Kaitlin Domangue, Author at Green Market Report

Kaitlin DomangueKaitlin DomangueNovember 14, 2019
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4min1460

Its time for your Daily Hit of cannabis financial news for November 14th, 2019.

On the Site

Prices are Declining as Cannabis Market Struggles

The blooming weed industry promised massive revenues, a nascent agrarian industry, a booming supply chain, and soaring local taxes. While it has delivered all of those things in a limited fashion, analysts and investors are worried that we may be seeing an early floor or at least normalization of the industry’s earning potential as prices settle and operational costs become reality. Tilray reported a third-quarter net loss of almost $36 million, or 36 cents per share. Last year it reported losses of $19 million of 20 cents per share. That said, revenue rose $51.1 million from $10.1 million.

Canopy Rivers Stock Falls As Income Drops

Canadian-based venture capital firm Canopy Rivers Inc. (TSX: RIV)(OTC: CNPOF) reported that it generated operating income of $930 thousand in Canadian dollars versus last year’s $23 million for the same time period. The company also delivered a net loss of $4.4 million versus last year’s net income of $10.9 million. The stock dropped over 6% to lately trade at USD$1.

Canopy Growth Stock Falls On Earnings Miss, Restructuring Charges

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) fell over 9% on news that the company’s second-quarter earnings missed analysts’ estimates. The Canadian-based cannabis company reported (in Canadian dollars) gross revenue of $118 million, a 6% increase sequentially and a 408% increase over last year’s $23 million for the same time period ending in September. The net revenue of $76 million fell 15% sequentially and missed estimates by $29 million.

In Other News

Canopy Growth Gets Go-Ahead to Begin a Lawsuit against CA Hemp Farm

Canopy says that Research and Development Farming (RDF) in Central Valley, California misused a $1.69 million deposit and killed hemp plants. Per an agreement, Canopy was supposed to give RDF 55,000 hemp seedlings to grow and harvest on a contract basis. However, RDF claimed that Canopy didn’t abide by contract terms and interfered with the project. A federal judge recently ruled the case can proceed after an attempt to have it tossed.

Zenabis Stock Gains Despite Declining Revenue in Q3

Zenabis stock is gaining today despite the company’s third-quarter results that show revenue more than halved to $12 million CAD.

Ademi & O’Reilly, LLP Investigates Possible Securities Fraud of Canopy Growth Corporation

Ademi & O’Reilly, LLP is investigating securities fraud claims against Canopy Growth Corporation, accusing the company of making inaccurate statements regarding its business practices, financial statements, and prospects.

Kikoko raises $8M in Series A Funding to Secure Lead in Cannabis Wellness for Women

A leader in the cannabis wellness space for women, Kikoko, has announced its close of an $8 million round of Series A funding led by Bengal Capital. FlowKana, Kikoko’s distributor and supply chain partner, also participated in the round, which brings Kikoko’s total funding to $14 million to date.

Growth Raises $5 Million in Funding and Launches Global Conference for Cannabis Industry

Jonathan Weiner, founder of some of the largest global conferences including Money20/20 (fintech) and HLTH (healthcare) joined forces with Jake Skinner, a fintech entrepreneur, to launch “Growth”, the most influential cannabis event in the world. They raised an initial $5 million in funding from a network of private investors.


Kaitlin DomangueKaitlin DomangueNovember 13, 2019
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6min1570

Its time for your Daily Hit of cannabis financial news for November 13th, 2019.

On the Site

First Israeli Cannabis Company Lists on the CSE

IM Cannabis Corp became the first Israeli medical cannabis operator to list its shares in Canada. It now trades under the ticker “IMCC” on the Canadian Securities Exchange. This listing follows Israeli-based IMC Holdings Ltd’s recent reverse takeover of IMC, formerly known as Navasota Resources Inc., that included a private placement offering of approximately CAD$20.4 million. The subscription receipts from the private placement purchase were converted into 19,460,527 Common Shares and 9,730,258 Common Share purchase warrants.

 

Acreage Holdings Reports Revenue of $22 Million, Net Losses of $39 Million

 

Acreage Holdings, Inc. (CSE: ACRG.U) (OTCQX: ACRGF) reported third-quarter revenue of $22.4 million, a 307% increase over last year’s $5.5 million for the same period in 2018. The company also reported a net loss of $39.9 million versus last year’s net loss of $4.5 million and the EBITDA loss was $44 million.

Charlotte’s Web Lowers Guidance As Expenses Skyrocket

Charlotte’s Web Holdings, Inc. (TSX: CWEB)(OTCQX: CWBHF)  reported that its revenue rose 41.8% to $25.1 million in the third quarter that ended September 30, 2019, versus $17.7 million for the same period in 2018. Still, the company delivered a net loss of $1.3 million versus last year’s net income of $1.8 million.

The operating expenses soared to $19.6 million over last year’s $9.8 million for the same time period. The company said in a statement that its “third-quarter operating expenses were $4.7 million”, but that isn’t the number that appeared in the financial table. The company did say that the rising expenses were “to support the Company’s growth and transition to a consumer-packaged goods operating company.

Executive Spotlight: Carrie Solomon

Carrie is the CEO of the CBD company, Greater Goods. Greater Goods just launched in summer 2019, however, Carrie has been the co-founder, with my husband Jody, of our sister cannabis company, Leif Goods, since 2014. Their company is on a mission to rescue the world from the mundane and free the masses from the conventional expectations of CBD. They have raised an undisclosed amount of capital in the year 2019, and their goals for the next five years are to make Greater Goods a household name as well as partnering with or a potential acquisition with a larger brand.

In Other News

GW Pharmaceuticals Tumbles On Earnings Beat, But Its Growth Story Is Only Beginning

GW Pharmaceuticals beats on both bottom-line and top-line for earnings with an increase in sales for the quarter by 26%; however, investors were expecting similar growth outcome to the prior quarter.

Canopy Growth Q2 2020 Earnings Preview

Canopy Growth (OTC:CGC) is scheduled to announce Q2 earnings results on November 14th, before market open. The consensus EPS Estimate is -C$0.36 (+76.3% Y/Y) and the consensus Revenue Estimate is C$79.92M (+242.6% Y/Y).

 

 

 

 

 


Kaitlin DomangueKaitlin DomangueNovember 13, 2019
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3min3800

IM Cannabis Corp became the first Israeli medical cannabis operator to list its shares in Canada. It now trades under the ticker “IMCC” on the Canadian Securities Exchange. This listing follows Israeli-based IMC Holdings Ltd’s recent reverse takeover of IMC, formerly known as Navasota Resources Inc., that included a private placement offering of approximately CAD$20.4 million. The subscription receipts from the private placement purchase were converted into 19,460,527 Common Shares and 9,730,258 Common Share purchase warrants. 

The company has been listed on the Canadian Securities Exchange for about a week. At the time of this article, IMCC is listed at CAD$0.40 cents per share with its previous close at CAD$0.50 cents per share. Their current shares outstanding is CAD$145.74 million.

The company also excitedly announced its plan for expansion to Europe, specifically with its operations in Germany, and will soon include Portugal and Greece. Oren Shuster, the CEO of IMC says, “The team at IMC has done exceptionally well to position the Company as a market leader in the EU. Against a backdrop of challenging capital market conditions in the cannabis industry, investors have recognized the team’s stellar operating history in the medical cannabis sector…” 

Initial shipment from the EU-GMP facility in Europe to Germany is expected in Q2 2020.

IMC is an international medical cannabis company, and a well-known Israeli brand of medical cannabis products. In Europe , IMC is establishing a fully operational, vertically integrated medical cannabis business spearheaded by its distribution arm in Germany and augmented by strategic agreements with certified EU-GMP Standard suppliers, making it one of the only medical cannabis companies with fully integrated operations in Europe . IMC intends to leverage IMC’s brand to establish a foothold in emerging medical cannabis markets including Germany , Portugal and Greece . IMC’s core Israeli business includes offering branding, know-how and other intellectual property-related services to the Israeli medical cannabis market. Its key assets in Israel include commercial agreements with licensed producers and an option to purchase licensed entities. IMC has developed proprietary processes in its operations and is active in developing innovative technology for global medical cannabis consumers.

 


Kaitlin DomangueKaitlin DomangueNovember 7, 2019
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8min1730

It’s time for your daily hit of cannabis financial news for November 7th, 2019.

 

On the Site

 

Innovative Industrial Properties Stock Jumps Over 10% On Earnings

 

California-based cannabis REIT Innovative Industrial Properties(IIP) (NYSE:IIPR) shares shot up over 10% in trading on Thursday after reporting solid results for their 2019 third-quarter after the market closed on Wednesday. The stock was lately trading at $80.02, well above its 52-week low of $42.10.

 

Harvesting, Processing Hemp May Be Expensive For New Farmers

 

The USA has a new boom for hemp farmers. It’s difficult for amateur farmers to enter the market and beat the competition. The huge processing and harvesting companies in the industry leave almost no chances for small businesses. Thus, even if you consider all the negative factors like unfortunate weather, low prices, lack of labor, and create a perfect harvesting plan, there is still a high possibility that you might push your income into the red. The industry is facing the oversupply of hemp which leads to the decreased rates. Many farmers hurry to fire-sale their crops to anyone not to lose all the money and efforts put into the cultivation, harvesting, and processing. Unfortunately, the equipment, workforce, knowledge, skills, and time required to grow cannabis might be too much for the newbie farmers. They tend to underestimate the efforts and financial risks for entering this sphere.

 

In Other News

 

IntelGenx Reports Third Quarter 2019 Financial Results

 

SAINT LAURENT, Quebec, Nov. 07, 2019 (GLOBE NEWSWIRE) — IntelGenx Technologies Corp. (TSX-V:IGX)(OTCQX:IGXT) (the “Company” or “IntelGenx”), a leader in pharmaceutical films, today reported financial results for the third quarter ended September 30, 2019. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.

 

2019 Third Quarter Financial Summary:

Revenue was $61,000, compared to $700,000 in the third quarter of 2018
Adjusted EBITDA was ($2.3 million), unchanged from Q3-2018
Cash and short-term investments totaled $4.3 million as at September 30, 2019 compared to $2.2 million as at September 30, 2018

KushCo Holdings Reports Fiscal Fourth Quarter and Full Year 2019 Results

Fiscal Fourth Quarter and Full Year 2019 Financial Summary

Fourth Quarter

Net revenue increased 135% year-over-year to $47.0 million.
On a GAAP basis, gross profit was 20.1%, compared to 18.1% in the prior year period.
On a Non-GAAP basis, excluding the impact of certain non-recurring items, gross profit was approximately 22.1%.
On a GAAP basis, net loss was approximately $11.5 million, compared to approximately $3.2 million in the prior year period. Basic and diluted loss per share was $0.13 compared to $0.04 in the prior year period.
On a Non-GAAP basis, excluding the impact of certain non-recurring charges and gains, net loss for the quarter was $7.2 million and basic and diluted net loss per share was $0.08.

Full Year

Net revenue increased 186% year-over-year to a record $149.0 million, enabling the Company to achieve its previously issued guidance of between $145.0 million and $150.0 million.
On a GAAP basis, gross profit was 16.5%, compared to 25.6% in the prior year.
On a Non-GAAP basis, excluding the impact of certain non-recurring items, gross profit was approximately 21.3%.
On a GAAP basis, net loss was approximately $39.6 million, compared to a net loss of approximately $24.3 million in the prior year. Basic and diluted loss per share was $0.47 and $0.57, respectively, compared to $0.37 in the prior year.
On a Non-GAAP basis, excluding the impact of certain non-recurring charges and gains, net loss for the year was $29.8 million and basic and diluted loss per share was $0.35.

 

 

 

 

 

 

 


Kaitlin DomangueKaitlin DomangueNovember 7, 2019
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3min1870

California-based cannabis REIT Innovative Industrial Properties (IIP) (NYSE:IIPR) shares shot up over 10% in trading on Thursday after reporting solid results for their 2019 third-quarter after the market closed on Wednesday. The stock was lately trading at $80.02, well above its 52-week low of $42.10. 

In Q3 of 2019, IIP’s earnings per share were $0.55, a significant increase from their EPS of $0.21 2018’s Q3. Wall Street was looking for an EPS of $0.47, so the company greatly exceeded expectations. IIP’s 2019 Q3 AFFO per share was $0.86, creating growth of 126% from $0.38 in 2018’s Q3. Their AFFO for the quarter was $9.5 million. 

The company reported a net income of $6.2 million in Q3 in 2019, a noteworthy increase from their $1.5 million in 2018’s third quarter, with an operating income of $6.8 million. IIP also paid a quarterly dividend of $0.78 per share on October 15, 2019, which was a 30% increase from IIP’s second-quarter 2019 dividend and an approximately 123% increase over the third quarter 2018’s dividend.

Innovative Industrial Properties’ net rental revenue for Q3 of 2019 was $11.2 million, a 201% change from their report of net rental revenue of $3.7 million for 2018’s Q3. Wall Street expected $10.7 million for this year’s third quarter. The company’s continual revenue growth can be attributed to the acquisition of new properties.

During the quarter, IIP acquired 10 properties. Five are located in California, and one in Arizona, Massachusetts, Nevada, Michigan, and Pennsylvania. Their Massachusetts property is leased to a subsidiary of Trulieve Cannabis, the leading medical cannabis company in Florida. Each property is fully leased to a tenant through a triple-net, long term lease. 

Analysts are modeling for an EPS of $0.57 on revenue of $13.1 million, representing a 138% growth for their EPS, and growth of 174% for their revenue in the fourth quarter. IIP has been able to capitalize on the tightening of financial markets for cannabis companies. These businesses are turning to real estate assets in order to access capital. 

According to the company statement, as of November 6, 2019, IIP owned 41 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Nevada, Ohio and Pennsylvania, totaling approximately 2.8 million rentable square feet (including approximately 903,000 rentable square feet under development/redevelopment), which were 100% leased with a weighted-average remaining lease term of approximately 15.5 years.


Kaitlin DomangueKaitlin DomangueNovember 6, 2019
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5min2310

Here’s your Daily Hit of cannabis financial news for November 6th, 2019.

On the Site

TransCanna Holdings Acquires Lyfted Farms in $6 Million Deal

TransCanna Holdings Inc. announced it is acquiring California-based Lyfted Farms, Inc. in a deal valued at $6 million. The agreed-upon total purchase price was approximately $6,150,000. It will consist of an unsecured non-interest bearing promissory note of $4,000,000, an aggregate cash payment of $550,000 with an advanced deposit of $150,000, and the purchase of around 2,000,000 common shares price at C$0.80 per share.

Zynerba Stock Lifts Slightly On Earnings, Positive Study Results

Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) saw a very small increase in its stock based on positive results from the company’s drug trials. Shares went up two cents in pre-market trading to $7.15. The company’s drug, Zygel, showed promising results for DEE patients in a Phase 2 evaluation.

In Other News

Incubator Program for Illinois Adult-Use Market Dispensary Applicants

Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE:CL) (OTCQX:CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, announced the official kickoff of its community impact incubator program, part of its SEED (Social Equity and Educational Development) initiative, in Illinois today. As the cannabis industry’s first comprehensive incubator program, it is designed to provide qualifying social equity applicants with the resources, knowledge, and guidance needed to successfully apply for dispensary licenses in the Illinois cannabis program. Less than one week into the program’s first phase, Cresco Labs is currently engaging 35 groups of applicants – totaling 130 participants – looking to establish businesses in the Illinois cannabis space.

 

KushCo Holdings Expands CBD Footprint with Launch of New Hemp Trading Business

 

CYPRESS, CA / ACCESSWIRE / November 6, 2019 / KushCo Holdings, Inc. (OTCQX:KSHB) (”KushCo” or the ”Company”), the premier producer of ancillary products and services to the legal cannabis and CBD industries, has announced today that it has expanded its CBD footprint with the launch of a new hemp trading business focused on facilitating legally compliant hemp transactions for in-network, pre-qualified farmers and a pre-qualified buyer network.

 

Curaleaf Florida Partnership with “Badges of Courage” Assists Low-Income Breast Cancer Patients

 

MIAMI, Nov. 6, 2019 /PRNewswire/ — Curaleaf, a leading vertically integrated cannabis operator in Florida, partnered with Badges of Courage throughout the month of October to support low income women who have been recently diagnosed with breast cancer or are currently undergoing treatment.

“We partnered with Badges of Courage in an effort to help alleviate some of the financial burden breast cancer patients face during treatment. Our goal is to establish partnerships with organizations that will have an on-going positive impact in the communities we serve,” said Yesenia Garcia, Curaleaf Florida Marketing Director.


Kaitlin DomangueKaitlin DomangueNovember 6, 2019
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3min2220

TransCanna Holdings Inc. announced it is acquiring California-based Lyfted Farms, Inc. in a deal valued at $6 million. TransCanna is a Canadian-based company with its operations located throughout California. TransCanna operates the largest vertically integrated cannabis facility in the state. 

The agreed-upon total purchase price was approximately $6,150,000. It will consist of: cash payment of $550,000 ($150,000 advanced as a deposit), the purchase of 2,660,750 common shares priced at C$0.80 per share, and an unsecured, non-interest bearing promissory note of $4,000,000. There will be restrictions on trading the shares based on applicable capital markets laws. The promissory note will be repaid if certain equity raises are completed on or before June 30th, 2020. The specified equity raise is dependent on Lyfted Farms completing certain specified production targets.

Upon completion of the agreement, Lyfted Farms will transition to TransCanna’s 196,000 square foot facility and begin production there. Lyfted founder, Bob Blink, said, “Our team is committed to TransCanna and is very excited about the next steps. As most investors have seen sentiment cool in the cannabis space recently, we feel this is the perfect opportunity to build a brand focused company. TransCanna’s business model addresses the problem of cannabis market fragmentation. It is with that in mind that Lyfted shareholders, myself included, have committed to significantly increasing our investment stake in TransCanna.”

“The greatest asset we are acquiring is the talent of Lyfted’s management team,” said Steve Giblin, CEO of TransCanna. “The Lyfted team is working in concert with the SolDaze and Daily teams from previous acquisitions, which has provided an immediate opportunity to substantially increase the scale of our operations. We welcome Bob Blink and his team to TransCanna and we appreciate their vote of confidence by significantly increasing their share position in our company.”

TransCanna provides what they call a “closed-loop ecosystem” for cannabis production. They say their closed-loop ecosystem allows for control of the plant from seed to sale, cost savings from vertical integration, centralized manufacturing, top industry talent in edibles, production, manufacturing, sales and distribution, a consistently high-quality product, and reliability. LyftedFarms is an indoor cannabis cultivation operation located in the Central Valley of California. They provide a hand-trimmed product to their customer base. They say their goal is “to consistently grow high-grade cannabis with only the most exceptional aroma, flavor, and finest quality.” Lyfted Farms products are tested by 2 River Labs in Sacramento. 

 

 


Kaitlin DomangueKaitlin DomangueOctober 31, 2019
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8min3160

It’s time for your Daily Hit of cannabis financial news for October 30th, 2019.

On the Site

Bernie Sanders Has A Plan For Cannabis

Bernie Sanders has released his cannabis legalization plan if he wins the presidential election in 2020. The senator has always been outspoken on his pro-cannabis views. His main points are to legalize marijuana in the first 100 days with executive action, vacate and expunge all past marijuana-related convictions, ensure that revenue from legal marijuana is reinvested in communities hit hardest by the War on Drugs, ensure legalized marijuana does not turn into big tobacco.

Liberty Health Sciences Turns In Solid Second Quarter Earnings

Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) reported net sales of $10,627,656 for the second quarter ending August 31, 2019, versus $2,219,290 for the quarter for the same time period in 2018. Liberty Health delivered net income for the quarter of $22,884,261, turning the corner over last year’s net loss of $5,605,355 and besting many cannabis companies that only seem to deliver net losses.

 

OTC, CSE Investors Looking For Green Swan

 

The OTC Markets Group and the Canadian Securities Exchange held an Investor Day in New York City on October 30. Richard Carleton, CEO of the Canadian Securities Exchange and Jason Paltrowitz, Executive Vice President of Corporate Services at the OTC Markets Group fielded questions from investors about the sector’s bear market and what they thought could turn things around. Of course, these executives can’t convince investors to start writing buy tickets and it doesn’t seem as if a “Green Swan” moment will occur in the near term to swing stocks back to the past meteoric rises.

 

The event featured presentations from Trulieve Cannabis Corporation (OTCQX: TCNNF; CSE: TRUL), Flower One Holdings Inc. (OTCQX: FLOOF; CSE: FONE), Ayr Strategies Inc. (OTCQX: AYRSF; CSE: AYR.A), TerrAscend Corp. (OTCQX: TRSSF; CSE: TER), Planet 13 Holdings Inc. (OTCQX: PLNHF; CSE: PLTH), Cresco Labs Inc. (OTCQX: CRLBF; CSE: CL) and iAnthus Capital Holdings, Inc. (OTCQX: ITHUF; CSE: IAN).

In Other News

Michigan begins taking applications for first recreational marijuana businesses Friday (source: https://www.mlive.com/news/2019/10/michigan-begins-taking-applications-for-first-recreational-marijuana-businesses-friday.html)

Michigan’s state licensing office, called the Marijuana Regulatory Agency, is set to begin accepting recreational marijuana business applications at 12:01 a.m. on Nov. 1. Hand-delivered applications may be dropped off at the agency beginning at 8 a.m. on Friday. The Marijuana Regulatory Agency expects to issue the first recreational licenses to businesses that are already approved to grow, sell, process, test or transport medical marijuana by late November, agency spokesman David Harns said.

Mexico to miss deadline to legalize marijuana, including recreational use (source: https://mjbizdaily.com/mexico-to-miss-deadline-to-legalize-cannabis-including-recreational-use/)

Citing “unprecedented” pressure from companies trying to influence Mexico’s cannabis legislation, voting on a bill to completely legalize marijuana – including its recreational use – will be delayed, according to media reports. Ricardo Monreal, president of the Senate’s Political Coordination Board (Jucopo) – a governing body of the chamber – told Milenio the bill “won’t be voted on this week, as was planned. “It was the intention to approve it on Tuesday,” he continued, “but that’s not going to happen.” Monreal said the bill will be discussed in “the first weeks of November,” La Jornada reported.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Kaitlin DomangueKaitlin DomangueOctober 31, 2019
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4min2980

Bernie Sanders has released his cannabis legalization plan if he wins the presidential election in 2020. 

The senator has always been outspoken on his pro-cannabis views. It is interesting to note that Sanders’ Democratic competitor Joe Biden does not support any form of cannabis use. In fact, Biden was a huge driving force behind the War on Drugs during his time in the senate from 1973 to 2009. Sanders says the War on Drugs “has disproportionately targeted people of color and ruined the lives of millions of Americans.” 

Cannabis is currently listed as a Schedule 1 substance, meaning the federal government categorizes it with other substances that have been shown to have a high potential for abuse as well as having no medicinal value. Under Bernie Sanders’ plan, he will take executive action to remove cannabis from the Controlled Substances Act. 

The Sanders’ administration says all past convictions will be expunged and ‘[they will] allow people with marijuana convictions to contact the state to ensure the list did not miss them. [The Sanders’ administration] will grant people with marijuana-related convictions an administrative remedy, if, after two years, the state has not taken action on their sentences and records.”

Bernie Sanders wants the revenue produced by legal cannabis sales reinvested into the communities that were most affected by the War on Drugs. They will do this [by creating] a $10 billion grant program to focus on businesses that are at least 51% owned or controlled by those in disproportionately impacted areas or individuals who have been arrested for or convicted of marijuana offenses. [They will also] provide formerly incarcerated individuals with training and resources needed to start their own businesses and worker-owned businesses, and guarantee jobs and free job training at trade schools and apprenticeship programs related to marijuana businesses.”

Ensuring that legalized cannabis does not turn into Big Tobacco is a priority for Sanders’ administration. Bernie Sanders says he will incentivize cannabis businesses to be structured like nonprofits. His administration will also prohibit products and labels that target those who are not old enough to consume cannabis legally, as well as banning companies that have created cancer-causing products. Big Tobacco has been guilty of advertising to children in the past using tactics like using popular hashtags to be part of social media conversations, putting their products in movies and video games, and making products that look and taste like candy. The presidential candidate says he does not want any tobacco companies participating in the cannabis industry. 

Bernie Sanders seems determined to create a booming and beneficial cannabis industry within the United States. His plan is a far cry from the United States’ current position when it comes to cannabis, so many are anxiously awaiting the rollout of his cannabis plan if he becomes president of the United States. 

 


Kaitlin DomangueKaitlin DomangueOctober 30, 2019
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6min2750

It’s time for your Daily Hit of cannabis financial news for October 30th, 2019.

On the Site

4 Top Shelf CBD Beverages To Hop On In 2020

The rapidly increasing availability of CBD products paired with the growing health trend in the US has opened minds to hemp products – and space for their sale in the beverage industry. Anhueser-Busch, Coors, Lagunitas, and Constellation Brands have all jumped on the CBD bandwagon, partnering up with already existing CBD companies. 

USDA Releases Hemp Rules Draft

The United States Department of Agriculture has released a draft for the regulation of hemp in the US. The regulations for hemp will cover things like THC testing, biomass transportation, licensing procedures, and more. 

Curaleaf Amends Cura Partners Acquisition

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) is changing the terms of its prior agreement to acquire Select’s state-regulated cannabis business. The company said in a statement, “Due to changes in market conditions since the original merger agreement was signed in May, Curaleaf and Select have mutually agreed to reduce the base consideration payable upon close under the Proposed Transaction.”

In Other News

Valens and BRNT Enter into Major White Label Deal with a Gross Revenue Potential to Valens of More Than $50 Million

Valens is to produce a minimum of 2.2 million vape pens on behalf of BRNT Ltd. for the Canadian market over an initial two year term. This is the largest publicly announced multi-year white label agreement to date for a branded finished product in the Canadian cannabis industry. The gross revenue potential to Valens under the agreement of over $50 million in the first two years, is subject to final acceptance from provincial distributors, including of the proposed price per unit.

Vertical Brands Names Cynthia Cleveland President

Vertical Brands announced today it has appointed Cynthia Cleveland as President effective immediately. Vertical Brands has one of the largest portfolio of owned and partner brands in the cannabis industry. Headquartered in California, Vertical has operations in CA and OH, and plans for expansion of its brands into other states. Cynthia Cleveland is an expert in translating and monetizing intellectual property rights into major global consumer brands. She is a seasoned leader in licensing, new business development, and brand development.

 

Innovative Industrial Properties Acquires Illinois Property and Expands Real Estate Partnership with PharmaCann

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on a sale-leaseback transaction with PharmaCann LLC (PharmaCann) for a property located in Dwight, Illinois, which is currently improved with approximately 48,000 square feet of industrial space.

The purchase price for the property was $18.0 million (excluding transaction costs).

Innovative Industrial Properties Acquires Illinois Property and Enters Into Long-Term Lease with Grassroots

It has been a big day for Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry. In addition to their announcement of closing a sale-leaseback transaction with PharmaCann LLC, the company also announced today that it closed on a sale-leaseback transaction with a subsidiary of GR Companies Inc. (Grassroots) for a property located in Litchfield, Illinois. It is approximately 70,000 square feet of industrial space. The purchase price for the property was $10.5 million (excluding transaction costs).

Trulieve Announces Pricing of Public Offering

Trulieve Cannabis Corp. (CSE: TRUL) today announced that it has priced its previously announced public offering of debenture units. The Offering will be comprised of an aggregate principal amount of US $60,000,000 of 9.75% senior secured notes maturing in 2024 and an aggregate amount of 1,560,000 subordinate voting share purchase warrants of the Company.

 



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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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