The Daily Hit is a recap of the top financial news stories for March 12, 2024.
On the Site
Hiller PC fires back at cannabis lawyer Lauren Rudick
The battle between legal firm Hiller PC and its former cannabis attorney Lauren Rudick is heating up. In response to a lawsuit filed by Rudick in December 2023, Hiller alleges that Rudick breached her contract and owes the firm money. Read more here.
Ascend Wellness delivers increased revenue despite Illinois declines
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported increased revenue for the fourth quarter and full year ending December 31, 2023. The fourth quarter revenue of $173 million easily beat the Yahoo Finance average analyst estimate for revenues of $140 million. Read more here.
Chicago Atlantic beats Q4 forecasts, annual income up 17%
Chicago Atlantic Real Estate Finance Inc. (Nasdaq: REFI) eked past fourth-quarter and annual financial results that show positive trends in its lending operations. The cannabis loan provider saw net interest income rise to $57.1 million for the year ending Dec. 31, 2023, up 17% from the previous year. Read more here.
Kona Gold enters hemp market with Covert acquisition
Functional beverage maker Kona Gold Beverages Inc. acquired Covert LLC, a producer of delta-8, THCa, THC-P, and kratom products. The acquisition is expected to enhance Kona Gold’s portfolio and improve its position in the market. Read more here.
Bright Green eyes New Mexico expansion with $250M tech deal
Bright Green Corp. (Nasdaq: BGXX) announced Monday that it is set to expand its New Mexico-based facility. The deal, made possible by a $250 million agreement with Dalsem Greenhouse Technologies BV, is expected to extend the company’s capabilities in research, production, and extraction processes in rural Grants, New Mexico. Read more here.
In Other News
1933 Industries
1933 Industries Inc. will suspend its Canna Hemp CBD consumer packaged goods subsidiary, as it assesses the viability of the CBD market going forward. Read more here.
Maryland Cannabis Administration
Another aspiring cannabis license applicant has filed a lawsuit against the Maryland Cannabis Administration and is seeking an injunction that could further delay the issuance of new adult-use cannabis licenses in Maryland. The new litigation accuses MCA of denying the application from a qualified Social Equity Applicant due to a delay in providing Social Equity verification and computer system errors on the last day the MCA accepted first-round applications. Read more here.
Washington state
With one of the highest tax rates imposed on medical marijuana products, the Washington State Senate recently passed a bill granting an exemption from the 37% excise tax for medical marijuana patients and designated providers. Read more here.
Michigan
Despite Michigan’s bountiful, and inexpensive, legal market that sold more than $3 billion of marijuana last year, Michigan’s illicit market is thriving, according to the Michigan State Police. Just last week, the MSP’s Marijuana & Tobacco Investigation Section took down potentially one of the state’s largest illegal marijuana grow operations on record. Read more here.
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