Author: Staff

Recent Stories by Staff
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StaffMarch 19, 20241min00

31.6% – How many cannabis users don’t use alcohol

Many inside the cannabis industry see legalization of the plant as a way to reduce reliance on alcohol. But based on the data, it’s a dream without foundation – so far. Only about one-third (31.6%) of cannabis users say they don’t use alcohol, which is largely in line with the broader alcohol incidence rate reported by the National Survey on Drug Use and Health. That means cannabis users are just as likely to use alcohol as the general population.

Source: Brightfield Group


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StaffMarch 18, 20244min00

The Daily Hit is a recap of the top financial news stories for March 18, 2024.

On the Site

New York Governor wants to review state licensing procedures

New York Gov. Kathy Hochul ordered a top-to-bottom review of the state’s licensing bureaucracy, beginning today and headed up by Jeanette Moy, the commissioner of the Office of General Services. Read more here.

Cannabis retailers sue Massachusetts town over $6M fees

Three cannabis retailers have filed a lawsuit against a Massachusetts township, alleging the improper collection of nearly $6 million in community impact fees, despite admissions from officials that the businesses have not incurred significant costs. Read more here.

Oregon debuts online system for cannabis, alcohol licensing

The Oregon Liquor and Cannabis Commission on Monday launched the Cannabis and Alcohol Management Program (CAMP), a new online system for licensing state recreational marijuana and alcohol businesses. Read more here.

Colorado cannabis sales flat to start the year

Last year was Colorado’s worst sales year since 2017, and 2024 isn’t off to a great start either. Colorado’s cannabis industry sold just $115.3 million for the month of January, a slight dip from December but statistically even with the previous month. Read more here.

High Tide bucks Canadian cannabis sales trend, with increased revenue in Q1

Canadian Canna Cabana chain owner High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) reported its financial results for the first quarter of fiscal 2024 ending Jan. 31, in which revenue continued to climb despite a sales slowdown in the overall Canadian cannabis industry. Read more here.

More MSOs follow lead of Trulieve, Ascend on 280E

After multistate operators Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) and Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) announced to shareholders that they had filed amended tax returns for multiple years, with both expecting multimillion-dollar refunds as a result, more of their peers have come forward to say they’re either doing the same or are considering it. Read more here.

In Other News

New York Office of Cannabis Management

Damian Fagon, the New York Office of Cannabis Management’s chief equity officer, was placed on administrative leave following a NY Cannabis Insider investigation about allegations of retaliation and selective enforcement on behalf of the state agency. Read more here.

Washington state

Police in western Washington state have made arrests in an investigation into what the Tacoma Police Department described as “a major illegal marijuana grow operation by Chinese nationals.” Read more here.


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StaffMarch 14, 20245min00

The Daily Hit is a recap of the top financial news stories for March 14, 2024.

On the Site

Trulieve sues ex-CFO for splurging corporate cash

Florida-based cannabis giant Trulieve (OTCQX: TCNNF) finally filed a lawsuit against its former financial chief for misusing company funds for personal expenses. The suit accuses Alex D’Amico of leveraging his position to finance personal luxuries, including vacations, expensive clothes, and legal fees, all under the guise of business-related expenditures. Read more here.

White brothers refile federal discrimination lawsuit against New York cannabis regulators

Two white brothers who applied for a microbusiness license in New York – but don’t expect to win one, given their race and gender – have refiled a federal discrimination lawsuit against cannabis regulators, alleging that the state law and its subsequent social equity-focused regulations violate the Equal Protection Clause of the U.S. Constitution. Read more here.

Massachusetts plans blanket pardon for cannabis convictions

Taking the lead from President Joe Biden, Massachusetts Gov. Maura Healey announced on Wednesday that she plans to pardon people who have been convicted of cannabis possession. Read more here.

Illinois craft breweries venture into murky waters of THC

There’s a new item appearing on tap lists at craft breweries around Illinois: THC-infused beverages. But The potential reward comes with risks. The often-effervescent drinks are not part of the state’s recreational marijuana economy because the THC added into them comes from hemp. Read more here.

TerrAscend gets financial boost from newer markets in 2023

Multistate operator TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) reported revenue for 2023 of $317.3 million, a year-over-year sales increase of 28% in 2023, driven in large part by Maryland and New Jersey. That figure is just slightly below Yahoo Finance’s average analyst estimate of $320.2 million. Read more here.

Other earnings:

Cannabis beverages a bright spot for Jones Soda

Tilt sees revenue fall in fourth quarter, full year 2023

In Other News

Curaleaf Holdings

Curaleaf International, part of Curaleaf Holdings (TSX:CURA), is expanding into the Czech Republic, a new market for the company, through a new supply agreement with Astrasana Pharma s.r.o. Read more here.

Glass House Brands

Glass House Brands Inc. (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) announced that on March 6, the Superior Court of the State of California entered into a Final Judgment and Order against Element 7 for the amount of $2,865,000 in favor of GH Group. Read more here.

Delta-8 THC

Arizona’s attorney general has issued a formal legal opinion finding that retailers who are not approved to sell marijuana cannot lawfully sell intoxicating products derived from hemp, such as products containing delta-8 THC and delta-10 THC. Read more here.


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StaffMarch 13, 20247min00

The Daily Hit is a recap of the top financial news stories for March 13, 2024.

On the Site

Ascend CEO shares details on 280E tax nullification strategy

In the wake of Ascend’s annual earnings filing this week, CEO John Hartmann again sat down with Green Market Report to talk about the highlights, including the company’s new tax strategy, which the company said it expects will cover its entire 2023 tax bill after it amends three prior year returns. Read more here.

GrowGeneration loses another $46.5 million, forecasts further revenue declines

Hydroponics retailer GrowGeneration Corp. (Nasdaq: GRWG) posted a $46.5 million net loss for 2023, including a $27.3 million loss in the fourth quarter, as revenues for the business also took a downward turn, the company reported Wednesday. Read more here.

Planet 13 posts a $73.6M loss, but is optimistic about Florida

Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) lost $73.6 million last year, including $14.3 million in the fourth quarter alone, though most of the net loss was from a $46.8 million one-time impairment charge, the Nevada-based company reported this week. Read more here.

Jushi trims losses but still in the red after 2023

Florida-based Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) posted a net loss of $65.1 million for 2023, including an $18 million net loss in the fourth quarter, the company reported on Wednesday. Read more here.

Cybin to raise $150M through private placement 

Toronto-based Cybin Inc. (NYSE:CYBN) will be raising roughly $150 million through the private placement of more than 348 million common shares to continue funding operations and clinical trials, the company announced Wednesday. Read more here.

Police bust one of Michigan’s largest illegal marijuana grow operations to date

On March 7, the Michigan State Police executed warrants on a single operation at four commercial buildings in Livonia, resulting in the seizure of more than 6,000 marijuana plants, 2,500 pounds of psilocybin mushroom bars, and 700 pounds of marijuana flower. Read more here.

Village Farms sees fourth quarter sales beat, net loss decline

Produce and cannabis grower Village Farms International (Nasdaq: VFF) reported its financial outcomes for the fourth quarter and the fiscal year ending Dec. 31, 2023, showing a rise in consolidated sales alongside a net loss drop. Read more here.

SpringBig reports revenue increase in fourth quarter

Cannabis data company SpringBig Holdings, Inc. (OTCQX: SBIG), reported earnings after markets closed on Tuesday, with revenue increased 1% to $6.8 million. The company reported a net loss of $3.2 million versus a loss of $4.5 million in the prior year. Read more here.

Cannabist sees revenues increase as it trims losses

The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CCHWF) reported its financial results for the fourth quarter and full year ending Dec. 31, 2023, eking past revenue expectations as the firm figures out how to move on from its terminated megadeal. Read more here.

Ayr Wellness delivers rising revenues in 2023

AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) reported financial results for the fourth quarter and full year ended Dec. 31, 2023. Ayr Wellness was inline with Yahoo Finance average analyst estimates for the fourth quarter. Read more here.

Cresco beats fourth quarter revenue estimates despite dip

Cresco Labs Inc. (OTCQX: CRLBF) announced its financial results for the fourth quarter and full fiscal year ending Dec. 31, 2023, as divestment efforts powered its bottom line and tripled its operating cash flow despite a slight revenue slump. Read more here.

In Other News

Vice President Harris

Vice President Kamala Harris will hold the administration’s first public event on marijuana reform this week after President Joe Biden addressed the issue as one of his priorities in last week’s State of the Union address. Read more here.

Virginia

Though a bill to legalize and regulate retail cannabis sales in Virginia has been passed by the legislature and is now awaiting action by Gov. Glenn Youngkin (R), supportive lawmakers now say they believe it is unlikely the proposal will become law this session. Read more here.

Texas

The CEO of Texas’ largest medical cannabis distributor is urging leaders to regulate the state’s CBD market, citing concerns over health issues related to hemp-derived products such as delta-8 and delta-9 THC. Read more here.


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StaffMarch 12, 20245min00

The Daily Hit is a recap of the top financial news stories for March 12, 2024.

On the Site

Hiller PC fires back at cannabis lawyer Lauren Rudick

The battle between legal firm Hiller PC and its former cannabis attorney Lauren Rudick is heating up. In response to a lawsuit filed by Rudick in December 2023, Hiller alleges that Rudick breached her contract and owes the firm money. Read more here.

Ascend Wellness delivers increased revenue despite Illinois declines

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported increased revenue for the fourth quarter and full year ending December 31, 2023. The fourth quarter revenue of $173 million easily beat the Yahoo Finance average analyst estimate for revenues of $140 million. Read more here.

Chicago Atlantic beats Q4 forecasts, annual income up 17%

Chicago Atlantic Real Estate Finance Inc. (Nasdaq: REFI) eked past fourth-quarter and annual financial results that show positive trends in its lending operations. The cannabis loan provider saw net interest income rise to $57.1 million for the year ending Dec. 31, 2023, up 17% from the previous year. Read more here.

Kona Gold enters hemp market with Covert acquisition

Functional beverage maker Kona Gold Beverages Inc. acquired Covert LLC, a producer of delta-8, THCa, THC-P, and kratom products. The acquisition is expected to enhance Kona Gold’s portfolio and improve its position in the market. Read more here.

Bright Green eyes New Mexico expansion with $250M tech deal

Bright Green Corp. (Nasdaq: BGXX) announced Monday that it is set to expand its New Mexico-based facility. The deal, made possible by a $250 million agreement with Dalsem Greenhouse Technologies BV, is expected to extend the company’s capabilities in research, production, and extraction processes in rural Grants, New Mexico. Read more here.

In Other News

1933 Industries

1933 Industries Inc. will suspend its Canna Hemp CBD consumer packaged goods subsidiary, as it assesses the viability of the CBD market going forward. Read more here.

Maryland Cannabis Administration

Another aspiring cannabis license applicant has filed a lawsuit against the Maryland Cannabis Administration and is seeking an injunction that could further delay the issuance of new adult-use cannabis licenses in Maryland. The new litigation accuses MCA of denying the application from a qualified Social Equity Applicant due to a delay in providing Social Equity verification and computer system errors on the last day the MCA accepted first-round applications. Read more here.

Washington state

With one of the highest tax rates imposed on medical marijuana products, the Washington State Senate recently passed a bill granting an exemption from the 37% excise tax for medical marijuana patients and designated providers. Read more here.

Michigan

Despite Michigan’s bountiful, and inexpensive, legal market that sold more than $3 billion of marijuana last year, Michigan’s illicit market is thriving, according to the Michigan State Police. Just last week, the MSP’s Marijuana & Tobacco Investigation Section took down potentially one of the state’s largest illegal marijuana grow operations on record. Read more here.


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StaffMarch 12, 20241min00

4th – Where St. Patrick’s Day ranks in terms of cannabis retail sales days

The Top 3 sales days for cannabis are well documented: 4/20, Green Wednesday, and Black Friday. But cannabis consumers also embrace the green in March, with St. Patrick’s Day staking its place as the fourth largest day for cannabis sales in the U.S. That’s despite a lack of steep discounts associated with the day.

Source: BDSA


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StaffMarch 11, 20243min00

The Daily Hit is a recap of the top financial news stories for March 11, 2024.

On the Site

Florida cracks down delta-8, other hemp products

The Florida Legislature approved new regulations for hemp-derived products, including strict limits on THC levels and a prohibition on the sale of delta-8 THC. SB 1698, which passed the Florida Senate unanimously, now awaits Gov. Ron DeSantis’ signature. Read more here.

Biden budget again blocks Washington D.C. recreational marijuana sales

Despite touting federal marijuana reform in his State of the Union address last week, President Joe Biden issued a budget plan to Congress that keeps a longstanding provision blocking the city of Washington, D.C., from allowing regulated recreational cannabis sales. Read more here.

Libertarian legal nonprofit takes over New York lawsuit alleging discrimination against white men

A national libertarian-leaning nonprofit law firm with a track record of winning at the U.S. Supreme Court has taken command of a lawsuit in New York that alleges government discrimination against white-owned businesses during the state’s cannabis business licensing. Read more here.

Connecticut cannabis sales continue monthly decline in February

After peaking in December with $27.5 million in combined recreational and medical cannabis sales, the market took a downturn to $24.9 million for the month of January. It fell even further, to $23.6 million, in February, the state Department of Consumer Protection reported. Read more here.

NewLake Capital delivers solid quarter

NewLake Capital Partners, Inc. (OCTQX: NLCP) announced its financial results for the fourth quarter and full year ended December 31, 2023. Revenue in the fourth quarter increased 6.4 % to $13 million versus last year’s $12.2 million for the same period. Read more here.

In Other News

Can B Corp.

Can B Corp. (OTCQB: CANB), a health and wellness company specializing in developing, producing and selling hemp-derived cannabinoid products, secured ownership and control of two cannabis patents valued at $122 million. Read more here.

IM Cannabis Corp.

IM Cannabis Corp. (IMC) is proposing a reverse merger with Israeli biotechnology firm Kadimastem in which it would spin out – and potentially sell – its existing medical marijuana operations in Israel and Germany. Read more here.


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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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