News from: Eaze, Gold Flora, Revelry, Delaware and more.
The Daily Hit is a recap of the top financial news stories for Monday, October 7, 2024.
On the Site
Biggest California cannabis delivery company will close by end of year, lay off 500 employees
It’s still unclear what the company’s new owners plan to do with it after the end of the year.
‘Limited receiver’ appointed to settle $1.65 million of Gold Flora debt
The receiver has 59 days to settle the outstanding debt related to a lawsuit from former Left Coast Ventures directors.
Delaware receives more than 1,200 marijuana business license applications
More than 800 applications were received for the 30 available retail licenses, which won’t be awarded until after a lottery later this year.
Story Cannabis receives $41 million loan for its operations in Maryland
In addition to debt payoff, the cash injection will fund additional “growth initiatives” in the state.
Revelry Buyers Club buzzes with new market energy
The excitement for this new market was on display at Revelry.
In Other News
Skymint
An online auction for the sale of Skymint’s equipment and personal property assets will commence on Oct. 21 at 10 a.m. ET and will conclude on Oct. 25 at 4 p.m. ET. All parties desiring to participate in the auction must register as a qualified bidder on or before the auction close date.
Minnesota
Some 1,800 potential licensees who have qualified as social equity applicants in Minnesota are awaiting a special lottery to decide which of them will get a head-start on creating cannabis stores, manufacturing, testing facilities and growing operations. But the interim director of the Minnesota Office of Cannabis Management said late last week that the lottery will come later rather than sooner.
TerrAscend
TerrAscend Corp.’s Michigan entities completed the second draw of $26 million in gross proceeds of the company’s senior secured term loan for total gross proceeds of $140 million from funds managed by FocusGrowth Asset Management LP. The proceeds from the second draw were used to pay down the company’s higher interest Michigan debt.
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