The Daily Hit is a recap of the top cannabis business stories for June 14, 2022.
ON THE SITE
Tilray Gets Hexo at a Cheaper Price
Tilray Brands, Inc. (Nasdaq: TLRY) was able to lower the price it is paying for Hexo. The changes to the original deal include an additional discount on Tilray Brands’ purchase price as well as the reduction of the conversion price under the HEXO Note from C$0.85 to C$0.40 per share. The deal is expected to close on or about July 15, 2022. Read more here.
Fire & Flower Revenue Falls in Fiscal First Quarter
Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWD) announced its financial results for the fiscal 2022 first quarter ending April 30, 2022. Fire & Flower reported revenue fell 7% to $40.9 million for the quarter from $44.1 million in the previous year. Fire & Flower attributed the drop to increasing competition from new licenses issued and pricing pressures in the cannabis retail market. The company trimmed its net losses to $9.9 million versus last year’s net loss of $61.6 million. Read more here.
Innovations in Precision Medicine are Helping to Advance Psychedelics
One of the most important benefits of psychedelics research and development is how it has employed the newest approaches of medical technology to find out exactly how and what psychedelics do inside the human body. Read more here.
IN OTHER NEWS
Northern Lights Acquisition Corp., Safe Harbor Financial
Northern Lights Acquisition Corp. (NASDAQ: “NLIT”), a special purpose acquisition corporation, announces that it will hold a special meeting of its stockholders on June 24, 2022, at 2pm ET to approve the business combination whereby NLIT will acquire SHF, LLC, d/b/a Safe Harbor Financial and other related matters. Read more here.
Hightide Tide Inc.
High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, filed its financial results for the second fiscal quarter of 2022 ended April 30, 2022, the highlights of which are included in this news release. The condensed interim consolidated financial statements for the three and six months ended April 30, 2022, and the accompanying management’s discussion and analysis can be accessed by visiting the Company’s website at www.hightideinc.com. Read more here.
Medical Marijuana, Inc.
Medical Marijuana, Inc. (OTC: MJNA), a publicly traded cannabis company in the United States that produces cannabis-derived nutraceutical products, brands and supply chain, announced today that in May its subsidiary Kannaway® has achieved its largest revenue month in the company’s history for its Japan division. Read more here.
Pyxus International, Inc.
Pyxus International, Inc. (OTC Pink: PYYX), a global agricultural company, today announced results for its quarter and fiscal year ended March 31, 2022. As described in more detail below, results presented for the prior fiscal year period reflect the combined results of the Successor and Predecessor periods reflecting, respectively, the periods prior to and subsequent to the Company’s emergence from Chapter 11 proceedings. “In January 2022, we completed the exit of our cash-flow-negative cannabinoid operations. Our restructuring activities generated savings in SG&A, which contributed to a $55.9 million decrease in expense compared to last year.” Read more here.
Red White & Bloom Brands Inc.
Red White & Bloom Brands Inc., (CSE: RWB)(OTCQX: RWBYF) provided an update on the status of a management cease trade order granted on May 3, 2022 by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order. On May 3, 2022, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2021, beyond the period prescribed under applicable Canadian securities laws. Read more here.
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