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The Daily Hit is a recap of the top financial news stories for Nov. 13, 2023.
On the Site
New York Judge Says Marijuana Regulators Erred in Hemp Enforcement
A New York state judge delivered a setback to state marijuana regulators over an emergency hemp rule enacted over the summer. Justice Thomas Marcelle found that officials erred procedurally, delivering a legal victory to hemp drink makers who contended the rule could drive them out of business. Read more here.
Connecticut Marijuana Sales Near $25 Million in October
Medical and recreational marijuana sales in Connecticut combined to hit just over $24.8 million in the month of October, according to state data. The numbers reflect a trend that’s been building since the adult-use market in January, with recreational sales growing each month, the state Department of Consumer Protection reported. Read more here.
Glass House Wholesale Revenue Up, Nears Break-Even for Quarter
California-based Glass House Brands (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) appears to be on the right financial path. The company posted a Q3 loss of just $210,000, an enormous improvement over its Q2 loss of almost $25 million. Read more here.
TILT Holdings Q3 Gross Margin Dips Despite Revenue Growth
Tilt’s revenue climbed by 10% to $44.6 million, up from $40.5 million in the same period last year. The uptick was primarily fueled by a surge in sales volume of Jupiter, the company’s vape line, attracting both legacy and new customers. Read more here.
More Earnings
• Auxly Cannabis Group Reports Growth, Lowered Costs in Q3
• IM Cannabis Sales Slip Despite Improved Margins in Q3
• SNDL Revenue Grows as Losses Drop in Q3
• SpringBig Loses $2.7M After Leaving Nasdaq
In Other News
IGC Pharma
IGC Pharma (NYSE American: IGC) reported revenue for its fiscal second quarter ended Sept. 30 of $291,000, an increase of 44% over the same period a year ago. The company’s flagship formulation, IGC-AD1, continues to makes strides in clinical trials to address agitation in dementia due to Alzheimer’s. Read more here.
The Cannabis Place
The first service-disabled veteran and Latino-owned dispensary in New Jersey is open for business. After launching The Cannabis Place as New York’s first licensed home delivery cannabis service earlier this year, retired U.S. Marine Osbert Orduna’s venture made its New Jersey debut, unveiling a flagship storefront Nov. 9 in Jersey City. Read more here.
