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News from: Indiva, Michigan, Ohio, High Tide, and more.The Daily Hit is a recap of the top financial news stories for Thursday, June 13, 2024. On the Site Canadian edibles maker Indiva receives creditor protection Existing creditor SNDL is expected to set the auction floor price with a “stalking horse bid” to acquire the edibles maker. Read more here. Michigan cannabis sales hold steady in May Flower remains a top seller in Michigan’s market, accounting for nearly half of all sales in May. Read more here. SEC wins $10 million judgment against cannabis stock promoter The pump-and-dump scheme included a…

POSaBIT Systems Corp. (CSE: PBIT) (OTC: POSAF) reported a net loss of $1.9 million for the first three months of 2024, down from its $2.7 million loss in the first quarter of 2023, but also with dramatically reduced revenue. The cannabis management and inventory software company pulled in just $3.7 million in revenue for the most recent quarter, a whopping 67% downturn from the $11.5 million in revenue in the first quarter a year ago. The latest quarterly financial news follows a poor showing for POSaBIT in the full 2023 calendar year, in which it lost $13.8 million, down from…

Michigan marijuana sales remained relatively flat in May, according to the latest data from the state Cannabis Regulatory Agency. The state reported $279.6 million in combined medical and adult-use sales for May, one of the higherst monthly figures to date for the Michigan market. Total sales were up slightly from the $278.5 million recorded in April. The adult-use market accounted for the vast majority of the total, with $278 million, while medical sales contributed $1.6 million. Flower continued to be the dominant product category, making up $124.3 million of adult-use sales in May, up from $124.1 million in April. Vape…

Canadian cannabis company High Tide Inc. (Nasdaq: HITI) (TXSV: HITI) posted net income of C$171,000 for the three months that ended April 30, the company’s second fiscal quarter of 2024, a long-awaited turnaround after breaking even last quarter and losing C$1.6 million a year ago. The profit level for the quarter would’ve been even higher, but High Tide also took a C$7.5 million non-cash depreciation hit. High Tide reported revenue of C$124.2 million, a 5% year-over-year increase from C$118.1 million, and free cash flow of C$9.3 million for the quarter, bringing the company’s total free cash flow for the past…

A former Bay State elected official has been busted by the feds for allegedly defrauding investors in his marijuana company. Bruce Spinney III, who was previously a chair of the Grafton Select Board, was arrested on Friday by FBI Boston special agents. The 49-year-old man was indicted on three counts of wire fraud related to a scheme to defraud investors in his marijuana company, according to the Massachusetts U.S. Attorney’s Office. He was also indicted on one count of conducting an unlawful monetary transaction. Read the rest of this story on BostonHerald.com.

By the time this summer ends, tourists, day trippers, and residents living on the island of Martha’s Vineyard may lose access to legal marijuana. The Bay State’s Cannabis Control Commission, on Thursday, joined the concerned residents of the island during a meeting held in Oak Bluffs — where they discussed the impending closure of the Vineyard’s only marijuana cultivation facility and the potential for the return of questionable black-market products. Marijuana production, possession, and consumption is legal for adults living on the island of Martha’s Vineyard, just as it’s legal for anyone over the age of 21 standing anywhere else…

While marijuana is legal in the Bay State, it’s still illegal to move massive amounts across state or international lines. That’s the message from police after yet another person has been busted for allegedly trying to transport a huge amount of weed through Boston Logan International Airport to the United Kingdom. A 19-year-old London woman was arrested after U.S. Customs and Border agents seized about 70 pounds of marijuana before her flight back to the U.K., the Suffolk DA’s office announced on Tuesday. The 70 pounds of pot is worth about $350,000 in the U.K., where marijuana is illegal. Read…

Ontario-based Indiva Limited (TSX: NDVA) received creditor protection in Canada in the face of mounting debt pressures and other market challenges, the company announced Thursday. The Ontario Superior Court of Justice granted Indiva an Initial Order under the Companies’ Creditors Arrangement Act, which allows the company to restructure its business and financial affairs while continuing operations. The Canadian cannabis edibles producer has been grappling with strains that have weighed on its performance. In the first quarter of 2024, Indiva reported a slight increase in gross revenue to C$10.6 million, but its net revenue slipped to C$9.3 million due to higher…

This story was republished with permission from Crain’s Cleveland Business and written by Jeremy Nobile.  While Ohio could be just a couple weeks out from the awarding of dual-use licenses and the state’s first non-medical marijuana sales, most operators are mum on what prices could look like for products at the retail level. Crain’s asked several companies to weigh in on what dispensary prices on adult-use products might look like in the beginning and how those might compare with medical prices today. Each declined to share figures but opted to comment in more general terms — though some speculated in more detail…

Travis County Judge Jan Soifer has dismissed a lawsuit filed by Texas Attorney General Ken Paxton against the state’s capital city Austin over its 2022 voter-approved ordinance decriminalizing cannabis possession. The judge stated that the ordinance wasn’t causing any harm to the residents and didn’t violate state law. Several cities in Texas approved decriminalizing cannabis including Austin, where in May 2022 voters agreed to allow the possession of four ounces or less of cannabis. Austin isn’t only the state capital but also home to the University of Texas which has more than 50,000 students. It has a more liberal view than many…