Staff, Author at Green Market Report

StaffStaffNovember 16, 2019
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7min1320

The USA has a new boom for hemp farmers. Though it is forbidden to consume cannabis at the federal level, 33 states legalized its usage for medical purposes and 11 states don’t mind about you smoking hemp for your personal advantage. 

Let’s distinguish the difference between hemp and marijuana. There are over 50 thousands of goods that have hemp as one of the ingredients. They include clothes, cosmetics, beverages, food, construction supplies, etc. These two types of crops are cultivated from one sort of plant, Cannabis sativa L. However, hemp has only 0.3% of THC (Tetrahydrocannabinol), the addictive component of marijuana. This means, that hemp can’t make you high and doesn’t have a similar effect as smoking a joint of marijuana. 

According to Barclays Bank and EssayShark, the size of the legal cannabis market reached $28 billion in the past year. If the USA legalizes the full cannabis market, it will enhance to $41 billion by 2028.  In case the medical usage is legalized in Europe and at the federal level, the market will grow to $55 billion. It’s logical that such perspectives attract lots of investors. This fact led to the appearance of many hemp-related startups in 2018. At the beginning of 2019, their total value was worth $1.2 billion.

It’s not surprising that these tendencies and potential increased the number of new hemp farmers. There are limits to growing cannabis, but they are quite ridiculous. For example, you can’t grow more than three sorts of the plant. A person can freely grow up to 6 bushes of hemp. People who managed to “catch the wave” of planting cannabis have now grown to the earning millions of dollars. The average price for their final product is seven thousand dollars per one kilo. Farmers are sure that it’s better to work legally and the prohibitions only support the drug dealers and the development of the black market.

The product that had been illegally brought to the USA turned into legal goods. Authorities imposed taxes and customs on them. Workers involved in the hemp industry obtained official employment, government establishments started checking the quality of the product. As a result, the price for legal cannabis increased by 5-6 times in comparison to the illegal options. Many people with low budgets prefer purchasing under-the-table weed instead of paying more. Thus, the new hemp farmers who want to have a stable income must sell their product almost without any retail margin to compete with the existing offers until they have a stable audience of customers. 

Due to the high demand and the global madness over an opportunity to earn money in this industry, many people attempt starting their own production of hemp. Those people who have never had experience with anything related to agriculture (it is agriculture by any measure) have a strong belief that it’s a piece of cake. New hemp farmers usually make the same mistakes. They don’t compile a harvest plan and take into account the weather conditions. As a result, they might lose their yield or have a smaller amount of crop than expected.

Another reason that influences the new businessmen is their confidence in finding the customers or contractors for selling their products. Experienced and considered farmers search for the contractors prior to planting the crop. Therefore, they can estimate the approximate number and the workforce required to cultivate and process the product. The majority of new farmers rely on independent contractors who have to cultivate, harvest, and dry their crops. Unfortunately, many such contractors make only verbal promises and don’t satisfy their customers’ needs. As a result, farmers fail to yield and process hemp to have a final product for sale. 

It’s difficult for amateur farmers to enter the market and beat the competition. The huge processing and harvesting companies in the industry leave almost no chances for small businesses. Thus, even if you consider all the negative factors like unfortunate weather, low prices, lack of labor, and create a perfect harvesting plan, there is still a high possibility that you might push your income into the red. The industry is facing the oversupply of hemp which leads to the decreased rates. Many farmers hurry to fire-sale their crops to anyone not to lose all the money and efforts put into the cultivation, harvesting, and processing. 

The hemp market is definitely flourishing in the USA. Unfortunately, the equipment, workforce, knowledge, skills, and time required to grow cannabis might be too much for the newbie farmers. They tend to underestimate the efforts and financial risks for entering this sphere. 

Guest post by Kelly Pethick


StaffStaffNovember 15, 2019
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9min1910

The Supreme Cannabis Co.

The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) reported a year-over-year increase in net revenue, growing 122% from $5.1 million in Q1 2019 to $11.4 million in Q1 2020. The net revenue achieved during Q1 2020 was comprised of $10.5 million from 7ACRES and $0.9 million from Blissco.

Sequentially, net revenue decreased by 40% from $19 million in Q4 2019. The quarter-over-quarter decrease in net revenue is predominately attributable to the combination of a rapid deterioration of pricing and demand in the wholesale market and the previously announced 7ACRES mechanical failure in grow rooms 1, 2 and 3, which was an isolated one-time event with all three grow rooms recommissioned and replanted in September 2019.

In Q1 2020, in response to wholesale market conditions, the company prioritized its annual performance objectives by product planning for future quarters and holding back product from wholesale channels. In the second half of fiscal 2020, the company expects this inventory of high-quality products to serve as inputs for flower convenience products and select cannabis derivative products, including pre-rolled joints, CBD oils and vaporizer oils.

The company continues to reduce its reliance on the wholesale market as it increases packaging capacity at its 7ACRES facility and transitions 7ACRES to solely recreational sales. In Q1 2020, wholesale sales accounted for 57% of cannabis flower sales, as compared to 65% in Q4 2019 and 100% in Q1 2019.  As Supreme Cannabis transitions into a CPG company, sales from recreational markets continue to increase. In Q1 2020, the company saw strong demand for its consumer-facing brands, with net revenue from recreational sales increasing 68% quarter-over-quarter.

Village Farms International, Inc.

Village Farms International, Inc.  (TSX: VFF) (NASDAQ: VFF) reported net sales (before Village Farms’ 50% share), which consisted entirely of dried cannabis sold predominantly to other licensed producers, were C$24.0 million (US$18.1 million).  Sales for the third quarter did not include C$7.2 million that was invoiced to Emerald Health Therapeutics. The company delivered net loss (before Village Farms’ 50% share) of (C$2.4 million) ((US$1.8 million)) which included the non-cash impact of a net charge of (C$12.6 million) due to a change in value of the biological asset.

Michael DeGiglio, Chief Executive Officer, Village Farms said,  “Pure Sunfarms’ achieved its fourth consecutive quarter of positive EBITDA, with an industry leading all-in cost of production of C$0.63, gross margin of 69% and EBITDA margin of 56%.  In the 12 months since adult-use cannabis was legalized in Canada in October 2018, Pure Sunfarms has already generated C$47 million in EBITDA, an especially impressive number given that its operations were ramping up throughout most of that period.”

“In our U.S. outdoor hemp program, we recently completed harvest of our 2019 crop, highlighted by yields that were well above our projections.  We remain on track to begin generating profitable hemp sales as early as the fourth quarter of this year.  Importantly, our first growing season has provided significant learnings that will be invaluable going forward.  In our greenhouse hemp program, we continue to work with Texas Department of Agriculture on the implementation of its hemp regulatory framework subject to the recently published US Department of Agriculture rules and are optimistic that licensing could commence in the first quarter of 2020.  As we did in Canada with Pure Sunfarms, we are building a rock-solid foundation of exceptional growing operations from which to aggressively pursue our objective to launch our own white-labeled and branded CBD products in 2020.”

Jushi Holdings

Jushi Holdings Inc. (NEO: JUSH.B) (OTCQX: JUSHF) reported its financial results for the third quarter ended September 30, 2019. The company delivered revenue for the third quarter of 2019 increased 2871% to $3.6 million, compared to $0.1 million in the third quarter of 2018 due to revenue from operations. Net income for the third quarter of 2019 was $4.2 million, or $0.04 per diluted share, compared to a net loss of $2.3 million, or $0.05 per share, in the third quarter of 2018. During the quarter, the company reported a gain on a financial asset of approximately $9.2 million and a one-time other income of approximately $5 million.

Gross profit for the third quarter of 2019 was $1.5 million, resulting in gross margin of 43%, compared to $0.1 million for the third quarter of 2018. The increase over the prior year was primarily due to the increase in retail sales.

“During the third quarter of 2019, we generated revenue of $3.6 million, an increase sequentially from $0.2 million, due primarily to commencement of retail operations in Pennsylvania and New York, and cultivation and manufacturing in Nevada. Additionally, we reported a net gain of $13.2 million in other income primarily from sale of our minority stake in Gloucester Street Capital resulting in net income of $4.2 million for the quarter,” stated Jim Cacioppo, CEO and Chairman of Jushi.


StaffStaffNovember 14, 2019
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4min1660

Republished with permission from Thinknum Alternative Data

by Joshua Fruhlinger

The blooming weed industry promised massive revenues, a nascent agrarian industry, a booming supply chain, and soaring local taxes. While it has delivered on all of those things in limited fashion, recent earnings calls from market leaders like Tilray ($NASDAQ:TLRY) have analysts and investors worried that we may be seeing an early floor — or at least normalization — of the industry’s ability to earn as prices settle and operational costs become reality.

Yesterday, Tilray reported a third-quarter net loss of almost $36 million, or 36 cents per chare. That’s up from last year when it reported losses of $19 million, or 20 cents per share. That said, revenue rose to $51.1 million from $10.1 million.

But skyrocketing losses are the focus of investors today, and they appear to have a lot to do with sinking weed prices. Tilray reported that the average price per gram of weed it sold sunk from $6.21 to $3.25.

Tilray isn’t alone here: The price of weed across the industry has been dropping, including at Tilray competitor OCS — Ontario Cannabis Store ($ONTARIOCANNABISSTORE) — where we have pricing data for the past few months.

At OCS, the price of 3.5- and 7.0-gram non-CBD products is showing a steady decline, mirroring that of Tilray and other companies in the space. Since August, the average price has dropped from $13 to $11.42.

While Tilray points to higher operational costs and the acquisition of Manitoba Harvest and Natura Naturals, declining prices will only continue to squeeze revenue and subsequent earnings.

The company has entered a bit of a hiring slowdown as it picks up the pieces as well – openings are down as much as 33% since last summer as the stock price inches to the $20 mark.

About the Data:

Thinknum tracks companies using the information they post online – jobs, social and web traffic, product sales and app ratings – and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.


StaffStaffNovember 14, 2019
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5min2900

Canadian-based venture capital firm Canopy Rivers Inc. (TSX: RIV)(OTC: CNPOF) reported that it generated operating income of $930 thousand in Canadian dollars versus last year’s $23 million for the same time period. The company also delivered a net loss of $4.4 million versus last year’s net income of $10.9 million. The stock dropped over 6% to lately trade at USD$1.

The company said that the income was “primarily driven by royalty, interest, and lease income of $2.2 million from: royalty and debenture agreements with Agripharm Corp., Greenhouse Juice Company, James E. Wagner Cultivation Corporation and Radicle Medical Marijuana Inc. a lease agreement with Spot Therapeutics Inc. and a shareholder loan agreement with PharmHouse, Inc. This income was partially offset by a $559 thousand net decrease in the fair value of certain financial assets that are reported at fair value through profit or loss.”

The company went on to say that the “Operating income was further offset by a $682 thousand share of loss from the Company’s equity method investees. This share of loss was recorded one quarter in arrears, which includes the Company’s common equity positions in Canapar Corp., Herbert Works, High Beauty, Inc., LeafLink Services International ULC, PharmHouse and Radicle.” Canopy Rivers said it also expects to continue to generate losses during the remainder of the year.

“Headlined by our graduation to the TSX, our business matured during the second quarter as we launched our Strategic Advisory Board and continued to work closely with our portfolio companies as they achieved new milestones,” said Narbé Alexandrian, President & CEO, Canopy Rivers. “There were numerous achievements for our portfolio companies this quarter. Several of these companies received licenses and amendments from Health Canada for the sale of cannabis oils, while others made key acquisitions, launched their Canadian business, or brokered agreements with companies both inside and outside of the Canopy Rivers ecosystem.”

Expenses Decline

The company noted that its operating expenses for the quarter were $6.1 million, which dropped from last year’s $8.9 million.  $3.0 million of that was related to share-based compensation. Other operating expenses, which include consulting and professional fees and other general and administrative expenses, were $3.2 million, representing an increase from the comparative quarter last year due to the build-out of the Company’s management team and employee base and enhanced public company compliance, marketing and business development, and regulatory costs.

Other operating expenses also increased from the previous quarter due to certain non-recurring costs relating to the Company’s graduation to the Toronto Stock Exchange and the launch of a formal branding and marketing campaign.

Other comprehensive income, which captures the net changes in fair value of financial assets that are reported at fair value through other comprehensive income, was a loss of $28.3 million, net of tax. The fair values of Canopy Rivers’ investments in Eureka 93 Inc., JWC, YSS Corp., Les Serres Vert Cannabis Inc. and TerrAscend Corp. were negatively impacted by downward trends in public market valuations for cannabis companies during the period.

The company made no mention of its investment in the cannabis media outlet Civilized, which is said to be merging with New Frontier Data. Civilized recently laid off several staff members and moved to smaller offices in California. The rumor is that the planned combination will try to go public, which would attempt to make investors whole.

 

 


StaffStaffNovember 13, 2019
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5min1000

Full name: Carrie Solomon

Title: CEO

Company: Greater Goods

(The Initiative is the world’s first accelerator program specifically for women cannabis entrepreneurs and executives and Greater Goods was one of the companies first to complete the program.)

Greater Goods makes wonderful, happy CBD things. Innovative, creative, and defiantly optimistic, Greater Goods is on a mission to rescue the world from the mundane and free everyone from the conventional expectations of CBD. Every product is crafted by hand in small batches in Portland, Oregon, using tasty, conscientious, ingredients and organically cultivated full-spectrum hemp oil for the best quality, flavor, and experience.  Every batch is tested through a certified, local facility.

Years at current company: Greater Goods just launched in summer 2019, however, I have been the co-founder, with my husband Jody, of our sister cannabis company, Leif Goods, since 2014.

Education profile: 

MFA Design, School of Visual Arts, New York, NY

BA Philosophy, Bard College, Annandale, NY

Most successful professional accomplishment before cannabis: 

When I decided to apply to graduate school in design, I was probably one of the least experienced applicants to apply in terms of design experience in the professional realm. With a background in the arts and philosophy, the program took a chance on me and I could not have been prouder to be accepted into such a high-level program with so many illustrious educators. Graduating from that program with confidence, along with a compelling thesis focused on product design, was an enormous win for me in my design career.

Company Mission: 

Innovative, creative, and defiantly optimistic, Greater Goods is on a mission to rescue the world from the mundane and free the masses from the conventional expectations of CBD. Every product is crafted by hand in small batches in Portland, Oregon, using tasty, conscientious ingredients and organically cultivated full-spectrum hemp oil for the best quality, flavor, and experience.

Company’s most successful achievement: 

Having just launched in the Summer of 2019, Greater Goods is already in eight states and about to be carried by a large, respected chain of grocery stores in the PNW and California. This rapid exposure to customers is a huge accomplishment, all done directly with buyers and no sales force other than the founders working hard to make it happen.

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

Yes

if so, how much?: 

Undisclosed

Any plans on raising capital in the future? 

Yes

Most important company 5-year goal: 

The goals of the company are two-fold: 1) To become a household name on the national level as a trusted source for hemp CBD products, all while inspiring consumers to enjoy their consumption; 2) Potential acquisition or partnership with a larger brand to ensure Greater Goods becomes a staple in the CBD pantry and wellness toolkit.

For a full list of products, stockists, and to shop Greater Goods, please visit: https://www.hellogreater.com


StaffStaffNovember 11, 2019
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4min1420

It’s time for your Daily Hit of cannabis financial news for November 11, 2019.

On The Site

November 11 is Veterans Day. Bond markets are closed for trading (stock markets are open) and it is a National holiday to honor military veterans.

Some cannabis companies are reaching out to veterans with various offers. According to recent studies, there are nearly 18 million U.S. military veterans that experience some form of mental illness, whether that be depression, anxiety, insomnia or PTSD, or physical issue. The VA is currently exploring how CBD affects symptoms of anxiety and PTSD in veterans.

GrowGeneration

Hydroponic and organic garden center chain GrowGeneration Corp. (OTCQX: GRWG) reported that its net revenue increased 159% to $21.8 million for the third quarter ending September 30, 2019, versus last year’s $8.4 million for the same time period. GrowGeneration also delivered a net income of $1,049,699 for Q3 2019 compared to a net loss of $(784,573) for Q3 2018, which was an increase of $1.8 million.

The company attributed the increase in revenues to the addition of 10 new stores opened or acquired after October 1, 2018, which delivered sales of $3.9 million in Q3 2019. Sales also increased as a result of the acquisition of a new store in mid-July 2018 that had sales of $2.3 million in the quarter and the new e-commerce site acquired in mid-September 2018  which had revenues of $1.4 million in the quarter.

Neptune Wellness

Neptune Wellness Solutions Inc.  (NASDAQ: NEPT) (TSX: NEPT) stock fell over 6% to $3.32 after the company reported a decrease in sales. Neptune reported total revenues for the second quarter ending September 30, 2019, amounted to $6.5 million, representing an increase of 49% over the first quarter but a decrease of 8% versus last year’s $7 million for the same time period. The decrease in revenues was attributed to the timing of orders in the nutrition business.

Medicine Man

Medicine Man Technologies, Inc. (OTCQX: MDCL) delivered total revenue in the third quarter of $5,338,868, an increase of approximately 14% compared to revenues of $4,672,519 in the quarter ended September 30, 2018. Strong product sales and litigation revenue in the most recent quarter offset a one-time licensing sale in the same quarter of 2018. Unfortunately, Medicine Man reported net losses of $1,827,978 or five cents per share, versus last year’s net income of $4,950,601, or $0.18 per share.

Cannabis Europa

Cannabis Europa swept into New York City with some dazzle as the conference was held at a swanky members-only club that prefers not to be mentioned. Stephen Murphy, Co-Founder of Cannabis Europa said that the reason for choosing such a high location was to showcase the legitimacy of the industry.

In Other News

Aleafia Health Inc. (TSX: ALEF)(OTC: ALEAF) reported that Aleafia Farms Inc., its wholly-owned subsidiary, produced an inaugural Port Perry Outdoor Grow harvest yielding approximately 10,300 kg of dried flower. The yield figure is limited to dried flower, and excludes stems or other parts of the cannabis plant.


StaffStaffNovember 11, 2019
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4min1470

Neptune Wellness

Neptune Wellness Solutions Inc.  (NASDAQ: NEPT) (TSX: NEPT) stock fell over 6% to $3.32 after the company reported a decrease in sales. Neptune reported total revenues for the second quarter ending September 30, 2019, amounted to $6.5 million, representing an increase of 49% over the first quarter but a decrease of 8% versus last year’s $7 million for the same time period. The decrease in revenues was attributed to the timing of orders in the nutrition business.

The company also delivered a net loss of $20 million versus last year’s net loss of $3 million. The company blamed the increase in losses to an increase in stock-based compensation expense, depreciation and amortization and to accretion expense on contingent consideration combined with a lower adjusted EBITDA.

The adjusted EBITDA was a loss of $4.5 million versus a loss of $1.2 million last year. The increased Adjusted EBITDA. loss is due to investments made in the cannabis segment to grow the workforce in anticipation of increased sales volume as well as an increase in salaries and benefits at the corporate level. “The decrease can also be explained by an increase in litigation legal fees and additional SG&A coming from SugarLeaf,” read the company statement.

“We achieved a significant milestone in mid-October when we completed our Phase II capacity expansion. This additional capacity will alleviate our constraints in the near-term and help accelerate the company’s revenue growth in the cannabis segment. However, the start-up of our ethanol process has been longer than initially expected which has delayed the full ramp-up by one month to the end of December. With regards to our CO2 operations, we have been running seven days a week since the end of July and we are pleased with our yields and quality of extracts.” Said Stephen Lijoi, VP Operations.

Medicine Man

Medicine Man Technologies, Inc. (OTCQX: MDCL) delivered total revenue in the third quarter of $5,338,868, an increase of approximately 14% compared to revenues of $4,672,519 in the quarter ended September 30, 2018. Strong product sales and litigation revenue in the most recent quarter offset a one-time licensing sale in the same quarter of 2018. Unfortunately, Medicine Man reported net losses of $1,827,978 or five cents per share, versus last year’s net income of $4,950,601, or $0.18 per share.

“The third quarter of 2019 was a transformational one for the Company,” said Mr. Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “We reported seven additional proposed acquisitions, bringing our total to 12 pending acquisitions, we filled a key leadership role within the Company and saw positive initiatives in the industry both locally and federally, which strengthened our industry-leading position. In looking at our operations related to the consulting services and our products, the continued positive trends we see in the third quarter are encouraging, as both grew at double-digit percentage growth rates.”

Operating expenses grew to $3,478,232 as compared to $1,842,954 for the same period in 2018. The increase was primarily attributable to non-cash, stock-based compensation and costs associated with activities related to building an infrastructure to ensure seamless integration of the company’s numerous pending acquisitions and to help build the proper platform for sustainable growth.

The company’s cash balance on September 30, 2019, was $15,204,587 as compared to $529,674 on September 30, 2018. The increased cash position was due primarily to the equity investment by strategic partner Dye Capital & Company.

 

 


StaffStaffNovember 11, 2019
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11min4230

November 11 is Veterans Day. Bond markets are closed for trading (stock markets are open) and it is a National holiday to honor military veterans.

Some cannabis companies are reaching out to veterans with various offers. According to recent studies, there are nearly 18 million U.S. military veterans that experience some form of mental illness, whether that be depression, anxiety, insomnia or PTSD, or physical issue. The VA is currently exploring how CBD affects symptoms of anxiety and PTSD in veterans.

Tribe CBD

Colorado-based CBD brand Tribe CBD  announced its Veterans Assistance Program (VAP) to help bring affordable CBD to the Veteran’s Community. Within this program, U.S. military veterans can receive 30% off all retail prices by sharing their journey with the Tribe team and community.

“Before I created Tribe CBD I was in the Navy, and we feel very strongly that veterans need access to hemp CBD,” said Alec Rochford, Tribe CBD’s Chief Executive Officer. “No one sacrifices more than active-duty military and veterans. Because our products do not contain any THC, I wanted to create a program for veterans to get premium CBD oil at a discount simply because they deserve it.”

“I personally use our CBD tinctures every night to help with sleeping issues and back pain,” shares Alec. There are many stories to be told and voices to be heard within the Veteran’s Community that have yet to be exposed. Tribe’s Assisted Program is intended to bring light to those who have served our country while providing them access to premium broad-spectrum CBD oil and their newly-released CBD gummies at a discounted price.

For further information, visit Tribe CBD’s website to learn more about applying to their Assistance Program. To help celebrate Veteran’s across the country, Tribe has extended their 30% discount to all customers through the end of Veteran’s Day Weekend. Just use code VETERANS30 at checkout.

Stiiizy

STIIIZY – a California-based cannabis lifestyle brand – co-founded by Army veteran James Kim recognizes the incredible contribution of our veterans and wants to honor their service with a newly released camo design battery. This effort is critically important to Kim as he served a 13-month tour in Iraq as a member of the Army’s 101st Airborne Division and began using cannabis as a way of healing for his PTSD. He is pledging 20% of each camo battery sale beginning November 1 to Battle Brothers Foundation in support of their veterans disability claim programming. The nonprofit organization provides much-needed guidance to veterans transitioning back to civilian life, focusing on personal development, physical and mental well-being and economic stability to help set each veteran on a positive path for success.

Flower Co. 

To celebrate Veterans Day, Flower Co. is launching a limited edition pre-roll pack in collaboration with Veterans Cannabis Group. The pre-rolls of Semper Hi are available in a 6-pack ($15 for members) or 12-pack ($28 for members) and feature the Veterans Cannabis Logo on the packaging. 100 percent of profits will be donated to the organization.

Earlier this year, Flower Co. announced a program to give US Military veterans a free membership ($119 annual value). Through FlowerVets.com, veterans can get complimentary access to Flower Co.’s unprecedented wholesale cannabis prices, bringing safe and affordable access that wasn’t previously available.

Ilera Healthcare

Pennsylvania medical marijuana company and dispensary, Ilera Healthcare, will host a free screening of Unprescribed, followed by a panel discussion, on Friday, November 15th at 6:30 pm at Greater Plymouth Community Center in Plymouth Meeting.  The documentary film highlights medical marijuana (MMJ) as an alternative to the cocktail of drugs prescribed by military doctors for veterans struggling with PTSD, anxiety and other service-related health issues.

For many of our returning veterans, the battle continues out of uniform as they attempt to recover from war-related trauma through a multitude of prescription medicines.  In his first feature-length motion picture, producer, director, and Air Force veteran Steve Ellmore presents us with stories from fellow veterans, spouses, and family members on coping with war-related injuries and the loss of loved ones due to suicide. After returning from combat these veterans are prescribed what many refer to as the ‘combat cocktail’ or ‘zombie dope,’ leading many to believe that suicide is a possible solution to their pain.

The film takes a closer look at medical marijuana, which could provide a safer alternative for many returning soldiers. Unprescribed has recently won the Grand Jury Prize for Best Documentary Film at the Los Angeles Motion Picture Festival, Best Feature Documentary at the 2019 Cannabis Culture Film Festival, and was the Be the Change Winner at the Colorado International Activism Film Festival.  Unprescribed is also an official selection at the 2019 London Cannabis Film Festival, San Francisco Veterans Film Festival, and Honor Film Festival.


StaffStaffNovember 5, 2019
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5min2010

It’s time for your Daily Hit of cannabis financial news for November 5, 2019.

On The Site

GW Pharm

Cannabis biotech company GW Pharmaceuticals plc (NASDAQ: GWPH) saw its share tumble in aftermarket trading despite delivering solid earnings. The company reported third-quarter net sales of $86 million and $188 million in net sales in the first three quarters of 2019. So far over 15,000 patients have received Epidiolex prescriptions since launch. The stock was falling over 11% to roughly $118 in post-market trading.

Revenue for the quarter ending September 30, 2019, was $91.0 million versus last year’s $2.4 million for the same time period. This easily beat the estimate of $85.91 million. The net loss was $13.8 million compared to a net loss of $79.9 million for the third quarter in 2018. The company also reported the loss as $0.04 cents per share which was much improved over last year’s loss of $2.76 per share and handily beat the estimate for a loss of $0.85 cents per share.

MediPharm

Cannabis extraction company MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) said it has filed an application to list its common shares on the NASDAQ Stock Market (NDAQ). The company said it will continue to maintain the listing of its common shares on the Toronto Stock Exchange under the symbol “LABS”.

“We are thrilled to be entering the next phase of growth at MediPharm Labs including cross-listing on the NASDAQ, one of the world’s foremost exchanges for emerging markets and technology, such as the burgeoning cannabis sector,” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “Listing alongside our peers on the NASDAQ will enhance our visibility and access to a larger base of institutional and retail shareholders in the U.S. and globally.”

In Other News

Merida Prices IPO

Merida Merger Corp. I (Nasdaq: MCMJU)(NEO: MMK.UN) priced its initial public offering of 12,000,000 units at USD$10.00 per unit. The units will commence trading November 5, 2019 on Nasdaq under the symbol “MCMJU” and are expected to commence trading on the Neo Exchange Inc. on or about November 8, subject to satisfying certain listing conditions, under the symbol “MMK.UN”. Each unit consists of one share of common stock of the Company, and one-half of one redeemable warrant (“Warrant”) with each whole Warrant entitling the holder to purchase one share of Common Stock at a price of USD$11.50 per share. Once the securities comprising the units begin separate trading, the Common Stock and Warrants are expected to be traded on Nasdaq under the symbols “MCMJ”, and “MCMJW” and on the NEO under the symbols “MMK.U” and “MMK.WT.U”, respectively.

CV Sciences

CV Sciences (OTCQB:CVSI) reported revenue of $12.6M (-7.4% Y/Y) which missed estimates by $6.01M. Third quarter sales were impacted by increased market competition in the natural product category, and the continued impacts on retail customers as a result of the uncertain regulatory environment for CBD. The third quarter Non-GAAP EPS of -$0.01 missed by $0.02 and the GAAP EPS of -$0.02 missed by $0.03. The decline in operating income is primarily related to reduced sales and additional investment in sales, marketing and R&D activities.

For fiscal year 2019, the company expects revenue to be in the range of $55 million to $57 million.

Choom

Choom (CSE: CHOO) (OTCQB: CHOOF) has secured a Development Permit for a retail location in Kitsilano, one of Vancouver’s premier neighborhoods located in Vancouver, Canada. The location has received a development permit and the required Board of Variance approval from the City of Vancouver to operate a recreational retail cannabis store. Choom has submitted its application for a recreational retail cannabis store license to the Liquor & Cannabis Regulation Branch of the Province of British Columbia.


StaffStaffNovember 4, 2019
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5min2480

It’s time for your Daily Hit of cannabis financial news for November 4, 2019.

On The Site

TILT

Beleaguered cannabis rollup TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) closed a private placement of up to $35 million of senior secured notes from a syndicate consisting of existing shareholders and new investors. The company said that the first close was $25.6 million and any further closing of up to $9.4M would take place within 45 days. TILT says it has agreed to change the Board of Directors with new independent Board members in line with new management’s focus on transparency, compliance and corporate governance. The lenders have proposed two Board Members who will be appointed shortly after closing.

TerraTech

Terra Tech Corp (OTCQX:TRTC) is merging with privately held OneQor Pharmaceutical, a company that is focused on developing, patenting, and delivering proprietary, plant-derived formulations in an all-stock transaction. The deal is expected to close by December of this year.

According to a statement, the combined company will focus principally on emerging pharmaceutical development opportunities for OneQor, while the operation of Terra Tech’s portfolio of THC and agricultural-related assets is expected to continue in the short-term. However, the new company expressed that it wanted to list on a national securities exchange and will consider several “strategic options for the legacy Terra Tech business segments that may include a spin-off, special dividend, merger or potential sale among other accretive transactions.”

Sunniva

Sunniva Inc. (CSE: SNN) (OTCQB: SNNVF) said it is still working with CannaPharmaRx regarding the sale of Sunniva Medical Inc. to CannaPharmaRx and believe that the deal will be completed.

In addition to that news, the company has lost its Chief Financial Officer. Dave Lyle, Chief Financial Officer has resigned as an officer, effective November 1st, for personal reasons. In the interim, Sunniva’s Global Controller, David Weinmann, has been appointed as the temporary CFO. The company statement said that Mr. Weinmann has a Bachelor of Science in Accountancy from San Diego State University. Prior to joining Sunniva, he worked for Thermo Fisher Scientific, Inc., Accriva Diagnostics, and Ambit Biosciences.  He has spent the past few years consulting for companies within the start-up, transition, and transaction phase, this includes, ACEA Biosciences, Inc., Ametek, Inc., and Robo3D Limited.

In Other News

Flower One

Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) said that it is commencing an overnight marketed offering of convertible debenture units of the Company. In connection with the Offering, the Company intends to file a prospectus supplement to the Company’s short form base shelf prospectus dated October 22, 2019 with the securities regulatory authorities in each of the provinces of Canada, other than Québec.  Each Debenture Unit will consist of one 9.5% unsecured convertible debenture due November 2022.

Curaleaf

Curaleaf Holdings, Inc. (CSE: CURA/OTQX: CURLF), a leading vertically integrated cannabis operator in the United States, today announced the launch of its first Massachusetts adult-use dispensary in Oxford, Massachusetts. The retail store is now open at 425 Main Street in Oxford.

Retail store hours are 9AM-8PM, Monday thru Saturday and 10AM – 5PM on Sunday. The retail location is co-located with Curaleaf’s current medical retail location, which opened in April, 2018. A Grand Opening Celebration is scheduled for Wednesday, November 6, 2019 at 11 a.m. featuring Boston Red Sox great and longtime cannabis advocate Bill “Spaceman” Lee.

In addition to receiving approval on its final license to co-locate the Oxford location by the Massachusetts Cannabis Control Commission on September 13, 2019, the company was also granted approval on two provisional licenses to open adult-use retail locations in Ware and Provincetown, Massachusetts. The company was also granted approval on two final licenses for cultivation and manufacturing to be co-located with the current medical cultivation and manufacturing facility in Webster, Massachusetts.



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