Staff, Author at Green Market Report

StaffMay 30, 2023

The Daily Hit is a recap of the top financial news stories for May 30, 2023.

On The Site

Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year

Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.

New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing

New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.

Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins

Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.

Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana

Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.

YourWay Cannabis Can’t Find An Auditor For Filings

YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.

In Other News

Minnesota

Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.

Ohio

Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.

North Carolina

A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.

StaffMay 25, 2023

The Daily Hit is a recap of the top financial news stories for May 25, 2023.

On the Site

Bipartisan Legislators in Ohio Move to Legalize Adult-Use Cannabis

State representatives Casey Weinstein, a Democrat from Hudson, and Jamie Callender, a Republican from Concord, unveiled House Bill 168, which aims to legalize adult-use cannabis. The move follows a fresh citizen initiative seeking the same outcome. Read more here.

Vext Science Eyes Ohio for Growth

Vext Science Inc. (CSE: VEXT) (OTCQX: VEXTF), a U.S.-based cannabis operator in Arizona and Ohio, posted $9.1 million in total sales for the first quarter ended March 31, which is down from $10.8 million the previous year. According to financial filings, Vext netted $73,059 after taxes. Read more here.

Legal California Marijuana Sales Decline in First Quarter

California’s legal marijuana market continues to struggle, if the latest tax and sales numbers from the state Department of Tax and Fee Administration are any indication. The state pulled in $216 million in the first quarter of 2023, the agency reported this week, on $1.2 billion in taxable sales. Read more here.

Cresco Labs Grapples with Challenges in Planned Columbia Care Merger

Cresco Labs has set its sights on the multibillion dollar merger with Columbia Care, with a goal to finalize the process by the end of June. But even with the summer deadline around the corner, challenges in the planned consolidation remain, according to Cresco’s management on a call to discuss the company’s latest earnings report. Read more here.

In Other News

Goodness Growth Holdings and Grown Rogue International

Goodness Growth Holdings Inc. (CSE: GDNS) (OTCQX: GDNSF) and Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) have entered into a strategic agreement whereby Grown Rogue will support Goodness Growth in the optimization of its cannabis flower products, with a particular focus on improving the quality and yield of top-grade cannabis flower across its various operating markets, starting with Maryland and Minnesota. Read more here.

Organigram Holdings

Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) reached agreement with Phylos Bioscience Inc., a U.S. cannabis genetics company and provider of production ready seeds based in Portland, Oregon, to initiate a wide-ranging technical and commercial relationship in Canada. Read more here.

Tilray Brands

ilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) has commenced a registered offering of $150 million aggregate principal amount of Convertible Senior Notes due 2027. Tilray also expects to grant a 30-day option to the underwriters of the notes offering to purchase up to an additional $22.5 million aggregate principal amount of notes, solely to cover over-allotments. Read more here.

StaffMay 24, 2023

The Daily Hit is a recap of the top financial news stories for May 24, 2023.

On the Site

Massachusetts Cancels Cannabis Lounge Pilot Program to Aid Openings

Massachusetts marijuana regulators on Monday decided to cancel a long-planned pilot program for the rollout of cannabis consumption cafes, a move they hope will get such lounges open sooner instead of later. Read more here.

Delaware Allocates Money, Staff to Establishing Adult-Use Cannabis Market

Delaware lawmakers this week took the first step toward implementing the state’s new recreational marijuana market by allocating $2.2 million and 34 staff members to the job in the upcoming annual budget. Read more here.

NY Cannabis Authorities: ‘No Historical Precedent’ for Lawsuit Claims

Cannabis regulators in New York asked a state court to dismiss a lawsuit filed by a group of medical operators. The group, known as the Coalition for Access to Regulated & Safe Cannabis, said the state has not done enough to suppress unlicensed marijuana sales. Read more here.

Michigan Regulators Propose Stripping Licenses from Companies that Don’t Pay Vendors

In proposed rules released this month, Michigan’s Cannabis Regulatory Agency is seeking authority to deny licenses to businesses found in court to have not paid vendors. It’s a move that would set the industry apart from nearly every other industry in the state. Experts in the industry, however, believe the rule could create havoc in an industry already under financial pressure due to low prices. Read more here.

Earnings:

• Cresco Labs Stays Locked on Columbia Care Megadeal Amid Mixed Results
• Slang’s Investment in Vermont Pays off as Revenues Rise

In Other News

PRODUCT RECALL: Green Trees Medicinals

Colorado’s Marijuana Enforcement Division has announced a recall for marijuana from Green Tree Medicinals, a dispensary in Berthoud, because of potentially dangerous levels of the mold aspergillus. The recall, issued May 23, includes three recreational harvest batches and one medical batch of flower, shake or trim sold at Green Tree from Jan. 5 through March 30. Read more here.

Dama Financial

A marijuana financial services company has revised its testimony on a congressional cannabis banking bill following pushback over remarks made at a Senate committee hearing this month where a compliance officer suggested a “pause” to further amend the legislation. Read more here.

Lowell Farms

Lowell Farms Inc. (CSE:LOWL; OTCQX:LOWLF) closed a sale leaseback transaction with New Wilston Associates LLC pursuant to which Lowell SR LLC, a subsidiary of the company, has sold its drying and midstream processing facility in Monterey County California for aggregate consideration of $19.4 million, including the buyer’s assumption of the existing mortgage on the facility. Read more here.

StaffMay 23, 2023

The Daily Hit is a recap of the top financial news stories for May 23, 2023.

On the Site

Brad Hoch Returns as CFO for TILT Holdings as Dana Arvidson Departs

In the midst of a series of financial and operational shifts, Phoenix-based TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) announced a change in its leadership. The firm’s CFO, Dana Arvidson, has left the company, effective immediately, with Brad Hoch, the current accounting chief and former CFO, stepping in as interim CFO. Read more here.

SEC Halts $60 Million Ponzi-Like Scheme by WeedGenics

Hirschmann and Williams, who raised over $60 million from investors to expand their cannabis operations, allegedly utilized the majority of these funds for $16.2 million in Ponzi-like payments and to personally enrich themselves, the agency said on Tuesday. Read more here.

Acreage Holdings Revenue Slips Slightly, High Hopes for Connecticut

Long after the markets closed on Monday, Acreage Holdings, Inc. (OTCQX: ACRHF, ACRDF) reported its financial results for the first quarter ended March 31. Revenue fell 1.6% from last year to $55 million. Sales fell sequentially by 2.7% from the fourth quarter. The net loss in the first quarter was $16 million. Read more here.

Delivra Health Brands Rises on Sales of Dream Water

For the second time this year, Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF), a consumer packaged goods company with a position in the health and wellness sector, reported positive adjusted EBITDA. Read more here.

Premium Drives Record Net Growth for Rubicon, Keeps Rosy Outlook for Segment

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), a licensed producer of “organic, certified” premium cannabis, reported a notable year-over-year growth of 71% revenue growth in its first quarter 2023. The rise is attributed to robust growth in the premium cannabis segment and expansion of its product offerings. Read more here.

In Other News

TerrAscend Corp.

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, completed the sale of its facility located in Mississauga, Ontarion, for CAD$19.7 million. Net proceeds will be used to pay down existing company debt. Read more here.

Montana

A piece of legislation signed by Montana’s governor on Monday could have foiled plans for new marijuana dispensaries, although existing dispensaries are allowed to expand operations. The new law, HB 128, extended the date for new applicants from July of this year to 2025, despite some prospective operators already investing thousands of dollars. Read more here.

Zelira Therapeutics Ltd.

Zelira Therapeutics Ltd (ASX:ZLD, OTCQB:ZLDAF), a global leader in the development and commercialisation of clinically validated cannabinoid-based medicines, executed additional binding term sheets to provide a further $3.25 million to support FDA clinical trials for Zelira’s proprietary and patented protected HOPE 1 product. Read more here.

StaffMay 23, 2023

35% – Percentage of U.S. cannabis consumers that have eaten a cannabis baked good in the past 6 months

More than one-third of cannabis consumers in the U.S. have eaten a cannabis baked good in the last six months. This is more than double the percentage that have enjoyed a cannabis drink in the same period. Baked goods are a staple of cannabis culture, yet some markets (such as Illinois) have very few baked goods on shelf.

Source: Brightfield Group, US Cannabis Consumer Insights, Q1 2023

StaffMay 22, 2023

The Daily Hit is a recap of the top financial news stories for May 22, 2023.

On the Site

Canopy Growth Reduces Interest in Canopy USA in Revised Statement

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) filed a revised proxy statement with the U.S. Securities and Exchange Commission that includes updates related to its strategy to accelerate entry into the U.S. cannabis industry through a U.S.-domiciled holding company, Canopy USA LLC. Read more here.

Curaleaf Settles Another Lawsuit Over CBD Drops Containing THC

Massachusetts-based Curaleaf (CSE: CURA) (OTCQX: CURLF) has settled yet another class action lawsuit filed last year against it over CBD drops sold in Oregon that had THC in them and wound up getting consumers high. Read more here.

Arkansas Cannabis Grower Settles with Insurer over 5,000 Dead Plants

An Arkansas marijuana grower has apparently reached a settlement deal with its insurance company following a lawsuit that alleged the insurer wrongly denied a claim to partially cover the loss of 5,000 cannabis plants. Read more here.

Rhode Island Tells Dispensary to Remove Billboards or Face Penalties

The owner, Joe Pakuris, put up the trio of billboards just last week to tell motorists on Interstate 95 where they could find his adult-use cannabis store – and to illustrate a glaring loophole in the state’s rules for cannabis companies like his: Massachusetts marijuana businesses can advertise on billboards in Rhode Island, but state-licensed recreational cannabis retailers in Rhode Island cannot. Read more here.

Fixes to Illinois Cannabis Law Proposed to Help Retail Applicants

Legislation filed today as the Illinois General Assembly’s spring session is winding down would extend by one year the amount of time winners have to line up locations for their shops before they risk losing their licenses. The bill also would allow license winners to raise money from outside investors before they receive final approval to open stores. Read more here.

In Other News

Massachusetts

Massachusetts’ Cannabis Control Commission on Monday took a step its members said would help streamline the process for getting cannabis cafes and marijuana lounges up and running in the state. The commission voted to scrap a pilot program that would initially limit social consumption establishments — places where people can buy marijuana products and use them on-site — to 12 communities. Read more here.

Organigram Holdings

Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) announced today that its wholly owned subsidiary, The Edibles and Infusions Corp., has met certain of the remaining earnout milestones that formed part of the terms of its acquisition in April 2021. Read more here.

StaffMay 18, 2023

The Daily Hit is a recap of the top financial news stories for May 18, 2023.

On the Site

Illinois Cannabis Transporters Sue State Over Alleged Illegal Shipments

A coalition of 13 licensed cannabis transporters in Illinois have filed suit against regulators, alleging that the state has let illegal marijuana delivery operations run rampant. Read more here.

Report: Over 13% of California Cannabis Retailers Missed Tax Deadline

More than 13% of California’s legal cannabis retailers, or about 265 storefronts, missed a tax payment deadline of May 1 and are facing hefty fines. Read more here.

Akerna Accused of Hiding Merger Details

Cannabis software firm Akerna Corp. is facing a federal lawsuit brought by a shareholder aiming to halt the company’s planned merger with Bitcoin mining firm Gryphon Digital Mining Inc. The plaintiff, Albert McCaffrey, alleges that Akerna’s leadership obscured key details about the deal, misleading investors and potentially harming shareholder interests. Read more here.

NYC Bakery Latest Target of Unlicensed Cannabis Crackdown

New York City’s haphazard enforcement against unlicensed cannabis shops took another shot on Monday. Sweetooth, an Upper East Side bakery allegedly selling unlicensed cannabis-infused products, was shut down by city officials in a multiagency raid led by the New York City Sheriff’s Office. Read more here.

Cannabis Use on the Rise among U.S. Workers

The number of U.S. workers testing positive for cannabis following on-the-job accidents rose to its highest level in 25 years, according to a new study by Quest Diagnostics (NYSE: DGX), but the occurrence is still relatively rare in these instances. Read more here.

In Other News

Evogene Ltd.

Israel-based Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN) brought in approximately $641,000 in revenue for the first quarter ended March 31, more than double the $237,000 for the same period a year ago. Evogene maintains a solid financial position for its activities with approximately $28.8 million in consolidated cash, cash equivalents, and marketable securities as of the end of March. Read more here.

Credit Union 1

The $1.6 billion Credit Union 1 in Rantoul, Illinois, has agreed to serve New York cannabis entrepreneurs who are planning to open marijuana businesses across the Empire State. The credit union struck a deal last month to provide affordable banking products and services to members of the New York CAURD Coalition, which is participating in New York’s Social Equity Cannabis Investment Fund, a public-private limited partnership authorized by the New York legislature and Gov. Kathy Hochul. Read more here.

StaffMay 17, 2023

The Daily Hit is a recap of the top financial news stories for May 17, 2023.

On the Site

Curaleaf Q1 Revenue Exceeds Expectations

Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) reported net revenue of $336.5 million for the first quarter of 2023, up $40.5 million from the first quarter of 2022. This beat revenue expectations by nearly $5 million. Read more here.

Pelorus Breaks Credit Grass Ceiling with A Rated Notes

Cannabis debt typically has been given low ratings, if receiving a rating at all. This week, cannabis commercial real estate lender Pelorus Capital Group announced that notes issued by its private mortgage real estate investment trust subsidiary, the Pelorus Fund REIT, received an A rating by Egan-Jones Rating Company – the highest rating issued to date in the cannabis industry. Read more here.

TILT Holdings Secures $4.5M to Restructure Capital Amid Payment Challenges

Tilt Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) closed an offering of up to $4.5 million in senior secured promissory notes, referred to as a bridge loan, on Monday. The company says the move allows it to access up to $4 million in funding from its existing note holders. Read more here.

Hemp Naturals Agrees to $50k Settlement with SEC for Securities Violations

According to the agreement, Hemp Naturals repeatedly failed to file required forms with the SEC between July 8, 2020, and July 6, 2021. During that time, the company sold 534 million shares and raised $2.4 million despite repeatedly lowering its stock price, in contravention with SEC rules. Read more here.

Troubled Skymint Loses Infamous Sports Complex in Michigan

Embattled Skymint invested heavily last year to retrofit the former Summit Sports and Ice Complex near Lansing into a massive marijuana grow and processing operation. The expansion was supposed to double its marijuana production capabilities, but Skymint never completed the build-out. Read more here.

In Other News

Oregon

Oregon Gov. Tina Kotek found out in April that Secretary of State Shemia Fagan had a consulting contract in connection with a cannabis business, according to Kotek’s spokesperson Elisabeth Shepard. Read more here.

Rhode Island

Gov. Dan McKee on Wednesday named his three nominees to a new Cannabis Control Commission, which will have the authority to regulate the state’s marijuana industry moving forward, including issuing new licenses for additional recreational pot stores. The issuance of up to 33 new license has been stalled by delays in the appointments. Read more here.

StaffMay 16, 2023

The Daily Hit is a recap of the top financial news stories for May 16, 2023.

On the Site

PharmaCann Store Workers Get 20% Raises in First Contract

More than 100 unionized workers at five Illinois cannabis stores owned by PharmaCann have approved a deal that will give them 20% raises over three years. Teamsters Local 777 declined to say how much workers are currently making. But workers at some other dispensaries are paid hourly wages in the mid- to high-teens. Read more here.

iAnthus Q1 Revenue Drops as Legal Woes Continue to Mount

iAnthus Capital Holdings Inc. (CSE: IAN) (OTCPK: ITHUF) reported a first-quarter decline in both revenue and gross profit, along with a substantial net loss, for the period ending March 31. Meanwhile, the company is grappling with several legal battles that pose risks to its operational future and financial health. Read more here.

SAFE Act Gave Stocks a Slight High, Earnings Harshed That Buzz

Just the whiff of a potential piece of federal banking legislation was enough for cannabis stocks to get a boost. In the run up to the Senate Banking Committee hearing last week, the MSOS ETF started at 5.75 at the beginning of May and jumped to 6.26 on May 8. Read more here.

Planet 13 Reports Q1 Loss, Maintains Nevada Market Share

Las Vegas-based Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) posted a 3% decline in revenue for the first quarter ended March 31, which it primarily attributed to a significant drop in the average price of cannabis in Nevada. Read more here.

More Earnings:

• Ayr Wellness Revenues Rise in First Quarter
• Glass House Loses $39M Despite Increasing Revenue
• Greenlane Posts Revenue Growth, Product Expansion Despite Gross Margin Dip
• Indiva Posts $1.7M Loss, Focuses on Cutting Costs
• Red White & Bloom Takes Hit on PharmaCo Deal

In Other News

California

Cannabis operators Kiva Sales & Service, Lowell Farms, Nabis, Sunderstorm, and other key industry players in the world’s largest legal market, formally launched Financial Stability for California Cannabis, a new coalition composed of industry stakeholders. Between wholesalers, consumer brands, and producers, the FSCC represents dozens of operators and brands representing roughly 45% of the state’s industry by sales volume, and seeks to raise awareness and offer solutions to severe credit issues that threaten the industry’s stability. Read more here.

New York

When Brian Stark found out his application for a cannabis retail dispensary license was one of the first to be approved in New York, he was thrilled. Then came zoning limbo. Out of the few Long Island towns that did not opt-out of having dispensaries, many of them have local zoning restrictions that make setting up shop nearly impossible, Stark said. Read more here.

Oregon

Anyone hoping to run a cannabis dispensary in Oregon will be required to prove they’ve paid their state taxes before receiving a license or having an existing license renewed, under changes announced by Gov. Tina Kotek on Tuesday. Read more here.

StaffMay 16, 2023

230505-•-GOTHAM-Interior-Photography-by-Chris-Coe-•-V2-2-WEB.webp

Gotham, a new cannabis dispensary, opened in the East Village near the Bowery.

Newer Posts

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Alabama Medical Marijuana Licenses Start Going out Monday

Unions Flexing Legal, Political Muscle in Cannabis with Federal Complaints

In other news

Braxia Reports Increased Clinic Treatments

Gaby Just Says No to HempFusion Purchase

East Coast, Midwest Markets Expected to Buoy Sales Growth in 2023

Staff, Author at Green Market Report - Page 2 of 220

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Number of the Week: 35%

35% – Percentage of U.S. cannabis consumers that have eaten a cannabis baked good in the past 6 months

Daily Hit: May 22, 2023

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Daily Hit: May 18, 2023

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Daily Hit: May 17, 2023

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Daily Hit: May 16, 2023

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New Dispensary Near New York’s Former Skid Row Suggests How Much the Area has Evolved

Alabama Medical Marijuana Licenses Start Going out Monday

Unions Flexing Legal, Political Muscle in Cannabis with Federal Complaints

Braxia Reports Increased Clinic Treatments

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35% – Percentage of U.S. cannabis consumers that have eaten a cannabis baked good in the past 6 months

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