The Daily Hit is a recap of the top financial news stories for Feb. 21, 2024.
On the Site
Connecticut cannabis sees first monthly sales decline
Connecticut has experienced its first decline in cannabis sales since the state legalized recreational marijuana last year. January sales figures for adult-use cannabis dipped to more than $15.61 million, a decrease from December’s $17.18 million. Read more here.
“Gifting” shops hurt D.C. patient count as legal transition begins
The medical cannabis industry in Washington D.C. is grappling with a deepening downturn as patient count dwindles and quasi-legal “gifting” shops begin to go legit. Read more here.
Upbeat vape growth lifts Ispire Technology revenue in second quarter
Los Angeles-based vape maker Ispire Technology Inc. (NASDAQ: ISPR) reported decent growth in its fiscal second quarter ending Dec. 31, 2023, despite facing rising operational costs and a deepening net loss. Read more here.
Agrify touts lower losses, but is silent on revenues
Agrify Corporation (Nasdaq: AGFY) announced preliminary unaudited financial results for the fourth fiscal quarter of 2023 and updates for its Ocean Deep/Golden Lake Business Park project. However, Agrify didn’t release any revenue figures and mostly touted reductions in losses. Read more here.
Cannavana accuses MassCBA CEO of mishandling license deal
Massachusetts privately-owned Cannavana is accusing Massachusetts Cannabis Business Association (MassCBA) David O’Brien of mishandling a license application in Tewksbury. Read more here.
In Other News
California
The California Department of Cannabis Control (DCC) launched a set of interactive data dashboards for the public on Feb. 21, allowing users to retrieve aggregated licensing data, view supply chain data, and dive into monthly and yearly sales and harvest data. Read more here.
Vermont
As the budding industry of retail cannabis continues to grow in Vermont, medical marijuana dispensaries have reported a decline. In 2018, the number of medical licenses was well over 5,000 across the state. That number has been nearly cut in half today. Read more here.
Thailand
Thailand wants to ban recreational use of cannabis by the end of this year, the nation’s health minister said, threatening to put thousands of marijuana shops and farms that have sprung up around the country since a decriminalization drive two years ago out of business. Read more here.
Spain
Spain’s Ministry of Health has launched a public consultation on its proposals for a medical cannabis framework in the country. Organisations and individual citizens will now have until March 4 to submit their comments on the proposals, as Spain’s new government makes good on its promise to push ahead with the long delayed rollout. Read more here.
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