Hi,

The American hemp and cannabis businesses are undergoing hard times. We included a chart showing the declines in various hemp categories from 2022 to 2021 due to overproduction and lack of federal clarification. And a recent survey reveals that only 24% of cannabis businesses in the United States are profitable, indicating an industry in crisis.

On the bright side, Senate Majority Leader Schumer seems to have stated that he is "confident" that the Marijuana Banking Bill will pass this session. Maybe enough pro-banking Republicans are on board, and enough Democrats are willing to forgo equity provisions that have been a sticking point. But we will see. One thing that politicians never lack is confidence. ;)

Feel free to subscribe to our Cannabis or CBD News Roundups.

Have a relaxing week,
Jessica

6/19/23
The Alabama Medical Cannabis Commission suspends licensing, causing a delay in the state's medical marijuana program rollout. Cultivators, dispensaries, and others are affected.
Body and Mind Inc. receives approvals to sell its Muskegon, Michigan, dispensary. The subsidiary, DEP Nevada Inc., sells common stock to Big Bhang Events LLC for $1.
Green Acre Capital Distribution Corp. and Humble & Fume Inc. invest $2M in their joint venture, HC Solutions Holdings Inc.

6/20/23
Grown Rogue International Inc. sees a 28% revenue increase, reaching $6M in Q2, a significant improvement from the same quarter in 2022.
22nd Century Group Inc. reaches a preliminary settlement in a class-action lawsuit involving alleged hiding of an SEC investigation. The company considers a $5.3M stock offering.
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) receives regulatory approval for the acquisition of Peninsula Alternative Health, a medical dispensary in Maryland.
Ascend [NYSE:ASCND] plans a $7M private placement, selling 9,859,155 shares at $0.71/share. Q1 net revenue: $114.2M (+34.2% YoY), net loss: $18.5M. Cash holdings: $73.3M, net debt: $250.8M.

6/21/23
TerrAscend Corp. gets conditional approval for TSX listing, plans $15M offering.
Body and Mind Inc. posts $7.3M revenue in Q3 2023, a slight slump from the previous quarter.
Evermore Cannabis heads to the auction block due to loan default. Assets being sold.
StateHouse Holdings Inc. engages in discussions for future financing options, granted debt repayment extension.
Coalition reports New York's adult-use cannabis program failing to meet tax revenue targets. $56M projected, but falling short.

6/22/23
Canopy Growth reports over $3B in losses, revenue decline in Q4. Beats analyst average.
Accounting firm Marcum was fined $10M by the SEC for improper SPAC audits. Major player in cannabis industry.
Colorado cannabis market sees price rise after two-year deflation. Pound price reaches $703 in June 2023.
iAnthus Capital accused of diverting funds in a civil RICO suit. Maryland dispensary files lawsuit.
Anti-cannabis group sues New York over adult-use legalization. Case filed against state and officials.
Unlicensed NY dispensary landlords to face penalties under new council bill. City inspectors to hold landlords accountable.
Fire & Flower receives court approval for the sale process. Implementation of sale and investment solicitation underway.
HEXO Corp. announces completion of deal with Tilray Brands, Inc. Private placement and plan of arrangement closed.
FloraWorks Holdings Inc. has secured $2.25M in Series-A funding led by Bonaventure Equity todrive cannabinoid research for consumer supplements, sleep disorders, and neurological diseases.