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Global Cannabis and CBD News Roundup |
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Hi,
The DOJ is pushing back against a lawsuit from cannabis companies challenging federal prohibition, claiming a new excuse- that it could delay the government's plan to reschedule cannabis. One of the hardest aspects of opening a cannabis business is finding real estate. Between excess inventory and cannabis being more mainstream, landlords are getting more comfortable leasing to cannabis businesses. The CEO of Eaze, once a 700M player and touted to be the "Uber of Cannabis", said they would be shutting down after failing to meet the revenue milestones tied to a loan from Netscape billionaire James Clark. Clark foreclosed on the company and took over its assets. Eaze has a dramatic history and I'm thinking Clark will restart it without the union agreements. Eaze has had a wild ride. Have you ever seen the classic film about the drama of the tech industry's start, the Pirates of Silicon Valley? I could see a movie like that about the dawn of legal cannabis. ;)
Have a splendid week,
Jessica
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Stocks and Startups Briefs
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10/10/24
Tilray Brands, Inc. (Nasdaq: TLRY) (TSX: TLRY) reports Q1 revenue of $200M, down from $229.9M in Q4. Net loss improves to $34.7M, with cannabis sales falling to $61.2M.
StateHouse Holdings Inc. (CSE: STHZ, OTCQB: STHZF) has entered bankruptcy proceedings in Canada following receivership initiated in the U.S. by Pelorus Fund REIT due to loan defaults.
10/09/24
New Mexico's cannabis sales dropped by $4.3M to $46.8M, the lowest for medical sales, driven by a growing illicit market and declining medical registrations.
10/08/24
Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF) reports a C$876K net profit for FY 2024, up from a C$184K loss in 2023. Revenue increased 26% to C$12.3M.
Green Check (GC) surpasses $1B in monthly cannabis sales deposits for 170+ financial institutions in Q3 2024, serving 11,000 cannabis-related businesses.
The global CBD skincare market is expected to grow from $1.5B in 2023 to $8.9B by 2033, driven by rising demand for natural products and increased awareness of CBD's benefits.
10/07/24
TerrAscend (TSX: TSND, OTCQX: TSNDF) has completed a $26M draw from its $140M debt financing, using the funds to reduce higher-interest debt in Michigan.
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