00:00 Good morning. Good morning. Happy Wednesday. Happy hump day. My friends. Wacky Wednesday.
00:07 Ready for a good day. One of my good friends and colleagues here at Benzinga yesterday
00:12 told the entire company something really, really important. If you start off each day
00:16 with a good and positive thought, it could change the whole outcome of your day. I challenge
00:22 you all to do that. Hope it's a good one for you, but we're here to talk about cannabis
00:25 news. Elliot Lane here at Benzinga's Cannabis Daily. Let's dive right on in. Some public
00:30 company news here today. Not a ton of other headlines really at all until Congress comes
00:37 back into session next month. But until then, we do still have some updates and we're still
00:42 wrapping up Q2 earnings season. So let's dive right on. Verano, V-R-N-O-F, one of the leading
00:48 marijuana companies, especially medical marijuana companies in the domestic US, joins the party
00:53 and sues the state of Alabama over their license pause and decision not to award the round
00:59 of licenses out yet that they've already announced. Verano, of course, was a part of that license
01:06 group and they are counter suing. While other companies are suing that the licensing process
01:12 wasn't fair, Verano is suing that they shouldn't have stopped it. So which lawsuit will make
01:17 them do something? We'll see. The state of Alabama will probably drag this on for a while.
01:23 Vext, V-E-X-T-F, a really solid vape play and pre-roll play, revenue of $9.2 million
01:33 in Q2, up year over year about 4.8% and flat, just slightly up sequentially, but basically
01:40 flat from Q1. Adjusted EBITDA of 1 million down sequentially and year over year. They
01:46 did receive regulatory approval for the company to acquire a cultivation and manufacturing
01:52 facility in Ohio. They're on track to close that this month. That's August of 2023. Red,
01:59 White & Bloom, R-W-B-Y-F. Of course, last time you heard them, they had a merger that
02:05 was called off with Alephia Health. That's A-L-E-A-F, Alephia, not doing so hot. So Red,
02:13 White & Bloom has been approved by the Ontario Superior Court of Justice for a stalking horse
02:19 asset purchase and share subscription agreement for Alephia. Red, White & Bloom would acquire
02:25 certain assets and shares should they be the successful bidder in the sale from Alephia.
02:31 So they are looking rather smart right now, assuming that they get a good price on these
02:38 assets in the sale. We'll see what happens there and we'll keep you updated. Humble & Fume,
02:43 H-U-M-B-F on the OTC, a very large distributor in North America, received a $4 million capital
02:50 infusion from Green Acre Capital Distribution Corp to expand their current distribution
02:55 reach. Last but not least, we did have an interview, as we do every Tuesday now, with
03:00 Morgan Paxia of Poseidon Asset Management. He talked a little bit about the ETF they're
03:06 winding down, PSDN, and they have sold almost all of their shares and assets in that fund.
03:14 So shareholders of PSDN can take a breath. It looks like they will come out of this one
03:20 safely. This is Elliot Lane, host of Benzinga's Cannabis Daily. Again, short and sweet today
03:25 as with the past few days, just not a ton happening in the space right now. People are
03:29 hunkering down, people are trying to drive up sales, people are getting ready for the
03:33 fall. And with that being said, tune in tomorrow for another what may be a short episode, Elliot
03:39 Lane, Cannabis Daily. We will see you guys again tomorrow. Peace.
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