The Daily Hit is a recap of the top financial news stories for Aug. 31, 2023.
On the Site
Cannabis Insurance Startup Raises $3 Million on Rescheduling News
Frontier Risk Group raised $3.1 million in seed funding with the help of Casa Verde Capital, apparently on the wave of optimism generated by the marijuana rescheduling news this week. The Connecticut-based cannabis insurance firm works with reinsurers unfamiliar with the highly regulated marijuana landscape. Read more here.
Oxford Cannabinoid Technologies Moves Forward on Drug Development Tests
Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP) didn’t report any revenues for its fiscal year ended April 30, but it does have a robust balance sheet, debt-free with cash reserves of approximately £2.3 million. That cash, however, is forecast to be fully utilized by April 2024. Read more here.
Prosecutors Push Prison for Michigan Marijuana Businessman in Bribe Case
The U.S. Attorney’s Office for the Western District of Michigan recommended a sentence of 30 to 37 months for John Dawood Dalaly. In a filing, the government credited Dalaly for complying with the cooperation provision of his plea agreement and said he should receive a two-level departure from the offense level portion of his sentencing guidelines calculation. Read more here.
XS Financial Revenue Rises 80% in Q2
Cannabis financier XS Financial (OTCQB: XSHLF) reported its financial results for the second quarter ending June 30, showing rising revenues and lowered losses as it tries to refinance its debt. Read more here.
Green Market Report Finance Awards: Top Lender Sweet Leaf Madison Capital
Andrew Kaye, Sweet Leaf’s chief commercial officer, said the company prides itself on providing debt financing to cannabis companies in the middle tier of the industry, instead of only catering to the biggest players in the trade. Read more here.
In Other News
Napalm
Flora Arbor LLC, a licensed craft grow in Elgin, Illinois, entered an exclusive licensing and distribution agreement with Napalm, a premium cannabis brand founded by hip-hop artist, actor, and entertainer Xzibit. Read more here.
CryoMass Technologies
CryoMass Technologies (OTCQB: CRYM) signed a license agreement with a California cannabinoid ingredient producer, RubberRock, which is co-owned by Brad Robertson, co-founder of Guild Extracts. Read more here.
Alabama
The Alabama Medical Cannabis Commission approved an administrative stay on its licensing process, a step toward a plan to try for a third time to award licenses. AMCC Chair Rex Vaughn said it was uncertain whether licenses would be awarded at the next commission meeting on Sept. 19. Vaughn said that depended on what happens at a court hearing scheduled for Sept. 6. Read more here.
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