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Cannabis retailer Fire & Flower reports CA$21.6 million loss for quarter

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Canadian cannabis retailer Fire & Flower reported a loss of 21.6 million Canadian dollars ($16 million) on plunging sales for the quarter ended July 30, 2022.

Revenue of CA$40.7 million for the quarter was 6% lower than the same period one year ago, even though overall industry sales grew substantially over the same period.

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The results were below expectations of analysts, who attributed the weaker-than-expected performance to a reduction in store count.

The company had 101 operational stores in the previous quarter, but that number fell to 92 after the closing of underperforming locations, according to a report by Alberta-headquartered ATB Financial.

“Fire & Flower remains focused on the transformation of our business and strategic opportunities with a goal to deliver positive adjusted EBITDA and free cash flow,” CEO Stéphane Trudel said.

He noted that the Toronto-headquartered company is focusing on near-term initiatives, such as its membership pricing

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Marijuana Business Daily

Workers at Cresco marijuana affiliate in Illinois vote to join Teamsters union

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Employees at the Sunnyside marijuana store in Schaumburg, Illinois, voted to join Teamsters Local 777, with 97% of the workers in favor.

Sunnyside is owned and operated by Cresco Labs, a multistate operator based in Chicago.

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“We deserve to have a voice,” Kelly Wargo, a wellness adviser at the store, said in a news release issued by the union.

“It’s time to re-establish our human rights in the workplace.”

Teamsters Local 777 has been active in the Illinois cannabis market this year, having also unionized retail workers at Enlightened, Rise, Verilife and Zen Leaf.

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“This is the third cannabis election we have won in the town of Schaumburg alone,” Local 777 President Jim Glimco said in a statement.

“We have momentum on our side in this industry.”

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Battery charge dropped against Ascend cannabis co-founder Abner Kurtin

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(This story has been updated to include Ascend’s stock price.)

A battery charge against Abner Kurtin, a co-founder and former chief executive officer of New York-based multistate cannabis operator Ascend Wellness Holdings, was dropped on Friday.

“Today, the charges against me were dismissed by the City of Miami Beach,” Kurtin wrote in a statement to MJBizDaily that was provided by public relations firm Mattio Communications in New York.

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He also denied having been involved in a physical altercation with his domestic partner.

A hearing had been scheduled for Friday morning in a state court in Miami.

A representative for the state attorney’s office was not immediately available to comment on the status of the case.

Similarly, a representative for the Miami-Dade County Clerk of the Courts said that office was not yet in a position to provide an update.

Abner Kurtin

Kurtin was charged with battery, a misdemeanor,

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Vermont launches recreational marijuana sales Saturday

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Recreational marijuana retailers in Vermont are permitted to begin selling adult-use products on Saturday.

The launch of rec sales in Vermont comes about two years after adult-use legislation became law without the governor’s signature.

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Vermont’s Cannabis Control Board on Sept. 14 granted recreational marijuana licenses to Mountain Girl Cannabis in Rutland and Flora Cannabis in Middlebury and gave the OK for Ceres Med – formerly Champlain Valley Dispensary – in South Burlington to transition from medical to adult-use sales.

Regulators have said delays in issuing licenses for outdoor cultivators could create supply challenges in the adult-use market’s early stages.

The application window for retailers opened Aug. 1, a month earlier than originally scheduled, according to the Cannabis Control Board website.

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About 50 retailers have prequalified for licensing.

Twenty U.S. markets have approved adult-use sales of some type – 19 states and the

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