Kaitlin Domangue
It’s time for your Daily Hit of cannabis financial news for June 10th, 2020.
On the Site
Namaste Seeing Positive Results From Restructuring
Troubled cannabis company Namaste Technologies Inc. (OTCMKTS: NXTTF) continues its hard journey on the road to recovery as the company reported a 16% increase in net revenues to $5.3 million for the first quarter ending February 29, 2020. Namaste said it was its highest quarterly revenue in two years.
The company also reported that its net losses had been trimmed to $7.4 million from last year’s $10.3 million for the same time period. Namaste said that the improvement reflected the restructuring efforts in 2019 and general business improvements in 2020.
GrowGeneration Warns Of COVID Problems In Stock Offering
Grow Generation Corp. (NASDAQ:GRWG) stock fell over 3% in early trading after the company announced a $35 million stock offering and gave hints of potential COVID troubles ahead.
On Hemp Market Report, hempmarketreport.com:
New Study Finds CBD Products More Accurate In Labeling
A recent study by the peer-reviewed CBD educational platform LeafReport.com found that a majority of CBD products tested had CBD levels within 10 percent of what was stated on the label. Of the 37 CBD products tested, 27 (73 percent) contained a CBD amount that was within 90–110 percent of the amount advertised by the company, according to the independent investigation by LeafReport. However, the report’s analysts warn that 13 percent of products failed containing more or less than 30 percent of labeled CBD amounts.
In Other News
Jushi Holdings to Open Seventh BEYOND / HELLO Dispensary in Pennsylvania
The dispensary will begin sales on June 12th at the Ardmore location.
Cresco Labs Appoints Executive Director of NBPA to Their Board of Directors
Michele Roberts has been appointed to the board of directors for multi-state operator, Cresco Labs.
