Staff, Author at Green Market Report

StaffAugust 19, 2022


We Americans pride ourselves on paving the way in new trends, business opportunities, and emerging industries. In cannabis, we were kind of first. California legalized medical marijuana, requiring a doctor’s prescription, back in 1996. Over the subsequent 12 years, another dozen states approved medical use. Now 39 states, plus some territories, have legalized medical cannabis, and 19 states, plus DC, have approved recreational or “adult use.” But all uses of cannabis (other than hemp) remain a crime under US federal law.

Alternatively, over 50 countries globally have federally legalized medical marijuana. It did take the world a little longer than California. Canada was first in 2001, Austria in 2008, and the more rapid adoption of others began around 2013. In addition, eight countries have approved adult use. 

Advocates for federal legalization in the US have attempted three separate paths. One group seeks nothing less than full federal legalization of medical and adult use. Another seeks a piecemeal approach to first permit research, then safer banking, then use by veterans, then move on from there. The third has attempted, unsuccessfully, to convince the courts to declare cannabis illegality unconstitutional.



Why then has there been no real effort to federally legalize US medical cannabis like dozens of other countries? Polls are consistently overwhelming: 92% of Americans favor legalizing medical marijuana. Former Pres. Trump, in an interview during his 2016 campaign, said he is “100%” in favor of legalizing medical use, though Pres. Biden, who favors decriminalization, has not opined on legalizing medical cannabis. And three-quarters of the states, including some Republican-dominated ones, have approved medical weed. One assumes, therefore, that there would be strong bipartisan support for legalizing medical marijuana.

The benefits would seem obvious, with limited downside risk. First, companies growing and selling medical cannabis would enjoy interstate and global commerce. A patient in Ohio finally would be able to buy California weed. An import-export market could develop and likely would explode rather quickly. We could eliminate the 39 cannabis mini-economies with vastly different pricing, quality, regulation and competition. 

Other benefits of legalizing medical cannabis include the likelihood that the national stock exchanges would list the stock of these companies, encouraging institutional investors to support these enterprises and stock clearing firms to permit the trades. Companies currently active in both medical and adult use markets could separately spin off their medical operations to Nasdaq or the NYSE.

In addition, the US Patent and Trademark Office presumably would at last allow medical marijuana brands to receive a federal trademark. Banks would no longer be concerned about opening accounts or providing loans to these companies. Operators could end the security and other concerns around running their business in cash. We would also end the “cannabis tax” that borrowers have been paying private lenders in the absence of traditional bank loans. 

Merger and acquisition activity also could pick up as big alcohol, big tobacco and especially big pharma might move into the space if their target is federally legal. Legalization also allows the federal government to charge taxes on the product, helping reduce the federal deficit, and for the government to regulate important areas of the business including product testing and advertising. 

Perhaps most importantly: medical marijuana companies would no longer face tax discrimination in the form of Internal Revenue Code Section 280E. This tax law prohibits cannabis companies from deducting their ordinary business expenses. As a result, the profitability of these companies has been dramatically reduced, causing some to close their doors simply because of their inability to pay taxes. 

The main concern previously expressed by industry insiders about federally legalizing medical use is that there is too much risk in a step approach to fully legalizing weed. The argument is that legalizing medical marijuana would stall the momentum towards fully legal adult use in the US. Proponents also would need to convince lawmakers that legalizing medical cannabis would not result in a de facto adult-use legalization as was somewhat the case early on in California.

Another expressed concern over legalization is the potential violation of various global treaties, especially the 1961 UN Single Convention treaty. In 2020 the UN Commission on Narcotic Drugs adopted a recommendation from the World Health Organization to reschedule cannabis under the Single Convention from Schedule IV to Schedule I (unlike the US scheduling, this made it less subject to control), but this does still not permit adult use. Experts, however, generally agree that allowing cannabis for therapeutic or medical use does not violate the treaty. Legalizing adult use could violate the treaty, however, and a workaround or treaty change will likely be necessary for the US. In March 2022 several US Congresspeople submitted a proposed resolution to the UN to fully deschedule cannabis, but no action has been taken.

My take? If the industry can show the naysayers that federal legalization of medical cannabis will not lead to the destruction of society as we know it, and may actually help reduce opioid and other addictive drug use, reduce teen drug use, reduce alcohol addiction and reduce the influence of foreign cartels, subsequent legalization of adult use becomes more likely, not less. Shall we try it?

David N. Feldman, a prominent strategic advisor and attorney in the cannabis industry, is CEO and Co-Founder of Skip Intro Advisors, Inc. and Managing Partner of Feldman Legal Advisors, PLLC.

©Copyright David N. Feldman 2022. All rights reserved.

StaffAugust 18, 2022


The Daily Hit is a recap of cannabis business news for August 18, 2022.


Ayr Wellness Raises Guidance Despite Headwinds

Ayr Wellness Inc. (OTCQX: AYRWF) hiked its outlook for the year on Thursday despite posting results that missed expectations — as sales slip and losses rise. The multi-state operator reported financial results for the first quarter ending June 30, 2022. Read more here.

Decibel Sees Record Revenue, Preps for Exports to Israel

Decibel Cannabis Company Inc. (TSX-V: DB) (OTCQB: DBCCF) posted promising results as it continues to find gains in the Canadian market and overseas. The Alberta-based company delivered its financial report card using Canadian dollars in the period ending June 30, 2022. Read more here.

Medical Marijuana Sales Slip in the Second Quarter

Medical Marijuana Inc. (OTC: MJNA) reported $7.8 million in net revenue in the second quarter of 2022. This fell from last year’s revenue of $9.6 million for the same time period in 2021. The company also reported a net loss of $11 million versus last year’s net income of $7 million. Read more here.

JuicyFields Ponzi Scheme Highlights Many Points of Failure

Like the plot of an improbable fintech thriller, cannabis e-investment conglomerate JuicyFields has imploded into an apparent Ponzi scheme of massive proportions, leaving tens of thousands of online investors wondering who is responsible for the biggest swindle in cannabis. Read more here.

Americans Perception of Psychedelics is Shifting

The science of psychedelics continues to validate what clinicians have known for years about the benefits in treating mental health. Over the last 30 years, the science of psychedelics has accelerated and continues to validate what clinicians have known for years about the benefits of psychedelics in treating mental health and wellness. Read more here.


High Tide Inc.

High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that it has entered into a binding commitment letter with Connect First Credit Union Ltd. for a $19 million credit facility with an initial 5-year term, at connectFirst’s floor interest rate. Read more here.

PuraVerde, Inc.

PuraVerde, Inc., a cannabis company and operator, today announced the launch of its streamlined Regulation A, Tier 2 public offering for both un-accredited and accredited investors. Driving innovative research and development, PuraVerde is formulating products for the future of commercial cannabis. Read more here.

TYSON 2.0, Verano Holdings Corp.

TYSON 2.0, legendary boxer, entrepreneur, and cannabis advocate Mike Tyson’s cannabis company today announced the launch of its Ric Flair Drip Cannabis line in partnership with Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), a multi-state cannabis company. Read more here.

Zen Leaf Dispensary

Workers at the Verano/Zen Leaf Dispensary in the neighborhood of Pilsen have voted by a margin of more than 90% to join Teamsters Local 777. The vote in favor of unionization comes in spite of the fact that the company fired union supporters during the campaign. Read more here.

Small Pharma Inc.

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that the TSX Venture Exchange has accepted the company’s application for its normal course issuer bid for up to five million common shares in the capital of the company, representing 1.55% of the issued and outstanding shares, over a 12-month period. Read more here.

Bright Minds Biosciences

Bright Minds Biosciences (Nasdaq: DRUG) (CSE: DRUG), a biotechnology company focused on developing novel drugs for targeted treatment of neuropsychiatric disorders, epilepsy and pain, issued this news release in response to a request by the Investment Industry Regulatory Organization of Canada (IIROC) to comment on recent trading activity of its stock. Read more here.

StaffAugust 18, 2022


Medical Marijuana Inc. (OTC: MJNA) reported $7.8 million in net revenue in the second quarter of 2022. This fell from last year’s revenue of $9.6 million for the same time period in 2021. The company also reported a net loss of $11 million versus last year’s net income of $7 million.

The company said in its filing that it took a net loss of $7,106,771 related to Axim Biotechnologies, Inc (OTCB: AXIM) and a net loss of $369,439 related to Neuropathix, Inc. (OTCB: NPTX). The company owns 17% of Axim stock.

Medical Marijuana also burned through $2.2 million in cash in the quarter leaving the company with a balance of $2.7 million versus last year’s balance at the end of the second quarter of $6.5 million. The company has total liabilities of $9.9 million.

Medical Marijuana CEO Blake Schroeder said, “We have first mover advantage in nearly every market where the company operates with potential for continued international expansion well into the future. Beyond international expansion efforts, we continued our efforts in the second quarter in the pharmaceutical space as we believe this segment to hold tremendous future upside value for our company. In Brazil, we believe we will have products on pharmacy shelves by late this year or early 2023. Additionally, researchers at our investment company, Neuropathix, are utilizing grant money received from the National Institutes of Health to further their clinical research on its proprietary compound aimed at treating neuropathic pain and inflammation.”

International Push

Last month, Medical Marijuana announced its pharmaceutical subsidiary, HM Pharma, had submitted a product dossier for its cannabidiol (CBD) products after receiving Sanitary Authorization from ANVISA, Brazil’s Health Regulatory Agency.

Also in July, Medical Marijuana announced that in June its subsidiary Kannaway achieved its largest revenue month in the company’s history for its Japan division. Kannaway established operations in Japan in 2019 and the company has experienced rapid growth in 2020, 2021, and to date in 2022. Japan’s CBD market is projected to become the second-largest CBD market in Asia, growing to about $1.9 billion USD by 2024.“This year has been phenomenal for Kannaway in Japan. The company has increased sales every month in 2022 so far and we look forward to continuing this trend,” said Schroeder. “Reporting indicates that the Japanese government is considering easing some of its regulations on how CBD is sold in the country, and this would allow for increased opportunity for Kannaway in the marketplace.”

StaffAugust 17, 2022


The Daily Hit is a recap of cannabis business news for August 17, 2022.


Cresco Labs Revenue Rises, Maintains Wholesale Leadership

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) rose in early trading Wednesday morning with the company posting positive second-quarter results — reinforcing its position as the largest wholesale cannabis provider as it shores up its M&A moves. The Chicago-based cannabis operator released its financial results for the three months ended June 3o, 2022. Read more here. Read more here.

Lev Inches Toward $100 Million in Cannabis Capital

Lev, a commercial real estate (CRE) financing platform, said it completed more than $40 million in cannabis CRE loans across five different sponsors, with an additional $50 million in the pipeline. The news comes as cannabis are increasingly struggling to find funds to back their ventures amid a tightening environment – stymied by a lack of federal banking regulation. Read more here.

Cities Not Buy Cannabis Church Beliefs

In the early days of the legalization and decriminalization of cannabis, efforts have been attempted to link cannabis to a church. The move seems to suggest that members of the church should be afforded certain freedoms. If cannabis use was shown to be part of spiritual practice, then the church members argue they should be allowed to do as they please during these ceremonies. That their method of worship should be respected. Read more here.

Psylocibin Company Mydecine Shuts Down

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) is basically shutting down as the company has burned through its cash and is closing its research operations in Denver Colorado. The psilocybin company reported financial results for the six months ending June 30, 2022, with a net loss of $8.09 million or a basic and diluted loss per share of $(1.31). Read more here.


Tilray Brands, Inc.

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, today announced that its medical cannabis division, Tilray Medical, has received approval to commercialize its Tilray branded medical cannabis products in Poland expanding its product offering and distribution across pharmacies in Europe. Read more here.

RAMM Pharma Corp.

RAMM Pharma Corp. (CSE: RAMM), announced its intention to commence a normal course issuer bid, under which it may purchase up to 5% of the current number of issued and outstanding common shares of the company. Read more here.

Farmhouse Inc.

Farmhouse Inc. (OTCQB: FMHS) announced today the licensing agreement for Mutant Ape Yacht Club #30000, “Mega Robot,” as the face of a new web3 enabled brand launching in the cannabis industry. The licensing agreement is part of the company’s planned growth strategy into web3 by connecting the Farmhouse network of cannabis brands to exclusive and exciting NFT communities. Since June, the company has grown its NFT licensing portfolio to include Bored Ape Yacht Club, Mutant Ape Yacht Club, CryptoPunks, Meebits, CrypToadz, Doodles, and more. Read more here.

StaffAugust 16, 2022


The Daily Hit is a recap of cannabis business news for August 16, 2022.


Verano Revenue Rises But Misses Estimates

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its unaudited financial results for the second quarter ended June 30, 2022, with revenue increasing 12% to $224 million versus the same time period in 2021. The company also trimmed its net losses to $10 million from last year’s net loss of $30 million. Read more here.

Greenlane Revenue Drops, Looks to Sell KushCo

Greenlane Holdings, Inc. (NASDAQ: GNLN) slumped in trading Tuesday morning with company revenue dropping, as it moves to offload its packaging division — KushCo — in order to reinvest in its brand houses and find more profits. The smoking accessory e-commerce platform reported financial results for the first quarter ending June 30, 2022. Read more here.

InterCure Beats on Earnings, Revenues Rise Amid Global Expansion

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) posted positive results despite barely missing revenue expectations, as the company looks to further its international reach and shore up its new-found partnerships. The Israeli-based cannabis company — also known as Canndoc — reported its financial report card for the second quarter ending June 30, 2022. Read more here.

Halo Shores Up Losses as Revenue Rises

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) posted mostly positive results with revenues ticking up over the quarter — illustrating the west-coast operator’s pursuit to shave losses and pay down debt. The company announced its financial results for the first quarter ending June 30, 2022. Read more here.

The Parent Company Revenues Fall as Losses Persist

After the market closed on Monday, TPCO Holding Corp. (OTCQX: GRAMF) posted results that missed expectations as the company restructures and recovers from record losses. The west-coast cannabis company delivered its financial results for the second quarter ending June 30, 2022. Read more here.

Fieldtrip Health is Now Reunion Neuroscience

Field Trip Health has changed its name to Reunion Neuroscience Inc. (TSX: FTRP) (Nasdaq: FTRP) and reported its fiscal first quarter 2023 results for the period ending June 30, 2022. Reunion reported expenses of $5 million and a net loss of $13 million. The increase in net loss from the prior year primarily reflected the company’s focus on investing in RE104 which recently began its Phase 1 clinical trial, as well as increased public company costs. Read more here.

Psychedelic Companies Grapple With Next Steps

The emerging psychedelics industry is stuck with a sort of default business model that goes something like this: build a team of entrepreneurial-minded C-suite people, add a few qualified medical people, get a patented psychedelic molecule or compound to test and develop, build a research and development operation, then begin the clinical trials as quickly as possible while keeping antsy investors believing in the long-term value of the tenuous business journey that you and they have all embarked on. Read more here.


Indiva Limited

Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF), a Canadian producer of cannabis edibles and other cannabis products, is pleased to announce its financial and operating results for the second fiscal quarter ended June 30, 2022. Read more here.

Item 9 Labs Corp.

Item 9 Labs Corp. (OTCQX: INLB) —a vertically integrated cannabis dispensary franchisor and operator that produces award-winning products—today reported its fiscal third quarter operating and financial results for the nine months ended June 30, 2022. Read more here.

AmeriCann Inc.

AmeriCann Inc. (OTCMKTS: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, announced the release of financial and operational results for its fiscal quarter ending June 30, 2022. The company achieved a significant increase in year-over-year quarterly net income and revenue, with both being records for the company for the quarter ending June 2022. Revenue increased over 36% for the quarter ended June 2022 relative to the quarter ended June 2021, an increase of $213,188. Quarterly gross margins were 98.5%. Read more here.

Puration, Inc.

Puration, Inc. (OTC Pink: PURA) today announced an agreement remains in the works that is anticipated to result in a cash infusion within the next 90 days. Management expects the cash infusion to fuel a transition of the company’s overall cannabis market strategy. The marijuana cultivation license recently announced by PURA’s sister company, North American Cannabis Holding’s Inc. (OTC Pink: USMJ) has triggered an overall initiative for PURA and USMJ to evolve their respective cannabis market strategies to take advantage of the license and to adapt to the latest market conditions. Read more here.

Optimi Health Corp.

Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce natural, scalable, and accessible psychedelic and functional mushrooms for transformational human experiences, has received permission from Health Canada to manufacture and distribute additional psychedelic substances, most notably MDMA, under the amended terms outlined in its June 20, 2022 application to Health Canada. Read more here.

Psycheceutical Bioscience, Inc., Vici Health Sciences

Psycheceutical Bioscience, Inc. (OTC: BWVI), a bioscience company developing cutting-edge technologies for the next generation of mental health treatment, announced that it has entered into an exclusive option that provides Psycheceutical an opportunity to acquire a majority equity stake in Vici Health Sciences. The total exercise price under the option would be approximately $10.5 million, which would be paid part in cash and part in equity. Read more here.

N2 Packaging Systems LLC

N2 Packaging Systems LLC, a sustainable packaging company which uses engineering and proprietary packaging technologies to protect and preserve CBD and cannabis products, today announced 44.5% year-over-year growth in the first half of 2022. N2’s growth was driven by 16 new business accounts across the United States and around the world, including Israel and Jamaica. Read more here.

The National Association of Cannabis Businesses

The National Association of Cannabis Businesses (NACB), a cannabis industry self-regulatory organization (SRO), has announced that it will convert from a for-profit corporation to a not-for- profit organization later this year. Originally launched in June 2017, as a for-profit corporation, the mission of the NACB has been to support the compliance, transparency, and growth of cannabis businesses in the U.S. Read more here.

International Brotherhood of Teamsters

Teamsters Joint Council 25 and the International Brotherhood of Teamsters announced today that they have entered into a joint agreement that will give Teamsters Local 777 exclusive jurisdiction for organizing cannabis workers in the state of Illinois. The agreement is a huge step forward towards the union’s efforts to organize the rapidly expanding industry. Read more here.


Metrc, a provider of cannabis regulatory systems in the U.S., announced a new contract with the State of Alabama to support the regulation of its medical cannabis market. This marks Metrc’s 23rd government contract to date and sixth so far in 2022. Read more here.

StaffAugust 15, 2022


The Daily Hit is a recap of cannabis business news for August 15, 2022.


Auxly Revenues Improve, Tries to Cut Costs

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF)  released its financial results for the three months ending June 30, 2022. Total net revenues from the sale of adult-use cannabis in Canada were $27.3 million for the quarter, a 31% increase from the same period last year. The net losses for Auxly in the quarter almost doubled from last year’s $8.6 million to this year’s $14.2 million. Read more here.

Columbia Care Gets Boost From New Jersey Sales

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported financial results for the second quarter ending June 30, 2022, with revenue rising 18% to $129 million over last year’s $109 million. Revenue grew 5% sequentially from the first quarter. The company reported a net loss of $54 million versus last year’s net loss of $18 million, higher than the previous quarter’s net loss of $27 million. This is also expected to be the last quarterly earnings report before the company combines with Cresco Labs. Read more here.

Agrify Reports Losses, Lowers Guidance

Agrify Corporation (Nasdaq: AGFY) up-ticked in early trading Monday despite the company posting results far below analysts’ expectations — showing the waning demand for hydroponics amid the economic slowdown. Red more here.

4Front M&A Strategy Pays Off, Plans for Bloom Farms Bought Deal

After the market closed on Monday, 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) posted positive results — buoyed by growth from lucrative M&A deals over the past year. The vertical multi-state operator announced its financial results for the second quarter ended June 30, 2022. Read more here.

IM Cannabis Revenues Rise as Company Burns Through Cash

IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) reported financial results for its second quarter ended June 30, 2022. IMCC said that revenues rose 114% in the second quarter and were $23.8 million versus the same quarter last year. Total dried flower sold was 3,210 kilograms at an average selling price of $5.72 per gram, compared to 1,842 kilograms for the same period in 2021 at an average selling price of $3.92 per gram. Read more here.

Atai Life Cuts Expenses, Extends Cash Runway

Atai Life Sciences (NASDAQ: ATAI) announced fiscal second-quarter results today for the quarter ending June 30, 2022 with no revenue, but an update on expenses and cash levels. Read more here.

Rubicon Organics Sales Rise as Premium Brand Grows

Rubicon Organics Inc. (OTCQX: ROMJF) delivered mostly positive results on Monday as the company begins to post profits — buoyed by its premium flower and pre-roll line. The Vancouver cultivator released its financial results for the second quarter ending June 30, 2022. Rubicon reported approximately $8.8 million in net revenue during the period, a 92% gain versus the same period last year. Read more here.

Planet 13 Misses on Revenue Despite Quarter Uptick

Planet 13 Holdings (OTC: PLNHF) posted results that missed expectations — showing how waning demand and slimming margins are affecting even the largest operators. The Nevada-based cannabis superstore delivered its financial results for the second quarter ending June 30, 2021. Read more here.

Sundial Sees Record Revenue as Expansion Bid Pays Off

SNDL Inc. (NASDAQ: SNDL) posted positive results as the company reaps record revenue from this year’s M&A bets. The Canadian vice operator — formerly known as Sundial Growers Inc. — delivered its second-quarter results ending June 30, 2022. Read more here.

CV Sciences Misses Expectations as Hemp Demand Stutters

CV Sciences, Inc. (OTCQB: CVSI) sales fell in the quarter as demand for hemp-derived products continues to fade. The hemp operator announced its financial results for the quarter ending June 30, 2022. Read more here.

Psychedelics Aren’t for Everyone

Before any clinical trials for psychedelics are begun, there is a standard but critical vetting process. A hopeful participant can get excluded from a trial because of uncontrolled hypertension; a history of additional risk factors such as heart failure; evidence or history of significant medical disorders; symptomatic liver disease; or because they are abusing illegal drugs. Read more here.


Avicanna Inc.

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of cannabinoid-based products, announced the filing of its interim financial statements for the three-month period ending June 30, 2022. Read more here.

TPCO Holding Corp.

TPCO Holding Corp. (NEO: GRAM.U) (OTCQX: GRAMF), a consumer-focused California cannabis company, today announced its financial results for the quarter ended June 30, 2022. All amounts are expressed in U.S. dollars. Read more here.

Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a vertically integrated multi-state cannabis operator, today reported its financial results for the three months ended June 30, 2022. Financial results are reported in accordance with U.S. generally accepted accounting principles and all currency is in U.S. dollars. Read more here.

Flora Growth Corp.

Flora Growth Corp. (NASDAQ: FLGC), a manufacturer and distributor of global cannabis products and brands, reported today its financial and operating results for the six months ended June 30, 2022. All financial information is provided in U.S. dollars unless indicated otherwise. Read more here.

The Flowr Corporation

The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) announced the closing of the previously announced sale of the Flowr Forest property to an arm’s length third party for aggregate proceeds of $3.4 million. The company used a portion of the proceeds from the sale of this non-core asset to repay the outstanding balance of its ATB-led credit facility in full. The company, now bank debt free, intends to the use the remaining proceeds for working capital. Read more here.

InterCure Ltd.

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) announced its financial results for the second quarter of 2022 and provided shareholders with a business update. All amounts are expressed in Canadian dollars or New Israeli Shekels (NIS), unless otherwise noted. Read more here.

Neptune Wellness Solutions Inc.

Neptune Wellness Solutions Inc., (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced its financial and operating results for the three-month period ending June 30, 2022. Read more here.

SpringBig Holdings, Inc.

SpringBig Holdings, Inc. (NASDAQ: SBIG), a provider of SaaS-based marketing solutions, consumer mobile app experiences and omnichannel loyalty programs to the cannabis industry, today announced its financial results for the second quarter ended June 30, 2022. Read more here.

TILT Holdings Inc.

TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, is reporting its financial and operating results for the three months and six months ended June 30, 2022. Read more here.

LiveWire Ergogenics Inc.

LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring, leasing, licensing, and managing special purpose real estate properties conducive to producing sun-grown cannabis products for medical and recreational adult-use in California, reported financial results for the second quarter 2022. Read more here.

urban-gro, Inc.

urban-gro, Inc. (Nasdaq: UGRO), an integrated professional services and design-build firm offering solutions to the controlled environment agriculture (CEA) and commercial sectors, today reported second quarter financial results. Read more here.

Field Trip Health & Wellness Ltd.

Field Trip Health & Wellness Ltd. announced that it has filed a listing application in connection with the previously announced intention to list its common shares on the TSX Venture Exchange (TSXV). It is anticipated that the shares will commence trading on the TSXV under the ticker symbol “FTHW” at the opening of the market on August 17, 2021. Read more here.

Small Pharma Inc.

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that it has received approval from the U.K. Medicines and Healthcare products Regulatory Authority (MHRA) and the Regional Ethics Committee to initiate a drug interaction clinical trial in the U.K. The study will assess the interaction between serotonin reuptake inhibitors (SSRIs) and SPL026, the company’s lead N, N-dimethyltryptamine (DMT) candidate, in patients with major depressive disorder. Read more here.

StaffAugust 15, 2022


Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported its financial results for the second quarter ending June 30, 2022, with revenue increasing 16.2% quarter-over-quarter and increasing 20.7% year-over-year, to $117.7 million. This easily beat the Yahoo Finance average analyst estimate for sales of $92 million. Ascend said its net loss dropped to $21.2 million during the quarter versus last year’s net loss of $27.8 million for the same time period. The net loss made the earnings ($0.11) per share, which missed the earnings estimate for a loss of ($0.06) per share. 

Retail revenue grew 19.4% quarter-over-quarter to $75.6 million. Gross wholesale revenue grew 11.0% quarter-over-quarter to $42.1 million and wholesale, net of intercompany sales, grew 0.7% to $21.9 million.

“We are pleased with our financial performance for the quarter, with upwards of 15% revenue growth and operating leverage which drove a 220 basis point increase in Adjusted EBITDA margins,” said Abner Kurtin CEO and Co-Founder. “The key driver of these results was the commencement of adult-use sales at our Rochelle Park, New Jersey dispensary, one of the top performing stores in the state. Ascend is extremely well positioned to benefit from adult-use sales in New Jersey, because of our attractive collection of assets combined with high operating leverage given our focused portfolio. Outside of New Jersey, the rest of the business across the portfolio also exceeded expectations. Furthermore, we were pleased to announce important acquisitions in Ohio and Illinois, which bring us to the retail cap in both states, positioning us to be a leader in the Midwest. This growth is supported by one of the top balance sheets in the industry with $141 million of cash and no near term maturities.”

Ascend said it closed on $65 million of the remaining funding available under the accordion feature of its existing Senior Secured Term Loan, bringing the total debt financing from the loan to $275 million. This capital will support the Company’s growth and expansion initiatives in PennsylvaniaOhio, and other states.

New Jersey

Like other companies that were able to start sales in New Jersey, the garden state has proven to be a winner. Ascend began its adult-use sales at the Rochelle Park, New Jersey dispensary on April 21st, with store sales reaching as high as $1.25 million in a single week. Subsequent to quarter end, the company opened its Fort Lee, New Jersey dispensary for medical sales. The company said it expects to begin selling adult-use cannabis at its Montclair, New Jersey store on August 19th, pending approval by the township, followed by adult-use sales in Fort Lee this fall. The company said it added 4,000 square feet of canopy in New Jersey for a total of 20,000 square feet of a canopy in the state and 217,000 square feet overall.

Also in the news, today, Ascend announced that it entered into a definitive agreement the option to buy Ohio Patient Access, which owns and operates three Ohio dispensaries that are in the process of being built in CincinnatiPiqua, and Sandusky. The addition of OPA’s three dispensaries would increase AWH’s Ohio footprint to five dispensaries, the maximum permitted by the State. The company also signed two agreements to acquire two dispensary licenses in Illinois from separate sellers. Once closed, the company would have ten dispensaries in Illinois, which would maximize scale and bring it to the state-imposed cap of ten.

StaffAugust 12, 2022


There is a new cannabis Real Estate Investment Trust or REIT in the market. MJ REIT was recently formed as a partnership between Rainbow Realty Group and Arcview Capital. Rainbow Realty Group will serve as sub-manager to MJ REIT, responsible for selecting and underwriting investments, while Arcview Capital will serve as the managing broker-dealer, tasked with distributing shares to the investing public and providing sales support.

“With heightened volatility in the public markets and investor concerns around rising rates and inflation, it’s exciting to create a strategy that provides investors an innovative solution to help meet their long-term goals,” said Christopher Reece, CEO of MJ REIT.

Hoya Capital recently wrote on Seeking Alpha that “Cannabis REITs have delivered the strongest dividend growth over the past five years, averaging more than 20% per year. Cannabis REITs pay out roughly 85% of their available FFO, however, higher than the REIT sector average.”  Two of the leading cannabis REITs are Innovative Industrial Properties (NYSE: IIPR) and New Lake Capital Partners (OTC: NLCP).

MJ REIT says it seeks to provide investors with solutions to three major investing challenges:

    • Income: Targeting approximately 10% annual distributions, paid in monthly 1099 Income

    • Diversification: Alternative investments like private commercial real estate can be complementary to a traditional stock & bond portfolio

    • Stability: Private commercial real estate has historically provided attractive risk-adjusted returns.


“By partnering with MJ REIT, we’ll help provide the capital needed for companies in this rapidly growing industry. With our multi-generational history of real estate investing, Rainbow employs a conservative underwriting approach and values properties using ‘non-cannabis’ valuations, unlike other cannabis REITs,” said Kyle Shenfeld, President of Rainbow Realty Group.

StaffAugust 12, 2022


After the market closed on Thursday, Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) reported its financial results for the quarter ending June 30, 2022. At this time the company has no revenue and reported a net loss of $17.1 million versus $44.5 million for the same period in 2021.

“In the second quarter, we took important steps to advance our ongoing development programs, which was highlighted by the progression of our Phase 2b dose-optimization trial of MM-120 for the treatment of generalized anxiety disorder (GAD), one of the largest well-controlled studies of LSD ever conducted. This trial builds on encouraging positive data generated in the LSD-Assist Study, a Phase 2 placebo-controlled investigator-initiated clinical trial of LSD in the treatment of anxiety disorders and decades of evidence of the therapeutic potential of LSD in anxiety, depression, and beyond. During the quarter, we also announced positive safety and tolerability results for our MM-110 program, for the treatment of opioid withdrawal, that provide important insight into the design for future studies for the clinical program for individuals undergoing supervised opioid withdrawal,” said Robert Barrow, Chief Executive Officer and Director of MindMed.

The MM-120 (LSD D-tartrate) is a proprietary, pharmaceutically optimized form of lysergic acid diethylamide (LSD) that is primarily being developed for the treatment of generalized anxiety disorder (GAD). The company said it remains on track for patient dosing in the Phase 2b dose-optimization study of MM-120 for the treatment of GAD, with topline results expected in late 2023.

The MM-402 or R(-)-MDMA is  a synthetic R-enantiomer of 3,4-Methylenedioxymethamphetamine that the company is developing for the treatment of core symptoms of autism spectrum disorder. The IND-enabling studies are currently ongoing and initiation of the Phase 1 clinical trial of MM-402 is planned for 2023. Through the company’s collaboration with the University Hospital Basel in Switzerland, a Phase 1 pharmacokinetic/pharmacodynamic investigator-initiated trial of R(-)-MDMA, S(+)-MDMA and (+)- MDMA in healthy volunteers is expected to commence in Q3 2022.


Research and development expenses were $9.3 million for the quarter versus $8.1 million for the same time period in 2021, an increase of $1.2 million. MindMed said the increase was primarily due to $2.8 million of external costs related to the LSD research program and the commencement of R(-)-MDMA study. G&A expenses were $7.6 million for the quarter versus $37.1 million for last year’s second quarter, a decrease of $29.5 million. The decrease was primarily due to $24.4 million in additional non-cash stock-based compensation expenses relating to the modification of stock option awards and RSUs.

MindMed said it had cash and cash equivalents totaling $105.7 million compared to $133.5 million as of December 31, 2021. MindMed believes its available cash and cash equivalents will be sufficient to meet its operating requirements beyond its key development milestones in 2023 and into 2024.

“As we continue to sharpen our efforts on our key strategic priorities for the near-term, we remain primarily focused on directing our resources towards advancing our MM-120 program in psychiatric indications, and our MM-402 program in autism spectrum disorder. We intend to continue further development for our MM-110 program subject to successful pursuit of non-dilutive sources of capital and/or collaborations with third parties. We believe that this strategy represents a cost-effective approach to advancing the programs in our pipeline that we believe have the highest probability to generate near-term value for our shareholders. With our sharpened focus and strengthened leadership team, we look forward to providing additional updates on our progress as we advance our clinical pipeline.”

Separately, Schond L. Greenway was appointed as Chief Financial Officer in May. On August 4, 2022, the Board of Directors approved a ratio of the 1-for-15 reverse share split of the Company’s common shares. The reverse share split is expected to take effect after the close of business on August 26, 2022, with trading expected to begin on a split-adjusted basis on the Nasdaq and the Neo Exchange Inc. at market open on August 29, 2022.

StaffAugust 11, 2022


The Daily Hit is a recap of cannabis business news for August 11, 2022.


Cannabis Consumption on Track to Beat Alcohol

As talks revolving around the federal legalization of cannabis splinter in Congress, the question of whether cannabis can eat beverage alcohol’s margins remains a growing one. In a report, titled, “Is Cannabis a Threat to Alcohol Sales?” BDSA Consumer Insights contends that while the crop is as popular as ever, any real breakthrough of consumer participation in adult-use and medical markets remains stymied in D.C. – casualties of political animosity and procedural acrobatics aimed at slowing progress. Read more here.

Akerna Misses on Revenue, Bookings Down

Akerna Corp. (Nasdaq: KERN) posted less than positive results as it missed expectations — showing that mixed demand and weaker sales are rippling through the sector. The cannabis tech firm released its second-quarter financial report card ending June 30, 2022. Read more here.

Aleafia Watches Revenues Rise in Canada, Looks Across the Pond

Aleafia Health Inc. (OTCQX: ALEAF) delivered positive results on Thursday as it continues to cut costs and find more profit in the Canadian legal market and overseas. The Canadian cannabis company reported its financial results for the three months ending June 30, 2021. Aleafia Health releases its financial report card on a 15-month fiscal year with five quarters versus a standard 12-month year with four quarters. Read more here.

Goodness Growth Beats on Revenue, Sees Sales in Emerging States

Goodness Growth Holdings, Inc. (CSE: GDNS) (OTCQX: GDNSF) posted positive results on Thursday — driven by new retail store sales and new regulatory changes in nascent state markets. The multi-state cannabis company reported financial results for its second quarter ended June 30, 2022. Read more here.

Why Psychedelic Cannabis is a Thing Now

The idea of a cannabis product creating a sort of psychedelic experience is not a new one. There was a prevailing, fictional description back in the early part of the last century—encouraged by the 1936 film “Reefer Madness”—where people feared that was what all cannabis did. It freaked you out. Caused you to do unspeakable things. Run amok. Destroy property. Read more here.


Leafly Holdings, Inc.

Leafly Holdings, Inc. (NASDAQ: LFLY), an online cannabis discovery marketplace and resource for cannabis consumers, today announced financial results for its second quarter ended June 30, 2022. “Revenue in the quarter was $12.1 million, up 13.8% over Q2 last year, and up 5.5% over Q1 as we continue to build on the investments we’ve made in the first half of this year.” Read more here.

Clever Leaves Holdings Inc.

Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW), a multinational operator and licensed producer of pharmaceutical-grade cannabinoids, is reporting financial and operating results for the second quarter ended June 30, 2022. All financial information is provided in US dollars unless otherwise indicated. Read more here.

Forian Inc.

Forian Inc. (Nasdaq: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, today announced results for the quarter ended June 30, 2022. Read more here.


Schwazze, (OTCQX: SHWZ) (NEO: SHWZ), today announced financial results for the second quarter ended June 30, 2022. Revenues of $44.3 million increased 44% compared to $30.7 million in second quarter ended June 30, 2021. Read more here.

CEA Industries Inc.

CEA Industries Inc. (NASDAQ: CEAD, CEADW) a company in controlled environment agriculture (CEA) systems engineering and technologies, is reporting results for the three months ended June 30, 2022. Read more here.

Agra Ventures Ltd.

Agra Ventures Ltd. (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF), a growth-oriented and diversified company focused on the international cannabis industry, announced that its Board of Directors has approved the Company’s issuance of 240,420 common shares at a deemed price of approximately $0.12 per Share as payment of the portion of the quarterly amount of interest due in Shares on a loan entered into in December of 2020. Read more here.

Ayr Wellness Inc.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a vertically integrated U.S. multi-state cannabis operator, announced that the Massachusetts Cannabis Control Commission (CCC) has granted a final license for adult-use cannabis at its Sira Naturals dispensary in Somerville. The company also received approval to open the first phase of its cultivation expansion in Milford, Massachusetts. The CCC voted to approve both measures during its meeting on August 11, 2022. Read more here.


Cookies today announced its in Florida’s medical cannabis market with the opening of Cookies Miami, the brand’s 52nd dispensary, in a location convenient to the airport and downtown. The new 3,100 square-foot location will host a unique menu featuring Cookies’ highly sought-after genetics and custom Cookies SF local reserve merchandise. Read more here.

Christina Lake Cannabis Corp.

Christina Lake Cannabis Corp. (CSE: CLC) recapped its second quarter financial results for the six-month period ended May 31, 2022. All amounts are expressed in Canadian dollars unless otherwise noted. Read more here.

Allied Corp.

Allied Corp. (OTCQB: ALID), as a part of the previously announced export approval of 7100kgs of Colombia-grown cannabis, Allied has today shipped 1728kgs to Switzerland. This will be followed by 1500kgs weekly until the 7100kg threshold is met. Read more here.

Pyxus International, Inc.

Pyxus International, Inc. (OTC Pink: PYYX), a global value-added agricultural company, today announced results for its fiscal quarter ended June 30, 2022. Read more here.

Reunion Neuroscience Inc.

Reunion Neuroscience Inc., (formerly, Field Trip Health Ltd.) (TSX: FTRP, Nasdaq: FTRP) and Field Trip Health & Wellness Ltd. announced the closing of the plan of arrangement spinout transaction, including the corporate reorganization effected thereby, effective August 11, 2022. Pursuant to the arrangement, holders of common shares of the company exchanged their company shares for one new common share of the company and received 0.85983356 of a Field Trip H&W common share. Read more here.

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