News from: The Source, Adastra, Michigan, Tryp Therapeutics, and more.
The Daily Hit is a recap of the top financial news stories for Wednesday, April 24, 2024.
On the Site
Deep Roots Harvest to acquire The Source assets
The deal will build on C21 Investments’ recent purchase of Deep Roots.
Adastra reports record sales in 2023, but remains in the red
The jump in sales was primarily attributed to higher demand for Adastra’s in-house brand, but growth was offset by a increase in spending on marketing.
Software crash hit Michigan marijuana dispensaries on 4/20
The software glitch was across the country and was resolved after several hours.
Alaskan pilot transporting his cannabis loses appeal to get his license back
The pilot has a cultivation license and was delivering his product to stores with his personal plane.
Tryp Therapeutics, Exopharm merger approved by shareholders
The new company will be called Tryptamine Therapeutics Limited and will trade on the Australian Stock Exchange under the ticker symbol TYP.
In Other News
Massachusetts
Marijuana establishments in Massachusetts reported that the Commonwealth’s adult-use marijuana industry enjoyed a new record-breaking single sales day on April 20, tallying $8.5 million in sales.
Zoned Properties
Zoned Properties Inc. announced that its board of directors approved a stock repurchase program, pursuant to which the company is authorized to purchase up to $1 million of its common stock over an unlimited time period.
AVD
AVD (Advanced Vapor Devices), a vertically integrated manufacturer and distributor of cannabis vaporizer technology, has rebranded to ACTIVE.
Cannabis rolling paper hazards
A team of chemists at Lake Superior State University, working with colleagues from Wayne State University, both in Michigan, and two representatives from JEOL U.S., a lab equipment maker, found that some cannabis rolling papers contain high levels of heavy metals, which could be hazardous to smokers.
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