It’s time for your Daily Hit of cannabis financial news for November 23, 2021.
On The Site
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) has won its case that was brought by former CFO James Parker. In 2019, Parker filed a lawsuit against MedMen, alleging wrongful termination, breach of contract, and retaliation, seeking in excess of $20 million in damages. The case was notable for its scandalous accusations including the creation of a toxic workplace and suggestions that the company paid a third party to buy the stock and push up share prices.
Organigram Holdings Inc. (NASDAQ: OGI) reported its results for the fiscal fourth-quarter ending August 31, 2021, with revenue increasing 22% to $24.9 million, from $20.4 million in the same time period for 2020. Organigram said the increase was primarily due to an increase in adult-use recreational revenue, partly offset by the decrease in international revenue, medical revenue, wholesale revenue to other Licensed Producers, and a lower average net selling price. The stock was jumping over 10% in early trading on the results and was lately selling at $2.06. The company also reported a net loss of $26.0 million, which was an improvement over last year’s net loss