Executive Editor

Debra BorchardtSeptember 19, 2023


Clearmind Medicine Inc. (NASDAQ: CMND) (CSE: CMND), closed its United States-only public offering raising approximately $2.25 million. The offering consisted of 7,500,000 common shares and pre-funded warrants and 7,500,000 common warrants. Clearmind said it plans to use the money for general corporate purposes, which may include operating expenses, research, and development, including clinical and pre-clinical testing of its product candidates, working capital, future acquisitions, and general capital expenditures.

The company noted in its offering that it had received a notification from NASDAQ that the shares had traded under a dollar and it had 180 days to get the share price back up. That deadline is November 13, 2023, however, the company could potentially ask for another 180-day extension. This offering though will further dilute shares and could potentially lower the price even further.

The company reported that at the end of 2022, it had $3.8 million in cash, but also warned investors that it was burning through cash and the company had a $14 million deficit. For the year ending in 2022, the company reported a net loss of $6.8 million.

Clearmind is a psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods or supplements.

Additional details stated that the common warrants are immediately exercisable, will expire five years from the date of issuance, and will have an exercise price of $0.30 (C$0.40) per common share. Each common share (or pre-funded warrant in lieu thereof) was sold together with one common warrant at a combined purchase price of $0.30 (C$0.40) per share (or $0.299 (C$0.399) per pre-funded warrant after reducing $0.001 (C$0.001) attributable to the exercise price of the pre-funded warrants) but were issued separately. The common warrants and pre-funded warrants are not listed on any exchange.

Debra BorchardtSeptember 19, 2023


Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) is changing its legal name to The Cannabist Company Holdings Inc. as it aligns more closely with its retail store name. The company is rebranding to The Cannabist Company and is also changing its trading symbols on the CBOE Canada to “CBST” and “CBST.WT”, respectively, for the common shares and warrants.

“The rebrand to The Cannabist Company marks an incredibly pivotal moment for us as an organization and speaks to where we are heading. When we launched Cannabist, we wanted to create a brand that could evolve with the rapidly growing industry and serve as the hub for all customers, regardless of what brought them in our doors. As we’ve opened Cannabists across the country, it became clear to us that the ethos behind that retail brand represented our company as a whole – a passion for cannabis that we all share and fuels our work every day. The introduction of our Cannabist retail experience has paved the way for a new level of innovation and customer engagement and we felt it was the right time for us to step into a new future together as Cannabists,” said Jesse Channon, Chief Commercial Officer, The Cannabist Company.

Cannabist was launched in 2021 as the company’s national retail brand, which now accounts for 36 locations across the country. The company said it will continue the process of converting its stores to the Cannabist brand across the country in 2024.

“This marks an important milestone in the company’s evolution, signaling a fresh chapter and solidifying our commitment to providing an eco-system of collaborative technologies, products, and services. We want to connect consumers to the best cannabis, customers to the best experiences, partners to the best opportunities, and communities to the best in each other. Since our founding, we have been focused on providing high-quality products, as well as extraordinary service, to our customers and patients, and this commitment to our community will always be at our core. The Cannabist Company represents an opportunity to reintroduce ourselves in a way that combines our trusted heritage, passion for what we do, and the vision for where we are heading as a company and as an industry,” said Nicholas Vita, CEO, of The Cannabist Company.


Debra BorchardtSeptember 19, 2023


The latest data from Cannabis Benchmarks reported that the national wholesale flower price has hit a historic low. For the week ending September 15, the U.S. Cannabis Spot Index decreased 1.2% to $936 per pound and in grams, the Spot price was $2.06.

Cannabis Benchmarks wrote that prices continued to slide with summer sales drawing to a close and the traditional fall harvest fast approaching. The wholesale flower price of $936 per pound is down 7.3% year-on-year, from $1,010 in the week ending September 16, 2022.

The data collector wrote, “We have in recent reports noted that the current downturn can be chalked up largely to seasonal trends, with summer harvests coming to market as sales begin to slow in the wake of the high-demand summer season.”

Despite the gloomy news, there were some glimmers of green shoots in the data. Benchmarks also noted that “While greenhouse and outdoor flower have been contributing to the overall downtrend in the U.S. Spot that began in June, both remain above their recent lows. This week’s greenhouse flower price of $670 per pound is up 10.6% from its recent trough of $606, observed in February. This week’s outdoor flower price of $452 per pound is up 17.1% from the December 2022 low of $386 for the grow type.”

States With Rising Prices

Cannabiz Media also posted pricing information based on data from Cannabis Benchmarks that also highlighted some states where prices have actually risen. Looking at the data from August 2023, the top three states where the average price per gram increased were:

  • MA increased by 11.99% ($0.35) from $2.92 to $3.27.
  • VT increased by 4.58% ($0.20) from $4.37 to $4.57.
  • NY increased by 4.35% ($0.25) from $5.75 to $6.00.

Similarly, the top three states where prices increased per pound were:

  • MA increased by 12.08% ($160.00) from $1,325.00 to $1,485.00.
  • VT increased by 4.54% ($90.00) from $1,982.00 to $2,072.00.
  • NY increased by 4.33% ($113.00) from $2,607.00 to $2,720.00.

Consistency In Cycles

Cannabis Benchmarks also stated that outdoor flower prices for last week were similar to last year’s prices at the same time period.  They wrote, “Outdoor product prices also experienced a short-lived rise in late summer 2022 before turning downward to bottom out near the end of the year. Similar performance this year is likely and it would not be unexpected to see price dip to similar depths reached in Q4 last year. Although, as we discussed last week, this year’s autumn/winter decline may be tempered due to pullbacks in production in major Western markets.”

For example, Oregon‘s outdoor harvest significantly declined this year. Benchmarks wrote that Oregon’s August 2023 total harvest volume – encompassing indoor, outdoor, and mixed light licensees – was 667,267 pounds of wet weight, down 41.9% from August 2022’s total harvest of 1,148,924 pounds.

Debra BorchardtSeptember 18, 2023


The Cannabis Regulators Association (CANNRA), a nonpartisan association representing cannabis and hemp regulatory agencies from 45 member states and U.S. territories, sent a letter on Friday urging Congress to consider changes to the 2023 Farm Bill. The three-page letter was penned in order to close loopholes created by the 2018 Farm Bill.

In particular, the language in the 2018 legislation has allowed intoxicating hemp-derived cannabinoid products like Delta-8 and Delta-10 to flood the market since hemp was federally legalized. The 2018 Farm Bill set a standard for psychoactive cannabis at 0.3% for delta-9 THC but failed to mention other THC isomers, which can be derived from hemp-extracted CBD and can cause a mild buzz. Delta 8 is often referred to as light cannabis.

“In the absence of federal clarity and regulation over finished cannabinoid products, state and territorial governments have been left to implement approaches to protect consumers. These approaches vary, and are generally different across jurisdictions, creating a regulatory patchwork for hemp-derived products,” the regulators wrote.

“Additionally, enforcement of state-based regulations by state agencies is difficult when hemp-derived products are produced out of state and shipped directly to consumers across state lines through the mail,” the letter said. “For these reasons, federal regulatory engagement is warranted.”

Suggested Changes

Some of the proposed changes include amending the definition of “hemp” under the federal statute so that it refers to the crop grown for industrial or agricultural purposes. While hemp-derived cannabinoid products would refer to those items meant for human consumption.

The letter also suggested that the bill should refine its definition of THC to dive deeper into THCA. The letter stated, “THCA is the precursor to delta-9 THC and readily converts to delta-9 THC when heated, combusted, or aerosolized. For this reason, state cannabis programs define total THC in terms of THCA and THC.”

In addition to better definitions of the products, the regulators asked that Congress equip a federal regulatory agency “with public health and consumer protection expertise to set regulations governing cannabinoid hemp products and set guidelines for which biosynthetic and semisynthetic compounds should be allowed.” They would like for the agency to clarify whether semi-synthetic cannabinoids and biosynthetic cannabinoids are allowed under the definition of hemp-derived cannabinoids, and which production and manufacturing approaches are approved.

Finally, The letter also recommended that federal lawmakers make it clear that states can enact their own, stricter policies governing hemp and cannabinoid products. “States and territories need the ability to be nimble to react and adjust to issues that may pertain to their marketplace or population.”

This seemed a little contradictory as the letter requested, on one hand, federal intervention, but then also asked that states be allowed to have their own rules. However, the letter went on to state that enforcement of state-based regulations by state agencies is difficult when hemp-derived products are produced out of state and shipped directly to consumers across state lines through the mail. “For these reasons, federal regulatory engagement is warranted.”

2023 Farm Bill

Every five years, Congress passes legislation that sets national agriculture, nutrition, conservation, and forestry policy, commonly referred to as the “Farm Bill”. The House Agriculture Appropriations Subcommittee passed an agriculture appropriations bill that drastically cut agricultural funding by 30% ($8.3 billion) for the 2024 fiscal year budget as compared to 2023. The bill passed out of the subcommittee along party lines.

On June 22nd, According to the Farm Aid organization, the Senate Agriculture Appropriations Committee approved the fiscal year 2024 agriculture appropriations bill, unanimously and with bipartisan approval. Compared to the House Appropriations Committee bill passed the week prior, this bill did not contain the same deep cuts to spending on research, nutrition, and other important programs. “It also did not include the same rider that limited the Packers and Stockyards Act as the House Appropriations bill. The Senate bill set spending at $500 million more than last year, with increases primarily to the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) program.”

The House and the Senate will now need to reconcile their competing pieces of legislation.

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Debra BorchardtSeptember 18, 2023


It seems investor interest in the cannabis sector is returning. Cannabis heavyweights Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) and Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) both inked large private placements with institutional investors. Capital has been especially tight in the industry for the past two years and these deals could indicate that investors are feeling more positive about the future of cannabis companies.

Canopy Growth

Canopy Growth reported it entered into subscription agreements, dated September 18, 2023, with certain institutional investors in a private placement offering of 22,929,468 units at a price per Unit of $1.09 to raise approximately $25 million. In addition to that, the investors also hold an over-allotment option to buy up to an additional 22,929,468 at the same price for another $25 million on or before Nov. 2, 2023.

Canopy Growth said the money would be used to further strengthen its financial position and is expected to be used for working capital and other general corporate purposes.

Columbia Care

Columbia Care announced that it also entered into subscription agreements with institutional investors for the purchase and sale of 22,244,210 units at a price of C$1.52 per Unit to raise C$33.8 million or approximately $25 million. Columbia Care said it plans to use the proceeds from the offering to reduce its outstanding indebtedness and for general corporate purposes.

In addition to the first $25 million, the investors will have the option to buy another $25 million in additional units at a price equal to the Issue Price, upon written notice to the Company at any time up to 45 days following the initial purchase. The units will be subject to limited lock-up requirements.

Columbia Care also entered into a non-binding agreement with the investors with respect to the repurchase by the company of up to $25 million of the principal amount of their holdings in the 6.0% senior secured convertible notes due June 2025, the purchase price of which would be payable in common shares.

In addition, Columbia Care said it is in continued discussions with certain holders of its 13% senior secured notes due May 2024 to exchange their 2024 Notes for the 9.5% senior secured notes due February 2026 on a one-for-one basis.

Debra BorchardtSeptember 11, 2023


Green Market Report took a road trip to Detroit where it hosted its first Michigan Cannabis Summit on Sept. 6 at One Campus Martius. Attendees were thrilled to meet Rob Sims, a co-founder of Primitiv, and hear directly from the Michigan Cannabis Regulatory Agency Executive Director Brian Hanna.

There were great discussions on the latest news around rescheduling cannabis along with specifics about the Michigan market. A deep data dive from Hoodie Analytics and Surfside rounded out the day as the audience learned that affluent areas don’t necessarily translate into premium cannabis sales.

Here are some images from this successful event.


Debra BorchardtSeptember 1, 2023


Functional mushroom company Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) following the company’s release of its unaudited financials for the quarter ending May 2023, announced that it has closed a second tranche of its previously announced non-brokered private placement effective August 31, 2023, for gross proceeds of $4.5 million. The company said it worked with Gotham Green on the deal and it intends to use the money for working capital and general corporate purposes.

Psyched Wellness is currently producing and developing a line of Amanita Muscaria-derived water-based extracts, teas, and capsules designed to help with three health objectives: (i) promote stress relief, (ii) relaxation and (iii) assist with restful sleeping. The company did state that it has paused its research and development projects and will only focus on using products related to Amanita since it has fewer regulatory restrictions.


The company reported revenue of $106,731 versus zero revenue for the same time period in 2022. The cost of goods sold was ($189,362). All figures are in Canadian dollars.

The company also reported a net loss of $790,028 in the quarter. Psyched Wellness also reported expenses in the quarter totaled $583,413, of which $203,046 went to management salaries and consulting fees. The company ended the quarter with $830,079 in cash.

Psyched Wellness is now reporting as a going concern. During the six months ending May 31, 2023, the company reported it incurred a net loss of $1,802,990 (2022 – $2,519,935) and negative cash flow from operations of $1,676,370 (2022 – $1,533,394), and as of that date,
the company’s accumulated deficit was $24,329,210 (November 30, 2022 – $23,679,183).


The new deal to raise funds follows the initial tranche that closed in June 2023 of a non-brokered private placement that netted the company US$500,000.

CEO Jeffrey Stevens said, “I appreciate the support and patience of our Shareholders as we have been working behind the scenes with Gotham Green Partners to close this tranche of financing. This is a transformative investment that will allow the Company to maintain its first-mover advantage in bringing legal and safe products derived from the Amanita Muscaria mushroom to consumers in the United States. I am pleased to also share that both sides have been working together on additional product development, while working to close the financing, to ensure we can hit the ground running post-closing.”

As a result of the deal, Gotham Green was allowed to add another board member, bringing its representation on the seven-member board to two. Terry Booth has resigned as a director of the company, effective August 31, 2023, to accommodate Gotham’s nominee, Lauren Spikes being appointed to the Board. Gotham also has an exclusive deal for any additional financing deals for the company until Nov. 8, 2023.

Psyched Wellness also stated that it had entered into an amended independent contractor agreement with The Shisel, pursuant to which David Shisel, as principal of The Shisel, shall be re-engaged to perform Chief Operating Officer services for the company.

Debra BorchardtAugust 31, 2023


Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP)reported its financial results for the year ending on April 30, 2023. While the company didn’t report any revenues, it did note that it has a robust balance sheet, debt-free with cash reserves of approximately £2.3 million. Oxford also stated that its cash is forecast to be fully utilized by April 2024.

Still, the loss for the year was £5.9 million versus last year’s loss of £4.7 million. The basic and diluted loss per share was (0.62p) versus last year’s loss per share of (0.49p).

Julie Pomeroy, OCTP Non-Executive Chair, said, “This has been a defining year for Oxford Cannabinoid Technologies, marked by a number of major milestones and significant achievements. The dedication, expertise, and relentless pursuit of excellence by our team have delivered the transition of OCT from a pre-clinical stage to a clinical-stage pharmaceutical company. We have seen two of our programs complete their pre-clinical stages during the year with one of them moving into a Phase I clinical trial in Q2 2023 and are well-positioned for future clinical developments.”


Oxford said in a statement that it has continued to reduce expenses in part by closing its London office in April 2022, which is expected to generate savings of approximately £130,000. The company stated that its research costs (excluding salary costs) increased in line with budget to £4.3m, of which £2.0m relates to its OCT461201 drug and £1.9m on its drug OCT130401. A further £0.4m was spent on Programmes 3 and 4 mainly relating to the development of CB1/CB2 agonists by Dalriada.

Operational costs increased from £2.3m to £2.7m, including salaries and associated costs of £1.4m.

OCTP currently has a portfolio of four drug development programs. Its lead compound, OCT461201, will initially target neuropathic and visceral pain (including irritable bowel syndrome and chemotherapy-induced peripheral neuropathy, with the Phase I clinical trial, aimed at demonstrating safety and tolerability. Trial results are expected in the third quarter of 2023.  The global market for CIPN alone is currently valued at $1.61 billion and is forecast to reach $2.37 billion by the year 2027.

Clarissa Sowemimo-Coker, CEO, added, “The successful advance of our lead drug candidate, OCT461201, to its Phase I clinical trial, marks a major milestone for Oxford Cannabinoid Technologies and is the culmination of years of patient research and endeavour. This brings us one step closer to delivering a vital solution to meet the needs of patients living with chronic pain conditions. During FY2022-23, we continued to deploy our cash and resources prudently, ensuring that we are well-positioned to meet our future objectives in order to develop therapies that can transform the lives of patients everywhere.”

After the end of the company’s yearly reporting, Oxford stated that it received MHRA and REC 2 approval of the Phase I clinical trial application for OCT461201. The company also appointed Dr Tim Corn as Chief Medical Officer, further strengthening the core team.

The company has expanded into oncology with a potential “first-in-class” immunotherapy agent for solid tumors. It also reported the successful administration of the first-in-human dose of OCT461201, as part of its Phase I clinical trial.

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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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