Kaitlin Domangue, Author at Green Market Report

Kaitlin DomangueKaitlin DomangueOctober 20, 2020
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2min3850

It’s time for your Daily Hit of cannabis financial news for October 20th, 2020. 

On the Site 

Vangst Hosts Virtual Career Fair
Vangst is the cannabis industry’s leading recruitment platform, and they are hosting a virtual cannabis job fair next month. They already have over 3,000 job seekers and more than 50 leading companies looking to connect with each other. Job seekers can expect to talk with people from top companies like Cresco Labs, Flowhub, LeafLink, and Native Roots. The virtual fair begins on October 21st and goes until the 22nd.

In Other News

4Front Ventures Corp Announces C$15 Million Bought Deal Public Offering 4Front Ventures Corp. is pleased to announce that it has entered into an agreement with Beacon Securities Limited. The underwriters have agreed to purchase, on a bought deal basis, 21,430,000 units for aggregate gross proceeds to the company totaling C$15,001,000 in Canadian figures.

4Front Ventures is a cannabis investment and strategic growth company. Beacon Securities Limited is a Canadian-based independent investment dealer.

Planet 13 Amends Offering Terms Planet 13 has announced the amendment of a previously announced offering of units. The total price is 5.825 million units at C$4.30/unit. Each unit includes one common share and ½ common share purchase warrant at $5.80/unit for a period of 24 months. Underwriters do have the option to purchase an additional number of units equal to 15% of the number of units sold.

All figures in Canadian dollars unless otherwise mentioned. 


Kaitlin DomangueKaitlin DomangueOctober 20, 2020
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6min7950

The cannabis industry is one of the fastest growing industries in the world today, but especially in the United States. As more and more states begin legalizing marijuana, the need for workers continues to go up. Marijuana Business Daily estimates that jobs in the industry will jump from 240,000 to 295,000 in 2020 alone. This represents a 50% increase over 2019’s industry growth, which estimated the year to start with 165,000 jobs and end with 210,000. MJBiz Daily considers those in the industry to be those who work directly with the plant like budtenders, all the way up to ancillary positions like lawyers and consultants. 

Many people are leaving their current fields to join the rapidly growing cannabis industry, and a lot of them are taking their existing skills with them. Registered nurses become cannabis nurses and begin educating patients, retail managers transition to dispensary managers, traditional horticulturists join cultivation teams, and tech workers become part of a cannabis software team. The wonderful thing about this industry is that while the cannabis plant is the most important part, it isn’t the only part. The cannabis industry relies on truck drivers to transport product, security teams to ensure employee and product safety, content creators to create content that meets FDA guidelines, and more. Without these positions, the cannabis industry could not get itself off the ground. 

Vangst is the cannabis industry’s leading recruitment platform, and they are hosting a virtual cannabis job fair next month. They already have over 3,000 job seekers and more than 50 leading companies looking to connect with each other. Job seekers can expect to talk with people from top companies like Cresco Labs, Flowhub, LeafLink, and Native Roots. The virtual fair begins on October 21st and goes until the 22nd. 

Just because this is a virtual event doesn’t mean it isn’t worthwhile. While it isn’t what most are used to, Vangst is coming up with innovative techniques to allow job seekers and employers to get the most out of their experience, even through a virtual setting. They are offering two different educational tracks to follow, the Main Stage track which features educational content and panels from some of the leading voices in the industry. The Vangst track is specifically for cannabis recruitment topics, including resume and interview prep, career specific Q&As, and industry speak. In addition to these two tracks, job seekers can connect with employers through their virtual booth, as well as virtual networking hubs. 

One of the most unique aspects of the virtual career fair is Vangst’s partnership with The Last Prisoner Project, an organization that fights to end unfair prison sentences for nonviolent cannabis offenses. The event will host a social equity networking space intended to empower job seekers to connect with unique social equity and employment programs offered by employers, volunteer, and advocacy groups that are present at the event. Social equity job seekers will also receive wait priority from job seekers in order to put them at the front of the line. In addition to Vangst’s partnership with The Last Prisoner Project, they have also partnered with Mission Green (an extension of The Weldon Project) and California Cannabis Coalition. The Last Prisoner Project’s founder, Steve DeAngelo, will kick-off the two day event with a social equity panel on “How Employees, Entrepreneurs, and Advocates Can Participate in Social Equity Programming.” Vangst is truly trying to drive home the point that the cannabis industry has a place for everyone, and aims to make employment as accessible as possible to all people. 

Vangst is not the only company to host a virtual event due to the coronavirus pandemic. Since people began staying home more, there have been tons of virtual events taking place. MJBizCon, which is said to be the largest cannabis conference in the world, recently canceled all of their in-person events and moved to a five-week digital conference and trade show instead, starting on November 2nd and finishing up with their original dates of December 2nd-4th. Even before the decision was made to cancel the in-person events, attendees had the option to opt for a fully online event. 

“We organized this virtual career fair in the hopes that it will introduce job seekers to the full range of available roles within cannabis,” said Vangst CEO Karson Humiston. “We want to provide exposure to every type of opportunity – from plant-touching to ancillary, cultivation to tech, and everything in between – and give them the tools they need to join this growing industry, no matter what their path is.”


Kaitlin DomangueKaitlin DomangueOctober 19, 2020
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2min4180

It’s time for your Daily Hit of cannabis financial news for October 19th, 2020. 

On the Site

Mydecine Innovations Group 

Mydecine Innovations Group, Inc, (CSE: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”) announced the appointment of UK-based Boustead Capital Markets LLP (“Boustead”) to commence the dual listing process on the London Stock Exchange (“LSE” or the “Exchange”) for the admission of the Company’s common shares to the Standard Segment of the Official List’s Main Market.

In Other News 

Acreage Holdings Inc. (CSE:ACRG.A.U, ACRG.B.U)(OTCQX: ACRHF, ACRDF), announced this morning they retired a short-term strategic financing. The financing was announced in June 2020 and the company paid an aggregate amount of approximately $18 million in order to retire the full balance and accrued interest. 

The finances were used to close the acquisition of vertically-integrated options in New Jersey. The completion of this agreement ultimately rearranged Acreage’s capital structure and significantly reduced their debt outstanding. 


Kaitlin DomangueKaitlin DomangueOctober 16, 2020
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5min14180

Zynerba Pharmaceuticals (NASDAQ:ZYNE) was up 6% after data from a Phase 2 BRIGHT study showed CBD to have significant potential for patients with Autism Spectrum Disorder. The study looked at some of the classic behaviors associated with autism spectrum disorder (ASD), and whether or not CBD affected them. The open label data will be presented at the virtual Joint 16th International Child Neurology Congress (ICNC) & 49th Annual Child Neurology Society (CNS) Meeting.

In the study, researchers used the transdermal gel Zygel for all participants, then analyzed their behavior. All of the subjects are children and adolescents with moderate to severe Autism Spectrum Disorder or ASD. The data reveals that the transdermal patch created a significant improvement in behaviors, based on the Autism Impact Measure or AIM. AIM is a traditionally-used questionnaire for caregivers that assesses behaviors associated with autism. According to a resource originally published in the Journal of Autism and Developmental Disorders, the AIM questionnaire consists of 41 items on a 5-point Likert-type scale, looking at both frequency and impact. The questionnaire examines things like peer interaction, atypical behavior, communication, social reciprocity, and communication. AIM can be used to establish a baseline for people with autism, and allow researchers to better indicate if any improvements have been made and to what degree. 

The study’s participants ranged from three to 18 years old, and enrolled all patients had Clinical Global Impression (CGI)-Severity score of ≥4 (moderate or greater) and Aberrant Behavior Checklist-Community (ABC-C) Irritability score ≥18. The study consisted of a 14-week treatment period and a six month extension period, totaling 38 weeks of observation at some level. Researchers looked at caregiver/parental stress, the AIM questionnaire, as well as caregiver reported behavioral problems. The authors of the study concluded that Zygel was beneficial in all of the ASD measures analyzed. The press release stated that there were “clinically meaningful improvements” at 14 weeks out from baseline, with 57% of participants assessed as “very much improved” or “much improved.” Also, the application was very well tolerated by the study’s participants. This is important because people with autism commonly have allergies and/or sensitive bodies, introducing new products may be helpful or harmful depending on what they are. 

The majority of participants showed improvement across all three areas of behavioral traits: behavioral, social, and emotional. In the behavioral category, caregivers cited patterns like aggression, refusing to go to school, self-harm, and repetitive phrases as areas of concern. The study reported 69% of subjects considered these behaviors be “improved” after the 14 week treatment period. The social arena showed an improvement for 63% of patients, and 72% of participants claimed an emotional improvement. These assess areas like lack of personal space, fear of new people, minimal social engagement, easily offended, little self-regulation of emotions, and anxiety. 

“The Phase 2 BRIGHT trial provides the first clinical evidence of the potential for Zygel to improve behavioral symptomology in a group of highly symptomatic pediatric and adolescent patients with ASD,” said Helen Heussler, FRACP, Associate Professor at Children’s Health Queensland, Medical Director Child Development and principal investigator in the BRIGHT trial. “In these children receiving Zygel, the observed changes from baseline are promising. In particular, the improvements seen in core symptoms of autism, as specifically assessed by the Autism Impact Measure, are of special interest. Though open label, these results are compelling and we look forward to continuing the evaluation of Zygel in ASD in future placebo-controlled clinical trials.”

Zynerba is a global pharmaceutical technology company that produces transdermal cannabinoid therapies for rare or near-rare neuropsychiatric disorders, including Fragile X Syndrome, autism spectrum disorder, different eplieptic conditions, and 22q11.2 syndrome. 


Kaitlin DomangueKaitlin DomangueOctober 15, 2020
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5min6540

It’s time for your Daily Hit of cannabis financial news for October 15th, 2020. 

On the Site

MDMA Treatments May Be Cheaper Than Other PTSD Treatments

A peer-reviewed study published in the research journal PLOS ONE demonstrates that MDMA-assisted psychotherapy is remarkably cost-effective when compared to currently available treatments for posttraumatic stress disorder (PTSD). It is estimated that a public healthcare payer or private insurer making MDMA-assisted psychotherapy available to 1,000 patients with PTSD would reduce general and mental health care costs by $103.2 million over 30 years. This treatment has not yet been approved by the FDA, does not work for everyone, and carries risks even in therapeutic settings.

Aphria’s First Quarter Earnings Show Record Gross Revenue for Adult-Use Cannabis

Aphria released their first quarter earnings for fiscal year 2021, and the report shows record breaking gross revenue for adult-use cannabis. The company reported a gross revenue of $69.6 million in the first quarter for fiscal year 2021. This represents strong growth, showing a 23% increase from the prior quarter, as well as the sixth consecutive quarter of growth. Their net cannabis revenue totaled $62.5 million, showing a whopping increase of 103% from the same quarter last year. The company reported an adjusted EBITDA of $10.4 million for cannabis business, representing an 11% increase from the prior quarter.

Akerna Launches POS Software 

Akerna (Nasdaq: KERN) has launched MJ Retail, a first-of-its-kind proprietary software technology designed to provide merchants and consumers with a flexible and mobile-friendly experience. The product is currently available in beta form and will be live in a couple of weeks.

In Other News

MedMen Reports Q4 Earnings and Pre-Announces Q1 2021 Earnings

The net revenue across MedMen’s operations in Nevada, California, New York, Florida, and Illinois reached $27.4 million for the fourth quarter. This is down 40% from the previous quarter, and the company mainly attributes this to COVID-19’s effect on the company’s retail operations. They estimate their Q1 revenue to be $37.4 million, which is a 37% increase from Q4’s earnings on a comparable basis. MedMen’s gross margins increased by 8% from the third to fourth quarter, totaling 40% in Q4. MedMen’s adjusted EBITDA was a loss of $23.3 million for the fourth quarter. 


Kaitlin DomangueKaitlin DomangueOctober 15, 2020
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5min7580

Leading cannabis giant, Aphria Inc. (TSX: APHA) (Nasdaq: APHA), reported their first quarter earnings ending on August 31st, 2020. Aphria is a fully-integrated company that is headquartered in Canada. The company was founded in 2013, and has since expanded to have operations throughout the world. Aphria and its subsidiaries can be found in the United States, South America, the Carribean, Europe, and Africa. Their brands include Broken Coast, Solei, Riff, and Good Supply. Aphria has clearly established a global footprint that allows them to provide cannabis to people all over the world. They believe strongly in “Plant Positivity”, which according to them, is their “platform for increasing awareness about the power that plants have to improve people’s everyday well-being.”

Aphria reported their first quarter earnings with a record revenue from adult-use cannabis, as well as some other amazing numbers. All figures reported are in Canadian dollars, unless otherwise indicated. 

The company reported a gross revenue of $69.6 million in the first quarter for fiscal year 2021. This represents strong growth, showing a 23% increase from the prior quarter, as well as the sixth consecutive quarter of growth. Their net cannabis revenue totaled $62.5 million, showing a whopping increase of 103% from the same quarter last year. The company reported an adjusted EBITDA of $10.4 million for cannabis business, representing an 11% increase from the prior quarter. Aphria’s numbers seem to be on an upwards trend based on the data we see here. 

The company’s adjusted gross profit for the first quarter was $31.5 million, compared to $28.1 million from the prior quarter. Their adjusted gross margin for the first quarter was 49.7%, showing a slight decrease from the prior quarter’s 52.9%. This can be primarily explained by the company’s recent release of large format products, as well as the pipeline fill for B!NGO, which is Aphria’s economy brand that utilizes lower potency cannabis. 

Aphria’s total net revenue from the first quarter reached $145.7 million, an increase of 16% from last year’s quarter. The company did report a 4% decrease in total net revenue from the prior quarter, however, this is solely due to circumstances and lower distribution revenue stemming from COVID-19, specifically from CC Pharma in Germany. It is interesting to see that while their total net revenue decreased slightly from the prior quarter, their net cannabis revenue increased by 23%. This can possibly be attributed to the high demand for cannabis during these unforeseen times, as well as people beginning to return to more normal shopping routines. Their total adjusted EBITDA for the first quarter totals $10 million, increasing by 17% from the prior quarter. 

Aphria reported a net loss of $5.1 million for the first fiscal quarter, showing a significant decrease from the prior quarter’s loss of $98.8 million. 

Especially considering the COVID-19 curve balls that every company has had to navigate, Aphria ended the first quarter with a bang. They finished with a strong balance sheet and liquidity; which includes $400 million of cash and cash equivalents to fund the company’s growth, both in Canada and internationally. 

“Our strong first quarter results reflect the continued robust growth and development of Aphria’s adult-use cannabis brands in Canada ,” said Irwin D. Simon, Chairman and Chief Executive Officer. “We are consistently taking a diversified approach to our innovation, strategic partnerships, global expansion and corporate citizenship to fuel sustainable, long-term growth. We believe that the strength of our balance sheet and cash position, combined with our consistent focus on our highest-return priorities, will generate sustainable long-term value for all stakeholders.”

In addition to their strong first quarter from a financial perspective, Aphria also made some other growth-inducing moves. They transferred their stock exchange listing from the New York Stock Exchange to NASDAQ on June 8th, 2020. This transition did not impact their primary listing on the Toronto Stock Exchange. 


Kaitlin DomangueKaitlin DomangueOctober 8, 2020
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3min3140

It’s time for your Daily Hit of cannabis financial news for October 8th, 2020. 

On the Site

KushCo Holdings Partners with Project Mission Green

The Weldon Project surrounds Weldon Angelos, a former inmate sentenced to 55 years in prison for a nonviolent cannabis offense. Project Mission Green, an initiative of The Weldon Project, has partnered with KushCo holdings to spread further awareness about prisoners who are being held for nonviolent cannabis offenses. KushCo Holdings is an ancillary cannabis business that sells packaging, containers, and other products for cannabis businesses to use. Their partnership is symbolic of the fact that the fight to reform cannabis policy is everyone’s fight, especially those brands who are operating legally. Those in the legal cannabis industry should never forget that the very thing they make a living from, sent many just like us to prison. It should be a mission in all of our minds to fight for those who are locked up for nonviolent cannabis offenses. 

In Other News

Curaleaf to Acquire Alternative Therapies

The Massachusetts Cannabis Control Commission has approved Curaleaf’s previously announced acquisition of Alternative Therapies Group. In August of 2018, Curaleaf agreed to acquire a 53,600 sq. ft cultivation and processing facility in Amesbury, Massachusetts. “As we look ahead, the integration of ATG’s cultivation and processing facility will expand our cannabis grow capacity in Massachusetts by 60%, allowing us to better address the rising demand we continue to see among medical and adult-use customers as well as expand Curaleaf’s wholesale market presence. Overall, these enhanced production capabilities will provide a powerful growth engine for our business in 2021 and beyond as new harvests come online,” said Curaleaf’s CEO, Joseph Lusardi. 


Kaitlin DomangueKaitlin DomangueOctober 8, 2020
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8min3710

The Weldon Project surrounds Weldon Angelos, a former inmate sentenced to 55 years in prison for a nonviolent cannabis offense. Project Mission Green, an initiative of The Weldon Project, has partnered with KushCo holdings to spread further awareness about prisoners who are being held for nonviolent cannabis offenses. KushCo Holdings is an ancillary cannabis business that sells packaging, containers, and other products for cannabis businesses to use. Their partnership is symbolic of the fact that the fight to reform cannabis policy is everyone’s fight, especially those brands who are operating legally. Those in the legal cannabis industry should never forget that the very thing they make a living from, sent many just like us to prison. It should be a mission in all of our minds to fight for those who are locked up for nonviolent cannabis offenses. 

In 2003, Weldon Angelos was quickly rising to the top. He was just 23, and an upcoming music producer/recording artist who worked closely with people like Tupac Shakur and Snoop Dog’s recording group. Angelos was selling cannabis to help pay his bills until his music career stabilized, that partnered with his close affiliation to the “gangsta rap” music industry apparently made him an easy target. The Nation said Angelos’ case “reeked of entrapment.” Even Judge Cassell, who was forced to sentence Angelos, called the sentence “cruel, unjust, and even irrational.” Judge Casell even resigned from his life-time appointment to the federal bench to advocate for Angelos’ release. 

Angelos quickly became a bi-partisan symbol for social justice reform. He visited The White House this year and hand delivered a letter to Trump’s staff, and garnered the support of far right figures like billionaire Charles Koch and Republican Senator Mike Lee of Utah. The advocacy for Angelos from both sides of the political spectrum ultimately led to Angelos’ release, who only served 13 of his 55 years. Even though Angelos only served 13 years, this is time he will never get back because of a nonviolent, first time cannabis offense. Angelos’ story is evident that change is needed, and his experience allowed him to create The Weldon Project, an organization that funds social change and financial aid to those who are in prison for nonviolent cannabis offenses. 

Project Mission Green focuses on raising the bar for social justice, awareness, and social equity. Project Mission Green provides a unique way for cannabis businesses and consumers alike to get involved with a nationwide campaign that is designed to provide relief to those who have been unnecessarily hurt by prohibition. Project Mission Green will help inmates while they are in prison, as well as help them to rehabilitate and have an exit plan upon release. 

Under the newly announced partnership between the two organizations, both parties will work together to raise awareness, as well as support, Project Mission Green. This includes efforts to co-market, as well as KushCo’s commitment to donate up to 50% of the proceeds on select products to Mission Green. This partnership reflects KushCo’s commitment to abolishing the War on Drugs, as well as helping those who have been directly impacted by it. 

Leading up to KushCo and Mission Green’s partnership, KushCo Holdings was a vital supporter of REEForm Cannabis, a social equity-focused company that was founded by Angelos. They offer cannabis products in select stores, as well as some merch. KushCo provided REEForm with preferred pricing and credit terms to purchase high-quality packaging, papers, and supplies, which ultimately helped lead to the brand’s accelerated growth. 

“We have always made it a priority to support our community, industry, and people, knowing full well that that there is a tremendous amount of work that still needs to be done to rectify the social injustices that have destroyed the lives of many,” said Nick Kovacevich, KushCo’s Co-founder, Chief Executive Officer and Chairman. “We immediately were drawn and hurt by Weldon’s tragic story of serving 13 years in prison for a low-level, first-time cannabis-related offense. But more than that, we knew that we could make a meaningful and lasting difference to right these wrongs, starting by supporting Mission Green’s unique purpose and team, which is made up of people who have been personally impacted by the justice system and have lived through the issues that came with it. We will not stop in this endeavor until we can ensure the safe release of many more vulnerable, at-risk incarcerated individuals from prison, and we are proud to have Mission Green as our partner in this essential cause.”

Angelos added: “While cannabis legalization has provided an opportunity for many to enrich themselves, those reaping the profits from the legal industry cannot forget those who have paid the ultimate price and whose suffering enabled them to be successful. KushCo is one of the few companies in our industry that truly understands that, and has never hesitated to support the cause, starting from the industry’s early days up until now. Given their stellar reputation for quality, breadth of products, and a deep and loyal customer network, we realized early on that KushCo is the ideal partner for Mission Green. More importantly, it has been obvious to us during this entire process, starting with KushCo’s first involvement with REEForm, that the people there, from the leadership on down, are truly committed to working towards clemency and criminal justice reform. It’s personal to them in the same way it’s personal to us, and we are thrilled to join forces, especially at this critical time where more new states are legalizing medical and/or adult recreational use cannabis, leaving many victims of the War on Drugs severely disadvantaged.”


Kaitlin DomangueKaitlin DomangueOctober 7, 2020
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8min3820

It’s time for your Daily Hit of cannabis financial news for October 7th, 2020. 

On the Site

Comparing Psychedelics Companies, Pathways vs. Mydecine Innovations Group

Psychedelics companies, Pathways and Mydecine Innovations Group, are both companies that produce medicinal mushrooms. Compass is one of the first-to-market groups in the psychedelic world, which has its perks. Those perks include high-profile backers like Peter Thiel, a co-founder of PayPal. Even if Compass is successful in bringing their products to market, there will be many roadblocks standing on their way. 

Alternatively, Mydecine Innovations Group is the only company in the world that can legally produce pharmaceutical-grade psilocybin from whole-mushroom extraction. They are also collaborating with the Dutch Royal Army to conduct the world’s first clinical trials exploring psilocybin mushrooms for Post-Traumatic Stress Disorder. Mydecine Innovation Group seems to offer more depth and promise than Compass. 

Making Sense of Acreage Holdings Shares

Acreage Holdings, Inc (OTCQX: ACRHF, ACRDF) announced that both its new Class D “floating” shares (OTCQX: ACRDF) and Class E “fixed” shares (OTCQX: ACRHF) will commence trading on the OTCQX Best Market on October 7, 2020, and graduating from Pink Sheet status.

Acreage Holdings and Canopy Growth agreed to an unusual deal. Canopy would buy Acreage when the U.S. federally legalizes cannabis, what they call “the triggering event.” It was recently amended and this resulted in the creation of two new share classes. The original deal allowed Canopy to buy Acreage for a fixed price, however, in this new deal Canopy decided they didn’t want to be locked in. Canopy will now only buy 70% of Acreage at a fixed price, and the remaining 30% will float with the market. 

Oklahoma’s Many Dispensaries Create Challenges

Oklahoma has some of the most lenient licensing regulations in the entire country. Unlike many other states, you can open a medical marijuana dispensary like you would virtually any other business, there is not a one-time application period. It also only costs $2500 to get a license, with some other states’ licensing costs reaching to the millions. All of this combined with a seemingly high demand for medical marijuana in the state, and it sounds like a pretty good gig. 

However, given the sprawling geography of Oklahoma and a large number of dispensaries, success hinges on an efficient distribution model in order to keep shelves stocked and customers happy.

The Latest Cannabis SPAC is a REIT

Cannabis real estate company, Subversive Real Estate Acquisition REIT LP (NEO: SVX.U) (NEO: SVX.RT.U) (OTCBB: SBVRF), has just become the most recent special purpose acquisitions corporation to begin trading. Their goal is to become a leading real estate capital provider for prominent cannabis operators who own or are seeking to own industrial and retail real estate in high growth US markets. The company just announced that they have entered into binding agreements to acquire real properties in the approximate amount of $97.4 million. 

Bluma Wellness Reports Increasing Revenue 

Bluma Wellness Inc. (OTC:BMWLF) reported unaudited revenue figures for September, which were higher than its August revenue figures. The company did not release any net income or loss figures. In August, Bluma reported revenue of $1 million. During the month of September, One Plant Florida, the company’s wholly-owned, licensed operating subsidiary, said it averaged sales of 763 ounces of dried medical cannabis flower per retail dispensary, and 758,218 mg of distillate/oil sold per retail dispensary. 

In Other News

KushCo Holdings Partners with Project Mission Green

KushCo Holdings, Inc. (OTCQX:KSHB) has proudly announced their partnership with Project Mission Green, a project that advocates on behalf of those who are incarcerated due to nonviolent cannabis offenses. 

The organization works on policy reform, as well as rehabilitation and exit plans for those leaving prison. The two will work together to bring awareness to Mission Green, as well as KushCo offering up to 50% of the proceeds from select KushCo products to Mission Green. The partnership reflects KushCo’s dedication to ending the War on Drugs, as well as providing solutions to those who have been hit the hardest by its effects. 

“We have always made it a priority to support our community, industry, and people, knowing full well that that there is a tremendous amount of work that still needs to be done to rectify the social injustices that have destroyed the lives of many,” said Nick Kovacevich, KushCo’s Co-founder, Chief Executive Officer and Chairman. “We immediately were drawn and hurt by Weldon’s tragic story of serving 13 years in prison for a low-level, first-time cannabis-related offense. But more than that, we knew that we could make a meaningful and lasting difference to right these wrongs, starting by supporting Mission Green’s unique purpose and team, which is made up of people who have been personally impacted by the justice system and have lived through the issues that came with it. We will not stop in this endeavor until we can ensure the safe release of many more vulnerable, at-risk incarcerated individuals from prison, and we are proud to have Mission Green as our partner in this essential cause.”

Happy Cabbage Analytics Announces $1.5M Series Seed Funding

The cannabis data analytics company, Happy Cabbage, closed their $1.5 million Series Seed funding last week. It was led by early-stage investment firm, Delta Emerald Ventures, including co-investments from cannabis-focused technology partner Silverleaf Venture Partners, private equity firm Yaax Capital, and private equity firm West Creek Investments.

“Happy Cabbage Analytics and Delta Emerald’s mutual focus on data-driven decision making creates the foundation for a long-term partnership,” said Ian Dominguez, Principal of Delta Emerald Ventures. “We believe dispensaries and brands will increasingly demand actionable customer insights, derived from real-time transaction data. Andrew and team bring a level of sophistication that positions them to feed this growing demand.”


Kaitlin DomangueKaitlin DomangueAugust 27, 2020
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4min2530

It’s time for your Daily Hit of cannabis financial news for August 27th, 2020. 

On the Site

Jushi Reports Increasing Revenue, Losses Trimme

Jushi Holdings Inc. (OTCQB: JUSHF) reported that its total revenue increased 73% sequentially to $14.9 million for the second quarter of 2020. The company said in a statement that its annualized revenue run-rate for July 2020 was approximately $89 million, an approximate 80% increase over the March annualized run rate.

Jushi reported a net loss of $9.3 million, or $0.10 per diluted share, compared to a net loss of $15.9 million, or $0.17 per diluted share, in the first quarter. The $6.6 million drop in the net loss in the second quarter was attributed to both higher revenue and gross profits.

COVID Hurts Slang Revenue, But Sales Look to Be Recovering

SLANG Worldwide Inc. (OTC: SLGWF) reported that in Canadian dollars that its revenue decreased by 3% sequentially to $4.6 million in the second quarter from $4.6 million in the first quarter 2020. The drop was attributed to stores that were impacted by COVID lockdowns. Slang said in a statement, “The stay-at-home orders associated with the COVID-19 response also adversely affected certain retail locations that sell the company’s branded products.”

In Other News

AYR Strategies Reports Earnings from Q2 2020

Vertically-integrated, multi-state operating cannabis company AYR Strategies reported their second quarter earnings this morning at about 8:30 eastern time. The call was introduced by CEO and corporate secretary, Jonathan Sandelman. Sandelman said “our business is stronger than ever reflected by significant month over month improvements across our markets since the lows of the pandemic in April.”

The company’s CFO, Brad Asher, then took over the conversation to report a revenue growth from 50% below pre-COVID levels to 10% above pre-COVID levels all within the same quarter. “Our ability to adjust our business plan was a key driver including revenue of $28.3 million for the quarter which represents a decrease of 15% from the prior quarter due to COVID related closures,” said Asher. “Despite the sequential decrease in quarterly revenue, our adjusted EBITDA for the second quarter was $9.1 million which represents an 8% increase from Q1 and an EBITDA margin of over 32%. The increase in adjusted EBITDA was primarily driven by our increasing gross margins before fair value adjustments which improved dramatically to 60% compared to 50% in Q1.”



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