The Daily Hit is a recap of the top financial news stories for Aug. 10, 2023.
On the Site
Investor Lawsuits Target Montana Cannabis Business Residency Requirement
Two lawsuits seek to overturn Montana’s residency requirement, which mandates that all of its licensed marijuana businesses be majority-owned by in-state locals. The suits were filed in both state and federal courts by a father-and-son team, Tom and Jerry Reed, who sought to buy a company they had already invested in. Read more here.
Connecticut Marijuana Sales Dip Slightly in July
Total marijuana sales in Connecticut dipped a notch in July, to $23.6 million from $23.8 million in June, according to new state data released Thursday. While there was an uptick in adult-use sales, medical marijuana sales decreased a small percentage. Read more here.
Leafly Boosted by Cost-Cutting Measures Despite Sales Slump
Online cannabis discovery platform Leafly Holdings Inc. (Nasdaq: LFLY) reported revenue of $10.7 million for the second quarter ended June 30, reflecting an 11% slump from the same period last year, which slightly beat Yahoo analyst average expectations of $10.27 million. Read more here.
Aurora Cannabis Revenues Skyrocket But Still a Losing Quarter
Canada-based Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) reported a huge revenue boost in its first quarter of its 2024 fiscal year, which closed June 30, but it still posted a C$28.3 million loss. However, that was a major improvement from a year prior when the company lost C$619 million. Read more here.
• Charlotte’s Web Sees More Downturn in Q2• Flora Growth Posts 140% Revenue Surge Amid Q2 Losses• Struggling Halo Collective Releases Multiple Quarters Worth of Financials• NewLake Capital Reports Increasing Revenue With Solid Tenants• Nova Cannabis Reports Record Revenue, Positive Net Earnings• TerrAscend Builds in Key Markets to Beat Q2 Analyst Expectations
In Other News
Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF) reported net revenue for the second quarter ended June 30 fell 47% to $7 million, as compared to $13.2 million for Q2 2022. Sequentially, net revenue fell 7% from the first quarter. Read more here.
VerifyMe, Inc. (Nasdaq: VRME) reported quarterly consolidated revenue of $5.3 million for the three months ended June 30, an increase of 19% compared to $4.5 million for the three months ended June 30, 2022, primarily attributable to the acquisition of the PeriShip Global business in April 2022. Read more here.
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