Cannabis Weekly Round-Up: Cookies Baltimore License Suspended

One of the most popular cannabis brands in North America finds itself in a difficult position — Maryland regulators have suspended the company’s license just as adult-use sales are set to roll out in the state.

Meanwhile, a cannabis operator in Canada received shareholder approval to move ahead with a notable acquisition plan.

Keep reading to find out more cannabis highlights from the past five days.

Cookies in trouble after multiple violations

Cookies has drawn the ire of state regulators in Maryland. The cannabis brand company has had its business license suspended less than a week after it opened a dispensary in Baltimore, as per a report from MJBizDaily.

The suspension was handed down by the Maryland Cannabis Administration. The decision reportedly relates to multiple violations from the store, as well as a general lack of communication as to the needs of the cannabis authority.

The role of a smoke blower at the dispensary, as well as a lack of security footage, put Cookies in the hot spot. Other issues include breaches of state law governing advertising, a document from the state notes.

Earlier this year, Cookies closed a Series A private venture capital fund raise to reach its highest valuation in company history.

HEXO shareholders back Tilray deal

HEXO (NASDAQ:HEXO,TSX:HEXO) had a busy week, with shareholders overwhelmingly supporting the company’s plan to be acquired by fellow Canadian producer Tilray (NASDAQ:TLRY,TSX:TLRY).

Approximately 93.7 percent of all votes cast were in favor of the deal, which is expected to close by the end of June. President and CEO Charlie Bowman said HEXO leadership is confident the deal will close in the estimated time.

HEXO also shared its latest quarterly financial results this week, reporting a net loss of C$117.2 million.

On top of the financial the loss, the company reported a net revenue decrease to C$21.6 million, representing an 11 percent drop from the previous quarter.

Cannabis company news

  • High Tide (NASDAQ:HITI,TSXV:HITI)issued financial results for its second fiscal quarter of 2023. The firm reported a lower net loss of C$1.6 million, while also celebrating a 46 percent year-on-year revenue uptick to C$118.1 million.
  • Canopy Growth (NASDAQ:CGC,TSX:WEED)shared a mandatory operational update. The company is in the process of adjusting its financial results for the fiscal year ended March 31, 2022.
  • IM Cannabis (NASDAQ:IMCC,CSE:IMCC)informed shareholders that it has been able to meet the NASDAQ’s minimum bid price requirement. “IMC is now in compliance with all applicable listing standards and will continue to be listed and traded on the NASDAQ Stock Market,” the company said.
  • Verano Holdings (CSE:VRNO,OTCQX:VRNOF)announced that its Alabama subsidiary has earned one of the state’s limited integrated facility licenses. “We’ve always had a long-term focus on strengthening our position in the South, and with the addition of Alabama to our footprint, we have an excellent opportunity to increase our presence in an important medical market as cannabis acceptance and state-level programs continue to spread across the growing Southeast region,” George Archos, founder and CEO of the firm, said.

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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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