The Daily Hit is a recap of the top financial news stories for Jan. 9, 2024.
On the Site
Alcohol Fuels Tilray Brands’ Q2 as Cannabis Margins Drop
Ontario-based Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) released its financial results for the second quarter of fiscal year 2024, ending Nov. 30, 2023, showing sizable rises in overall net revenues, and cannabis net revenue rising by 35% to $67 million. Read more here.
Canopy Growth Raises $30M in Private Placement Offering
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) entered into a private placement offering to raise $30 million, the company announced Tuesday. The company stated that the proceeds are intended to increase its liquidity and be used for debt reduction, working capital, and other general corporate purposes. Read more here.
Judge Nixes Montana’s Cumulative Cannabis Dispensary Fees
A Montana judge struck down a state law imposing higher fees on cannabis dispensaries, ruling in favor of a group of dispensary owners who argued that the increased costs threatened their businesses. Read more here.
Arkansas Marijuana Sales Set New Annual Record
Medical cannabis sales in Arkansas hit a new annual high in 2023 with $283 million in transactions, the state Department of Health announced Tuesday. The state’s 38 dispensaries finished the year strong with $25.6 million in December sales and another $23.3 million in November. Read more here.
Industry Experts to Discuss What’s Next for Ohio Cannabis
Now that voters approved Issue 2 in Ohio, the state’s cannabis industry has big changes on the horizon. On Jan. 25, Crain’s Cleveland Business, in partnership with Green Market Report, will bring together the most innovative minds to gain insight on the current state of the industry in Ohio and where it might be headed. Learn more here.
In Other News
California Testing Labs
Multiple California labs previously certified to test the potency of cannabis flowers fell out of compliance after the Department of Cannabis Control issued new guidelines aimed at combating labeling scams in the industry. Read more here.
Connecticut
Connecticut Attorney General William Tong filed seven new enforcement actions against wholesalers and retailers engaged in the distribution and sale of potent, illicit cannabis products in the state. In each instance, the Office of the Attorney General is alleging violations of the Connecticut Unfair Trade Practices Act, which carries fines of up to $5,000 per violation. Read more here.
Cronos Group
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) is expanding distribution into the Australian market with its first shipment of cannabis flower to Vitura Health Limited (ASX: VIT). Cronos owns approximately 10% of the common shares of Vitura, formerly known as Cronos Australia, and will supply cannabis for Vitura. Read more here.
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