small business licenses. Read more here.
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