Staff, Author at Green Market Report

StaffSeptember 17, 2021
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3min5480

 Cannabis Crime Scene, a new and original podcast series hosted by cannabis industry and media veterans Green Market Report CEO Debra Borchardt and Conscious Communications  Founder Leland Radovanovic has launched. The duo investigates stories where the law and the cannabis industry clash in 30-minute weekly episodes – from Netflix documentaries and federal lawsuits to decades-old racial injustice and new freedoms and social equity.

The series kicks off with stories about a Florida Man and cannabis entrepreneur ensnared in a sex traffic scandal with Republican Rep. Matt Gaetz and Fab Five Freddy’s latest cannabis entrepreneurial endeavor with Curaleaf (OTC: CURLF) and a new Black-owned brand, B Noble. Each week on Thursdays, Cannabis Crime Scene will drop a new episode. A shared obsession with true crime podcasts and documentaries and deep knowledge of the cannabis industry brought this Sherlockian duo together to bring audiences real, weird, and emotional stories.

“Creating Cannabis Crime Scene with Debra is the most fun I’ve had in the cannabis industry in a long time,” said Radovanovic. “We get to channel our inner sleuths, and in this space, there is no shortage of stories to tell.” Radovanovic is a communications strategist who has built his career in the cannabis space and the founder of Conscious Communications Collective, a boutique communications agency focused on cannabis, psychedelics, and cause campaigns.

“I’m a big fan of true crime podcasts and there were so many crazy stories in the cannabis industry that it seemed like the perfect combination,” said Borchardt. “When Leland and I realized we shared this love of crime podcasts, everything fell into place. These are stories that don’t typically fit into traditional business journalism and it has been a fun project to work on.”

Listeners can find the podcast anywhere where podcasts can currently be found on Podbean and Spotify. The podcast will soon be available on iTunes, Pandora, iHeart Radio, TuneIn + Alexa and Google Music.

To submit a story tip or idea, email cannabiscrimescene@gmail.com.


StaffSeptember 16, 2021
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4min5090

This is your Daily Hit of cannabis financial news for September 16, 2021.

On The Site

Acreage

Acreage Holdings, Inc. (OTC: ACRHF, ACRDF) is selling its four Oregon dispensaries to Chalice Brands Ltd. (CSE:CHAL) (OTCQB:CHALF). The divestiture is part of Acreage’s strategy to target only core states versus trying to be the largest MSO in the most states.  The deal is valued at $6.5 million. Acreage’s four Oregon retail dispensaries are branded as Cannabliss & Co. and the sale will end the company’s presence in the state. The company said in a statement that the Oregon stores were negatively affecting the company’s bottom line and utilizing management resources.

Awakn

It’s been a busy week for psychedelic company Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) who reported its financial results for the quarter ending July 31, 2021 and announced an acquisition. On Wednesday, Awakn reported its earnings, but the relatively new company has no revenues to speak of. Instead, the company reported that it had a net loss of $9.1 million for the six months ending in July. Awakn also addressed its situation as a going concern due to its lack of incoming revenue. However, it has been able to raise money and currently has $8.7 million in cash. The company completed an $8.3 million financing at $2.50 per share in conjunction with its listing on the Neo Exchange.

In Other News

Australis Capital Inc., operating as AUDACIOUS (CSE: AUSA) (OTC: AUSAF) is buying the outstanding shares of BW Macaw Group, Inc. (“Herbs”) for $5 million, in an all-stock deal. The retail license, located at 543 Parrot Street, San Jose, Calif. 95112, is part of the contemplated transaction, as well as Herbs’ business license to cultivate, manufacture (production of derivatives and edibles), and distribute cannabis products.

 Additionally, Herbs has entered into a distribution agreement with EAZE, California’s largest legal cannabis delivery and distribution company. The Company has two contract manufacturers lined up to commence production of the Company’s products in California.

 “This deal creates a platform for our further expansion in California through a compellingly valued transaction that sees us establish a brick-and-mortar presence in an underserved market while teaming up with EAZE, one of the marquee names in the industry with more than 800,000 registered customers,” said Terry Booth, CEO of AUDACIOUS. “Through our EAZE partnership, we can provide consumers throughout California access to our award-winning brands, including our LOOS shots and new products in development that will be launching soon. In addition, with a license allowing manufacturing and cultivation, this transaction, once closed, will provide us with the option to scale up operations throughout the value chain to capture higher margins. The transaction will accelerate our revenue growth, while reflecting our ongoing execution towards becoming a tier one MSO.”

 


StaffSeptember 16, 2021
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3min4480

It’s been a busy week for psychedelic company Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) who reported its financial results for the quarter ending July 31, 2021, and announced an acquisition. On Wednesday, Awakn reported its earnings, but the relatively new company has no revenues to speak of. Instead, the company reported that it had a net loss of $9.1 million for the six months ending in July. Awakn also addressed its situation as a going concern due to its lack of incoming revenue.

However, it has been able to raise money and currently has $8.7 million in cash. The company completed a $8.3 million financing at $2.50 per share in conjunction with its listing on the Neo Exchange. CEO Anthony Tennyson said, “We have also made significant strides in the development and delivery of psychedelic therapeutics to treat Addiction and continued to progress the opening of our first clinics. We remain steadfast in our mission to fully integrate effective psychedelic-based treatments into mainstream healthcare to better treat Addiction.”

Following the earnings announcement, Awakn said it has signed a binding share exchange agreement to acquire a 100% interest in Axonklinikken AS (“Axon”), a leading ketamine-assisted psychotherapy clinic in Norway. As part of the transaction Axon will be renamed ‘Awakn Oslo AS’, and Axon’s majority shareholder Dr. Lowan Stewart will be appointed as Regional Director for the Nordics and Managing Director Awakn Oslo AS. Awakn said the acquisition will help it to speed up its clinic roll out program, as Awakn will now parallel path its regional expansion plans in both the Nordics (Norway, Sweden, Denmark, Finland and Iceland) and U.K. & Ireland.

“This is a key element of our goal for Awakn to become the leading authority in the development and delivery of psychedelic therapeutics to treat addiction,” said Anthony Tennyson, Awakn’s CEO. “Our approach of development and delivery enables Awakn to earn revenue while we also develop a deep IP portfolio with strong commercial potential. This acquisition will enable Awakn to accelerate the first element of our three-pronged revenue generation strategy: clinics in the UK and Europe, licensing partnership beyond the UK and Europe, and therapeutics commercialization.”


StaffSeptember 15, 2021
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14min10130

National Hispanic American Heritage Month is celebrated from September 15 through October 15. Green Market Report wants to celebrate the achievements and contributions of some of the leaders in the cannabis industry who identify as such. While this list doesn’t include all of the notable Hispanics in the industry, it’s a start towards recognizing some of the key players. 

 

 

 Jushi Holdings Inc. Chief Operations Officer Leonardo “Leo” Garcia-Berg

Leo brings vast operational experience and global supply chain management to his role as Jushi Holdings Inc.(CSE: JUSH) (OTCQX: JUSHF) Chief Operations Officer at Jushi. Before joining Jushi, Leo served in numerous roles at Anheuser-Busch InBEV (“AB InBev”). As the Global Director of Value Creation, Global Procurement Officer, Leo led strategies focused on improving manufacturing, logistics, sourcing, and operations across the company’s breweries worldwide. While at AB InBEV, Leo had the opportunity to integrate the Modelo facilities located in Mexico into AB InBEV. In addition to his positions at AB InBEV, he also served as an international consultant for McKinsey & Company, focusing on operational strategies, procurement, organizational transformations, along with supply chain and end-to-end process optimization solutions. Leo received his Bachelor of Science degree in electrical engineering from Instituto Tecnológico de Buenos Aires in Argentina, and earned his MBA from The Wharton School of the University of Pennsylvania.

Mark Flores, Head of Brand and Customer Engagement, Receptor Brands 

Mark Flores has over 18 years of experience in corporate, non-profit, and consumer marketing within the general and multicultural/Latinx markets. With a history in education policy and political consulting, Mark worked as the communications director for one of Chicago’s largest charter school operators and served as Commissioner of Latino Affairs for the city under Mayor Richard Daley. After years in politics, Flores joined ICF Next to build their multicultural department for the MolsonCoors client. During his eight years at the agency, he built the department and became the client team director, managing a 28 person team responsible for Molson’s product portfolio of beers and other alcohol-based beverages. Always ensuring that general market programs included multicultural extensions, Flores built both the business and the teams during his tenure at ICF.

 Flores is currently with Receptor Brands, a cannabis-specific marketing firm where he is the director of consumer engagement working on a variety of projects that include retail, brand marketing and public relations. His background in niche community marketing has aided his ability to break into cannabis while having his eye on the future of cannabis marketing in the multicultural space.  

Richard Acosta, Co-President, GreenTech Properties, Inc.

Richard continues to advance the development of the cannabis real estate investment world, beginning with the 2018 formation of Los Angeles-based Inception REIT, one of the first private investment funds in the space. In late 2019, Richard co-founded and led a $225mm Canadian-listed SPAC which merged with and took Israel’s InterCure LTD public on the NASDAQ earlier this year. Most recently, Richard formed a real estate investment partnership, GreenTech Properties, focused on supporting environmental sustainability and providing operator-friendly capital alternatives to the popular long-term sale-leaseback model.

Richard is the former CEO & co-founder of Subversive REIT and Inception REIT, both cannabis-focused real estate investment vehicles. Richard is an experienced investor with almost 20 years of investment and portfolio management experience across various commercial real estate property types and investment structures having originated, underwritten or managed over $13 billion of direct real estate and real estate operating company investments. 

Richard spent nearly a decade with Colony Capital where he last served as a Director. During his tenure at Colony, Richard was involved in or responsible for the underwriting and execution of equity and related investments with a focus on operationally intensive real estate, including hospitality and gaming. Richard also spent several years developing Colony’s deal sourcing and capital raising functions in the Middle East. Richard began his career in the Real Estate Merchant Banking Group at Wells Fargo Bank. He is a member of the Urban Land Institute and is involved with various philanthropic causes, including Vista Del Mar Child & Family Services where he serves as Co-Chairman of the Board of Directors. Richard is a graduate of the Marshall School of Business at the University of Southern California where he earned a B.S. in Business Administration with a concentration in real estate finance.

Cristina Nutzman, VP of Legal-Labor & Employment at Curaleaf

Cristina Nutzman has dedicated her entire career to Human Resources and Labor & Employment law. After graduating from Chicago-Kent College of Law, Illinois Institute of Technology, Cristina worked in Human Resources roles and eventually legal positions within the L&E field. She is a dedicated, caring, and experienced labor and employment lawyer with diverse professional experiences ranging from the federal government, private practice, and corporate roles. At Curaleaf, Cristina oversees all legal labor and employment activations. Recently, Cristina was appointed Chairperson for the Hispanic Lawyers Scholarship Fund of Illinois.  As a board member and member since 2007, she has been a driving force behind the success of the organization.

Madeline Padilla, Trade Manager at Papa & Barkley

 

Madeline Padilla has been with Papa & Barkley for two and a half years and has held several key roles on the Marketing Team. Her role has been critical in building the brand’s awareness both in California and nationally as the company has expanded. Padilla currently serves as the Trade Manager at Papa & Barkley. She works cross-functionally to manage swag, collateral, and merchandising, ensuring the brand has a voice beyond its products and resonates with consumers. Padilla oversees Papa & Barkley’s presence at key national trade shows and events including Expo East, Expo West, Hall of Flowers, and Emerald Cup. She advises on activations and booth designs that highlight Papa & Barkley’s products while providing education, excitement, and value to event-goers.

 

Steve Bustamante, Inventory Control Supervisor from Glass House Brands 

As the only child born in the United States of his four siblings, Steve Bustamante grew up surrounded by his Hispanic heritage. After only being in the US for a short time, his parents moved him and his siblings back to Michoacan, Mexico. By the time Steve was in 2nd grade, the entire family moved back to Oxnard, California and Steve essentially had to start from square 1 –learning English and reintegrating into American culture. Upon graduating from Humboldt State University – known as the capital of the cannabis industry- Steve became the first in his family to graduate from a university. Upon graduation Steve immersed himself in the industry fully and joined Glass House as Inventory Control Supervisor, a role created specifically for him. Steve’s knowledge in botany made him the perfect candidate for processing and inventory. Currently, Steve oversees all finished/salable products and ultimately releases inventory that is suitable for sale.

Arlene Pitterson, Director of Strategic Partnerships for Cannaclusive

Arlene Pitterson is an award-winning experiential marketer, creating memorable strategic events for clients and customers. She has worked with Fortune 100 companies, creating and managing national events such as screenings with Fox, Netflix, Procter & Gamble to local events in major markets such as NYC, Philly, and Los Angeles. Her various experiences in the music, fashion, alcohol, beer, automotive, and education space allow her to have a unique voice that is not only relevant to current trends but understand how to make each activation relevant to the client. Those various experiences brought her as the Director of Strategic Partnerships for Cannaclusive, where she connects cannabis brands with the goal of educating, advocating, and promoting the involvement of people of color in the cannabis business. Arlene is also an adjunct instructor of marketing at the Fashion Institute of Technology, instructing students on integrated marketing and event planning.  The Brooklyn, NY native holds a degree in Marketing from Drexel University, currently receiving her Masters in international labor relations from Cornell University. 

Eric Lopez, Head of Operations – Lantern

Eric Lopez is head of operations at Lantern where he leads the execution of the company’s growth strategy across markets, working closely with dispensaries and delivery couriers on the platform. Eric began his career in investment banking, working at Barclays before leaving finance to help early stage startups scale their operations. Prior to Lantern, Eric was GM for Bungalow’s Boston market and an Ops Manager for Rappi in Latin America. Eric holds a Bachelor of Science in Finance from Boston College. Originally from Boston, he is first-generation Colombian-American.


StaffSeptember 15, 2021
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4min5530

On Tuesday, the Food & Drug Administration (FDA) issued a warning about Delta-8 THC noting that the product hasn’t been evaluated or approved by the agency. Granted the FDA’s opinion on anything cannabis-related is received with a healthy dose of skepticism. The FDA still hasn’t made any determination on CBD after years of discussion and research.

The 2018 Farm Bill that essentially legalized help specifically called out the exclusion of Delta-9 THC. Manufacturers seized on that and decided that Delta-8 could slip through the loopholes since it wasn’t named in the bill. Delta-8 THC is one of over 100 cannabinoids produced naturally by the cannabis plant.

It doesn’t pack the punch of a Delta-9 high, but consumers say it gives a light buzz.  Delta-8 though isn’t easily extracted from the plants and so it’s typically manufactured from hemp-derived cannabidiol (CBD). As such, the FDA is concerned that these products get labeled as hemp-derived and some consumers may think there are no psychoactive effects like other hemp products. The products are also marketed as having therapeutic qualities, which the FDA notes are unsubstantiated claims.

Adverse Side Effects

What is troubling are the reports of adverse side effects. In the waring notice the FDA said the from December 2020 through July 2021, it had received adverse event reports from both consumers and law enforcement describing 22 patients who consumed delta-8 THC products and 14 went to a hospital or emergency room for treatment. 19 of these patients said they had eaten delta-8 THC food products. The adverse events included vomiting, hallucinations, trouble standing, and loss of consciousness.

In addition to that, the FDA said that the national poison control centers received 661 exposure cases of delta-8 THC products between January 2018 and July 31, 2021, 660 of which occurred between January 1, 2021, and July 31, 2021. Of the 661 exposure cases:

  • 41% involved unintentional exposure to delta-8 THC and 77% of these unintentional exposures affected pediatric patients less than 18 years of age.
  • 39% involved pediatric patients less than 18 years of age
  • 18% required hospitalizations, including children who required intensive care unit (ICU) admission following exposure to these products.

Added Chemicals

The FDA noted that the natural amount of delta-8 THC in hemp is very low, and also dditional chemicals are needed to convert other cannabinoids in hemp, like CBD, into delta-8 THC through a synthetic conversion. The FDA is concerned that some manufacturers may use potentially unsafe household chemicals to make delta-8 THC through this chemical synthesis process. Also, additional chemicals may be used to change the color of the final product. Since these products are unregulated the manufacturing of delta-8 THC products may also be taking place in unsanitary settings.

Children Targeted

The FDA has also pointed out that the products are showing up in packaging that is appealing to minors. “These products may be purchased online, as well as at a variety of retailers, including convenience stores and gas stations, where there may not be age limits on who can purchase these products. As discussed above, there have been numerous poison control center alerts involving pediatric patients who were exposed to delta-8 THC-containing products. Additionally, animal poison control centers have indicated a sharp overall increase in accidental exposure of pets to these products.”

 


StaffSeptember 14, 2021
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6min4180

It’s time for your Daily Hit of cannabis financial news for September 14, 2021.

On the Site

High Tide

High Tide Inc. (NASDAQ: HITI) reported its financial results for the third fiscal quarter of 2021 ending July 31, 2021, as revenue increased by 99% to $48.1 million versus $24.1 million in the same quarter last year. High Tide noted that the financial results included the acquisition of META Growth Corp., Smoke Cartel, Fab Nutrition, and DHC Supply LLC. The net loss for the quarter was $1.7 million versus last year’s net income of $3.8 million for the same time period. Geographically, $38.4 million of revenue was earned in Canada and $9.6 million in the United States. Revenue from the U. S. increased to $9.6 million, versus $5.7 million for the second quarter of 2021, representing a 69% increase sequentially.

Fire & Flower

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced its financial results for the fiscal second-quarter ending July 31, 2021, as revenue rose 51.4% to $43.3 million over last year’s $28.6 million. Fire & Flower delivered a net income of $19 million versus last year’s net loss of $29 million. Digging into the company’s earnings, retail revenue rose by 36.3% year-over-year to $31.8 million. However, in troubling news, the company noted that same-store sales decreased 14% for forty-eight (48) stores in operation during the comparable period in Q2 2021 due to a surge in newly licensed retail cannabis stores in Ontario, from 665 on May 1, 2021, to 981 at July 31, 2021. Fire & Flower contributed to the surge by opening seven new stores in Canada, bringing total stores to 91. In early June 2021, the Ontario cannabis market opened up from lockdown due to COVID-19, allowing for foot traffic into all Fire & Flower retail stores.

Plus Products

It’s a sign of how difficult it is to be a CBD-only company. This week Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) filed for the Canadian version of bankruptcy. According to Plus’ filing, it has secured court protection from its creditors under the Companies Creditors Arrangement Act or “CCAA”, in order to restructure its business and financial affairs. Plus Products has canceled its Annual General Meeting previously scheduled for September 14, 2021.

Weedmaps

WM Technology, Inc., better known as Weedmaps  (Nasdaq: MAPS) is buying Sprout, a leading, cloud-based CRM & marketing platform for the cannabis industry. Weedmaps did not disclose the valuation of the deal. Sprout is a cannabis CRM and marketing software platform used by dispensaries and cannabis brands across the United States, Canada, and Puerto Rico. Sprout’s cannabis CRM platform includes an entire suite of omnichannel marketing solutions including customer relationship management, text & email marketing, loyalty, mobile wallets, QR codes, mobile surveys, mobile coupons, advanced customer segmenting, and analytics.

 

In Other News

GPS Global

The global consortium Gateway Proven Strategies (GPS.Global) announces the acquisition of the Global Cannabis Network Collective (GCNC), an elite network for cannabis executives building and transforming the international cannabis trade. The agreement brings Chris Day and Jillian Reddish, co-founders of GCNC, into ownership and executive positions at GPS. The duo continues to operate the GCNC day-to-day.

“This is a true merging of the minds. We have great respect for GCNC’s achievements joining global companies to expand the international supply chain. This acquisition is a natural fit initiating the next phase for GPS. It accelerates our goal of being the most trusted firm focused on helping companies navigate global markets and supporting ethically-minded entities in expanding the cannabis marketplace,” said GPS Founder and Chairman, Bob Hoban.


StaffSeptember 14, 2021
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4min6040

It’s a sign of how difficult it is to be a CBD-only company. This week Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) filed for the Canadian version of bankruptcy. According to Plus’ filing, it has secured court protection from its creditors under the Companies Creditors Arrangement Act or “CCAA”, in order to restructure its business and financial affairs. Plus Products has canceled its Annual General Meeting previously scheduled for September 14, 2021.

“Over the last year, we have continued to build PLUS into one of the strongest brands in cannabis,” said Jake Heimark, co-founder and Chief Executive Officer. “However, the slow rollout of legal dispensary licenses in California, and the structure of the California market have made it difficult for independent brands to remain competitive in this state. We continue to believe the strongest brands will come out of California, and I am confident that the outcome of these proceedings will result in a business that matches the strength of our brand for our employees, debtholders and shareholders.”

Trading in PLUS common shares and listed on the Canadian Securities Exchange and the OTC Markets Group has been halted pending the anticipated delisting of the Subordinate Voting Shares and the company’s securities from the CSE. A comeback hearing in respect of the relief granted pursuant to the Initial Order will be scheduled with the Court within ten days. Interested parties that wish to bring a motion at the Comeback Hearing are required to provide notice to the affected parties prior to the Comeback Hearing pursuant to the requirements as set forth in the Initial Order.

According to a company statement, Plus will be able to continue operating and pay normal expenses in the ordinary course of business. It will also move forward with the Board of Directors’ review of strategic alternatives, including the solicitation, development, and execution of any potential sale or other strategic transaction involving PLUS, whether in addition to, or as an alternative to, a CCAA plan of compromise or arrangement.

Plus gave no indication that it was in trouble last month when the company reported its earnings. While revenues hadn’t grown by a large amount, they had increased over last year and the company bragged that it was the most sales it had ever recorded in a quarter. Even the loss from operations had improved by 30% over the previous year.

At the time Heimark said, “We are happy to demonstrate that our revenues are back on the correct trajectory following the one-time accounting changes in Q1 2021. In Q2 2021, we had the highest revenues as a company thus far. We have been successful in our transition to a fulfillment-only distributor in California, and see that change reflected positively in this quarter’s results. In addition to the progress with our new distribution partner, we have continued to gain momentum with our fully-internalized sales team along with our special-edition and collaborative offerings.”

 


StaffSeptember 13, 2021
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4min5340

It’s time for your Daily Hit of cannabis financial news for September 13, 2021.

On the Site

Akerna
Akerna (Nasdaq: KERN) is buying 365 Cannabis, a cannabis business management software system built on Microsoft’s Dynamics 365 Business Central in a $17 million deal at 2.1x LTM revenue. The deal will be paid with $4 million in cash and $13 million in stock with a potential earnout of $8 million. The acquisition is expected to close in the fourth quarter of 2021. “By adding 365 Cannabis into our Akerna ecosystem, we will continue to create new standards and best practices around compliance in every state, province, and country across the globe, standardize how the global supply chain is managed, and forge best practices in technology and hosting,” says Jessica Billingsley, Chief Executive Officer of Akerna. “The synergies between our two companies’ products and offerings will finally create all in one for the entire cannabis industry, on a global scale.”

Jushi
Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) has closed its previously announced acquisition of Massachusetts-based Nature’s Remedy in a deal valued at $91.2 million. Jushi also noted that the deal was revised resulting in 4.3 million fewer shares issued to Nature’s Remedy. However, Jushi did pay an additional $2.9 million in cash to acquire excess inventory worth $17.5 to $22.5 million at prevailing wholesale prices.

Mass. Mayor

The former mayor of Massachusett’s town Fall River Mayor Jasiel Correia could face 11 years in prison for shaking down cannabis license applicants. The corrupt mayor was found guilty in May for stealing from investors with regards to an app he developed, but also for extorting money from cannabis applicants. He was convicted of 21 of the 24 counts he faced. On Friday, the government suggested Correia should be sentenced to 11 years in prison, then 24 months’ supervised release, $298,190 in restitution to certain SnoOwl investors. In addition, they are requesting that he pay $20,473 in restitution to the IRS, forfeit $566,740, and a final mandatory special assessment of $2,100.
In the government filing, which was posted on Law360, it was noted that Correia remained defiant despite having 33 witnesses testify against him saying that the truth would come out. Correia even suggested he refused a plea deal because he was innocent, but the government said no such deal had been offered.

In Other News

Heritage Cannabis

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has executed a term sheet with Merida Capital Partners IV LP for up to $1.5 million in Senior Unsecured Convertible Promissory Notes to fund the Company’s entry into the state of Missouri. Missouri’s first legal medical sale took place in October 2020, and, per the Missouri Department of Health and Senior Services, there are already 140 approved dispensaries responsible for over USD$65 million of retail sales in the first half of 2021, and USD$21 million of sales in the month of July.

RIV Capital

RIV Capital announced that it has received a cash distribution of approximately $6.5 million and that termination of PharmHouse’s proceedings under the Companies’ Creditors Arrangement Act (Canada) and PharmHouse’s assignment into bankruptcy under the Bankruptcy and Insolvency Act (Canada) is expected imminently. Pursuant to orders granted by the Ontario Superior Court of Justice (Commercial List) in the CCAA Proceedings, RIV Capital was entitled to the cash remaining in PharmHouse. The receipt of this cash distribution concludes the Company’s relationship with PharmHouse in all material respects.


StaffSeptember 13, 2021
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3min4500

Akerna (Nasdaq: KERN) is buying 365 Cannabis, a cannabis business management software system built on Microsoft’s Dynamics 365 Business Central in a $17 million deal at 2.1x LTM revenue. The deal will be paid with $4 million in cash and $13 million in stock with a potential earnout of $8 million. The acquisition is expected to close in the fourth quarter of 2021.

“By adding 365 Cannabis into our Akerna ecosystem, we will continue to create new standards and best practices around compliance in every state, province, and country across the globe, standardize how the global supply chain is managed, and forge best practices in technology and hosting,” says Jessica Billingsley, Chief Executive Officer of Akerna. “The synergies between our two companies’ products and offerings will finally create all in one for the entire cannabis industry, on a global scale.”

365 Cannabis’ 85+ clients will gain access to Akerna’s Compliance Gateway, feature-rich reporting, MJ Retail POS, and the recently launched Akerna Connect. Cannabis 365 clients include Pharmacann, Nectar, Revolution, Sundial, Kiaro, and many others.

“As we combine our leading solutions built specifically for the ever-evolving cannabis industry, along with Akerna’s 80+ integrations through open APIs, we can now offer cannabis operators a full suite of products to optimize their businesses, improve overall functionality, and ultimately increase sales,” says Jeff Kiehn, Chief Executive Officer of 365 Cannabis. “With the combined team of over 200+ skilled employees including 30 + years of consulting experience, coupled with an unrivaled true ERP system and supporting technologies, our goal is to modernize and propel the cannabis industry throughout this rapid growth period and beyond.”

The two companies said in a statement that the acquisition will allow Akerna to deliver the broadest portfolio of ERP solutions for cannabis operators, covering access to a majority of the mainstream mid-market financial and tax planning market. It will offer cannabis operators a financial and tax planning system for each stage of their growth while realizing combined scaled synergies by maintaining regulatory compliance every step of the way through Akerna’s Compliance Gateway.


StaffSeptember 13, 2021
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4min3530

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) has closed its previously announced acquisition of Massachusetts-based Nature’s Remedy in a deal valued at $91.2 million. Jushi also noted that the deal was revised resulting in 4.3 million fewer shares issued to Nature’s Remedy. However, Jushi did pay an additional $2.9 million in cash to acquire excess inventory worth $17.5 to $22.5 million at prevailing wholesale prices.

“We are excited to officially enter the Massachusetts market, adding Nature’s Remedy, a vertically integrated business operating high-quality, well-managed assets” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “With its strong, defensible retail position and a scalable cultivation footprint, Nature’s Remedy offers significant opportunities for us to expand and grow our presence in this rapidly maturing adult-use market. I look forward to working with our new colleagues to introduce our complete line of industry-leading brands and products into the wholesale market and at Nature’s Remedy’s retail stores.”

Nature’s Remedy

Nature’s Remedy currently operates two retail dispensaries, in Millbury, MA and Tyngsborough, MA, and a 50,000 sq. ft. cultivation and production facility in Lakeville, MA, with approximately 22,000 sq. ft. of high-quality indoor flower canopy and state-of-the-art extraction and manufacturing capabilities. The company expects to execute on the significant opportunity to expand Nature’s Remedy’s wholesale revenue in the fourth quarter, driven by additional cultivation capacity as well as the planned resale of excess inventory at the Lakeville Facility.

Deal Terms

Jushi acquired Nature’s Remedy for an upfront payment of $91.2 million, which included $40.0 million in cash, approximately $34.7 million in stock, an $11.5 million unsecured three-year note and a $5.0 million unsecured five-year note. Jushi has also agreed to issue up to an additional $5.0 million in stock and a $5 million increase to the principal balance of the 3-Year Note upon the occurrence or non-occurrence of certain conditions after the closing date, bringing the total potential consideration for the acquisition paid by the company to $101.2 million. The revised purchase price represents a multiple of 2.7 to 3.0x Nature’s Remedy’s expected full-year 2022 EBITDA of US$34 to US$38 million.


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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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