Staff
The Daily Hit is a recap of the top financial news stories for July 20, 2023.
On the Site
Parallel Exiting Pennsylvania Marijuana Market After Defaulting on Rent
Atlanta-based multistate operator Parallel Cannabis is shuttering three facilities and exiting the Pennsylvania medical marijuana market following financial troubles that led to a lawsuit from its landlord, Innovative Industrial Properties Inc. (NYSE: IIPR), alleging almost $6 million in unpaid rent. Read more here.
Women Grow President Gia Morón Steps Down
Gia Morón, president of Women Grow, a professional network for women in the cannabis industry, is set to depart from the organization, effective July 31. Morón is stepping down to devote more energy to her business ventures. The company’s board chairwoman and CEO, Dr. Chanda Macias, will maintain her leadership role. Read more here.
Unrivaled Brands Reports Steady Q2 Revenue, Rising Margins
California-based Unrivaled Brands Inc. (OTCQB: UNRV) reported preliminary revenue of $8.6 million and a gross margin increase to 51% for its second quarter ending June 30, demonstrating financial resilience in a fluctuating market, the company said Thursday. Read more here.
Psilouette Founder Derek Chase on Taking Risks in Psilocybin Products
The limited legality of most psychedelic products hasn’t stopped some people from trying to get an early advantage. Case in point, Derek Chase founded L.A.-based entheogenic wellness company Psilouette to take advantage of what he called a “lucky period” for the industry. Read more here.
Maryland’s New Adult-Use Market a Bright Spot for the Legal Cannabis Industry
Maryland’s adult-use cannabis market, which launched on July 1, has been a bright spot for the legal industry, and the momentum is looking to keep rhythm for the time being. The boon came before it even started. On June 30, the last day when only medical cannabis was legal, there was a 55.6% surge in sales compared to the previous four Fridays, according to industry data from Headset. Read more here.
In Other News
MKX Oil Co.
A cannabis supplier alleges a client owes it $187,000 for the cost of producing and storing thousands of vape cartridges, saying it incurred substantial labor and fees to produce the distillate. In a complaint removed to Arizona federal court Monday, GMT Management LLC says it issued an invoice based on instructions from MKX Oil Co. for 50,000 vape cartridges for a total price of $127,500. Read more here.
SAFE Banking
A key Senate chairman says that a bipartisan marijuana banking bill will “not” get a committee markup next week, according to an advocate who spoke with him. And that means it will not be addressed during the summer session as leadership had hoped. Read more here.
