Editor-in-Chief

Debra BorchardtDebra BorchardtMarch 31, 2020
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4min2980

Emerald Health Therapeutics, Inc. (OTCQX:EMHTF) reported some of its results for the fourth quarter and year of 2019 for its British Columbia-based joint venture, Pure Sunfarms (PSF). The company release the net sales for the year and the fourth quarter of 2019 were $82.8 million and $12.1 million, respectively, compared to $4.9 million and $4.7 million.

The company said this consisted entirely of dried cannabis. PSF also recognized revenue of $8.1 million upon the completion of the Settlement Agreement with Emerald in Q4, but it wasn’t clear if this figure was included in the $12 million figure or if it was in addition to that.

The press release noted that it was providing audited results, yet the net losses or income were nowhere to be found. Neither Sedar or the company’s website gave much information beyond the basics. Expenses did increase with selling, general and administrative expenses for the year and fourth-quarter at $10.4 million and $3.0 million versus 2018’s $3.4 million and 2018’s fourth-quarter of $1.3 million.

“In the first full year of legal recreational cannabis sales in Canada, our Pure Sunfarms joint venture achieved stellar outcomes in operations, sales as well as financial performance,” said Riaz Bandali, President and CEO, Emerald Health Therapeutics. “PSF continues to set standards for cultivation efficiency and overall operating costs in the sector and has demonstrated an ability to deliver a compelling product and value proposition to consumers and other Licensed Producers.”

The company said that Pure Sunfarms sold approximately 26,000 kilograms of flower and trim in 2019 at an average price of approximately $2.90 per gram. Roughly 92% of 2019 sales were to the bulk wholesale channel and 8% to the branded retail channel. Fourth-quarter sales were over 1,100 kilograms averaging over C$3.59 per gram. During the fourth quarter, all cannabis sales were branded retail sales to provincial distribution boards and for the most part, represented replenishment orders during the quarter.

“We are proud of PSF’s success and pleased that we continue to be a significant partner in this tremendous company. We are also very pleased with the licensing and scale-up into production of our two wholly-owned cultivation facilities in Richmond, BC, and St. Eustache, Quebec, which now serve as our source of cannabis supply for our product development efforts as well as for our medical and recreational customers. These two facilities, along with our position in PSF, provide Emerald with three distinct operating assets producing differentiated and complementary products to serve the market.”

The company opted not to discuss its recent settlement with Village Farms and Pure Sunfarms. 

Village Farms had been expected to report its earnings on March 30 but had delayed releasing those figures.


Debra BorchardtDebra BorchardtMarch 31, 2020
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5min4030

Under the cover of darkness Zenabis Global Inc. (TSX:ZENA) delivered its earnings in Canadian dollars. It was 1 am when Zenabis issued its press release reported that its 2019 net revenue was $66.5 million, while its net loss for the year was $127 million or $0.53 per share.

The net revenue did increase 850% over 2018’s $7 million, the net loss for 2019 ballooned from 2018’s net loss of $32.5 million or $0.22 per share. The net losses included non-cash impairment losses of $9.3 million or $0.37 per share. The company said that the cannabis segment increased 316% to $29.1 million from $7.0 million in 2018 and the propagation segment increased to $38.6 million

Zenabis said it was able to realize increases in revenue even with downward pressures on pricing in the adult-use recreational market as well as due to lower per gram revenue from wholesale bulk sales due to increasing demand for its products and the expansion of sales of value-added products such as pre-rolls.

Kevin Coft, Interim Chief Executive Officer of Zenabis, stated, “2019 was a transformative year for Zenabis with the substantial completion of the Company’s facility build-out.  In addition, the Company achieved significant growth in revenue throughout the year and in particular, in the fourth quarter with 49% quarter-over-quarter revenue growth. I am pleased and thankful for the team’s efforts and focus on delivering on our construction and sales results. Zenabis is now a significant licensed producer with Zenabis Atholville being one of the largest indoor facilities in Canada. Although the Canadian recreational market had its challenges, we believe that the continued growth in the Canadian cannabis market remains positive.”

Fourth Quarter

The fourth-quarter net revenue was $17.9 million versus $12.0 million in the third quarter. Zenabis said that the cannabis segment increased 50.1% to $10.6 million from $7.1 million in Q3 2019. Propagation segment increased 55.5% to $7.0 million from $4.5 million in the prior quarter

The fourth-quarter net loss was $98.7 million or $0.34 per share versus the net loss of $5.8 million or $0.03 per share in the third quarter.

Looking Ahead

Zenabis said it believes that persistent competition from the low-cost illicit market, as well as new supply from competitor LPs as their facilities reach full production, is likely to result in declines in the wholesale price of cannabis in 2020 and beyond.

The company has initially focused on two product categories for the recently legalized derivative products: vaporizers and beverages. Initial shipments of vaporizer products occurred in Q1 2020 and have continued to supply its cannabis concentrates in the form of vaporizing cartridges designed for use in PAX Labs Inc.’s Era vaporizing devices. Further, Zenabis remains on track to launch cannabis-infused beverages in Q2 2020 with its initial launch of cannabis-infused sparkling water beverages.

Zenabis cut its overhead by reducing the size of the Vancouver head office and its facilities which has resulted in a cost reduction of approximately $2 million per quarter.  Additionally, construction activities at the Company’s various facilities has been largely completed as have ongoing material capital expenditures.


Debra BorchardtDebra BorchardtMarch 30, 2020
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4min1530

Good luck making sense of Cronos Group Inc. (CRON.TO) (CRON.TO) 2019 fourth quarter and full-year business results. The company said it will restate its unaudited interim financial statements for the first, second and third quarters of 2019. The icing on the earnings cake was that it will also reduce revenue for the three months ending March 31, 2019, by C$2.5 million and the three months ended September 30, 2019, by C$5.1 million.

“We are pleased that the Audit Committee has completed its review and that Cronos Group is now current with the filing of our financial reports. As we move forward, we are committed to improving our internal controls and financial reporting practices, maintaining the highest standards of transparency and accountability, and enhancing our capabilities and resources across functions to support our strategy,” said Mike Gorenstein, CEO of Cronos Group.

Fourth Quarter

Despite the restatements, the company reported net revenue of $7.3 million in the fourth quarter that topped last year’s fourth quarter by $3.0 million. The kicker is that the quarterly expenses were $43 million. The company spent $13 million in sales and marketing and another $14 million in general and administrative expenses. This is in one quarter for $7 million in revenue.

The company attributed the increase to a rise in the volume of products sold in the Rest of World segment and the Redwood acquisition, but that this was partially offset by a decrease in the price of products sold in the Rest of World segment.

Cronos also deliver an operating loss of ($63.9) million in the quarter driven by the inventory write-down of one-time charges related to the repurposing of certain facilities at the Peace Naturals Campus, an increase in general and administrative expenses in order to support Cronos Group’s growth strategy, an increase in sales and marketing in order to create, build and develop brands and an increase in R&D costs.

Full Year

For the full year of 2019, the company reported a net revenue of $23.8 million and an operating loss of ($121.5) million primarily driven by inventory write-downs in 2019. Cronos wrote down $29.4 million, made up of a one-time charge of $1.9 million, related to the repurposing of certain facilities at the Peace Naturals Campus, and a $27.5 million write-down on cannabis plants, based on the estimated market value of the specific strains previously in production, and cannabis oil, primarily driven by downward pressure in market prices during the year.

However, due to a $118 million unrealized gain on the revaluation of financial liabilities, primarily resulting from the non-cash change in the fair value of financial derivative liabilities associated with the investment by Altria Group, Inc. Cronos Group recorded a pre-tax unrealized gain of $1.2 billion.

 


Debra BorchardtDebra BorchardtMarch 30, 2020
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4min9420

Medicinal mushroom company Champignon Brands Inc. (CSE: SHRM) has entered into a definitive agreement to acquire Tassili Life Sciences Corp. in an all-stock deal. Tassili will receive 16 million shares, which is roughly C$7.3 million.

The acquisition will expand Champignon’s preclinical trial pipeline, as well as its aggregation of broad intellectual property related to the development of novel psychedelics therapeutics and their delivery systems, targeting multiple pathological psychological diseases.

Tassili working to develop effective psilocybin-based therapeutics for the treatment of mild traumatic brain injuries (mTBI) and/or post-traumatic stress disorder (PTSD). The company is doing this in partnership with a multidisciplinary team of scientists and physicians at the University of Miami.

TRIALS UNDERWAY

Under a collaborative research agreement with the University of Miami’s Miller School of Medicine, Tassili will conduct preclinical studies and eventually human clinical trials with the objective of demonstrating the safety and efficacy of the combination of psilocybin and cannabidiol in treating mTBI with PTSD or standalone PTSD.  The final results are expected in 2021.

Under the terms of the agreement with U of M, Tassili will retain all exclusive rights to inventions, data and IP discovery resulting from the studies which are being led by Dr. Michael Hoffer, professor of otolaryngology and neurological surgery at University of Miami’s Miller School of Medicine.

“Mild traumatic brain injury, especially concussion, is a significant cause of morbidity worldwide,” said Dr. Hoffer. “What many do not realize is that TBI often occurs alongside PTSD. Up to 40% of people impacted by mTBI, a head injury causing a temporary change in mental status or consciousness, or TBI in general, also suffer from PTSD. This combination of mTBI and PTSD is even more common in U.S military members and presents a vast patient population to service and potentially heal with our novel therapeutics under development.”

PSILOCYBIN PATENT PORTFOLIO

George Scorsis, Chairman of Tassili, said in a statement, “Our development program is championed by the University of Miami, a major U.S. research institution with a worldwide reputation in TBI research and treatment. Working with the University of Miami we aim to shift the mainstream perceptions about psychedelics by establishing the scientific underpinnings of the two compounds’ medical benefits and then developing a prescription-based therapeutic medicine for this combined disorder and a number of other disorders on the horizon, such as obsessive-compulsive disorder (OCD).”

In addition to the medical trials, Tassili has filed four provisional patents, one of which relates to its ongoing study with the University of Miami. In collaboration with university research institutes, Tassili said it intends to demonstrate that the clinical and physiological effects in PTSD and obsessive-compulsive disorder (OCD) is enhanced by timely measured dosages of psilocybin and cannabidiol, with superior clinical results as measured by objective outcomes.

The company said its vision is to administer a proven and proprietary combination of psilocybin and CBD in certified drug as well as psychotherapeutic clinics once human clinical trials are completed and the combination is approved by applicable regulatory agencies.

Management also believes that increased specificity to ensure approved, appropriate, standardized and dignified methods of treatment will result from novel delivery systems suiting recovery solutions to specific indications.  Three of the company’s provisional patents relate to this important part of the drug to patient relationship.

 


Debra BorchardtDebra BorchardtMarch 30, 2020
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6min2100

HEXO Corp. (NYSE: HEXO)  reported a staggering net loss of C$289 million for fiscal 2020 second-quarter ending January 31, 2020. The net revenue for Hexo increased 17% to $17 million from $14.5 million in the first quarter. The earnings are reported in Canadian dollars.

The loss from operations for the quarter was $289.4 million, compared with a loss of $60.6M in the prior period. The company said that excluding non-cash write-downs and impairment charges in the quarter, the adjusted net loss was ($23.2M) compared with ($34.0M) in Q1’20. This was basically one of those kitchen sink quarters. The company just tossed everything but the kitchen sink into the loss column and just ripped the bandaid off.

“We have continued our focus on improving our operations and expanding distribution across Canada.  Our strategy with Original Stash has demonstrated that we can directly compete with the black market,” said Sebastien St-Louis, CEO, and co-founder of HEXO Corp. “The industry continues to see challenges ahead, and following a strategic review of the Company’s core and non-core assets we believe we have positioned HEXO to meet these challenges head-on.”

Impairment Charges

The bulk of the net loss was due to impairment charges that the company took with the first being its Niagara facility. Hexo said, “After completing a strategic review of its cultivation capacity, the company made the decision to list the Niagara facility for sale.  As a result of the decision to sell, the company undertook impairment testing of the facility, its property, plant and equipment, and the intangible assets acquired from Newstrike Brands Ltd.  The company determined that an impairment loss of $138.3M was required.

The next big chunk came from a charge on impairment of goodwill. In a statement, Hexo said, “In addition, slower than expected retail store rollouts in Canada and delays in government approval for cannabis derivative products resulted in constrained distribution channels which have adversely affected overall market sales and profitability. As a result of these factors, management performed an indicator-based impairment test of goodwill as of January 31, 2020.  As a result of this assessment, the company recorded an impairment in goodwill of $111.9M.”

Inventory Write-Down

In addition to the impairment charges, Hexo also wrote down inventory to the tune of $16.1 million in the quarter versus $23 million during the first quarter. The write-downs included surplus cannabis trim (trim is primarily used for extraction purposes) and milled products in the amount of $3.1 million due to an excess of stock relative to the company’s short-term demand for cannabis distillate production. There was also a discounting of a concentrated bulk purchase of $11.8 million, in part to an oversupply in the bulk product market, which lowered the value when compared to the contracted price.  Hexo did note that the bulk product was acquired through a supply agreement, which is currently the subject of litigation and is alleged to be void as it was negotiated in bad faith at prices well in excess of the current market.

In addition to those markdowns, another $1.2 million was recognized due to sunk costs related to packaging reconfiguration.

Revenue Increases

While the quarter just seemed completely ugly, there was some slim good news for the company. The gross revenue increased 23% sequentially to $23.8 million.  Adult-use cannabis shipped revenue increased 21% sequentially to $24.4 million.  Net adult-use revenue increased 20% to $16.3 million from $13.6 million in Q1’20. The primary driver of the increase in sales during the quarter was the launch of Original Stash in Ontario, British Columbia, and Alberta during the quarter, and the increased volume sold in Quebec.  Adult-use sales volume in Q2’20 increased by 57% to 6,579 kg from 4,196 kg sold in the prior quarter.

Cannabis consumers have been bargain hunting. Gross adult-use revenue per gram equivalent decreased to $3.49 in Q2’20 from $4.35 as the company’s value brand Original Stash has become more popular. The adult-use net revenue per gram equivalent decreased to $2.47 in Q2’20 from $3.24 in Q1’20.

The company has also managed to cut costs. A 21% decrease in operating expenses for the quarter came as a result of a decrease in marketing expenditures and headcount.

The stock was dropping over 15% in early trading to lately sell at 92 cents, still higher than the year low of 34 cents.


Debra BorchardtDebra BorchardtMarch 27, 2020
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4min4510

One day after announcing it had terminated its deal to acquire Verano Holdings, Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) has now said it is going to buy Franklin Labs, LLC, a subsidiary of CannaPharmacy, for approximately $25.5 million payable with $15.5 million in cash and a $10 million promissory note.

Harvest Health stock fell over 16% to 94 cents yesterday on the news that the deal with Verano had been terminated. This was despite the broader markets trading much higher as shareholders were clearly not happy about the ending of the deal. Eight Capital looks to have cut its target price on the stock from C$14 to C$3. The Canadian stock was lately trading at C$1.32.

The Franklin Labs acquisition includes a 46,800 sq. ft. cultivation and manufacturing/processing facility in Reading, Pennsylvania. Pending necessary approvals, Harvest said it expects to expand the existing cultivation operation this year and potentially complete further expansion in the future to support market growth. Manufacturing and processing operations are projected to commence this year during the second quarter. The Franklin Labs facility is the only cultivation facility owned by Harvest in Pennsylvania and is expected to supply significant product to retail dispensaries across the state.

“This accretive acquisition helps to alleviate supply constraints in a fast-growing market while contributing to improved financial performance,” said Harvest CEO Steve White. “This investment in Pennsylvania is an important milestone in our plan to expand operations in key states and return to profitability.”

Harvest affiliated entities own and operate five retail dispensaries in Pennsylvania: two in Reading, and one each in HarrisburgJohnstown, and Scranton. Harvest affiliated entities are permitted for up to 15 total retail locations across the state.

Have A Heart Layoffs

Apparently Harvest Health did not “have a heart” when it came to the employees of the Have A Heart dispensaries. The company recently announced that it would be getting these dispensaries as part of its acquisition of ICG.  At the time White said, “We are excited to welcome the Have a Heart dispensaries into the Harvest family.”

Not too excited it seems.  Employees said that within days, Harvest laid off 85% of the Have a Heart‘s corporate office in Seattle or roughly 20 people in total. Employees were said to have been given 2 week’s severance pay. The employees did not see the layoffs coming as it seems they were assured their jobs were safe following the acquisition.

 


Debra BorchardtDebra BorchardtMarch 27, 2020
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4min2180

Cannabis real estate firm Zoned Properties, Inc. (OTCQB: ZDPY) announced its financial results for the year ending December 31, 2019, following the market close on Thursday. Revenues for Zoned Properties were $1.26 million for the year versus $1.24 million for 2018.

The company reported that operating expenses were $1.26 million for 2019 versus $3.20 million for 2018, which included a one-time non-cash write-off of $1.85 million related to deferred rent receivables in the second quarter of 2018.

“Zoned Properties closed 2019 with a tight capital structure, a clean balance sheet with no toxic debt, and a positive cash position, a rarity among companies operating in the regulated cannabis industry. We have a strong, unleveraged portfolio of triple-net leased properties producing passive rental revenue that are positioned for large-scale expansion and increased value potential. I am extremely excited about our opportunity to utilize the past year’s achievements to scale Zoned Properties in the coming years,” commented Bryan McLaren, Chief Executive Officer.

Cannabis Franchise Investment

Earlier this week, Zoned announced it had partnered with a start-up cannabis franchise organization. Zoned Properties made an initial investment of $100,000 into the start-up cannabis franchise organization, in the form of a 5-year Convertible Debenture that bears interest at the rate of 6.5% per year. Assuming full conversion of the Convertible Debenture, at the sole discretion of the company, Zoned Properties would own a 33% membership interest in the organization. McLaren will also serve on the franchise organization’s management committee to oversee the investment and provide advisory expertise.

“With this strategically placed investment, we are thrilled to formalize our partnership with an exciting and innovative new organization,” commented Bryan McLaren, Chief Executive Officer. “The founders of the start-up cannabis franchise organization have significant industry experience that we believe will be an important growth driver for Zoned Properties. We plan to release further details about the partnership and the start-up organization in the coming months.”

Looking Ahead

“I believe 2020 will be a transformative year for the cannabis industry. As we continue to execute on our strategic plan, Zoned Properties is positioned to play an important leadership role in shaping this emerging industry while capitalizing on this transformation for the benefit of all stakeholders,” continued Mr. McLaren. “Subsequent to the 2019 year-end, Zoned Properties was validated by the United Nations and One Carbon World as the first cannabis industry-focused business to achieve carbon neutrality, we completed a $100,000 investment in an exciting new franchise start-up organization, and we have continued to expand our advisory services across the cannabis industry. We very much look forward to sharing tangible updates as we work to grow Zoned Properties as an industry-wide leader.”

The stock was listed from its 52-week of 13 cents to lately trade at 17 cents.


Debra BorchardtDebra BorchardtMarch 26, 2020
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6min4140

 Harvest Health & Recreation Inc. (CSE: HARV, OTCQX:HRVSF) and Verano Holdings, LLC  have announced the mutual termination of the Business Combination Agreement dated April 22, 2019. At the time this was announced, Harvest Health had agreed to buy  Verano in an all-stock deal valued at approximately $850 million based on a share price of C$8.79. The stock was lately trading at C$1.62 or $1.13.

“Given the persistent challenges in consummating this deal and current market conditions both companies felt it was prudent to move forward separately at this time,” said Steve White, Harvest CEO. “We have tremendous respect for the entire team and operations at Verano Holdings. We wish them well and look forward to possibly working together in the future.”

The companies stated that prolonged obstacles in meeting requirements for state and local regulatory authorities needed to transfer ownership and operational licenses, adverse capital market conditions, a challenging environment for asset sales, all contributed significantly to the decision not to move forward with the pending acquisition. No breakup fees or other considerations are owned by either party as a result of the termination of the BCA.

Mr. White continued, “We remain focused on the continued development of assets in our core markets including ArizonaFloridaMaryland, and Pennsylvania. Recent capital raising efforts have afforded the company sufficient resources to continue to invest in strategic projects while moving toward profitability.”

“This decision was not taken lightly,” said George Archos, Verano Holdings CEO. “While both organizations worked very hard to consummate this transaction, significant delays in closing started with the Hart-Scott-Rodino antitrust review process. Those were followed by state and local regulatory complexities in multiple states. Now with the COVID-19 pandemic often being dealt with in the very agencies that must approve the transaction, it has become clear that this combination would not be completed within the established timeframe. We look forward to continuing to grow our operations as one of the largest privately held multi-state operators in the U.S.”

Harvest’s Numerous Flings

Harvest Health had started 2020 with breakup news from Falcon International. In January Harvest filed suit against Falcon International, Inc. asking to terminate the planned merger agreement and return the money Harvest paid to Falcon under the Merger Agreement. That lawsuit alleged that Falcon’s principals stalled due to the falling share price of Harvest. Harvest went on to suggest that Falcon International engaged in illegal activities.

Falcon has said that Harvest owes the company $50 million in a breakup fee. In addition to that Falcon said, “Amounts previously funded by Harvest to Falcon are convertible into Falcon equity at Harvest’s or Falcon’s option and, accordingly, are unlikely to be paid.”

Just a few weeks ago Harvest announced that it would acquire Interurban Capital Group for approximately $85.8 million payable by the issuance of 309,452 multiple voting shares, assumption of approximately $19.1 million of debt convertible into 205,594 multiple voting shares and payment of an additional $9.3 million upon exercise of a call option agreement to acquire controlling interests in five Washington cannabis dispensaries or alternatively $12.4 million to acquire substantially all of the assets of these dispensaries. ICG’s assets include direct and indirect licenses and rights to acquire entities with licenses in CaliforniaIowa, and Washington. In addition, ICG is a service provider to these entities.

Verano

Verano is a private company that is known to have licenses and operations in 11 states and territories, including seven cultivation licenses, 37 retail licenses and the potential to reach 150+ million Americans. The company is vertically integrated with cash-flow positive operations.

 


Debra BorchardtDebra BorchardtMarch 26, 2020
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4min3560

Medical marijuana company WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) has named Lincoln Greenidge as the company’s new Chief Financial Officer. He succeeds Nichola Thompson, who will be resigning from her role as CFO effective April 30, 2020.

“We are pleased to welcome Lincoln to our leadership team. His experience will be essential to leading our financial organization, supporting the integration of WeedMD’s recent acquisition of Starseed and the continued commercialization of our cultivation platform,” said Angelo Tsebelis, CEO of WeedMD. “I also want to thank Nichola Thompson for her service as our CFO. During the past two years, she has made a number of lasting contributions to our organization’s success. We wish her the best in her future endeavors and thank her for assisting us through this transition.”

Most recently the CFO for LSC Lithium Corporation, Mr. Greenidge successfully managed LSC’s strategic review which culminated in the sale of LSC for $110 million. He previously served as the CFO of LeadFX and was the corporate controller of HudBay Minerals Inc.

Mr. Greenidge commented, “I am excited to join WeedMD and to lead its finance organization during such an exciting period for the Company. I look forward to contributing to WeedMD’s future success as the Company continues to expand its distribution channels and execute on its commercialization plans.”

New CEO

Just last month WeedMD named a new CEO as well. Keith Merker had been WeedMD’s CEO prior to the acquisition of Starseed, which was valued at C$78 million. Following that acquisition in November, Starseed President Tsebelis has now taken over the role of CEO. George Scorsis, Executive Chairman of WeedMD said at the time, “In recognition of the company’s solid footing, we now look to accelerate growth with a renewed focus on expanding sales and distribution initiatives. With his strong business acumen in sales, marketing, and supply chain management, we welcome Angelo to the role of CEO who will look to execute high-margin, commercial transactions that will bring immediate shareholder value.”

While Starseed seems to have muscled out the WeedMD C-suite, WeedMD owns 62% of the company versus Starseed’s 18%. Plus, WeedMD has four board members versus Starseed’s three board members. The company has also received a $25 million investment from Laborers Pension Fund or LPF.

WeedMD brings low-cost outdoor cannabis production to the table, while Starseed brings a captive medical channel. The stock has recently lifted from its year low of 17 cents to lately trade at 25 cents.


Debra BorchardtDebra BorchardtMarch 25, 2020
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10min9960

In these trying times, it’s always good to have an excellent lawyer on your side. A strong contract goes a long way towards protecting your interests and if you find yourself in a dispute, you certainly want someone who understands your business and can work with cannabis companies.

Green Market Report compiled this list with assistance from the Cannabis Law Report. We separated the list into two categories: cannabis only legal firms and large cannabis divisions within larger firms. We put them in alphabetical order and there is no ranking.

Also, no free legal advice was given to get on this list nor did anyone pay to be included.

Cannabis Only

Clark Howell (California) – “Women-owned and steered, we know what it’s like to chart your own course.” Led by attorney’s  Ariel Clark and Nicole Howell, this firm handles corporate, regulatory, supply chain, commercial real estate, hemp & hemp products, and emerging medicines. They work with start-ups, brands & operators, investors, and ancillary service providers. The group also publishes the Green Frontier Bulletin.

Green Light Law Group (Oregon) – Green Light Law Group is a Portland-based firm focused on providing legal solutions to the cannabis industry. We service our clients’ needs in Oregon, Washington, California, New York, Maryland, Washington, D.C., Florida and Texas.  The company’s attorneys have extensive experience and in-depth operational knowledge of the marijuana and hemp industries. Green Light is positioned to provide legal services and counseling for new entrepreneurs, financiers, and established companies.

Hoban Law (Colorado) – Hoban Law Group is the first U.S. based law firm to expand its cannabis industry services across the globe with attorneys in the European Union, Latin America, and beyond. With these resources, HLG builds out client portfolios within the global cannabis economy. As a global Cannabusiness Leader since 2009, HLG has been providing professional services to the cannabis industry, which is comprised of the international hemp and regulated marijuana marketplace. The company’s attorneys are experts in marijuana law, hemp law, and corporate cannabis law.

McAllister Garfield (Colorado) – McAllister Garfield, P.C. is a full-service law firm that pioneers legal strategies and services for the marijuana industry. Beginning with the very first marijuana businesses that emerged in 2009, the firm has represented hundreds of medical and recreational dispensaries, grows, infused-product manufacturers, and testing laboratories. The company currently represents some of the leading marijuana companies in Colorado and nationwide and represents a large number of ancillary and related businesses; including, lenders, investors, landlords, social media companies, trim companies, consultants, vendors, inventors, and packaging companies.

Vicente Sederberg LLP (Colorado) – Vicente Sederberg is not just a law firm that decided to jump into the cannabis space. It is solely a cannabis law firm and has been at the leading edge of cannabis law and policy since the inception of the regulated cannabis industry. VS was founded in 2010 and was just a handful of employees working out of a tiny office suite in Denver. Today, the firm has more than 100 full-time employees, including more than 40 attorneys, working out of offices in Boston, Denver, Jacksonville, Los Angeles, and New York. The company also maintains strategic relationships with a number of leading firms around the U.S. and across the globe that specialize in areas of the law that are critical to cannabis clients. VS offers a full suite of services for all types of plant-touching marijuana and hemp businesses (cultivators, retailers, extractors, product manufacturers, distributors, and testing labs), ancillary businesses, investors, trade associations, and governmental bodies.

Key Cannabis Focus

Fox Rothschild has grown to a 950-lawyer national law firm with 27 offices. Fox Rothschild’s Cannabis Litigation team has vast experience advising and representing highly regulated businesses within the constantly evolving matrix of federal, state and local compliance laws. It represents both public and privately-held cannabis companies and industry investors in bet-the-company litigation, governmental proceedings, and appeals. The firm’s crosscutting capabilities also support cannabis industry clients in investor and shareholder disputes, securities litigation, corporate mismanagement claims, patent, trademark and copyright litigation, zoning challenges and licensing disputes.

Greenspoon Marder – Among the first national law firms to establish a dedicated Cannabis Practice Group,  Greenspoon Marder is at the forefront of this exciting and rapidly growing industry. The firm’s team helps cultivators, retailers, product manufacturers, distributors, and testing facilities, as well as ancillary industry businesses and investors. With over 30 attorneys focused on cannabis, medical marijuana and hemp sectors, the company’s Cannabis Practice advises clients from early formation through an exit. We take a creative and proactive approach to the practice of law, enabling our clients to take advantage of the emerging legal developments and industry trends.

Harris Bricken – Since 2010, this firm has been helping businesses navigate rapidly evolving cannabis regulation and policy. The cannabis lawyers in California, Oregon and Washington help cannabis businesses with their corporate legal matters involving company formation and structuring, transactional agreements, IP, corporate governance, taxation, licensing, and the acquisition and leasing of real property. For those beyond their jurisdictions, they offer comprehensive advice and analyses of current industry developments on their blog, Canna Law Blog. The firm has nearly a decade of multi-state experience in the nation’s fastest-growing medical and recreational cannabis markets.

Rose Law Group – The cannabis industry team at Rose Law Group pc has been providing comprehensive legal advice, direction and assistance to individuals and companies in the cannabis industry in regards to Title 9, Chapter 17, of the Arizona Department of Health Services Medical Marijuana Program and A.R.S. § 36-2801. The firm has industry-specific knowledge and experience in every aspect of the legal, administrative, regulatory and business issues facing those in the medical and adult-use cannabis industries.

Up & Coming

Duane Morris – Duane Morris attorneys represent businesses and individuals at every level of the cannabis supply chain. Our clients include state-licensed adult-use marijuana, medical marijuana, and hemp cultivators, processors, distributors and dispensaries, whether vertically integrated or operating as standalone businesses, as well as investors in those businesses. The firm also represents the full range of business vendors that supply their products and services to the cannabis industry, such as raw materials, technology, advertising, social media, consumption products, and security companies.

Hiller PC – Hiller is best known for its federal cannabis lawsuit team – co-counsel Michael Hiller, Lauren Rudick, Joseph Bondy, and David Holland who filed a complaint in September 2017 to the United States District Court for the Southern District of New York with regards to twelve-year-old Alexis Bortell. The lawyers – who are all members of the New York Cannabis Bar Association – are working on the case pro bono in hopes of winning a watershed decision descheduling marijuana under federal law. The case was dismissed but then reinstated in May 2019.



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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