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The Daily Hit is a recap of the top financial news stories for Nov. 8, 2023.
On the Site
Ohio Voters Say Yes to Adult-Use Marijuana
On Tuesday night, Ohio voters approved Issue 2, a measure to legalize and regulate recreational marijuana for adults statewide. As of 9:35 p.m. ET, the “Yes” vote leads with roughly 55.5% of the vote while “No” has 44.5% of the vote. Read more here.
• Related: What’s Next for Adult-Use Cannabis in Ohio after Issue 2 Approval?
4 Michigan Communities Reject Cannabis Sales
Tuesday’s election may indicate that Detroit’s five-county region is all but full up on where marijuana retailers can set up shop. Voters overwhelmingly rejected ordinances to allow for marijuana sales in Rochester, Birmingham, Grosse Pointe and Keego Harbor. Read more here.
Oklahoma to Revoke 165 Marijuana Cultivation Permits Over Signage Violations
Oklahoma cannabis authorities are set to revoke 165 medical marijuana grow permits for failure to comply with a new rule that mandates each business have a sign out front. Read more here.
Green Thumb Industries Income Dips in Q3 but Still Profitable
Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF) had yet another profitable quarter for the three months ended Sept. 30 with $10.8 million in net income, a slight dip from the $13.4 million it made in the second quarter. Read more here.
More Earnings:
• AFC Gamma Q3 Income Down by Half, Company Names New CEO
• Chicago Atlantic Keeps Interest Income Stable at $13.7M for Q3
• Cronos Sees Record Revenue, Signals Optimism Despite Unrest Overseas
• Flora Growth Swings to Profitability on Restructuring, Sales Surge
• MariMed Posts $4.2M Loss in Q3 Despite Maryland Rec Launch
• Turning Point Brands Reports Downturn Amid Restructuring Efforts
• Verano Raises Cash Flow Guidance After Record Q3 Revenue
• Village Farms’ Bet on Cannabis, Tech-Fortified Produce Pays Off
• Weedmaps Loses $2.5M in Third Quarter With Dip in Revenue, Clients
In Other News
Lifeloc Technologies
Lifeloc Technologies, Inc. (OTC PINK:LCTC), a developer and manufacturer of breath alcohol and drug testing devices, posted quarterly net revenue of $2.7 million in the third quarter of 2023, resulting in a quarterly net profit of $110,000, or $0.04 per diluted share. Read more here.
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) issued a notice of redemption for all of its outstanding 9.75% senior secured notes due 2024. The aggregate principal amount of the notes currently outstanding is $130 million. Read more here.
