The Daily Hit is a recap of the top financial news stories for Nov. 30, 2023.
On the Site
Ohio Bill Would Allow Local Bans, Additional Taxes on Cannabis Businesses
A Republican state lawmaker in Ohio has introduced a bill to partially gut the voter-approved ballot measure that legalized recreational marijuana in the midwestern state earlier this month, setting the stage for a possible legislative battle over the future shape of the state’s cannabis trade. Read more here.
California, Michigan Move to Fund Social Equity Programs
Both California and Michigan made separate moves to get more funding to social equity cannabis companies in recent days, with the former poised to award $15 million to local governments that have social equity permit programs and the latter newly reserving $1 million in grants for eligible companies. Read more here.
StateHouse Looks for New Revenue Streams, Efficiencies as California Struggles
California-based StateHouse Holdings Inc. (CSE: STHZ) (OTCQB: STHZF) recorded a $17 million loss in the third quarter this year, up dramatically from the $1.9 million net loss in the second quarter, but down year-over-year from the $20.1 million the company lost in the same period a year ago. Read more here.
Simply Better Brands Revenue Grows 45% in Q3, Losses Trimmed
Simply Better Brands Corp. (TSXV: SBBC) (OTCQB: SBBCF) reported its interim financial results for the third quarter ended Sep. 30, during which revenue grew 45% to $19.4 million. The company noted that the revenue growth was achieved while simultaneously reducing operating expenses by $4.3 million. Read more here.
More Earnings:
• Adastra Revenue Keeps Climbing, Losses Trend Down in Q3
• MTL Cannabis Q2 Revenue Soars Post-Merger
• Vibe Growth Net Loss Inches Upward as Revenue Shrinks in Q3
In Other News
POSaBIT Systems Corp.
POSaBIT Systems Corp. (CSE: PBIT) (OTC: POSAF) reported revenue of $13.6 million for the third quarter ended Sept. 30, up 32% over the same period a year ago. Net loss for the quarter was $7.5 million. Read more here.
Oregon
For most of 2023, a downward trend in cannabis production in Oregon promised an easing of the industry’s woes. But state economists Mark McMullen and Josh Lehner’s most recent forecast, released Nov. 20, contained crushing news for the industry. Read more here.
Virginia
A new report found that because of high prices, fewer Virginians obtain medical cannabis through the state’s regulated market, compared to other states. The data revealed the cost of a gram of medical marijuana costs $14 in Virginia. A gram of medical cannabis costs $8.73 in Washington DC, while a gram of adult-use cannabis in Maryland costs $9.27. Read more here.
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