The Daily Hit: November 28, 2023
- Germany's legislative body has expanded its medical cannabis sales, decriminalized certain amounts of cannabis, and improved home cultivation restrictions.
- The hemp-derived delta-9 product market is dividing the cannabis community, with some in favor and others seeing it as competition.
- Irwin Naturals Inc. is still struggling to achieve profitability despite selling off underperforming ketamine clinics and expanding its cannabis industry presence.
- SLANG Worldwide Inc. has reported a rise in revenue and gross profit, driven in part by a thriving market in Vermont.
The Daily Hit is a recap of the top financial news stories for Nov. 28, 2023.
Germany Lurches Forward on Cannabis Program Expansion
It isn’t the program that many had hoped for, however many are cheering the latest development in Germany’s adult-use cannabis legalization. After what was described as intense negotiations, the European nation’s legislative body hammered out a bill that expanded medical cannabis sales, decriminalized certain amounts of cannabis, and improved home cultivation restrictions. Read more here.
Hemp-Derived Delta 9 Divides Cannabis Community
Two camps are emerging around hemp-derived delta-9 products: those that are in favor of them and those that see the products as fierce competition to the more regulated THC-cannabis products. Read more here.
Irwin Still Losing Money Despite Diversification
Nutraceutical firm Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) is still struggling to achieve profitability, despite selling off underperforming ketamine clinics while still developing its international cannabis industry footprint, the company reported in its third-quarter financials. Read more here.
Slang Revenue Rises Amid Vermont Boom
SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) reported a rise in its revenue and gross profit as the company considers potential sale offers, driven in part by a thriving market in Vermont. For the third quarter ending Sept. 30, Slang posted a revenue of $9.10 million, up from $8.17 million in the same period the previous year. Read more here.
More Earnings:
• Agrify Racks Up Huge Losses as Revenue Dives
• Delivra Profit Beats Last Year’s Total in Single Quarter
• Entourage Health Sees Revenue Dip, Improves Margins
• Vext Rosy on Ohio as Arizona Market Cools
XS Financial
XS Financial Inc. (CSE:XSF) (OTCQB:XSHLF) reported its financial results today the third quarter ended Sept. 30. The company recorded a 41% year-over-year revenue increase, reaching $2.9 million compared to $2.1 million in the third quarter of 2022. Read more here.
Just Brands LLC
In a motion for injunctive relief filed Sunday, Just Brands LLC said it faces “crippling financial losses and a deprivation of its rights under the [constitutional] commerce clause” after the Florida Department of Agriculture and Consumer Services overstepped its authority under a Sunshine State hemp law and imposed stop-sale orders on products the company intended to sell outside Florida. Read more here.