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StaffStaffSeptember 16, 2020
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4min1820

Tabula Rasa Ventures, an Energia company focused on incubation and investment in the psychedelic industry, announced the candidates of its Fall 2020 incubator program designed to: further the development of businesses in the psychedelic industry through executive mentorship; increase diversity and inclusion within the psychedelic ecosystem, and develop an infrastructure to assist entrepreneurs without access to traditional capital.

“For the Fall 2020 round of incubator candidates, we narrowed our scope to start-ups and entrepreneurs that will create a more direct, positive impact on the psychedelic industry and community,” said Energia Founder and CEO Marik Hazan. “The reality is, we are in the infancy stages of a psychedelic renaissance building an industry, and it is imperative we create an equitable, impact-driven psychedelic ecosystem and we believe these candidates will do just that.”

During the three-month program, recipients will experience: access to Tabula Rasa Ventures executives, advisors, connections and networking opportunities; high-level mentorship and training from experts in and outside of the psychedelic industry; unmatched visibility into trends, proprietary research, data and tools, and advice on managing growth, team development, investor relations, governance and strategic planning.

The incubator has taken on four participants.

The participants:

The Arcana Armada; Arcata, CA; Alessandra Nicole Russo; The Arcana Armada seeks to catalyze individual and collective healing through interactive, archetypal fantasy experiences and narrative therapy. These carefully curated experiences offer a safe and playful container to explore social ecology, power dynamics, ritual and myth in a group setting. The curriculum is designed to cultivate the awareness of an interdependent ecosystem,  highlighting the essentiality of biodiversity and the value of more-than-human life.

EPIC Wellness; Houston, TX; Alberto Farinez; Epic Wellness a science-driven company focused on developing advanced orthomolecular products, including myco-botanicals and entheogens. They support our customer’s quest to develop their own health potential. They do so by creating products that harness full-spectrum extracts, the benefits of microdosing select ingredients and the synergy that results from blending them.

Sacred Huachuma Retreats; Netherlands; Alice Sitar; Sacred Huachuma Retreats will be offering retreats in the Netherlands starting early 2021. These retreats support and develop emotional and physical wellbeing, and help cultivate better relationships with ourselves, our own bodies and energy, other people and nature. They will combine bodywork, group therapy and personal integration. They welcome all genders.

Priscilla C. Agoncillo; Austin, TX;  Priscilla has been an advocate for patient’s rights and an entrepreneur in the plant medicine industry for the last 15 years. Priscilla started in Cannabis and is a co-owner of an award-winning cannabis genetics farm. Priscilla is hoping to establish reliable, compliant and consistent pathways to legally cultivate, conduct R&D and develop integrated plant molecule-based medicines


StaffStaffSeptember 16, 2020
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5min1820

High Tide Inc. (OTCQB: HITIF)  reported revenue for its third quarter of fiscal 2020 of $23.20 million an increase of 180% from $8.29 million for the same quarter last year. High Tide also delivered income from operations of $2.11 million versus a loss from operations of $4.04 million for the same period of 2019. The adjusted EBITDA for the quarter was $3.96 million compared to an adjusted EBITDA loss of $3.37 million for the same quarter last year.

“This exceptional combination of quarterly financial metrics, specifically the record levels and continued growth trends in revenue, gross profit margin, operating income, positive adjusted EBITDA and net income, reinforces our conviction that High Tide is one of the top-performing cannabis companies in Canada today. High Tide’s diversified and integrated businesses, including its best-in-class e-commerce platform, were strategically positioned to generate the Company’s strongest results since inception,” said Raj Grover, President, and Chief Executive Officer.

The company broke down its results as follows:

  • Segment-wise for the three months ended July 31, 2020, revenue was earned 89% ($20.54 million) by Retail, 11% ($2.63 million) by Wholesale, and an immaterial percentage ($0.04 million) by Corporate, which compares to 80% ($6.64 million), 17% ($1.42 million) and 3% ($0.23 million), respectively, for the same period of 2019.
  • Geographically for the three months ended July 31, 2020, revenue was earned 75% ($17.41 million) in Canada, 23% ($5.32 million) in the United States, and 2% ($0.48 million) internationally, which compares to 79% ($6.51 million), 20% ($1.63 million) and 1% ($0.15 million), respectively, for the same quarter last year.

Store Update

Despite the COVID-19 pandemic, existing Canna Cabana and KushBar locations remained operational. The company opened four new Canna Cabana retail locations in OntarioNiagara FallsToronto – Parliament, Burlington, and Toronto – Bayview, bringing the current total to 7 branded stores in the province. The company opened a KushBar store in Medicine Hat, Alberta. It also opened a Canna Cabana store in the year-around tourist destination of Banff, Alberta.

The portfolio includes a total of 37 branded retail cannabis locations in OntarioAlberta, and Saskatchewan. Currently, there are approximately 57,000 members of the Cabana Club, which has resulted in over 50% of the Company’s average daily retail cannabis transactions being conducted by Club members.

Looking Ahead

High Tide said it believes that by achieving positive cash flow from operations, the restructuring of $10.8 million of debt into an interest-free debenture due in 2025 and the pending acquisition of META Growth has strongly positioned it to execute on its strategic growth objectives for the remainder of fiscal 2020 and beyond. The company said it is well funded and operationally prepared to further its expansion in Ontario, as Canada’s largest and most underserved market.  Key industry investors in High Tide include Aphria Inc. (TSX: APHA) (NYSE: APHA) and Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB).


StaffStaffSeptember 16, 2020
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4min1240

Marie Montmarquet is co-founder of MD Numbers Inc., a family of vertically integrated cannabis brands — MD Farms, Marie’s Deliverables, and Legacy Coterie — that provide a range of goods and services to the California supply chain, retail customers, and equity community. Marie is a legacy cannabis operator who’s been passionate about the plant for over 13 years. Her cannabis business expertise and equity activism have put her in the national spotlight. After graduating from the University of Tennessee with a B.A. in Political Science and Psychology, she moved to California from Nashville in 2010. Over the last decade, Marie has created several successful cannabis businesses along with her brother Allen Hackett with whom she co-founded MD Numbers Inc. and its subsidiaries. Marie and Allen are also minority owners of Cannabis Express, having helped build one of the Bay Area’s biggest delivery providers. In addition to developing and scaling successful cannabis businesses, Marie is focused on being an advocate for social justice and equity in the industry. She’s an advisor to the cannabis equity program for Success Centers and offers monthly tours to MD Farms for equity applicants. Marie’s goals for 2020 are to expand MD Numbers and MD Farm’s capacity, develop new properties and build more equity brands; advising, supporting, and championing equity in every way possible.

Full name: Marie Montmarquet

Title: Co-founder

Company: MD Numbers Inc.

Years at current company: 5

Education profile: University of Tennessee — Bachelors of Arts, Double Major Political Science & Psychology

Most successful professional accomplishment before cannabis: Prior to cannabis, I ran my own commission sales company called Direct Effect Marketing based in Tracy, CA. I hired, trained and oversaw the sales team for Direct TV connections inside Costco, Walmart and BestBuy. I started with the company in Nashville, Tennessee, and within three months had generated enough connections to earn a paid move and promotion to California. I excelled at commission sales and won a Dale Carnegie Sales Award for best sales presentation, which then led to becoming a Sales Strategy Coaching Assistant for Dale Carnegie in the Bay Area.

Company Mission: MD Numbers’ primary mission is centered around corporate responsibility, sustainability, and equity in every facet. We believe in being accountable stewards to the environment, our customers, the community, and our employees, including making sure every decision made is centered around leaving the earth better than we found it.

Company’s most successful achievement: MD Farms and Marie’s Deliverables are 100% Black-owned. Through the years, MD Numbers has retained full ownership and control of its enterprises in a space that is generally hostile toward minority operators and predatory of equity licensees.

Has the company raised any capital: Yes

Any plans on raising capital in the future? Yes

Most important company 5-year goal: Continuing to expand our cultivation footprint and vertical integration into Marie’s Deliverables and future retail opportunities.


StaffStaffSeptember 15, 2020
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4min1200

It’s time for your Daily Hit of cannabis financial news for September 15, 2020.

On the Site

Fire & Flower

Fire & Flower Holdings Corp. (OTCQX: FFLWF) stock jumped over 6% on news of the company’s rising revenue in the second quarter. The company delivered revenue of $28.6 million including sales of $23.4 million in the retail channel, $4.3 million in the distribution channel, and sales of $0.9 million in the digital retail and analytics channel.

Still, the company reported a net comprehensive loss of $29.1 million, or net loss per share, and on a fully diluted basis of $0.18. the company attributed the loss on expenses of $12.5 million and other expenses of $26.5 million. Other expenses included losses on the revaluation of derivative liabilities of $18.3 million and finance costs of $8.2 million.

Harvest Health

Arizona-based Fibonacci Brands is buying the cannabis company  Darwin Brands from Harvest Health and Recreation (OTC:HRVSF) for an undisclosed amount. Darwin is part of the Arizona Natural Selections company and its products include Caramel Hard Candies, Seriously Good Gummies and award-winning vapes.

In February 2020, Harvest acquired AZ Natural Selections in a deal valued at approximately $30 million, the issuance of a $6.6 million promissory note and it assumed $3.8 million in debt at closing and paid off another $2.9 million at closing. The acquisition provided Harvest with two operational cultivation facilities: a 55,000 sq. ft. indoor cultivation and production facility in Phoenix and a 322-acre site of which 25 acres are zoned for cannabis with 70,000 square feet of greenhouse in Willcox.

In Other News

iAnthus

iAnthus Capital Holdings, Inc. (OTCQX: ITHUF), announced that, at the meetings of Secured Noteholders, Unsecured Debentureholders and Existing Equityholders (each as defined below and, collectively, the “Securityholders”) held on September 14, 2020, Securityholders voted overwhelmingly in support of the previously announced recapitalization transaction to be implemented by way of a court-approved plan of arrangement under the British Columbia Business Corporations Act.

IIP

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that its board of directors has declared a third quarter 2020 dividend of $1.17 per share of common stock, representing an approximately 10% increase over IIP’s second quarter 2020 dividend of $1.06 per share of common stock, and a 50% increase over IIP’s third quarter 2019 dividend of $0.78 per share of common stock. The dividend is equivalent to an annualized dividend of $4.68 per common share, and is the eighth dividend increase since IIP completed its initial public offering in December 2016.

Hemp Tech

Hemp Technology Inc. (OTCBB: HPTY), (“HPTY”), a vertically integrated, publicly traded holding company operating in the hemp industry, had successfully entered into a purchase and sale agreement dated August 11, 2020, to acquire substantially all of the assets of True Leaf Pet Inc. (“TLP”). “We are pleased to advise that we have closed the bulk asset purchase acquisition effective Friday September 11, 2020.”

CanaQuest

CanaQuest Medical Corporation gets listed on THE OCMX™ CanaQuest Medical Corporation is a Life Science/Pharmaceutical Company developing health products utilizing cannabinoid molecules and other botanical compounds (pharmaceutical
grade). The Company is the industry partner for research and product development with Dr. Steven Laviolette, a professor and neuroscientist, at Western University, London, Ontario Canada


StaffStaffSeptember 15, 2020
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3min930

Cannabis is one of the fastest growing markets in the United States, employing thousands of workers and generating billions of dollars in sales revenue. Nevertheless, federal law still considers the industry an illicit market, making it difficult for even the most successful of cannabis brands to raise money. One of the ways the cannabis industry has adapted to this frustrating reality is through Shark Tank-style pitch events where companies pitch their brand to interested investors.

One such event is Retail Alchemy. Hosted by the cannabis-focused brokerage firm Cannabis10x, the event offers to open their “inner sanctum of investors” to a host of cannabis brands hoping to secure critical funding and win the ever-coveted Cannabis Crown. 

The pitch contest will take place in two stage. The first event, scheduled to take place on September 16,2020, will feature 40 cannabis brands, selected by Cannbis10x founders Jason Tropf and Holly A. Ford, who will have two minutes to make their pitch to judges. From there, the Top 15 brands selected by the judges will go on to the finals, scheduled to take place on September 26, 2020.

In addition to high net-worth investors and hungry cannabis brands, Retail Alchemy will feature cannabis legend Cheechr Marin, who will deliver the keynote address along with Tropf and Ford. While any event featuring Marin promises to include his signature style of comedy, Tropf says that events will deliver more than just laughs. 

“Pitch events like Retail Alchemy are always a lot of fun, but there’s more to it than that,” says Tropf. “The cannabis industry has an unprecedented opportunity to empower the public and raise our collective consciousness, and that’s something we take seriously.”

Tropf goes on to say he expects Retail Alchemy to carry on the success that previous events organized by Cannabis10X has enjoyed. Earlier this summer, Cannabis10x hosted another pitch event which attracted a collection of investors worth a collective trillion dollars and an international audience spanning 14 countries. 

 


StaffStaffSeptember 15, 2020
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4min2050

In support of entrepreneurs-of-color to enter the infused cannabis marketplace, the City of Oakland has announced a $250,000 contract to EquityWorks! Incubator shared kitchen. This is the nation’s first state-funded cannabis manufacturing incubator for social equity cannabis operators. These funds will support the incubation of five (5) Equity Fellows. 

The co-founder of EquityWorks! Incubator, Amber E. Senter, is an entrepreneur and advocate for cannabis equity. She is CEO of Breeze Distro, co-founder of Supernova Women and as a Black woman herself, has the first-hand experience about the challenges for entrepreneurs of color. Senter notes that “this program is the first of its kind. It was created to eliminate the high barriers of entry to the industry. There is a lot of creative innovation in the community, I don’t want a lack of funds or knowledge to be the reason why someone doesn’t act on developing a product or idea. It’s my hope that by eliminating these barriers and providing a pathway to success, this program will not only launch businesses, and create jobs but also change lives.” 

Barriers To Entry

The barriers to cannabis manufacturing operations are high due to extensive infrastructure and regulatory requirements for producing and marketing edible and infused cannabis products. People of Color (POC) have been engaging in recipe development, extraction and consumption of infused cannabis products for decades. Black and Brown-owned cannabis brands reportedly only represent 3% of the cannabis companies in California. The edibles category is California’s fastest and largest growing cannabis segment with 20% year over year growth. 

The goal of EquityWorks! Incubator is to train, empower, and build capacity for full engagement in the cannabis market, especially for communities who have been historically targeted by the War on Drugs to break into the legal cannabis industry. The one (1) year program will ensure each Equity Fellow obtains a state license and it also eliminates barriers for market entry in three (3) key ways: 

1) Lowered Overhead Costs: 

○ Provide each business with 1,200 sq ft of commercial kitchen space 

2) Mentorship: 

○ Deliver workshops, training and skillshare on sourcing, infusions, compliance, marketing and distribution 

3) Revenue: 

○ Supply a guaranteed distribution channel to retail shelf-space, thereby taking the product to market 

 

Aspiring Equity Fellows can apply to EquityWorks! Incubator at 

https://www.oaklandcannabiskitchen.com/application. Applications are due Oct. 2, 2020. 


StaffStaffSeptember 15, 2020
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4min1660

Boldt Runners Corp., the exclusive licensee of Cannadips CBD, the Original Smokeless Dip Pouch with CBD, announced today several personnel changes, including the appointment of former tobacco executive Maura Scott as Chief Sales Officer and Chief Compliance Officer.

With over two decades of experience as a business leader, in-house and outside corporate counsel, Scott brings expertise in sales and marketing strategy development, world-class execution, and deep understanding of the legal and regulatory landscape.

“I am excited to be part of the Boldt Runners team,” said Scott.  “Cannadips CBD is a brand that has great potential in the marketplace for tobacco alternatives.  Since its launch in 2018, it has quickly gained transaction with adult consumers and is poised to expand rapidly as the Company ramps up production and distribution to more markets.  I look forward to helping the Boldt Runners team achieve its goal of reaching millions more consumers with this superb product.”

Most recently, Scott served as Vice President Northeast Region Sales at Altria Group, Inc. (NYSE: MO), where she led a team of 400 sales professionals across 13 states.  In 2018, she was recognized by her peers in the convenience industry with the Top Women in Convenience “Woman of the Year” Award.  Previously, Scott served as Assistant General Counsel at Altria where she led the Sales Practice Group. 

In her role as Chief Sales Officer and Chief Compliance Officer, Scott will focus on leading all aspects of the Company’s marketing, building and managing customer relationships, enhancing distribution logistics, growing the Cannadips CBD brand, and overseeing compliance.  Scott holds a B.A. from the University of Illinois and a J.D. from the University of Michigan Law School.

“Maura is an exceptional addition to the team,” said Boldt Runners Chief Executive Officer, Peter Diatelivi.  “Having worked with her for over a decade, first as in-house counsel and then as a fellow sales executive, I know her as someone who brings passion, vision, and strategic depth to the business.  Her keen intellect, judgment, and ability to form strong connections with colleagues and customers alike makes her the ideal person to trust with this role.”

Additionally, the Company also announced several personnel changes. Case Mandel will now serve as the Company’s President, and Ryan Ulanch has been appointed Vice President of Commercial Operations

An entrepreneur who has spent over 10 years in the cannabis and hemp industry, Case Mandel co-founded the Cannadips brand with childhood friend, Cliff Sammet, in 2016.  Mandel won Entrepreneur of the Year at the 2020 Hemp Business Awards and has become a leading expert in the new category emerging between traditional CPG and cannabinoids.  Mandel obtained an MBA from Humboldt State University and a B.S. from California Polytechnic State University in San Luis Obispo.  

Ryan Ulanch is an experienced CPG operator with over 10 years’ experience in market analysis, sales operations, corporate strategy, and project management. Before joining Boldt Runners, Ulanch worked in commercial operations at the largest wine and spirits distributor in the US, Southern Glazer’s Wine & Spirits.


StaffStaffSeptember 12, 2020
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3min4420

New Jersey: Ballot Advocacy Using Banner Planes

  • New Jersey votes on cannabis legalization in less than two months and entrepreneurs are getting creative to get-out-the-vote.
  • Educational events company Accelerate Cannabis is flying planes over the Jersey Shore to redirect public attention to advocacy groups and legalization messaging.
  • The State only has a handful of fully-vertical MSO’s currently and legalization will open the market to the industry at-large.

In less than two months, New Jersey voters might start a chain reaction on the East Coast to legalize cannabis and create a fertile market sandwiched between New York and Philadelphia – that is, if nothing goes wrong for advocates clinging to a close polling margin.

“It’s so easy to get trapped just talking to people on our side,” said Ellie Siegel, producer of Accelerate Cannabis events and lead sponsor for the Aerial Advocacy Campaign, “we needed a way to reach millions in the State with clear reasons why they should ‘Vote Yes’ and to tell everyone they know to make it down-ballot to the referendum.”

With social distancing in effect, Siegel sees this campaign as a way for businesses to reach both everyday voters and industry actors, “webinars and virtual conferences don’t tend to attract newcomers in the same way and as New Jersey becomes one of the hottest markets in the world, our mission has been to educate and create a sophisticated network of service providers and advocates who are ready for expansion.”

From 500 ft in the air, six feet of separation seemed to matter less as visitors flocked to the Jersey Shore over Labor Day Weekend. Accelerate Cannabis is flying a banner again this Saturday to keep the momentum going and hopes to continue mass market advocacy as the season changes.

Supporters of the Aerial Advocacy Campaign include Longview Strategic, an industry consulting firm focused on licensing and expanding emerging markets, as well as Women Grow, a female-led cannabis networking community, and Trichome Analytical, a local testing lab in the State. “We are all coming together to draw attention to the advocacy efforts of #NJCAN2020,” Siegel continued, “this coalition has been formed by people who have dedicated their careers to trying to get legalization right and we want the public to turn to them for information and resources about the ballot question.”

The campaign also links to Headcount’s Cannabis Voter Project, a multi-tiered effort through the entertainment industry to get-out-the-vote. With fewer venues, concerts, and live events offering spaces for mass market advocacy, people are finding new ways to support the legalization message and remain socially distant.


StaffStaffSeptember 11, 2020
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3min3230
Zelira Therapeutics (ASX: ZLD, OTCQB: ZLDAF) announced it has entered into a partnership agreement with New Jersey based oral care company SprinJene to launch hemp-derived CBD dental products. SprinJene says it will bring its CBD toothpaste to market by the end of Q4for  distribution across retail and other channels across the US. This will be the first CBD product for the brand. Dr. Sayed Ibrahim, CEO of SprinJene said “We are excited about the partnership with Zelira Therapeutics and look forward to the impact that our products will have in the oral care market.” The company’s current line of products are nationwide and can be found at Walmart, Costco, Bed Bath & Beyond, Amazon, and VitaCost. Ibrahim continues, “Our collaboration to commercialize the most advanced hemp-derived cannabinoid-based oral care products expands our reach into new oral care markets where every person can access the daily benefit of using our products.”
 
Dr. Oludare Odumosu, CEO and Managing Director (USA) of Zelira said, “This partnership with SprinJene will commercialize these new and advanced oral care cannabinoid-based products. Our firm remains focused on unlocking the benefits of cannabinoid-based applications as we continue to expand our company’s reach into new and lucrative markets. ”
 
Zelira is one of the global leaders in developing clinically validated cannabis medicines, this will be their first of five over-the-counter oral cannabinoid products they are on track to launch globally. will bring to market.  SprinJene® states it is a socially conscious brand dedicated to marrying the benefits of science and nature in the creation of Gluten-Free, Cruelty-Free, Vegan, Kosher, USDA Bio-preferred, and Halal oral care. The line is manufactured by New Jersey based Health and Natural Beauty USA Corp. where Zelira-SprinJene products will be manufactured. 

StaffStaffSeptember 11, 2020
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4min990

The Marijuana Policy Project announced that the Nebraska Supreme Court has ruled that the medical marijuana ballot initiative supported by Nebraskans for Medical Marijuana will not appear on the November 2020 ballot. The decision came in response to a lawsuit filed by opponents arguing that the measure violated the state’s single-subject rules.

The state isn’t considered a very large market as compared to other states. It was projected to have sales of roughly $30 million by 2024 by Canaccord analyst Bobby Burleson. Nebraska currently has 79 hemp farming licenses with 1,675 outdoor acres permitted for farming and 465,807 square feet of approved greenhouse space.

Matthew Schweich, deputy director of the Marijuana Policy Project said, “This is an outrageous and deeply flawed decision by a group of activist judges. This ruling means that sick and suffering medical marijuana patients, including veterans, will continue to be criminals in Nebraska when they try to live healthier lives. This ruling tramples on the constitutional rights of over 190,000 Nebraskans who signed the petition and deprives the voters of Nebraska of their opportunity to decide this issue at the ballot box.” MPP has worked on the campaign since its inception and was instrumental in getting the signatures.

Nebraskans for Medical Marijuana submitted over 190,000 signatures in support of the amendment in July. The Court’s decision overturns Secretary of State Bob Evnen’s decision to certify the initiative after a similar legal challenge was submitted by opponents in August.

Nebraskans for Medical Marijuana

We just heard and the news is not good. Like all of you, we are absolutely devastated by the Supreme Court ruling. But this fight is not over. Nothing changes the fact that an overwhelming majority of Nebraskans stand with the patients and families who deserve compassion and safe access to medical cannabis. We will be regrouping and updating you all soon with plans for our next steps.

Schweich added, “Our opponents are cowards. They use insider political tactics because they cannot win this debate. Medical marijuana will be legal in Nebraska one day. We lost this battle but we will undoubtedly win the war. We’ll be back.”



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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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