The Daily Hit is a recap of the top financial news stories for March 28, 2024.
On the Site
DEA on the receiving end of cannabis policy demands from GOP Senators, House Dems
The U.S. Drug Enforcement Administration has become a convenient political punching bag for members of Congress on both sides of the aisle when it comes to cannabis policy, with both Republicans and Democrats issuing demands in the past week to the agency on marijuana-related issues. Read more here.
Virginia governor vetoes bill to stand up recreational marijuana industry
Virginia Gov. Glenn Youngkin officially killed a bill approved by the state legislature that would have authorized state-regulated adult-use cannabis commerce. Read more here.
Glass House nearly $100M in the red despite increased sales in 2023
California-based single-state operator Glass House Brands (OTC: GLASF) published its preliminary financials for the fourth quarter and full year ending Dec. 31, 2023, with the firm deeper in the red despite meaningful growth in revenue. Read more here.
Leafly blames ‘continued turbulence’ in cannabis for $9.5 million loss in 2023
Online cannabis advertising platform and marketplace Leafly Holdings Inc. (NASDAQ: LFLY) had a tough 2023, posting a $9.5 million loss for the calendar year that included a $500,000 net loss in the fourth quarter, which ended on New Year’s Eve. Read more here.
Lowell Farms revenues decrease as company’s restructuring continues
Lowell Farms Inc. (CSE: LOWL) (OTCQX: LOWLF) announced audited revenue and operating results for the fourth quarter and fiscal year 2023 as sales dropped. Net revenue in the quarter ending December 31, 2023, decreased 19% to $7.5 million versus $9.3 million for the fourth quarter in 2022. Read more here.
More earnings:
• 22nd Century to split stock after cannabis, hemp exits
• Rubicon Organics delivers a profit for the fourth quarter, despite revenue decline
• Silver Spike sees NAV drop at the end of 2023
In Other News
Eaze cannabis workers join Teamsters
Delivery drivers at Eaze, a multistate cannabis delivery operator, have voted unanimously to join Teamsters Local 150. Read more here.
CEA Industries
CEA Industries Inc. (NASDAQ: CEAD) reported revenue in the fourth quarter of 2023 was $300,000, compared to $1.5 million for the same period in 2022. The decrease was primarily attributed to lower bookings over the last 12 months. Read more here.
Missouri
Missouri cannabis regulators have revoked nine of the 48 social-equity cannabis licenses issued in October, after finding the companies that obtained them didn’t meet eligibility requirements. Read more here.
