Staff
The Daily Hit is a recap of the top financial news stories for May 1, 2023.
On the Site
Oregon Audit Forces State Official to Resign Cannabis Consultancy
Oregon’s secretary of state on Monday cut ties with a marijuana business she’d been consulting with after the business arrangement came to light following a state audit of Oregon’s cannabis industry. Read more here.
Cookies Partner Says 1 of 2 Lawsuits Dismissed, Blasts Press Coverage
A business partner of California-based global cannabis brand Cookies on Friday vigorously defended the company leadership following news last week of two pending lawsuits against the business and several of its executives. Read more here.
Akerna Sells Cannabis Assets to MJ Freeway Acquisition Corp. for $5M
Marijuana tech firm Akerna (Nasdaq: KERN) agreed to sell its cannabis-focused software assets to a special purpose acquisition company known as MJ Freeway Acquisition Co. for $5 million, a bid that a few weeks ago sidelined another potential buyer, POSaBIT. Read more here.
Cannabis Testing Lab Accuses Michigan of ‘Stonewalling’ Evidence Disclosure in Recall Fight
Bay City-based Viridis North LLC and the Michigan Cannabis Regulatory Agency have been wrapped up in litigation for two years over the recall of products tested by the lab. The state agency alleged Viridis’ testing results on 64,000 pounds of marijuana product contained “inaccurate and/or unreliable results.” The value of the recalled product at the time was roughly $229 million. Read more here.
Today’s Cannabis Earnings
• Acreage Holdings Posts Flat Q4 Sales in Solid 2022
• BZAM Reports Rising Revenue, But Also A Short Runway On Cash
• Cansortium Revenue Jumps In Fourth Quarter
• Curaleaf Posts $370 Million Loss for 2022
• PharmaCielo Sees Sales Jump In The Fourth Quarter
In Other News
Jones Soda
One of the nation’s most popular craft soda companies is ready to roll out a line of cannabis-infused drinks in Michigan. The Jones Soda Company’s “Mary Jones” will be made available soon in Michigan, Washington and Nevada. Read more here.
AVD (Advanced Vapor Devices)
The U.S. International Trade Commission ruled definitively in favor of U.S. cannabis vaporization company AVD (Advanced Vapor Devices) in a year-long patent infringement investigation initiated by Chinese e-cigarette maker Shenzhen Smoore Technology Limited, which owns CCELL. Read more here.
