The Daily Hit is a recap of the top financial news stories for Thursday, November 14, 2024.

On the Site

Tilt Holdings to review strategic alternatives for its plant-touching business

Revenue fell in the quarter due to shipping delays for its Jupiter brand.

Read more here.

Bilzerian v. Bilzerian: Son sues dad over control of Ignite

Dan Bilzerian claims he was unlawfully pushed out of Ignite by his father.

Read more here.

Scores of cannabis farmers sue New York state over botched recreational rollout

The coalition claims that the Office of Cannabis Management’s actions directly led to “financial ruin” for its members.

Read more here.

Massachusetts regulators, OSHA say ground cannabis dust a ‘hazardous chemical’ following Trulieve worker death

Regulators outlined recommendations and rules related to creating a safe working environment for those working with cannabis.

Read more here.

Agrify reports $18.7M loss as leadership charts hemp beverage push

The focus on hemp-based drinks marks a new era for the firm under its new GTI leadership.

Read more here.

Earnings:

In Other News

New Mexico

New Mexico lawmakers on Wednesday discussed the prospect of giving “police power” to the state Cannabis Control Division, which issues permits for the state-legal industry, to ramp up enforcement against the still-thriving illicit market.

Read more here.

Missouri

In less than two years of selling legal recreational cannabis, Missouri’s legal market has grown to $1.4 billion – outperforming states with a longer history of marijuana legalization like Arizona, Colorado and Nevada.

Read more here.

Idaho

The organization Kind Idaho filed a final proposal with the Idaho Secretary of State’s Office that would put the question of cannabis legalization on the ballot in 2026. The petition, if approved, put the question of legalizing cannabis for personal possession and production in front of voters. It would not, however, establish a legal marketplace like the one in Washington state.

Read more here.

Michigan-based Agrify Corp. (Nasdaq: AGFY) posted a net loss of $2.8 million for the second quarter of the year, down year-over-year from a $6.8 million loss even as revenue also decreased by nearly half.

Quarterly revenue for the marijuana cultivation equipment maker was $2.9 million, Agrify reported, down year-over-year from $5.1 million, but up sequentially from $2.6 million. For the first six months of 2024, revenue was down to $5.5 million from $10.8 million the same period a year prior.

CEO Raymond Chang suggested in a press release that Agrify will soon need to raise more capital, given that it had just $53,000 in the bank as of June 30. Agrify was left at the altar by Nature’s Miracle in May, when a proposed merger – which likely would have given Agrify a new financial lease on life – fell apart.

“We recognize that 2024 presents ongoing challenges, as the industry remains cautious about future capital investments due to uncertain regulations and limited capital availability,” Chang said.

“Despite our continuous efforts to reduce costs and address payables, our constrained cash position remains a barrier to growth. As such, the company will continue to explore all strategic options to maximize shareholder value,” he said.

Threatened with the possible loss of trading on the Nasdaq last fall, Agrify in May also converted $13.8 million of its debt to company equity and was able to remain compliant with the exchange’s terms.

At the end of the quarter, Agrify had $39.6 million in total assets, including $53,000 in cash, against $30.8 million in total liabilities. The company also is carrying an accumulated deficit of $264.3 million.