Marijuana Business Daily

Cannabis producer Hexo trims loss, but sales plummet

Published

2 years ago

March 17, 2023

admin

Cannabis producer Hexo reported a lower loss for the quarter ended Jan. 31, 2023, but the Gatineau, Quebec-based company’s sales took a nosedive, according to its quarterly report.

Hexo on Thursday reported adjusted earnings before interest, taxes, depreciation and amortization of negative 2.4 million Canadian dollars ($1.6 million) for its second quarter, an improvement over adjusted EBITDA of negative CA$5.6 million in the second quarter in the previous year.

Net revenue for the three-month period was CA$24.2 million, 55% lower than the same period one year earlier.

Sales fell across the board.

Gross revenue from:

Recreational cannabis was CA$33 million in the quarter, down 40% compared to one year ago. Medical cannabis declined 35% year-over-year to CA$634,000 in the quarter. Wholesale dropped 50% year-over-year to CA$1.8 million.

International sales fell 103%. International sales were CA$8.2 million in the same quarter in 2022, but

Read full article on Marijuana Business Daily

Source link

Marijuana Business Daily

Rejected applicants sue Minnesota over marijuana social equity licensing process

Published

1 day ago

November 22, 2024

admin

Two women are suing Minnesota’s cannabis regulator after being denied an opportunity to participate in the upcoming lottery for adult-use marijuana social equity business licenses.

Cristina Aranguiz and Jodi Connolly allege in a lawsuit they filed Thursday allege that Minnesota’s Office of Cannabis Management (OCM) made an “arbitrary and capricious decision” in denying their applications to participate in the lottery and offered no explanation, the Minnesota Reformer reported.

Earlier this week, the OCM announced that roughly two-thirds of the 1,817 social equity license applicants had been disqualified because they failed to complete the application process, turned in multiple applications or disguised the true investors in their companies.

The plaintiffs’ complaint – which also names the OCM’s interim director, Charlene Briner – alleges

Read full article on Marijuana Business Daily

Source link

Marijuana Business Daily

California’s capital city OKs marijuana consumption lounge licenses

Published

4 days ago

November 20, 2024

admin

The Sacramento City Council approved a measure that paves a path for California’s capital to issue consumption lounge licenses sometime in 2025.

The ordinance was approved 5-4 on Tuesday, despite opposition from certain Council members, the American Heart Association and American Cancer Society, according to The Sacramento Bee.

The organizations highlighted the effects of secondhand smoke on employees, customers and neighbors.

Similar concerns about smoke ventilation has led to lengthy delays in other markets, including Nevada, where regulators ultimately eased ventilation standards so operators could comply with the new rules without installing costly system overhauls.

Sacramento officials expect to issue permits in the first half of next year after the Council considers cannabis land-use and zoning amendments, the Bee reported.

When those

Read full article on Marijuana Business Daily

Source link

Marijuana Business Daily

Missouri’s double-tax practice on marijuana is unconstitutional, court rules

Published

6 days ago

November 18, 2024

admin

Local governments in Missouri can add a 3% local tax on marijuana products to state sales tariffs, but the law forbids cities and counties to “stack” local levies on top of one another.

That’s the “unambiguous” language in the state constitution, according to a Missouri Court of Appeals decision that’s set to cut retail taxes on marijuana products in St. Louis County.

Ninety of the state’s 114 counties imposed a 3% local cannabis tax on top of the state’s 14.98% sales tax, the Missouri Independent reported.

But 74 of those counties also include a city or town that’s imposed its own 3% on top of the county lax.

That’s the practice that the appeals court says is unconstitutional.

The challenge was centered

Read full article on Marijuana Business Daily

Source link