The Daily Hit is a recap of the top financial news stories for March 13, 2024.
On the Site
Ascend CEO shares details on 280E tax nullification strategy
In the wake of Ascend’s annual earnings filing this week, CEO John Hartmann again sat down with Green Market Report to talk about the highlights, including the company’s new tax strategy, which the company said it expects will cover its entire 2023 tax bill after it amends three prior year returns. Read more here.
GrowGeneration loses another $46.5 million, forecasts further revenue declines
Hydroponics retailer GrowGeneration Corp. (Nasdaq: GRWG) posted a $46.5 million net loss for 2023, including a $27.3 million loss in the fourth quarter, as revenues for the business also took a downward turn, the company reported Wednesday. Read more here.
Planet 13 posts a $73.6M loss, but is optimistic about Florida
Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) lost $73.6 million last year, including $14.3 million in the fourth quarter alone, though most of the net loss was from a $46.8 million one-time impairment charge, the Nevada-based company reported this week. Read more here.
Jushi trims losses but still in the red after 2023
Florida-based Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) posted a net loss of $65.1 million for 2023, including an $18 million net loss in the fourth quarter, the company reported on Wednesday. Read more here.
Cybin to raise $150M through private placement
Toronto-based Cybin Inc. (NYSE:CYBN) will be raising roughly $150 million through the private placement of more than 348 million common shares to continue funding operations and clinical trials, the company announced Wednesday. Read more here.
Police bust one of Michigan’s largest illegal marijuana grow operations to date
On March 7, the Michigan State Police executed warrants on a single operation at four commercial buildings in Livonia, resulting in the seizure of more than 6,000 marijuana plants, 2,500 pounds of psilocybin mushroom bars, and 700 pounds of marijuana flower. Read more here.
Village Farms sees fourth quarter sales beat, net loss decline
Produce and cannabis grower Village Farms International (Nasdaq: VFF) reported its financial outcomes for the fourth quarter and the fiscal year ending Dec. 31, 2023, showing a rise in consolidated sales alongside a net loss drop. Read more here.
SpringBig reports revenue increase in fourth quarter
Cannabis data company SpringBig Holdings, Inc. (OTCQX: SBIG), reported earnings after markets closed on Tuesday, with revenue increased 1% to $6.8 million. The company reported a net loss of $3.2 million versus a loss of $4.5 million in the prior year. Read more here.
Cannabist sees revenues increase as it trims losses
The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CCHWF) reported its financial results for the fourth quarter and full year ending Dec. 31, 2023, eking past revenue expectations as the firm figures out how to move on from its terminated megadeal. Read more here.
Ayr Wellness delivers rising revenues in 2023
AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) reported financial results for the fourth quarter and full year ended Dec. 31, 2023. Ayr Wellness was inline with Yahoo Finance average analyst estimates for the fourth quarter. Read more here.
Cresco beats fourth quarter revenue estimates despite dip
Cresco Labs Inc. (OTCQX: CRLBF) announced its financial results for the fourth quarter and full fiscal year ending Dec. 31, 2023, as divestment efforts powered its bottom line and tripled its operating cash flow despite a slight revenue slump. Read more here.
In Other News
Vice President Harris
Vice President Kamala Harris will hold the administration’s first public event on marijuana reform this week after President Joe Biden addressed the issue as one of his priorities in last week’s State of the Union address. Read more here.
Virginia
Though a bill to legalize and regulate retail cannabis sales in Virginia has been passed by the legislature and is now awaiting action by Gov. Glenn Youngkin (R), supportive lawmakers now say they believe it is unlikely the proposal will become law this session. Read more here.
Texas
The CEO of Texas’ largest medical cannabis distributor is urging leaders to regulate the state’s CBD market, citing concerns over health issues related to hemp-derived products such as delta-8 and delta-9 THC. Read more here.
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