The Daily Hit: April 17, 2024
The Daily Hit is a recap of the top financial news stories for April 16, 2024.
On the Site
West Coast 4/20 events struggle, as East Coast events boom
As new events celebrating weed’s unofficial holiday of April 20 continue to spring every year, money troubles have forced some of the country’s oldest gatherings to wind down, even as industry analysts predict one of the biggest cannabis sales days ever this coming Saturday. Read more here.
Eaze reaches deal with drivers’ union to avoid strike ahead of 4/20
California-based marijuana delivery company Eaze has reached an accord with hundreds of its delivery drivers as of Wednesday, which will put to rest fears of a possible strike in the lead-up to the cannabis holiday of April 20 this coming Saturday. Read more here.
Blüm Holdings losses down dramatically in 2023, but deficit nears half a billion
California-based Blüm Holdings Inc. (OTCQB: BLMH) posted a $14.1 million net loss last year, the company announced this week in its fourth quarter and annual financial filings. Though the result is a dramatic improvement from 2022 – when Blüm lost $188.6 million – it still leaves the company struggling to attain profitability, with an accumulated deficit nearing half a billion dollars. Read more here.
Nature’s Miracle buys Agrify in $6.35 million all-stock deal
Nature’s Miracle Holding Inc. (NASDAQ: NMHI) announced Wednesday that it has entered into an agreement to buy Agrify Corporation (NASDAQ: AGFY) in a bid to consolidate the vertical farming sector, especially as Agrify shrinks its business. Read more here.
Investors sue California cannabis group for bilking them out of $9.1 million
Three California investors – Benjamin Melendez, Ranjeet Pannu, and Bikramjit Singh Pannu – filed a lawsuit against executives of Culture Cannabis Club, Skybox Holdings 81, Mammoth Legend Consulting Inc., Bloomstone, and Proficient Profits claiming fraudulent behavior. Read more here.
New Florida cannabis market projections show massive recreational potential
New market analysis figures on the potential for Florida’s recreational marijuana landscape from BDSA show the Sunshine State could reach almost $900 million in recreational sales next year alone, and upwards of $4.5 billion in total marijuana sales by 2028. Read more here.
In Other News
Philadelphia
After four years in operation, Philadelphia-based Ethos Cannabis will close its flagship Center City retail location on the ground floor of the American Postal Workers House. Read more here.
Florida
With a marijuana legalization ballot measure set to appear on Florida’s ballot in November, Gov. Ron DeSantis (R) again attacked the proposal on Wednesday, warning that the changes would be “not good for families” and “not good for [the] elderly.” Read more here.
