Staff, Author at Green Market Report - Page 2 of 201

StaffNovember 28, 2022
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5min7400

The Daily Hit is a recap of cannabis business news for Nov. 28, 2022.

ON THE SITE

Veterans’ Plight Spotlights Need for Cannabis Legalization as Congress Moves Research Bill

As a historic House-passed cannabis research bill makes its way to President Joe Biden’s desk after surviving a Senate vote, questions remain regarding its impact on the future of federal legalization. One group whose concerns get washed in the stalemates and political acrobatics: former service members facing the specter of stigma and barriers to accessing safe medicine. Read more here.

NY Cannabis Regulators Disclose How They Chose Licensees

Retail cannabis applicants who lived in low-income areas, in public housing or were homeless when they were convicted of marijuana-related offenses had an advantage in the application process for legal cannabis dispensaries, according to details newly revealed in court papers. Read more here.

Bill Would Make Cannabis Companies Eligible for SBA Loans

A Democratic senator has formally introduced a bill that, if successful, would make U.S. cannabis companies fully eligible for federal loans through the Small Business Administration. Read more here.

Done Deals: Trees, Bright Minds

Despite the challenges of raising capital these days in the cannabis and psychedelics industry, two companies managed to close deals before the end of the year.

Read more here.

Cantor Issues Upbeat Cannabis Report

Cantor Fitzgerald analyst Pablo Zuanic wrote an upbeat research report on the major cannabis companies despite the somewhat depressing tone in the industry. Despite the sunny optimism, he opted to leave ratings, estimates, and price targets unchanged. Read more here.

More Earnings Reports

IN OTHER NEWS

Cannibble Foodtech Ltd.

Cannibble Foodtech Ltd., (CSE: PLCN), a food tech company that develops and manufactures hemp-enhanced food and beverage products, has entered into a share purchase agreement to acquire Eshbal Functional Foods Cooperative Ltd., a private Israeli gluten-free food tech manufacturer. Read more here.

Hempacco

Hempacco Co. Inc. (Nasdaq: HPCO), a hemp smokables company, entered into a joint venture agreement with Sonora Paper Co. Inc. to manufacture, market, and distribute hemp blunt wraps, hemp tubes, and hemp smoking cones based on SPCI’s intellectual property. Read more here.

Hempacco also entered into a joint venture agreement with High Sierra Technologies Inc. (OTC: HSTI) for the production, marketing, and sales of hemp smokables. Pursuant to this agreement, HSTI and Hempacco formed a new Nevada corporation known as Organipure Inc, in which HSTI and Hempacco each own 50% equity interest. Read more here.


StaffNovember 28, 2022
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3min6070

Despite the challenges of raising capital these days in the cannabis and psychedelics industry, two companies managed to close deals before the end of the year.

Trees

The Canadian-based Trees Corp. (NEO: Tree) completed the closing of a non-brokered private placement of 745 units at a price of $1,000 per unit for gross proceeds of approximately $745,000. The closing is expected to be the final tranche closing in the larger offering for aggregate gross proceeds of $945,000, as previously announced on October 21, 2022. The company said it would the money for general working capital requirements and the opening of its next Trees Cannabis location in Etobicoke, ON, anticipated opening in January 2023. The company currently has 13 Trees branded storefronts in Canada, including eight (8) stores owned and operated in Ontario and five (5) stores operated in BC.

According to the company statement, each Unit consists of one 12.0% secured convertible promissory note bearing a principal amount of $1,000, convertible into common shares of the company at a conversion price of $0.015 per common share and maturing 36 months from the closing of the Private Placement

Bright Minds

Psilocybin drug company Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG)  announced a non-brokered private placement of pre-funded warrants of the company at a price of $1.249 per PFW and units of the company at a price of $1.25 per Unit. The aggregate minimum gross proceeds are $1 million and the aggregate maximum gross proceeds are $2,050,000. The company said it plans to use the money to complete the Phase 1 clinical trial for BMB-101 and a regulatory toxicology package and related activities for BMB-202.

Bright Minds is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain. The company’s drugs have been designed to potentially retain the therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating better drugs to first-generation compounds, such as psilocybin. Bright Minds has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult-to-treat disorders such as resistant epilepsy, treatment-resistant depression, PTSD, and pain.

 


StaffNovember 23, 2022
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7min10930

The Daily Hit is a recap of cannabis business news for Nov. 23, 2022.

Statehouse

In the wee hours of the morning StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF) released its financial results for the third quarter ending September 30, 2022, and provided additional business updates. Statehouse reported that its revenues increased 77% to $30.8 million versus last year’s revenue of $17.5 million. Statehouse also said in its statement that it is exploring the potential sale of various non-core assets, which could bring in roughly $5-8 million of non-dilutive capital to strengthen the balance sheet and fund its growth objectives. Read more here.

FDA Warning Letters

On Monday, the FDA issued Warning Letters to five companies that produce products with CBD (cannabidiol) and specifically zeroed in on products that would appeal to children. The FDA noted in some of the letters that it was concerned about Delta-8 THC products that may be consumed by children, as some packaging and labeling may appeal to children. 11-11-11 Brands, Naturally Infused LLC, Newhere Inc., Infusionz LLC, and CBD American Shaman LLC were all issued letters. Read more here.

Ascend Board

Cannabis investment veteran Emily Paxhia has resigned from her post as board member of Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH). The company on Wednesday said that Dan Neville, AWH’s interim co-CEO and CFO, as well as longtime investment strategist Joshua Gold, has been tapped to rotate into the board roster. Gold is a general partner of Boston firms Inverness LLC and Blue Flag Partners LLC. He served as a managing director at Jefferies & Co, as well as in various roles at Goldman Sachs and Bear Stearns. Gold was also on the board of the San Diego cannabis boutique chain Urbn Leaf. Read more here.

NY Fights Back

New York’s Office of Cannabis Management on Tuesday asked a federal judge to narrow the scope of a Nov. 10 order limiting the issuance of marijuana retail licenses to just Finger Lakes region rather than several localities, Law360 first reported. The news comes as the OCM had been gearing up to award its first cannabis licenses to New Yorkers who have been incarcerated or arrested for the plant. The injunction prevents the OCM from issuing licenses under the conditional adult-use retail dispensary (CAURD) program. Read more here.

In Other News

Curaleaf

Cannabis company Curaleaf Holdings Inc. (OTC: CURLF) is eliminating “several positions” as it follows through on cost-cutting plans. The company did not provide a specific number of job cuts, but a copy of an internal email was posted on social media. The CEO said the company “must get leaner, reduce overhead and do more with less.”

InterCure

InterCure Ltd. (NASDAQ: INCR) reports there are some fundamental disagreements between itself and Cann Pharmaceutical (including open matters which were not concluded at the time of the signing of the agreement), in addition to a disconnect between the parties, which pose doubts as to whether the signed agreement with Cann Pharmaceutical Ltd. will in fact be completed.   Read more here.


StaffNovember 22, 2022
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5min7520

The Daily Hit is a recap of cannabis business news for Nov. 22, 2022.

ON THE SITE

Rhode Island Green Lights Recreational Sales for Five Dispensaries

Recreational cannabis sales will kick off next month in Rhode Island for at least five existing medical dispensaries, Gov. Dan McKee announced today. In a press release, McKee said he and the state Department of Business Regulation have granted “hybrid retail licenses” to the five dispensaries, which will be able to start selling adult-use cannabis on Dec. 1. Read more here.

Oregon Governor Pardons 45,000 Cannabis Convictions

Oregon Gov. Kate Brown this week announced she’s heeding President Joe Biden’s call last month for U.S. governors to pardon low-level cannabis convictions and pardoned roughly 45,000 residents. Read more here.

New Products Drive Revenue Growth for Canadian Edibles Maker Indiva

Canadian edibles producer Indiva (TSXV: NDVA) (OTCQX: NDVAF) launched a “record number” of new products in the third quarter of 2022, which drove up revenues to year-over-year growth of 5.9%, but the company still recorded a loss of $1.9 million. Read more here.

Medical Marijuana Inc. Posts Falling Revenue, Focuses on Overseas Hemp Ventures

Medical Marijuana Inc. (OTC: MJNA) saw revenue fall in the third quarter despite cutting costs in during the period, according to financial results for the quarter ended Sept. 30. Those measures mostly benefitted margins for the company. Read more here.

Report: Cannabis Flower Prices Continue Freefall

Inflation might be getting all the headlines, but cannabis flower appears to be immune from its influence. According to data from cannabis analytics firm Headset, the most popular consumption format for cannabis has been suffering wide-scale price compressionRead more here.

IN OTHER NEWS

Etain LLC

The New York State Cannabis Control Board and the New York State Office of Cannabis Management have approved Etain LLC’s change of control request. Etain is the owner and operator of a legally licensed Registered Organization with cannabis cultivation and manufacturing facilities and retail dispensaries in the state of New York. This approval clears the path for RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) to complete its previously announced acquisition of Etain and Etain IP LLC. Read more here.

Oregon

Oregon cannabis regulators approved a final rule Nov. 17 to address gaps in the regulated laboratory testing sector that have drawn licensee complaints about THC potency numbers in the competitive state environment. Under the new rule, the Oregon Liquor and Cannabis Commission may require a licensee to submit samples identified by the commission to a laboratory of the commission’s choosing to be tested in order to determine whether a licensee is in compliance with the cannabis testing. Read more here.

Société québécoise du cannabis (SQDC)

For the second quarter of its current fiscal year, the Société québécoise du cannabis (SQDC) has reported comprehensive income of $22.3 million. The SQDC is a government corporation mandated to distribute and sell cannabis in Québec with a focus on protecting customers’ health and safety. Read more here.


StaffNovember 21, 2022
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5min5050

The Daily Hit is a recap of cannabis business news for Nov. 21, 2022.

ON THE SITE

New York Awards Adult-Use Retail Licenses, But Heaps of Questions Remain

The New York Cannabis Control Board on Monday awarded its first round of adult-use cannabis permits, along with 282 pages of new industry rules and some significant policy updates. But a small mountain of questions remains for stakeholders, leaving the market’s near future still shrouded in uncertainty for many. Read more here.

Nonprofits Among the First Licensees for New York Adult-Use Cannabis Market

More than 900 applicants submitted the paperwork for the New York CAURD licenses, which was far less than the OCM had hoped for. At least three New York City-based nonprofits Housing WorksThe Doe Fund, and LIFE Camp confirmed they had been chosen. Read more about these organizations here.

Cannabis Retail Expects Solid Boost from Green Wednesday

Summer often gets the credit as the prime season for cannabis sales, but the back end of the year is no slouch. Several dispensary brands told Green Market Report that business typically jumps anywhere from 10% to 30% between the week before Thanksgiving and the start of the new year. Read more here.

Chicago Dispensary Gets Zoning Approval for Former Rainforest Cafe Site

The Rainforest Cafe application has been controversial because the site at 605 N. Clark St. is within 1,500 feet of other pot shops. State law prohibits dispensaries owned by existing companies that received licenses under the original medical-marijuana law from locating within 1,500 feet of each other. New licensees under “social equity” guidelines aimed at diversifying ownership of marijuana businesses have an exemption from the requirement. Read more here.

Video: MJBizCon 2022

Green Market Report attended the recent MJ Biz Conference in Las Vegas last week. Here’s a little bit of the event in case you weren’t able to attend. This year’s conference was the first to be hosted under the new owners Emerald Co. Check out our highlight reel here.

IN OTHER NEWS

“Danksgiving”

Until fairly recently, Danksgiving wasn’t much more than a funny word that cannabis fans used for smoking weed on Thanksgiving. It’s easy to see how the portmanteau came about: “dank,” a slang term for high-quality weed, fits into the name of a holiday that appeals to the appetite – whether one is high or not. Read more here.

Kaya Shack

Kaya Shack, a vertically integrated cannabis operator in Oregon, will sell its Salem dispensary by Feb. 1, 2023, as part of a sale-surrender settlement for two violations stemming from 2019, according to the Oregon Liquor and Cannabis Commission. Read more here.

Trulieve Cannabis Corp.

Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced the grand opening of two new medical cannabis dispensaries in:


StaffNovember 18, 2022
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1min8390

If you weren’t able to make it to Las Vegas this year for the MJBiz cannabis conference, we took a few pictures to share. This year, the showroom floor was bigger than ever despite the struggles that many in the cannabis industry have endured. Even some companies facing financial trouble managed to pull together enough money to build impressive booths. Optimism was in full force, and it was great seeing so many friendly faces.

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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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By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.