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The Daily Hit is a recap of the top financial news stories for April 15, 2024.
On the Site
Canopy Growth CEO talks U.S. entrance via trio of acquisitions
Canopy Growth CEO David Klein talked about the company’s Friday shareholder vote to move forward with acquisitions of Acreage Holdings, Wana Brands and Jetty in an exclusive interview with Green Market Report. Read more here.
Missouri cannabis sales reach new record of $125 million in March
Total marijuana sales in Missouri reached just under $125 million for the month of March, yet another new record for the state, which just launched recreational cannabis sales in February last year. Read more here.
DEA schedules hearing to put new hallucinogens in Schedule I
The Drug Enforcement Administration (DEA) announced it would hold a hearing regarding the proposed placement of two phenethylamine hallucinogens in Schedule I of the Controlled Substances Act. Read more here.
Canopy Growth shareholders approve of Canopy USA
As expected, Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) shareholders voted on Friday to approve the creation of a new class of Exchangeable Shares of Canopy Growth. The move advances Canopy Growth’s entry into the U.S. THC market, which is expected to be approximately $50 billion in 2026. Read more here.
Avant Brands net income surges 400% in first quarter
Canadian producer Avant Brands Inc. (TSX: AVNT) (OTCQX: AVTBF) touted one of its best financial performances for the first quarter of 2024 ending Feb. 29, thanks to a moving international expansion strategy and a tight ship across the board. Read more here.
Numinus reports declining revenue as the company restructures
After markets closed on Friday, Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) announced its financial results for the second quarter ending February 29, 2024. Revenues declined sequentially by 15.4% from the prior quarter to $5 million in the quarter and dropped from $5.3 million for the same period in 2022. Read more here.
Oregon cannabis entrepreneur repurchases company seven years after cashing out
In a weird twist of fate – or perhaps a full-circle moment – Oregon marijuana entrepreneur William Simpson late last year finalized the buy-back of his own company, Chalice Farms, for just $3 million nearly seven years after having sold it in a cash-and-stock deal he said was worth north of $60 million. Read more here.
Rescheduling questions still swirling despite signals from White House
The first quarter of 2024 has come and gone, and with it several cannabis industry predictions that the Biden administration would make a formal marijuana rescheduling announcement by now. Many are now wondering if the federal reclassification will happen at all or if stakeholders got their hopes up for no reason. Read more here.
In Other News
New Hampshire
New Hampshire’s Republican Gov. Chris Sununu will not sign into law a bill to legalize recreational that was passed last week by the state House of Representatives. Read more here.
Florida
A cannabis industry-backed ballot measure to legalize recreational marijuana in Florida is in trouble, according to a new poll. Read more here.
