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.

Phoenix-based 4Front Ventures Corp. (CSE: FFNT) (OTCQB: FFNTF) is making strategic moves to better position itself financially, the company announced on Thursday.  The steps included retaining Canaccord Genuity Corp. as a financial advisor and also taking out a new $850,000 loan to help pay for ongoing operations.

In its most recent quarter, 4Front reported a net loss of $4.8 million, with a net loss of $23.3 million for the first six months of 2024. It also reported being $67.37 million in debt.

Canaccord was hired to explore options for “refinancing existing debt and raising fresh growth capital,” 4Front said in a press release, along with looking into other options to set the multistate operator on a path to profitability.

4Front also notified investors that it agreed to an updated credit facility with existing lender ALT Debt II LP, an affiliate of Altmore Capital, for a total credit line of $2.6 million, of which $850,000 was advanced to 4Front immediately. The remaining $1.75 million was left in reserve. ALT Debt II first lent 4Front $10 million last October.

In connection with the amended credit facility, 4Front said it will “enter into a restricted stock unit agreement” to double the number of shares issued to ALT Debt II, with a new total of 49.9 million restricted stock units with an issue price of 8 Canadian cents apiece.

“We’re at a pivotal moment as we begin to scale our flagship Matteson facility and expand our Mission retail footprint in Illinois,” Andrew Thut, CEO of 4Front, said in a statement. “Partnering with Canaccord Genuity will help us secure the necessary growth capital, streamline our balance sheet, and position the company for substantial and sustainable cashflow generation and shareholder value creation.”