The Daily Hit is a recap of the top financial news stories for Nov. 20, 2023.
On the Site
4Front Revenue Slips as Legal Woes Mount
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported pro forma revenue from continuing operations for the third quarter of $28 million versus $31.38 million for the second quarter. The company attributed the revenue decrease to lower pricing coupled with transitory pressures from competitors liquidating inventory before leaving the market. Read more here.
SNDL, Nova Cannabis Scrap Planned Merger, Maintain Ties
SNDL (Nasdaq: SNDL) and Nova Cannabis Inc. (OTC: NVACF) announced they have mutually agreed to terminate their strategic partnership agreement, ending a year-long quest to fuse the Canadian operators. Read more here.
Ohio Cannabis Companies Anxiously Await Clarity on Adult-Use Regulations
With the Ohio state legislature considering edits to the adult-use law approved by voters and an unclear outlook for how program rules may be shaped by regulators, industry stakeholders are grappling with a host of uncertainties that could impact them and the nascent rec market as a whole. Read more here.
Inside the Mind of Storz & Bickel’s Jürgen Bickel
Jürgen Bickel, alongside Markus Storz, has been instrumental in establishing Storz & Bickel as a leader in high-end vaporizers. But that quality and reputation comes with a hefty price tag. Even so, the products continue to attract a loyal customer base. Read more here.
In Other News
A New York federal judge has thrown out a consolidated investor suit alleging Canadian cannabis company Cronos Group Inc. misled investors about its revenue, saying the consolidated complaint fails to indicate that the company’s officers were making deliberate misstatements. Read more here.
Canopy Growth Corp.
Canopy Growth Corp. (TSX: WEED) (NASDAQ: CGC) received approval from the Ontario Superior Court to sell all or substantially all of the assets of BioSteel Canada and BioSteel Manufacturing LLC. Read more here.
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