Staff, Author at Green Market Report

StaffMarch 28, 2023


The Daily Hit is a recap of the top financial news stories for March 28, 2023.

On the Site

Judge Narrows New York Retail Licensing Injunction to One Region

An injunction issued by a federal judge in November that has stalled retail cannabis licensing in five of New York’s regions has been narrowed now to just one – the Finger Lakes. That means marijuana retail licenses can now be awarded by the state Office of Cannabis Management in the other four regions, which include Brooklyn, Central New York, Western New York and the Mid-Hudson areas. Read more here.

Eight Cannabis Companies Sue Georgia, Allege Fraud, Corruption in Licensing

A coalition of eight companies that submitted bids for medical marijuana licenses in Georgia have filed suit against the state, alleging that the permitting process was corrupt and fraudulent and asking a judge to set aside the license awards. Read more here.

Massachusetts’ MCR Labs Accuses Control Board of Harassment

The CEO and founder of Massachusetts cannabis testing company MCR Labs is accusing the state’s Cannabis Control Board of harassing and intimidating employees, disregarding safety protocols, and compromising their facility’s testing integrity during an unannounced inspection last week. Read more here.

Canopy Growth Fined C$15 Million for Breach of Contract

Canada’s Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) has been ordered by an arbitration tribunal to fork over C$15 million to an unnamed counterparty for breach of contract, the company disclosed this week in a regulatory filing. Read more here.

Leaf Trade, Sweed to Merge Into ‘B2B2C’ Cannabis Tech Platform

Nevada-based cannabis tech companies Leaf Trade and Sweed will merge into a new yet-to-be-named business entity, with Leaf Trade CEO James Yi at the helm. The combined company, Yi said, will result in a new “B2B2C” tech platform that is unique to-date in cannabis. Read more here.

Grown Rogue Gets Boost from Michigan Sales

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), reported its fiscal first quarter 2023 results for the three months ended Jan. 31, 2023. Grown Rogue‘s revenue grew 21% to $4.5 million versus last year’s $3.7 million in the same time period. The company also reported a net income of $592,000. Read more here.

SNDL to Buy Dutch Love, Delays Earnings

SNDL Inc. (Nasdaq: SNDL) reported that it has entered into an agreement with Lightbox Enterprises Ltd. to buy four cannabis retail stores operating under the Dutch Love Cannabis banner in a deal valued at $7.8 million. the deal is expected to close by the end of May 2023. Read more here.

In Other News


Last week, the Texas House Committee on Public Health unanimously approved a bill to increase the THC limits in medical cannabis and expand who is eligible to use it. On Tuesday, goodblend — a state-licensed medical marijuana operator — opened its first dispensary location in Austin. It’s only the third medical marijuana retail location to open in the Lone Star State. Read more here.

Wu-Tang Clan

Newark, New Jersey’s Central Planning Board stomped on a lot of buzzes Monday night, denying an application by Wu-Tang Clan’s Raekwon to open a cannabis lounge a block from the Prudential Center arena after church elders protested and one board member complained that the rendering was offensive. Read more here.

StaffMarch 28, 2023


88% – Percentage of U.S. CBD consumers who desire sleep, physical relief, and/or relaxation from their CBD products

When CBD first came on the scene, there were many different purported use cases – focus, sleep, energy, and even improved libido. With more familiarity with the cannabinoid, consumers are seeking distinct purposes for using CBD.

Source: Brightfield Group, U.S. CBD Consumer Insights, Q4 2022

StaffMarch 27, 2023


The Daily Hit is a recap of the top financial news stories for March 27, 2023.

On the Site

Toys R Us Sues Unlicensed Dispensary in Brooklyn

Last week a lawsuit was filed in a New York Federal court by Toys R Us, also known as Tru Kids, against an unlicensed cannabis dispensary that uses the name Zaza R Us and Nedhal Y. Saleh. oys R Us said in the lawsuit that it sent a letter to the dispensary in January 2023 asking the company to stop using the signage, which copies the Toys R us logo but replaces the star image in the backwards “R” with a cannabis leaf image, and never received a response. Read more here.

New York Moves to Let Medicaid Pay for Medical Marijuana

New York lawmakers got a step closer to authorizing state-funded insurance payments to cover the cost of medical cannabis for patients, with a bill to do so advancing easily out of a state Assembly committee hearing. Read more here.

Nasdaq Gives Aurora September Deadline to Up Share Prices or Risk Delisting

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) has six months to get its share price back above $1 or face the specter of losing its Nasdaq listing, the company was told by the exchange’s management group. Nasdaq Stock Market LLC told the Canadian cannabis giant it hasn’t met its minimum stock price requirement since Feb. 8, as its share price closed below a U.S. dollar for 30 consecutive business days. Read more here.

Planet 13 Sees Opportunity in Competitors’ Distress

As the small get weaker, the big get stronger by gobbling them up. Or they just wait for the weak to die off, and then take over their territory. That’s the simple version of what Nevada-based Planet 13 Holdings’ leadership discussed as a likely strategy for their home state in 2023, since they believe many other retailers are on “life support” and ripe for acquisition. Read more here.

Scenes from the GMR 2023 Women’s Summit

The Green Market Report 2023 Women’s Summit was a rousing success last week in New York City. The well-attended conference featured many leading women in the cannabis industry giving great advice to the audience. Watch highlights from the event here.

In Other News

Ayr Wellness

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) closed under the definitive agreement to sell Blue Camo LLC, which comprises Ayr’s Arizona assets, to AZ Goat AZ LLC, a group consisting primarily of the former owners of Blue Camo, who sold the business to Ayr in 2021. Read more here.


Bhang Inc. (CSE: BHNG) (OTC Pink: BHNGF) entered into a debt settlement agreement with an arm’s length lender relating to an outstanding amount owing of $100,000 plus interest. Bhang has agreed to make cash payments in four installments to the lender and issue subordinate voting shares and share purchase warrants under the agreement. Read more here.

Verano Holdings Corp.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) simplified its capital structure by completing the conversion of all its outstanding Class B proportionate voting shares into Class A subordinate voting shares, resulting in one class of outstanding shares. Read more here.

StaffMarch 24, 2023


Inspirational speakers with real talk about struggles and challenges, but also celebrating success. These female leaders in the cannabis industry told stories, gave advice, and bonded with each other at the second annual Women’s Summit.

These all-female panels represented some of the most accomplished women across all age groups, and races. Here are some of the images from the successful event.

A huge thank you to the sponsors that helped make this happen:

  • The OG of edibles Wana Brands
  • Cannabis banking firm Safe Harbor Financial
  • The legal offices of Feuerstein Kulick
  • We also want to recognize our associate sponsors: Etain, Metrc, LIM College, Citrin Cooperman, Maverick PR – huzzah to Shawna, Valley Bank, Sarah Lee Gossett Parish
  • Our product sponsors are Blinc Group, Binske, Zelira and The Bureau cannabis packaging


StaffMarch 24, 2023


The winners if the Green Market Report 2023 Women’s Leadership Awards were announced on March 23 at the Women’s Summit held in New York City. We congratulate all the winners.


The winner of the Trailblazer goes to Janet Matula of Gelato Canna Co.  Janet Matula has played a significant role in the development, launch and daily operations of Gelato Canna Co., one of California’s fastest-growing cannabis brands. As a C-suite executive, Janet’s involvement at the company is not limited to one particular role. Since launching Gelato in March 2022, Janet has been in charge of compliance for three separate facilities, overseen Gelato’s graphics department, managed product development of over 100 SKUs and is currently organizing Hall of Flowers’ afterparty, which is hosted by Gelato. Before her time at Gelato, Janet was a senior executive at Platinum Vape, which was sold for $70m in 2020.


The winner of the legal award goes to Rebecca Rutenberg of Vicente LLP. At just 32, Rutenberg – a Boston Business Journal 2022 40 Under 40 Awardee and Vice President, Northeast Markets /Business Intelligence for Vicente Sederberg – has clinched approvals for the northeast’s most lucrative cannabis locations. She provides mentorship services to over a dozen social equity clients.

Science & Research

The winner of the Science & Research award goes to Angela Pih of  StateHouse Holdings (OTC: STHZF). Angela created and launched CannaCraft’s first wholly-owned, cannabis-infused beverage brand, GEM + JANE, a line of micro-dosed botanical beverages created for women by women that remains the only cannabis-infused beverage brand to be acquired by a nationally recognized, publicly trading company in the wine and spirits industry. Angela led a dynamic team across marketing, research and development, and scientific affairs, she launched two new brands, introduced 70 new products and directed an existing portfolio of 12 brands at Canna Craft. She is now head of marketing at StateHouse.


The winner for Cultivation is Rachel Edwards also from StateHouse. She works as a Research and Development Manager at StateHouse Holdings, but her desire to improve product quality and trial new plant varieties dates back to her days as a Floriculture Research Assistant at Clemson University. With two degrees in horticulture science and horticulture operations, Edwards has gone on to work as a propagation specialist at SunMed Growers and a propagation section grower at Altman Plants. In these roles, she was responsible for propagation space and acclimation zone with additional finishing plants for a total growing space of 65,000 square feet. Additionally, she managed labor, plant performance, hard goods inventory, production planning, transplant line coordination, and entered inventory movements and plantings.


The winner for Activism is Shanita Penny. Shanita Penny is the director of the Coalition for Cannabis Policy, Education, and Regulation (CPEAR)’s Center of Excellence. Prior to her time at CPEAR, Shanita served as president of the Minority Cannabis Business Association (MCBA) where she advocated for social equity policies in the industry, such as increasing diversity, expanding equal access, and promoting economic empowerment in communities most impacted by the war on drugs. In addition to lobbying on Capitol Hill with the National Organization for the Reform of Marijuana Laws (NORML) to help reform federal cannabis laws, Penny also founded a boutique cannabis consultancy, Budding Solutions, to help clients establish and scale compliant, successful cannabis businesses, and co-founded DocHouse, a craft cannabis cultivator and manufacturer acquired by Ayr Wellness. Penny currently serves on the board of directors for the Alliance for Sensible Markets and the advisory board of Regennabis, and Shoki Beverages.


The winner for Ancillary is Renata Serban. Renata is the vice chair of the cannabis committee of the NYS Society of CPAs. She has developed accounting and tax curricula for Cannabis Compliance Training and Mentorship program with the NYS Office of Cannabis Management and currently is the mentor to cannabis license applicants. She is always volunteering her time in educating the general public about cannabis and the importance of qualified CPAs within the cannabis industry. Renata is also part of an initiative of being a mentor to young kids wishing to pursue the accounting profession. Renata is one of the principal writers of the comment letter to NYS Adult-use proposed regulations. She is a nominee for the Outstanding Young CPA Award with AICPA and a prominent supporter of women in cannabis.

Tech & Data

The winner for Tech & Data is Mikaela McLoughlin. Mikaela is a dynamic change agent that has played an integral role in SpringBig Holdings’ (NASDAQ: SBIG) growth for the last five years. Transitioning from the role of business development manager to director of strategic growth and eventually, vice president of business development, she has shown an incomparable ability to contribute in any position. Along her career path, she has assisted many of the largest multistate operators and highest volume retailers in reimagining their loyalty programs and their relationships with their customers and patients. With her leadership, SpringBig has also established partnerships with leading cannabis POS and e-commerce platforms like Flowhub, COMBASE, Shopify and Kind+. McLaughlin’s ability to expand the company’s business endeavors propelled SpringBig to complete its business combination with Tuatara Capital Acquisition Corporation and go public.

Social Impact

The next award is for Social Impact and there are two people receiving this award but from the same company: Mary Pryor and Kassia Graham of Cannaclusive.  Cannaclusive is a dynamic catalyst for change that is dedicated to providing fair representation of marginalized communities within the cannabis industry.  Under Pryor and Graham’s leadership, Cannaclusive created The Accountability List. Launched in 2020, the list offers a comprehensive look at racial justice initiatives from cannabis and hemp companies via behavior and action. Rather than call out cannabis companies for their lack of inclusion efforts, the list calls in cannabis brands and challenges them to find solutions to the diversity issues that plague the industry. Another Cannaclusive creation, Cannabis For Black Lives, is a coalition of cannabis companies that challenges the broader industry to uplift and amplify Black voices, benefitting numerous community-focused organizations, including Supernova Women, The Hood Incubator and Copper House Detroit. Kassia Graham also co-founded the Black X Film Festival to support marginalized content creators and holds a board position with the Cannabis Workers Coalition.

Public Relations

The winner for Public Relations is Rosie Mattio of Mattio Communications. Whether she’s participating in a bodybuilding competition or leading a meeting, Rosie exhibits an air of confidence and determination that is infectious. Under her leadership, MATTIO Communications has evolved to include several communications services, ranging from investor relations to influencer marketing. Managing a portfolio of more than five dozen clients, MATTIO has ushered in a new era of cannabis communications that challenge antiquated media biases and stereotypes against cannabis businesses.

Woman-Founded Brand

The winner of the Woman-Founded Brand is none other than Nancy Whiteman, the co-founder and CEO of Wana Brands, which she helped launch in 2010.

Nancy leads Wana with a majority-female executive team that includes women in the positions of COO, CFO, vice president of expansion, and director of CSR. In October 2021, Canadian cannabis company Canopy Growth Corp. purchased the option to acquire Wana Brands for an upfront cash payment of $297.5 million, which was supposed to be triggered when cannabis became federally legal in the U.S. But Canopy tired of waiting and is now in the process of exercising the option through the creation of Canopy USA, a roll-up of its U.S. assets. With proceeds from the deal, Nancy established The Wana Brands Foundation, an organization working to enhance the world by supporting a wide variety of nonprofits in Wana’s communities.

Woman of the Year

And finally – the Woman of the Year award – Jill Ellsworth of Willow Industries.

In 2015, Jill founded Willow Industries, the first cannabis decontamination company in the country. Her organic, ozone-based technology, WillowPure, breaks down harmful microbes living on cannabis, while protecting the plant’s medicinal properties. With the widespread adoption of WillowPure machines in cultivations worldwide, Jill has become a trailblazer for quality assurance and clean growing practices.

In 2022, she was named on the Forbes Cannabis 420 list as one of the top change-makers in the industry, as well as Entrepreneur and Innovator of the Year for the Titan Women in Business Awards. In 2022, Willow ranked #50 on the Financial Times list of the Americas’ Fastest-Growing Companies, was named a Gold Winner for Achievement in Product Innovation for the Titan Business Awards, and ranked on Inc. 5000’s Fastest Growing Companies for the second consecutive year.

Congratulations to all the winners.

StaffMarch 23, 2023


The Daily Hit is a recap of the top financial news stories for March 23, 2023.

On the Site

Exclusive Interview: Untangling New York’s True Party of Ownership Rule

New York cannabis policy czar Axel Bernabe spoke to Green Market Report to outline exactly what is and isn’t allowed for cannabis businesses under the state’s two-tiered market structure, including controversial “True Party of Interest” regulations. Read more here.

California State Officials Launching Crackdown on Local Cannabis Corruption

California’s state government has had enough of corruption in its marijuana industry at the city and county level, and is launching a new crackdown in at least six yet-to-be-named jurisdictions, to look for evidence of pay to play schemes, bribery, and other instances of wrongdoing. Read more here.

Curaleaf to Close New Jersey Grow, Lay Off Up to 40 Staff

Massachusetts-based cannabis titan Curaleaf (CSE: CURA/OTCQX: CURLF) confirmed this week that it plans to close its marijuana cultivation facility in Bellmawr, New Jersey, which could reportedly result in up to 40 layoffs. Read more here.

Charlotte’s Web Sales Fell in 2022 as CBD Demand Fades

Despite inking major deals, Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) saw falling revenue in 2022 due in part to waning demand in an increasingly saturated cannabidiol (CBD) industry. Read more here.

Emerging East Coast State Markets to Buoy Cannabis Industry as Legalization Stalls

While the most-seasoned legal recreational state markets saw declines in revenues for the first time in 2022, recently legalized states on the East Coast are expected to fuel growth for the time being, according to a report by New Frontier Data. Read more here.

In Other News

Cannabis rescheduling

U.S. Health and Human Services Secretary Xavier Becerra, whose agency was tasked last fall with kicking off a federal review of marijuana’s status as a Schedule 1 controlled substance, said during a TV interview this week that his office is working as quickly as it can, but didn’t provide any details or timeline. The review could ultimately lead to federal marijuana legalization, and Becerra shared a clip on Twitter. Listen to highlights here.


Nine companies that applied for medical cannabis business licenses have filed suit against a state commission that was in charge of awarding permits, and the situation has led to a proposed compromise from a state lawmaker. Read more here.

StaffMarch 22, 2023


The Daily Hit is a recap of the top financial news stories for March 22, 2023.

On the Site

Exclusive Interview: New York’s Cannabis Czar on the Legal Market’s Long Play

Axel Bernabe, the chief of staff and senior policy director for New York’s Office of Cannabis management, connected with Green Market Report for an hour-long discussion on the Empire State’s recreational market rollout, and made several revelations, including that the state may award up to 100 more retail permits in the near future. Read more here.

Michigan Cannabis Prices Spiked in February, First Time Since Legalization

Michigan recreational marijuana prices rose in February – reversing a price free fall since Michigan dispensaries began selling in December 2019 – as growers appear to be growing fewer plants to prevent losses and state regulators up enforcement efforts. Read more here.

Oklahoma Launches Cannabis Crackdown, Revokes Farm License

The Oklahoma Medical Marijuana Authority has begun what could be a lengthy crusade to rid its state cannabis industry of bad actors, and the crackdown began with the revocation of a cultivation permit the state said was in violation of the Oklahoma residency requirement. Read more here.

Irwin Naturals Buys Keta Media

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF)  has acquired Keta Media, LLC, dba Ketamine Media as of March 17, 2023 in a deal initially announced in September 2022. While the amount paid for the company wasn’t disclosed, it was said to be all cash and that Irwin would assume certain debts of Keta Media. Ketamine Media is the nation’s foremost advertising company dedicated to raising awareness about the clinical use of ketamine. Read more here.

Vext Science Revenue Ticked Down in 2022 as Arizona Sales Flat

Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) had a decent 2022 in Arizona despite challenging economic conditions caused by high inflation rates. The MSO reported its financial results for the period ending December 31, 2022. Read more here.

In Other News

New York

New York. Gov. Kathy Hochul has thrown her support behind civil fines of up to $10,000 a day for unlicensed commercial cannabis activity, in an attempt to crack down on the state’s thriving illicit market. Read more here.

SAFE Banking

The chairman of a key Senate committee says lawmakers need to act on marijuana banking legislation “this year,” and his Republican counterpart on the panel agrees that the issue will “come to a conclusion likely in this Congress.” Read more here.

StaffMarch 21, 2023


The Daily Hit is a recap of the top financial news stories for March 21, 2023.

On the Site

New York Cannabis Store Adds Potency Disclaimers to Some Products

One of the five licensed and legal marijuana retailers in New York state just added THC potency disclaimers to a range of its products due to flaws in the current lab testing system, which is supposed to determine cannabis product potency to be displayed on labels for customers to see. Read more here.

Tinley’s Sheds Weight as California Cannabis Beverage Market Tightens

Looking to address growing market challenges, The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) cut staff and paused some expansion plans while it focuses on its relocation from Long Beach to Blaze Life Holdings’ (BLH) Canoga Park cannabis manufacturing and distribution facility. Read more here.

Another Shareholder Sues Innovative Industrial Over King’s Garden

As the cannabis industry has found itself struggling to compete against unlicensed players, high taxes and falling prices – the ripple effect continues. Late last week, another shareholder filed suit in Maryland against cannabis real estate investment trust Innovative Industrial Properties (IIP) (NYSE: IIPR) for failing to be truthful to investors about its business dealings with Kings Garden. Read more here.

Akerna Wraps Up 2022 With Losses, Exits Cannabis

Former cannabis company Akerna (Nasdaq: KERN) reported its unaudited financial results for the fourth quarter, which ended Dec. 31, 2022. Akerna is attempting to sell off its cannabis assets and has plans to merge with Gryphon Digital Mining. Read more here.

In Other News

Posabit Systems Corp.

Ancillary technology company Posabit Systems Corp. (CSE: PBIT, OTC: POSAF) released new financial guidance, and said it expects revenues of $60 million-$63 million for the 2023 fiscal year, with profits in the $15 million-$17 million range. Read more here.

Federal Rescheduling Review

U.S. Secretary of Health and Human Services Xavier Becerra this week declined to put a timeline on when his agency would finish an ongoing review of marijuana’s status as a Schedule 1 controlled substance, which could result in federal cannabis legalization. Read more here.

Veritas, Durango Cannabis Recalls

Two recalls were issued this week by Colorado authorities for products made by Veritas Fine Cannabis and Durango Cannabis Co., after testing found potentially unsafe levels of mold. Read more here.

StaffMarch 21, 2023


54% – The percentage of cannabis-consuming women under 30 who report enjoying cannabis “multiple times per day”

A majority of cannabis consumers report using it multiple times daily. Cannabis-consuming women under age 30 are even more likely to do so. This group is also likely to be using cannabis to treat mental health conditions.

Source: Brightfield Group, U.S. Cannabis Consumer Insights, Q4 2022

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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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