The Daily Hit: May 30, 2024

The Daily Hit is a recap of the top financial news stories for Thursday, May 30, 2024.

On the Site

Cansortium, RIV Capital to merge, creating new four-state MSO

Once the deal closes, the newly formed multistate operator will have eight cultivation and processing facilities and 42 dispensaries.

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Trulieve settles its litigation with Harvest of Ohio

Ariane Kirkpatrick will become the 100% owner of Harvest of OH medical dispensary in Athens renaming it Mavuno.

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Canopy Growth reports decline in revenue for 2024

Canopy says it has alleviated some of the financial pressures it faced in 2023.

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AgriCann implements layoffs, other cost-cutting measures in bid for survival

Most operations at AgriCann appear to be frozen, and Newline is only selling off existing inventory as a “bare-bones operation.”

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SLANG loses C$6 million in first quarter

The marijuana edibles maker and brand posted C$7 million in revenue for the first quarter, down from C$10.8 million a year prior

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In Other News

Stiiizy

California cannabis giant Stiiizy has been accused of marketing dangerous high-potency THC products to young people, allegedly resulting in cannabis-induced psychosis in one user who brought a product liability and fraud suit Wednesday in Northern California state court.

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Goodness Growth

Goodness Growth Holdings (CSE: GDNS) (OTCQX: GDNSF) plans to complete a non-brokered private placement investment of its subordinate voting shares to help fund the relocation of one of its retail dispensaries in Minnesota. The company anticipates an aggregate subscription amount of approximately $700,000 in relation to this private placement, priced at a 30-day volume weighted average price as of the day before closing.

Read more here.