CRLBF - Daily Hit: February 27 2023
The Daily Hit is a recap of the top financial news stories for February 27, 2023.
On the Site
Cresco Labs, Columbia Care Push Megadeal to Summer 2023
Sunnyside dispensaries’ parent company Cresco Labs (OTCQX: CRLBF) and Cannabist owner Columbia Care Inc. (OTCQX: CCHWF) formally agreed to extend the closing date of their $2 billion, all-stock megadeal to June 30, 2023. Read more here.
Innovative Industrial Properties Stock Jumps on Q4 Earnings
Innovative Industrial Properties Inc. (NYSE: IIPR) saw its stock price jump quickly upon release of its fourth-quarter earnings from 2022, which revealed $70.5 million in revenues, a 20% jump from a year prior. Read more here.
Atlas Global Buys GreenSeal for Roughly C$3.4 Million
Canadian-based cannabis company Atlas Global Brands Inc. (CSE: ATL) is buying privately owned GreenSeal Cannabis Company Ltd. and GreenSeal Nursery Ltd. Atlas said the acquisition is expected to be accretive to its international strategy, adding a GACP and CUMCS-certified facility with a vertical cultivation model. Read more here.
Ayurcann Holdings Reports Rising Growth in Competitive Canadian Market
Canadian extraction company Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) reported solid revenue growth in its Dec. 31, 2022, earnings report, pointing to team and product expansions, as well as new partnerships. Gross revenue rose to C$4.4 million for the quarter, up 37% from last year’s C$3.2 million in the same period. Read more here.
Massachusetts Cannabis Execs Predict ‘Tough Year’ in 2023
Like much of the rest of the U.S. cannabis industry, Massachusetts marijuana executives say they’re expecting a “tough year” in coming months, thanks to increased competition from neighboring states and a broad economic downturn that has customers spending less. Read more here.
In Other News
New York cannabis
New York State’s legislature is well into this year’s legislative session, and members of the Senate and State Assembly have already filed dozens of bills related to the legal cannabis industry. There are bills related to public consumption of cannabis, bills focused on sustainability, bills dealing with workforce issues in the industry. Read more here.
GMI Insurance
Managing general agent GMI Insurance, a specialist in commercial transportation insurance, has announced the launch of a cannabis transport program. The program is unique in that it combines physical damage with motor truck cargo, GMI said. It also covers third-party specialty transporters and courier services. Read more here.