Staff, Author at Green Market Report

StaffDecember 2, 2021
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7min3090

This is your Daily Hit of cannabis financial news for the week ending December 2, 2021.

On The Site

Delta-8

Despite the controversy over Delta-8, sales are beating some popular CBD companies. Hemp Benchmarks has been following the price of Delta-8 within the hemp industry and recently highlighted the company LFTD Partners (OTC: LSFP), whose sales rival many established CBD companies. Two weeks ago, the company reported its third-quarter revenue had risen 32% to $8.8 million and net income grew by 40% to $2.2 million. Savage reported that it had revenues of $20 million in the third quarter, but doesn’t look to have Delta-8 products in its portfolio. Still, the pro-forma of the combined companies puts it near a $30 million quarter. This year, a well-respected brand Plus Products essentially went bankrupt. While Charlotte’s Web (OTC: CWBHF) reported revenues of $23 million in the most recent third-quarter earnings report, this was down from 2020’s third-quarter revenue of $25 million. 

Green Wednesday

The numbers are in and it’s official—Green Wednesday 2021 was a big one for the cannabis industry, while Black Friday fizzled in comparison. Green Wednesday saw cannabis sales increase across the U.S. Black Friday did not have the sales growth seen in previous years, though some data (Flowhub) showed larger order values and bigger discounts than Green Wednesday. Data from market analytics and cannabis companies like Headset, LeafLink, Lantern, Glass House Brands, and others show common trends regarding most popular products and year-over-year sales numbers. Using this data, companies extrapolate some possible variables affecting this year’s numbers, including a decreased emphasis on Black Friday door-buster deals targeted towards packing stores with bargain-hungry shoppers, focusing instead on online sales spread out over the holiday season (Springbig).

Gift Guide

Green Wednesday, Black Friday, and Cyber Monday deals are over, but plenty of people are still shopping for the holidays. Jushi Holdings (OTC: JUSHF) just recently conducted a holiday poll surveying 1,000 cannabis consumers in legal states and confirmed what end-of-year revenue knows to be true: people love cannabis during the holidays. For different reasons, too. Some people use cannabis to unwind during stressful holiday times, others bring enough to share with the family. Medical consumers might bring cannabis along to make eating holiday food a little easier. The poll said 9/10 consumers plan on incorporating cannabis into their holiday and almost 76% of respondents said they plan to give cannabis-related gifts this year. If you’re in that almost-76%, we’ve compiled a list of some great cannabis gadgets, glass, and accessories to gift yourself or a friend this year, including a few great promotions. 

In Other News

Sunstream IVXX Investment Corp., an affiliate of SunStream Bancorp Inc., a joint venture sponsored by Sundial Growers Inc. (NASDAQ: SNDL), today announced that it has submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. Sunstream IVXX will be a specialty finance company that operates as a closed-end, non-diversified management investment company that anticipates electing to be regulated as a business development company under the Investment Company Act of 1940. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. The purpose of the offering is to use the net proceeds therefrom to invest primarily in the debt of U.S. cannabis companies across the cannabis industry. Sunstream IVXX intends to commence the public offering in the first quarter of 2022.

Akerna (Nasdaq: KERN) shows that Green Wednesday (11/24) and Black Friday (11/26) were the second and third highest sales days for legal cannabis in the US this year, with Green Wednesday bringing in $98.2 million in sales and Black Friday bringing in another $99 million. The largest day for cannabis sales this year was 4/20, the unofficial cannabis consumption holiday.


StaffDecember 1, 2021
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2min6090

The newest cannabis SPAC (special purpose acquisition corp.) Canna-Global Acquisition Corp. (NASDAQ: CNGLU) priced its initial public offering of $200 million and began trading on the Nasdaq Global Market on Tuesday using the ticker symbol “CNGLU”. The SPAC said it has not selected a business combination target or spoken to any companies about becoming the qualifying transaction. It did say in a statement that it will target a business addressing a large market opportunity with a company that is driving its growth in the medicinal cannabis or cannabinoid industry but only in a federally legal market.

The company is led by its Chief Executive Officer, J. Gerald (“Gerry”) Combs. Combs also serves as the CEO of CASH International Asset Management Ltd., a Hong Kong-headquartered asset management business. The SPAC’s chief financial officer is George Koi Ming Yap, who also runs the Sydney, Australia-based financial consulting firm KMYG Global. However, the company did state in its filing its plans to avoid targeting any businesses in Hong Kong or China.

Offering Details

Each unit consists of one share of the Company’s Class A common stock and one redeemable warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “CNGL” and “CNGLW” respectively.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments if any. The offering is expected to close on December 2, 2021, subject to customary closing conditions.


StaffDecember 1, 2021
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8min5270

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) recently conducted a “Cannabis Consumer Insights Holiday” poll that found most cannabis consumers plan on giving cannabis-related gifts for the holidays. The poll surveyed 1,000 cannabis consumers from U.S. states with state-legalized cannabis sales and most said they plan on making cannabis a part of their holiday celebrations. In addition to that, their friends and family members may also get some cannabis presents this year as a majority of those surveyed said it would be a part of the shopping list.

“As a company that places a premium on leveraging the power of research, data, technologies, and processes, our Cannabis Consumer Insights Holiday poll shares important revelations into how today’s cannabis consumers’ preferences and behaviors are shifting,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “As we close out the year, we look forward to continuing to share our learnings with the larger community, particularly as the sector rapidly evolves and cannabis consumers shift their behaviors.”

The national survey was commissioned by Jushi and conducted by Pollfish. It was overseen by Associate Professor at ArtCenter College of Design, Interaction Designer, Futurist and Jushi Experience Director Julian Scaff and it found that cannabis consumers 21 years and older in adult-use states overwhelmingly plan to consume cannabis as part of their holiday celebrations this season. Furthermore, the majority of respondents plan to give cannabis as gifts this holiday season. The survey also revealed cannabis consumers’ favorite types of cannabis products, with flower and pre-rolls together taking the combined top spot, followed by edibles and vapes.

Cannabis Gets Festive

In the survey, more than nine out of 10 respondents (91%) said that they plan to use cannabis as part of their holiday celebrations this year. In addition, when asked how much is typically spent on cannabis per month, 27% of respondents reported spending $100 to $150, 25% reported $50 to $100 and 20% reported $150 to $200.

The New Stocking Stuffer

An overwhelming majority (76%) of respondents said they plan to give cannabis or related products as gifts this holiday season. However, even more respondents stated that they planned to give cannabis as gifts when full legalization is enacted. When asked, “if cannabis was legal across all of America, would you be more likely to purchase cannabis or cannabis-related products as holiday gifts,” 88% stated yes.

Driving Factors in Selecting Cannabis Products

When asked to rank the two most important factors in choosing a cannabis product, THC level (50%) and price (49%) took the top slots. In terms of favorite types of cannabis products (check all that apply),” respondents listed: flower (52%) and pre-rolls (46%) as the combined favorite, followed by edibles (65%), and then, vapes (46%). Seventy-four percent of respondents reported that the specific strain (i.e., “Sour Diesel”) is important or very important in choosing a cannabis flower product. Additionally, when asked “how important is the brand of a cannabis product to you,” 74% of consumers stated it was important or very important.

Home Delivery, Online and Express Checkout

When asked “how do you typically shop for cannabis,” the majority of respondents said shopping in-store at a dispensary was their preferred method (58%). However, purchasing online and getting express or curbside pickup came in at 27%, while ordering online and getting home delivery came in at 16% – signaling an ongoing shift in retail’s digital and physical convergence, as well as the impact COVID-19 has had on shopping behaviors.

Health & Wellness: Cannabis & Alcohol Consumption

When asked “what do you use cannabis for (check all that apply), anxiety/stress took the top placement with 72% of the vote, followed by sleep at 57% and pain at 54% as the most common ailments people are managing with cannabis. Nearly a quarter (24%) of the poll’s respondents stated they are drinking less, and more than 15% stated they stopped drinking alcohol because of cannabis. However, 23% stated they consume more alcohol since using cannabis.


StaffDecember 1, 2021
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5min3300

Jesus Burrola is Chief Executive Officer of POSIBL, the cannabis farm of the future and engine for several of California’s leading brands. With over 1,000,0000 units of the packaged product to date, POSIBL is redefining what it means to produce the highest quality cannabis. Jesus is a proven leader who believes in his teams as the primary driver of growth. He leads the organization’s growth strategy in sales and operations and the best team at POSIBL to position the company as a global market leader. Prior to POSIBL, Jesus worked for 15 years at Beacon Building Products, the largest publicly traded building materials distributor in North America. Jesus was at the company during growth from $1 Billion to $8 Billion — through a combination of 30+ acquisitions and launches into new markets. Jesus worked his way up from a trainee to a National Vice President, managing a $700M  business segment. During Jesus’ time there, he held roles in both Sales Management and Operations and was tasked with integrating several large acquisitions. Jesus holds a Bachelor of Science in Supply Chain Management from Arizona State University. He enjoys quality time with his family, playing golf, and exploring great cuisine.

POSIBL

POSIBL is redefining what it means to produce the highest quality cannabis. Leveraging a state-of-art system that uses less to do more, POSIBL brings the best greenhouse technology and expertise from traditional agriculture into cannabis, and pairs it with the best possible genetics to produce the perfect flower — grown in an ethical, sustainable, free of pesticide and cost-efficient way, year-round. POSIBL’s Smart Greenhouses use best in class climate control, requiring less water per pound of flower, and are three times more energy efficient than indoor growers. Combining pesticide-free agro-technology and committed human talent, POSIBL comprises a dedicated and gifted team who understand these state of the art systems to perfection — believing in them to help improve production and value with every harvest. With Good Will and Great Work, Anything is POSIBL. For more information, please visit:

Full name: Jesus Burrola

Title: CEO

Company: POSIBL

Years at current company: 1 year

Education profile: BS in Supply Chain Management from Arizona State University

Most successful professional accomplishment before cannabis: Playing a role in growing Beacon from a $1B to $8B during my 15 years there, through a combination of greenfields and acquisitions into new markets and verticals.

Company Mission: To grow the perfect flower in an ethical, sustainable, pesticide-free and cost efficient way year round.

Company’s most successful achievement: Being the engine behind 12 of the leading cannabis brands in California, and supporting over 50 different SKUs for our partners.

Has the company raised any capital (yes or no): Yes

If so, how much?: +$38M including all rounds

 

Any plans on raising capital in the future? As growth opportunities arise, we would consider future rounds.

Most important company 5 year goal: Completion of our High-Tech Greenhouse and new processing facility buildout, which will allow us to produce the highest quality greenhouse flower at a very affordable price.


StaffNovember 30, 2021
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10min4280

It’s time for your Daily Hit of cannabis financial news for November 30, 2021.

On The Site

Harborside

After the market closed on Monday, Harborside Inc.  (CSE: HBOR), (OTCQX: HBORF) announced it was buying California retailer UL Holdings Inc. also known as Urbn Leaf, and  LPF JV Corporation, better known as Loudpack. Loudpack is a manufacturer, cultivator and distributor of award-winning cannabis brands in California.  The newly combined company will be renamed StateHouse Holdings. The company said that it expects to trade the new company on the Canadian Securities Exchange under a new symbol (CSE: STHZ) and the deal is expected to close in the first half of 2022. Ed Schmults, the current CEO of Urbn Leaf, is expected to be appointed as CEO of StateHouse upon completion of the Urbn Leaf Transaction and will be joining the Board of Directors of StateHouse. 

In addition to announcing the big transaction, Harborside also delivered some sobering news to investors. The company said it was withdrawing its previous revenue guidance for 2021 and said it would revisit the forecast after the deal closes. A variety of reasons were given including a decline in wholesale pricing for bulk products in the California market and a decline in retail revenue which was primarily due to a decrease in retail store foot traffic.  

Harborside reported that total gross revenues were $17.9 million, 10.4% higher sequentially than the previous quarter. However, both retail and wholesale revenues fell sequentially and the difference was only made up through manufacturing revenues, which didn’t exist in the second quarter. The manufacturing revenues came as a result of the Sublime acquisition.

Red White & Bloom

Red White & Bloom Brands Inc. (OTCQX: RWBYF) delivered its third-quarter 2021 earnings with revenue increasing 93% to C$11.8 million versus last year’s C$6.1 million. The company reported a net loss of C$5.5 million down from last year’s net loss of C$9.5 million. RWB said that the change in net loss was primarily a result of the revaluation of its Call/Put options, as well as rightsizing compensation and achieving economies of scale. RWB though is still facing a huge debt problem that it warned investors about last quarter. The company said this time that it is in advanced discussions with a number of funds to restructure the current debt of $115 million due in 2022 into a more advantageous long-term debt solution. 

REIT

Chicago Atlantic Real Estate Finance, Inc. is a newly formed commercial real estate finance company or REIT. The current portfolio is mostly first mortgage loans to state-licensed operators in the cannabis industry. The company expects the IPO to be priced between $16.00 and $18.00 per share and could raise as much as $129 million. It has applied to list the common stock on the Nasdaq Global Market under the symbol “REFI”.

Horizons

This week, Horizons – Perspectives On Psychedelics the largest and longest-running psychedelic conference will take place in New York City. It is a five-day conference that includes credit coursework for professionals as well as sessions on medical research. The event has grown from its original one-day conference with the addition of classes and business talks. The initial three days are held at the prestigious New York Academy of Medicine.

In Other News

Cansortium

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced financial results for the third quarter ended September 30, 2021. Revenue increased 9% to $15.6 million compared to $14.3 million. Florida revenue increased 4.3% to $13.1 million compared to $12.6 million. Adjusted gross profit1 increased to $9.8 million or 62.7% of revenue, compared to $9.5 million or 66.6% of revenue. Adjusted EBITDA increased 34% to $4.9 million or 31.4% of revenue, compared to $3.6 million or 25.5% of revenue. The company is revising its 2021 outlook for revenue and now expects it to range between $63-$66 million. The Company continues to expect adjusted EBITDA to range between $18-$26 million and anticipates achieving the lower end of the range. This compares to approximately $52 million of revenue and $10 million of adjusted EBITDA in 2020.

Headset

Headset, the leading provider of data and analytics to the cannabis industry, announced today that it has raised $3M of new capital led by Althea, a private equity investment firm. Other participating investors are Poseidon Investment Management, a leading investor in the legal cannabis and hemp industries and WGD Capital, L.P., a cannabis focused venture fund. As part of this financing, Headset also converted $5.6M of bridge notes previously issued in August 2020 and April 2021

TPCO

TPCO Holding Corp. announced its appointments of Tiffany McBride as Managing Director of Social Equity Ventures and Kerry Arnold as Chief People Officer. The two positions further The Parent Company’s mission to elevate diversity, equity and inclusion efforts within the cannabis sector.

Halo Collective

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) announced that the Company’s stock symbol has reverted back to “HCANF” following the temporary 20-day post-consolidation trading period associated with the previously announced share consolidation. The Financial Industry Regulatory Authority Inc. (FINRA) temporarily appends the letter “D” to the root symbol of all OTC equity securities subject to a reverse split with a CUSIP change to alert investors that the security was recently subject to such a corporation action. The CUSIP number for Halo’s common stock is 40638K507.


StaffNovember 30, 2021
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This week, Horizons – Perspectives On Psychedelics the largest and longest-running psychedelic conference will take place in New York City. It is a five-day conference that includes credit coursework for professionals as well as sessions on medical research. The event has grown from its original one-day conference with the addition of classes and business talks. The initial three days are held at the prestigious New York Academy of Medicine.

The days generally break down as follows:

  • (Wed/Thurs) Classes: in-depth intros to psychedelic therapy from researchers and practitioners in small class environments.
  • (Thurs) Business Forum: first-of-its-kind gathering about creating purpose-driven and value-centered organizations that are also pro-business and profitable.
  • (Fri) Focus on Clinical Research: a briefing on psychedelic-assisted therapy research and practice.
  • (Sat) Psychedelics in Medicine: insights, big ideas on moving the market, and visions for the future.
  • (Sun) Psychedelics in the World: a survey of psychedelics in society.

One of the reasons, people are drawn to this conference is that it targets its panels to just one to two people. The sessions end up delivering more information as speakers aren’t limited to just a few sentences. 

If you are considering attending this conference, here are the five things you don’t want to miss. 

Classes

The classes will be held on Wednesday and Thursday and they are specifically for people who want to learn about Psychedelic therapy. There are introductions to MDMA, psilocybin, and ketamine therapy, plus attendees can get CME credit. The classes are introductions on how to work with these types of therapy. 

Business Forum

Thursday is the business forum, which is mostly talks geared toward people in the space already. The sessions will be targeted to shaping the ecosystem, focusing on integrity, and including sessions on ethics. There will also be a focus on a values-oriented approach, specifically on how to operate with integrity. There will also be discussions on how to get funding. This day will be great for networking.

Clinical Research

Friday’s sessions will focus on clinical research and specifically taking psychedelics from the lab to the clinic. One speaker that attendees shouldn’t miss is Dr. Charles Raison, an author at the Usona Institute. He will be talking about psilocybin for treating depression. Another speaker that shouldn’t be missed is Gul DolenAssociate Professor Johns Hopkins University, School of Medicine, who is also speaking on Friday. Her topic is The pharmacology and neuroscience of psychedelics. 

Medical Research

Saturday is the most medical day of the conference and the conference moves its location to Cooper Union and the landmarked Great Hall, built in 1859 and is one of the most prestigious auditoriums in the nation, having been graced by such eminences Abraham Lincoln, Mark Twain, Frederick Douglass, Susan B. Anthony, and Barack Obama. Dr. Raison will lead another discussion on this day. It is expected that Saturday will lean into the issue of patents over the various compounds in the psychedelic world. It is a heavily debated subject with the leader of the industry MAPS against patents, while the Usona Institute is open to the idea. 

Culture

Like the cannabis industry, there is a bifurcation in the psychedelics industry concerning medical versus culture. Many within the industry see psychedelics as a spiritual experience, while some see it as recreational and others as purely medical. Sunday will focus more on the cultural aspects of the psychedelic world with sessions on history and indigenous communities. 

In Closing

Dr. Julie Holland, MD, a psychiatrist, psychopharmacologist, and medical advisor to the psychedelic investment fund Palo Santo said, “I come away learning things I didn’t know, whereas most conferences I feel they are already preaching to the choir. Horizons is my favorite conference.” She also noted that what makes this conference unique is that it isn’t afraid to talk about the failures in therapy. “It addresses the shortcomings and where we’re having problems. There is a lot of attention paid to ethics,” she added.


StaffNovember 30, 2021
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Chicago Atlantic Real Estate Finance, Inc. is a newly formed commercial real estate finance company or REIT. The current portfolio is mostly first mortgage loans to state-licensed operators in the cannabis industry. The company expects the IPO to be priced between $16.00 and $18.00 per share and could raise as much as $129 million. It has applied to list the common stock on the Nasdaq Global Market under the symbol “REFI”.

The existing portfolio contains loans to companies with operations that are geographically concentrated in Arizona, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Pennsylvania, and West Virginia. The current investment strategy includes a focus on providing loans to companies with operations in states that limit the number of cannabis license issuances in order to protect the value of the collateral, circumstances and developments related to operations in these markets that could negatively affect its business.

According to the company’s filing, as of November 22, 2021, it had originated and closed 30 loans totaling approximately $649 million to companies operating in the cannabis industry, had approximately $318.3 million of loans outstanding and were committed to funding approximately $120 million in additional loans under commitments from existing credit facilities (subject to customary closing conditions), with approximately $98 million of potential loans under executed non-binding term sheets in various stages of underwriting and loan documentation. The interest rates range from a low of 7% to 15% and all the loans have prepayment penalties.

The company said it had reviewed over 500 cannabis loan opportunities, of which 30 loans have been funded, and, as of November 22, 2021, were evaluating 45 loan opportunities representing potential total loan commitments of approximately $882.9 million. “We believe our relationship with our Manager benefits us by providing access to a robust pipeline of potentially actionable opportunities, an extensive relationship network of cannabis industry operators and other real estate loan opportunities and significant back-office personnel to assist in the origination and management of loans.”

“We expect cannabis lending will continue to be a principal investment strategy for the foreseeable future; however, we expect to also lend to or invest in companies or properties that are not related to the cannabis industry if they provide return characteristics consistent with our investment objective. We are externally managed by Chicago Atlantic REIT Manager, a subsidiary of Chicago Atlantic Group.”


StaffNovember 29, 2021
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7min4180

It’s time for your Daily Hit of cannabis financial news for November 29, 2021.

On The Site

Pre-rolls

A new report from Headset has found that Americans aren’t as into pre-rolls as Canadian consumers. Between August 2020 and August 2021, the market share of pre-rolls in Canada averaged 18.6%, while in the US, the market share of pre-rolls only averaged 9.5%. The only exception it seems is the Massachusetts market. Apparently, they really like pre-rolls in that state. When Americans want to buy pre-rolls, they typically choose the connoisseur/infused segment, which makes up 32.4% of sales. Canadians aren’t as picky and this same segment makes up only 0.1% of sales. Pricing is a possible reason for the large difference in Connoisseur/Infused market share between the two countries. In Canada, they are priced 57% higher than the average item price of the other segments, while in the US they are priced only 18% higher than the other segments.

Gage

Gage Growth Corp.  (CSE: GAGE) (OTCQX: GAEGF) reported its financial results for the third quarter ending September 30, 2021, with revenue rising to $27.2 million versus $26.4 million in the second quarter of 2021, a 3.2% increase. The net loss for the quarter was $3.7 million. Gage reported that the gross margin, before the impact of biological asset adjustments, was 36.5% in the third quarter versus 34.2% in the second quarter. The company said that the 230 basis point improvement quarter over quarter in gross margin to 36.5% was due to a greater mix of higher-margin sales from retail locations and cultivation capacity expansion via Gage-operated cultivation assets, contract growing partners, and lower input costs from dedicated wholesale partners.

Flora Growth

Flora Growth Corp. (NASDAQ: FLGC) has signed a licensing agreement with Tonino Lamborghini to produce and distribute Tonino Lamborghini branded CBD (cannabidiol) beverages across North America and Colombia under the company’s renowned luxury lifestyle brand. Mr. Tonino Lamborghini has been taking inspiration from his family heritage and his vast experience in mechanics and engineering to develop his homonymous lifestyle experience brand dedicated to luxury design products and real estate projects. The company said in a statement that the Tonino Lamborghini product line will be produced through Flora’s division and contain CBD and other premium cannabinoids such as cannabigerol (CBG). Under the licensing deal, Flora will retain the right of first refusal to produce and distribute any CBD or CBG products globally under the Tonino Lamborghini brand. The products will be produced in Florida initially for sale in US states where CBD ingestible are legal. Flora will be responsible for production and distribution and will target both ecommerce and brick-and-mortar channels.

In Other News

Novamind

 Novamind Inc. (CSE:NM)(OTCQB:NVMDF)reported its fiscal first-quarter results for the three months ended September 30, 2021, with total revenue of $1,857,750, +113% when compared to the same period last year. A debt-free balance sheet with $5,969,673 in cash and $2,018,971 in marketable securities and total working capital of $6,834,011 to fund operations. 

Red Light

Red Light Holland Corp. (CSE: TRIP) (OTC Pink: TRUFF) reported its financial results for the three months ended September 30, 2021 with revenues of $485,738 for the quarter resulting in a gross profit of $156,970, an increase of $61,240 (or 64.0%) over the previously reported quarter. The company has balance sheet strength including cash in the amount of $29.1 million. Hans Derix, Red Light Holland President said, “We have increased the number of stores that sell our iMicrodose psychedelic products from 25 to 39 (a 56% increase) in the Netherlands. This is a significant increase in market presence that was completed under the backdrop of retail pressure attributed to the continuing global pandemic. We have also developed and launched a newly branded Maka line of products. As a result of these efforts, we expect increased revenue related to psychedelic products and functional mushroom products in the coming quarters.”

Fire & Flower

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced that, in connection with the potential additional listing of the common shares on the Nasdaq, it has filed articles of amendment implementing a consolidation of the Shares on the basis of ten (10) pre-consolidation Shares for every one (1) post-consolidation shares. The Consolidation was previously approved by the Company’s shareholders at its annual and special meeting of shareholders held on June 9, 2021.

Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced the publication of its first Environmental, Social, and Governance (ESG) Report. The Report contains standard disclosures from the Global Reporting Initiative (GRI) Sustainability Reporting Standards, The Sustainability Accounting Standards Board (SASB) as well as the United Nations Sustainable Development Goals. The Report highlights ESG achievements to date and serves as a foundation for demonstrating how the Company’s ESG approach, strategies, and commitments are embedded within its core business.


StaffNovember 29, 2021
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4min2730

Supernova Women led by veteran Amber Senter has decided it has had enough. The group is organizing a press conference to address a rash of robberies against cannabis businesses in Oakland CA. During the week of November 15th over 15 licensed cannabis businesses in Oakland were broken into, vandalized, and robbed. This is believed to be a coordinated effort involving many individuals and over 100 cars. Supernova said that all cannabis business license types were affected: cultivation, manufacturing, distribution, and retail (delivery and storefronts). Cumulatively, these small and mostly Equity-licensed businesses are now faced with over $5 million worth of losses.

J. Henry Halston Jr., Co-Founder of the cannabis brand, James Henry says, “This is just so heartbreaking and stomach-turning. We employ 14 people and we have been trying to grow our business since we first started in 2017. The damage and stolen goods represent significant losses that we have to find a way to cover. This includes local and state taxes on the inventory that has been stolen. This one might be too much for us to overcome.”

The press conference will be held at 12 pm on Monday, November 29, 2021, in front of Oakland City Hall at 1 Frank H. Ogawa Plaza. Several leaders in the cannabis industry will address the incidents, and how such events impact licensed cannabis businesses aiming for sustainability in the highly complex legal market. Speakers include Kristi Palmer, Co-Founder and COO of
Kiva Confections, Raeven Duckett, CEO and Founder of Text Johnnie, and Chaney Turner, Chair of the Oakland Cannabis Regulatory Commission.

Amber E. Senter, Co-Founder and Chairman of Supernova Women adds, “The cannabis industry needs tax relief. Cannabis Equity businesses in particular, need more money and resources. Small businesses and small farmers need help. Piling on and increasing taxes and now the threat of robberies and violence is proving to be unbearable for most cannabis operators. When we are faced with targeted attacks, the effects are magnified. Our communities do not have the runway for robberies and tragedies of this kind. We need more protection, we need more money for security so that we can protect ourselves.”

The cannabis community is also upset because of a similar recent break-in at the luxury store Louis Vuitton in San Francisco’s tony Union Square, which captured a great deal of media attention. Some arrests have been made according to the district attorney’s office. The city has faced a rash of flash-mob-style robberies in various stores. Large groups of shoplifters either invade a store near closing time and overwhelm the employees or break in after-hours with cars outside waiting to transport the stolen goods.

This gathering of longtime cannabis advocates is mobilizing to shed light on the issue of security, cannabis tax amnesty, and small business policy. In a year where the pandemic and global logistics has disrupted business growth and sustainability, additional robberies mark another significant barrier.


StaffNovember 29, 2021
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3min4340

Flora Growth Corp. (NASDAQ: FLGC) has signed a licensing agreement with Tonino Lamborghini to produce and distribute Tonino Lamborghini branded CBD (cannabidiol) beverages across North America and Colombia under the company’s renowned luxury lifestyle brand. Mr. Tonino Lamborghini has been taking inspiration from his family heritage and his vast experience in mechanics and engineering to develop his homonymous lifestyle experience brand dedicated to luxury design products and real estate projects.

The company said in a statement that the Tonino Lamborghini product line will be produced through Flora’s division and contain CBD and other premium cannabinoids such as cannabigerol (CBG). Under the licensing deal, Flora will retain the right of first refusal to produce and distribute any CBD or CBG products globally under the Tonino Lamborghini brand. The products will be produced in Florida initially for sale in US states where CBD ingestible are legal. Flora will be responsible for production and distribution and will target both ecommerce and brick-and-mortar channels.

“We are excited to partner with such a well-known luxury brand as Tonino Lamborghini, which already boasts a very successful line of beverages and aligns with Flora’s brand portfolio of high-end products,” said Luis Merchan, CEO of Flora. “This partnership is yet another step in the execution of Flora’s strategic plan to build a world-class house of brands and is also a major component of our sales and distribution strategy in the lucrative US market.”

The Tonino Lamborghini product line will be produced using Applied DNA Sciences, Inc. (NASDAQ: APDN) molecular tagging and authentication technology to ensure product verification, in line with the new age of cannabis consumer packaged goods (CPG). Flora will leverage this technology to ensure that the company’s products are derived distinctly from Flora’s operations, which will substantially reduce concerns of any illicit market or counterfeit products across North America or Colombia.

“Together with Flora we aim at creating new and innovative products and experiences for the modern consumer’s wellbeing,” said Ferruccio Lamborghini, CEO and VP of the Italian company. “Our branded beverages are studied to help people to achieve a sense of calm and coolness in both stressful times and ordinary daily routine. I am especially enthusiastic about the molecular tagging and authentication technology Flora will use to track with full transparency the top-notch ingredients origin.”

 


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