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The Daily Hit is a recap of the top financial news stories for April 3, 2023.
On the Site
New York Adds Another 99 Cannabis Retailers, Bringing Total Licensed to 165
New York marijuana regulators on Monday awarded another 99 conditional adult use retail dispensary permits to applicants, bringing the total of marijuana shop permits awarded to 165. The winners included 13 applicants from Brooklyn, Central New York, Western New York, and the Mid-Hudson regions, which had previously been blocked by an injunction. Read more here.
Massachusetts Cannabis Prices, Profits Hit Record Low
Prices for both wholesale and retail level cannabis in Massachusetts are at their lowest levels in five years, and the trend has put a financial hurt on businesses. In January, the average retail price per gram of cannabis flower hit $7.12, NBC Boston reported while citing state data. That’s down from more than the $14 per gram price in the final months of 2018. Read more here.
Goodness Growth Earnings Benefit from Arizona Exit, Minnesota Market Changes
Goodness Growth Holdings Inc. (CSE: GDNS) (OTCQX: GDNSF), saw revenue climb 39% in the fourth quarter, which the company’s interim CEO attributes in part to “removal of the negative performance drag” from the former Arizona cultivation facility. Read more here.
Embattled Skymint Regains Control of 3 Michigan Dispensaries After Court Order
Embattled cannabis firm Skymint reopened three dispensary locations last weekend after a court ruling settled a squabble between the company and an entity it acquired last year. Read more here.
POSaBIT Buys Banking Compliance Firm for $7.5 Million
Legal cannabis point-of-sale provider POSaBIT Systems Corp. (CSE: PBIT) has acquired assets from bank compliance firm Hypur Inc. for up to $7.5 million in cash and equity. Read more here.
In Other News
Rubicon Organics
In the fourth quarter of 2022, Rubicon Organics (TSXV: ROMJ) (OTCQX: ROMJF) earned $11 million of net revenue, an increase of 5% when compared to the third quarter of 2022. Net revenue was relatively flat from the third quarter as the company had certain facility maintenance and downtime which impacted crop yields and availability of supply in the autumn. Read more here.
Christina Lake Cannabis Corp.
Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) reported revenue for 2022 grew 177% to $10.1 million from $3.6 million in the prior year. Revenue growth was driven by the growing demand for premium distillate, extended product offerings, and expanding customer base. Read more here.
