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StaffSeptember 15, 2021
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National Hispanic American Heritage Month is celebrated from September 15 through October 15. Green Market Report wants to celebrate the achievements and contributions of some of the leaders in the cannabis industry who identify as such. While this list doesn’t include all of the notable Hispanics in the industry, it’s a start towards recognizing some of the key players. 

 

 

 Jushi Holdings Inc. Chief Operations Officer Leonardo “Leo” Garcia-Berg

Leo brings vast operational experience and global supply chain management to his role as Jushi Holdings Inc.(CSE: JUSH) (OTCQX: JUSHF) Chief Operations Officer at Jushi. Before joining Jushi, Leo served in numerous roles at Anheuser-Busch InBEV (“AB InBev”). As the Global Director of Value Creation, Global Procurement Officer, Leo led strategies focused on improving manufacturing, logistics, sourcing, and operations across the company’s breweries worldwide. While at AB InBEV, Leo had the opportunity to integrate the Modelo facilities located in Mexico into AB InBEV. In addition to his positions at AB InBEV, he also served as an international consultant for McKinsey & Company, focusing on operational strategies, procurement, organizational transformations, along with supply chain and end-to-end process optimization solutions. Leo received his Bachelor of Science degree in electrical engineering from Instituto Tecnológico de Buenos Aires in Argentina, and earned his MBA from The Wharton School of the University of Pennsylvania.

Mark Flores, Head of Brand and Customer Engagement, Receptor Brands 

Mark Flores has over 18 years of experience in corporate, non-profit, and consumer marketing within the general and multicultural/Latinx markets. With a history in education policy and political consulting, Mark worked as the communications director for one of Chicago’s largest charter school operators and served as Commissioner of Latino Affairs for the city under Mayor Richard Daley. After years in politics, Flores joined ICF Next to build their multicultural department for the MolsonCoors client. During his eight years at the agency, he built the department and became the client team director, managing a 28 person team responsible for Molson’s product portfolio of beers and other alcohol-based beverages. Always ensuring that general market programs included multicultural extensions, Flores built both the business and the teams during his tenure at ICF.

 Flores is currently with Receptor Brands, a cannabis-specific marketing firm where he is the director of consumer engagement working on a variety of projects that include retail, brand marketing and public relations. His background in niche community marketing has aided his ability to break into cannabis while having his eye on the future of cannabis marketing in the multicultural space.  

Richard Acosta, Co-President, GreenTech Properties, Inc.

Richard continues to advance the development of the cannabis real estate investment world, beginning with the 2018 formation of Los Angeles-based Inception REIT, one of the first private investment funds in the space. In late 2019, Richard co-founded and led a $225mm Canadian-listed SPAC which merged with and took Israel’s InterCure LTD public on the NASDAQ earlier this year. Most recently, Richard formed a real estate investment partnership, GreenTech Properties, focused on supporting environmental sustainability and providing operator-friendly capital alternatives to the popular long-term sale-leaseback model.

Richard is the former CEO & co-founder of Subversive REIT and Inception REIT, both cannabis-focused real estate investment vehicles. Richard is an experienced investor with almost 20 years of investment and portfolio management experience across various commercial real estate property types and investment structures having originated, underwritten or managed over $13 billion of direct real estate and real estate operating company investments. 

Richard spent nearly a decade with Colony Capital where he last served as a Director. During his tenure at Colony, Richard was involved in or responsible for the underwriting and execution of equity and related investments with a focus on operationally intensive real estate, including hospitality and gaming. Richard also spent several years developing Colony’s deal sourcing and capital raising functions in the Middle East. Richard began his career in the Real Estate Merchant Banking Group at Wells Fargo Bank. He is a member of the Urban Land Institute and is involved with various philanthropic causes, including Vista Del Mar Child & Family Services where he serves as Co-Chairman of the Board of Directors. Richard is a graduate of the Marshall School of Business at the University of Southern California where he earned a B.S. in Business Administration with a concentration in real estate finance.

Cristina Nutzman, VP of Legal-Labor & Employment at Curaleaf

Cristina Nutzman has dedicated her entire career to Human Resources and Labor & Employment law. After graduating from Chicago-Kent College of Law, Illinois Institute of Technology, Cristina worked in Human Resources roles and eventually legal positions within the L&E field. She is a dedicated, caring, and experienced labor and employment lawyer with diverse professional experiences ranging from the federal government, private practice, and corporate roles. At Curaleaf, Cristina oversees all legal labor and employment activations. Recently, Cristina was appointed Chairperson for the Hispanic Lawyers Scholarship Fund of Illinois.  As a board member and member since 2007, she has been a driving force behind the success of the organization.

Madeline Padilla, Trade Manager at Papa & Barkley

 

Madeline Padilla has been with Papa & Barkley for two and a half years and has held several key roles on the Marketing Team. Her role has been critical in building the brand’s awareness both in California and nationally as the company has expanded. Padilla currently serves as the Trade Manager at Papa & Barkley. She works cross-functionally to manage swag, collateral, and merchandising, ensuring the brand has a voice beyond its products and resonates with consumers. Padilla oversees Papa & Barkley’s presence at key national trade shows and events including Expo East, Expo West, Hall of Flowers, and Emerald Cup. She advises on activations and booth designs that highlight Papa & Barkley’s products while providing education, excitement, and value to event-goers.

 

Steve Bustamante, Inventory Control Supervisor from Glass House Brands 

As the only child born in the United States of his four siblings, Steve Bustamante grew up surrounded by his Hispanic heritage. After only being in the US for a short time, his parents moved him and his siblings back to Michoacan, Mexico. By the time Steve was in 2nd grade, the entire family moved back to Oxnard, California and Steve essentially had to start from square 1 –learning English and reintegrating into American culture. Upon graduating from Humboldt State University – known as the capital of the cannabis industry- Steve became the first in his family to graduate from a university. Upon graduation Steve immersed himself in the industry fully and joined Glass House as Inventory Control Supervisor, a role created specifically for him. Steve’s knowledge in botany made him the perfect candidate for processing and inventory. Currently, Steve oversees all finished/salable products and ultimately releases inventory that is suitable for sale.

Arlene Pitterson, Director of Strategic Partnerships for Cannaclusive

Arlene Pitterson is an award-winning experiential marketer, creating memorable strategic events for clients and customers. She has worked with Fortune 100 companies, creating and managing national events such as screenings with Fox, Netflix, Procter & Gamble to local events in major markets such as NYC, Philly, and Los Angeles. Her various experiences in the music, fashion, alcohol, beer, automotive, and education space allow her to have a unique voice that is not only relevant to current trends but understand how to make each activation relevant to the client. Those various experiences brought her as the Director of Strategic Partnerships for Cannaclusive, where she connects cannabis brands with the goal of educating, advocating, and promoting the involvement of people of color in the cannabis business. Arlene is also an adjunct instructor of marketing at the Fashion Institute of Technology, instructing students on integrated marketing and event planning.  The Brooklyn, NY native holds a degree in Marketing from Drexel University, currently receiving her Masters in international labor relations from Cornell University. 

Eric Lopez, Head of Operations – Lantern

Eric Lopez is head of operations at Lantern where he leads the execution of the company’s growth strategy across markets, working closely with dispensaries and delivery couriers on the platform. Eric began his career in investment banking, working at Barclays before leaving finance to help early stage startups scale their operations. Prior to Lantern, Eric was GM for Bungalow’s Boston market and an Ops Manager for Rappi in Latin America. Eric holds a Bachelor of Science in Finance from Boston College. Originally from Boston, he is first-generation Colombian-American.


StaffSeptember 15, 2021
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On Tuesday, the Food & Drug Administration (FDA) issued a warning about Delta-8 THC noting that the product hasn’t been evaluated or approved by the agency. Granted the FDA’s opinion on anything cannabis-related is received with a healthy dose of skepticism. The FDA still hasn’t made any determination on CBD after years of discussion and research.

The 2018 Farm Bill that essentially legalized help specifically called out the exclusion of Delta-9 THC. Manufacturers seized on that and decided that Delta-8 could slip through the loopholes since it wasn’t named in the bill. Delta-8 THC is one of over 100 cannabinoids produced naturally by the cannabis plant.

It doesn’t pack the punch of a Delta-9 high, but consumers say it gives a light buzz.  Delta-8 though isn’t easily extracted from the plants and so it’s typically manufactured from hemp-derived cannabidiol (CBD). As such, the FDA is concerned that these products get labeled as hemp-derived and some consumers may think there are no psychoactive effects like other hemp products. The products are also marketed as having therapeutic qualities, which the FDA notes are unsubstantiated claims.

Adverse Side Effects

What is troubling are the reports of adverse side effects. In the waring notice the FDA said the from December 2020 through July 2021, it had received adverse event reports from both consumers and law enforcement describing 22 patients who consumed delta-8 THC products and 14 went to a hospital or emergency room for treatment. 19 of these patients said they had eaten delta-8 THC food products. The adverse events included vomiting, hallucinations, trouble standing, and loss of consciousness.

In addition to that, the FDA said that the national poison control centers received 661 exposure cases of delta-8 THC products between January 2018 and July 31, 2021, 660 of which occurred between January 1, 2021, and July 31, 2021. Of the 661 exposure cases:

  • 41% involved unintentional exposure to delta-8 THC and 77% of these unintentional exposures affected pediatric patients less than 18 years of age.
  • 39% involved pediatric patients less than 18 years of age
  • 18% required hospitalizations, including children who required intensive care unit (ICU) admission following exposure to these products.

Added Chemicals

The FDA noted that the natural amount of delta-8 THC in hemp is very low, and also dditional chemicals are needed to convert other cannabinoids in hemp, like CBD, into delta-8 THC through a synthetic conversion. The FDA is concerned that some manufacturers may use potentially unsafe household chemicals to make delta-8 THC through this chemical synthesis process. Also, additional chemicals may be used to change the color of the final product. Since these products are unregulated the manufacturing of delta-8 THC products may also be taking place in unsanitary settings.

Children Targeted

The FDA has also pointed out that the products are showing up in packaging that is appealing to minors. “These products may be purchased online, as well as at a variety of retailers, including convenience stores and gas stations, where there may not be age limits on who can purchase these products. As discussed above, there have been numerous poison control center alerts involving pediatric patients who were exposed to delta-8 THC-containing products. Additionally, animal poison control centers have indicated a sharp overall increase in accidental exposure of pets to these products.”

 


StaffSeptember 14, 2021
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6min5300

It’s time for your Daily Hit of cannabis financial news for September 14, 2021.

On the Site

High Tide

High Tide Inc. (NASDAQ: HITI) reported its financial results for the third fiscal quarter of 2021 ending July 31, 2021, as revenue increased by 99% to $48.1 million versus $24.1 million in the same quarter last year. High Tide noted that the financial results included the acquisition of META Growth Corp., Smoke Cartel, Fab Nutrition, and DHC Supply LLC. The net loss for the quarter was $1.7 million versus last year’s net income of $3.8 million for the same time period. Geographically, $38.4 million of revenue was earned in Canada and $9.6 million in the United States. Revenue from the U. S. increased to $9.6 million, versus $5.7 million for the second quarter of 2021, representing a 69% increase sequentially.

Fire & Flower

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced its financial results for the fiscal second-quarter ending July 31, 2021, as revenue rose 51.4% to $43.3 million over last year’s $28.6 million. Fire & Flower delivered a net income of $19 million versus last year’s net loss of $29 million. Digging into the company’s earnings, retail revenue rose by 36.3% year-over-year to $31.8 million. However, in troubling news, the company noted that same-store sales decreased 14% for forty-eight (48) stores in operation during the comparable period in Q2 2021 due to a surge in newly licensed retail cannabis stores in Ontario, from 665 on May 1, 2021, to 981 at July 31, 2021. Fire & Flower contributed to the surge by opening seven new stores in Canada, bringing total stores to 91. In early June 2021, the Ontario cannabis market opened up from lockdown due to COVID-19, allowing for foot traffic into all Fire & Flower retail stores.

Plus Products

It’s a sign of how difficult it is to be a CBD-only company. This week Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) filed for the Canadian version of bankruptcy. According to Plus’ filing, it has secured court protection from its creditors under the Companies Creditors Arrangement Act or “CCAA”, in order to restructure its business and financial affairs. Plus Products has canceled its Annual General Meeting previously scheduled for September 14, 2021.

Weedmaps

WM Technology, Inc., better known as Weedmaps  (Nasdaq: MAPS) is buying Sprout, a leading, cloud-based CRM & marketing platform for the cannabis industry. Weedmaps did not disclose the valuation of the deal. Sprout is a cannabis CRM and marketing software platform used by dispensaries and cannabis brands across the United States, Canada, and Puerto Rico. Sprout’s cannabis CRM platform includes an entire suite of omnichannel marketing solutions including customer relationship management, text & email marketing, loyalty, mobile wallets, QR codes, mobile surveys, mobile coupons, advanced customer segmenting, and analytics.

 

In Other News

GPS Global

The global consortium Gateway Proven Strategies (GPS.Global) announces the acquisition of the Global Cannabis Network Collective (GCNC), an elite network for cannabis executives building and transforming the international cannabis trade. The agreement brings Chris Day and Jillian Reddish, co-founders of GCNC, into ownership and executive positions at GPS. The duo continues to operate the GCNC day-to-day.

“This is a true merging of the minds. We have great respect for GCNC’s achievements joining global companies to expand the international supply chain. This acquisition is a natural fit initiating the next phase for GPS. It accelerates our goal of being the most trusted firm focused on helping companies navigate global markets and supporting ethically-minded entities in expanding the cannabis marketplace,” said GPS Founder and Chairman, Bob Hoban.


StaffSeptember 14, 2021
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It’s a sign of how difficult it is to be a CBD-only company. This week Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) filed for the Canadian version of bankruptcy. According to Plus’ filing, it has secured court protection from its creditors under the Companies Creditors Arrangement Act or “CCAA”, in order to restructure its business and financial affairs. Plus Products has canceled its Annual General Meeting previously scheduled for September 14, 2021.

“Over the last year, we have continued to build PLUS into one of the strongest brands in cannabis,” said Jake Heimark, co-founder and Chief Executive Officer. “However, the slow rollout of legal dispensary licenses in California, and the structure of the California market have made it difficult for independent brands to remain competitive in this state. We continue to believe the strongest brands will come out of California, and I am confident that the outcome of these proceedings will result in a business that matches the strength of our brand for our employees, debtholders and shareholders.”

Trading in PLUS common shares and listed on the Canadian Securities Exchange and the OTC Markets Group has been halted pending the anticipated delisting of the Subordinate Voting Shares and the company’s securities from the CSE. A comeback hearing in respect of the relief granted pursuant to the Initial Order will be scheduled with the Court within ten days. Interested parties that wish to bring a motion at the Comeback Hearing are required to provide notice to the affected parties prior to the Comeback Hearing pursuant to the requirements as set forth in the Initial Order.

According to a company statement, Plus will be able to continue operating and pay normal expenses in the ordinary course of business. It will also move forward with the Board of Directors’ review of strategic alternatives, including the solicitation, development, and execution of any potential sale or other strategic transaction involving PLUS, whether in addition to, or as an alternative to, a CCAA plan of compromise or arrangement.

Plus gave no indication that it was in trouble last month when the company reported its earnings. While revenues hadn’t grown by a large amount, they had increased over last year and the company bragged that it was the most sales it had ever recorded in a quarter. Even the loss from operations had improved by 30% over the previous year.

At the time Heimark said, “We are happy to demonstrate that our revenues are back on the correct trajectory following the one-time accounting changes in Q1 2021. In Q2 2021, we had the highest revenues as a company thus far. We have been successful in our transition to a fulfillment-only distributor in California, and see that change reflected positively in this quarter’s results. In addition to the progress with our new distribution partner, we have continued to gain momentum with our fully-internalized sales team along with our special-edition and collaborative offerings.”

 


StaffSeptember 13, 2021
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4min6310

It’s time for your Daily Hit of cannabis financial news for September 13, 2021.

On the Site

Akerna
Akerna (Nasdaq: KERN) is buying 365 Cannabis, a cannabis business management software system built on Microsoft’s Dynamics 365 Business Central in a $17 million deal at 2.1x LTM revenue. The deal will be paid with $4 million in cash and $13 million in stock with a potential earnout of $8 million. The acquisition is expected to close in the fourth quarter of 2021. “By adding 365 Cannabis into our Akerna ecosystem, we will continue to create new standards and best practices around compliance in every state, province, and country across the globe, standardize how the global supply chain is managed, and forge best practices in technology and hosting,” says Jessica Billingsley, Chief Executive Officer of Akerna. “The synergies between our two companies’ products and offerings will finally create all in one for the entire cannabis industry, on a global scale.”

Jushi
Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) has closed its previously announced acquisition of Massachusetts-based Nature’s Remedy in a deal valued at $91.2 million. Jushi also noted that the deal was revised resulting in 4.3 million fewer shares issued to Nature’s Remedy. However, Jushi did pay an additional $2.9 million in cash to acquire excess inventory worth $17.5 to $22.5 million at prevailing wholesale prices.

Mass. Mayor

The former mayor of Massachusett’s town Fall River Mayor Jasiel Correia could face 11 years in prison for shaking down cannabis license applicants. The corrupt mayor was found guilty in May for stealing from investors with regards to an app he developed, but also for extorting money from cannabis applicants. He was convicted of 21 of the 24 counts he faced. On Friday, the government suggested Correia should be sentenced to 11 years in prison, then 24 months’ supervised release, $298,190 in restitution to certain SnoOwl investors. In addition, they are requesting that he pay $20,473 in restitution to the IRS, forfeit $566,740, and a final mandatory special assessment of $2,100.
In the government filing, which was posted on Law360, it was noted that Correia remained defiant despite having 33 witnesses testify against him saying that the truth would come out. Correia even suggested he refused a plea deal because he was innocent, but the government said no such deal had been offered.

In Other News

Heritage Cannabis

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has executed a term sheet with Merida Capital Partners IV LP for up to $1.5 million in Senior Unsecured Convertible Promissory Notes to fund the Company’s entry into the state of Missouri. Missouri’s first legal medical sale took place in October 2020, and, per the Missouri Department of Health and Senior Services, there are already 140 approved dispensaries responsible for over USD$65 million of retail sales in the first half of 2021, and USD$21 million of sales in the month of July.

RIV Capital

RIV Capital announced that it has received a cash distribution of approximately $6.5 million and that termination of PharmHouse’s proceedings under the Companies’ Creditors Arrangement Act (Canada) and PharmHouse’s assignment into bankruptcy under the Bankruptcy and Insolvency Act (Canada) is expected imminently. Pursuant to orders granted by the Ontario Superior Court of Justice (Commercial List) in the CCAA Proceedings, RIV Capital was entitled to the cash remaining in PharmHouse. The receipt of this cash distribution concludes the Company’s relationship with PharmHouse in all material respects.


StaffSeptember 13, 2021
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Akerna (Nasdaq: KERN) is buying 365 Cannabis, a cannabis business management software system built on Microsoft’s Dynamics 365 Business Central in a $17 million deal at 2.1x LTM revenue. The deal will be paid with $4 million in cash and $13 million in stock with a potential earnout of $8 million. The acquisition is expected to close in the fourth quarter of 2021.

“By adding 365 Cannabis into our Akerna ecosystem, we will continue to create new standards and best practices around compliance in every state, province, and country across the globe, standardize how the global supply chain is managed, and forge best practices in technology and hosting,” says Jessica Billingsley, Chief Executive Officer of Akerna. “The synergies between our two companies’ products and offerings will finally create all in one for the entire cannabis industry, on a global scale.”

365 Cannabis’ 85+ clients will gain access to Akerna’s Compliance Gateway, feature-rich reporting, MJ Retail POS, and the recently launched Akerna Connect. Cannabis 365 clients include Pharmacann, Nectar, Revolution, Sundial, Kiaro, and many others.

“As we combine our leading solutions built specifically for the ever-evolving cannabis industry, along with Akerna’s 80+ integrations through open APIs, we can now offer cannabis operators a full suite of products to optimize their businesses, improve overall functionality, and ultimately increase sales,” says Jeff Kiehn, Chief Executive Officer of 365 Cannabis. “With the combined team of over 200+ skilled employees including 30 + years of consulting experience, coupled with an unrivaled true ERP system and supporting technologies, our goal is to modernize and propel the cannabis industry throughout this rapid growth period and beyond.”

The two companies said in a statement that the acquisition will allow Akerna to deliver the broadest portfolio of ERP solutions for cannabis operators, covering access to a majority of the mainstream mid-market financial and tax planning market. It will offer cannabis operators a financial and tax planning system for each stage of their growth while realizing combined scaled synergies by maintaining regulatory compliance every step of the way through Akerna’s Compliance Gateway.


StaffSeptember 13, 2021
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Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) has closed its previously announced acquisition of Massachusetts-based Nature’s Remedy in a deal valued at $91.2 million. Jushi also noted that the deal was revised resulting in 4.3 million fewer shares issued to Nature’s Remedy. However, Jushi did pay an additional $2.9 million in cash to acquire excess inventory worth $17.5 to $22.5 million at prevailing wholesale prices.

“We are excited to officially enter the Massachusetts market, adding Nature’s Remedy, a vertically integrated business operating high-quality, well-managed assets” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “With its strong, defensible retail position and a scalable cultivation footprint, Nature’s Remedy offers significant opportunities for us to expand and grow our presence in this rapidly maturing adult-use market. I look forward to working with our new colleagues to introduce our complete line of industry-leading brands and products into the wholesale market and at Nature’s Remedy’s retail stores.”

Nature’s Remedy

Nature’s Remedy currently operates two retail dispensaries, in Millbury, MA and Tyngsborough, MA, and a 50,000 sq. ft. cultivation and production facility in Lakeville, MA, with approximately 22,000 sq. ft. of high-quality indoor flower canopy and state-of-the-art extraction and manufacturing capabilities. The company expects to execute on the significant opportunity to expand Nature’s Remedy’s wholesale revenue in the fourth quarter, driven by additional cultivation capacity as well as the planned resale of excess inventory at the Lakeville Facility.

Deal Terms

Jushi acquired Nature’s Remedy for an upfront payment of $91.2 million, which included $40.0 million in cash, approximately $34.7 million in stock, an $11.5 million unsecured three-year note and a $5.0 million unsecured five-year note. Jushi has also agreed to issue up to an additional $5.0 million in stock and a $5 million increase to the principal balance of the 3-Year Note upon the occurrence or non-occurrence of certain conditions after the closing date, bringing the total potential consideration for the acquisition paid by the company to $101.2 million. The revised purchase price represents a multiple of 2.7 to 3.0x Nature’s Remedy’s expected full-year 2022 EBITDA of US$34 to US$38 million.


StaffSeptember 8, 2021
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Akerna, the parent company to MJ Platform, announced a new offering, Akerna Connect, this month.   

Akerna Connect is a mobile marketing platform for cannabis retailers that provides marketers with a suite of tools that are both effective and easy to use. Akerna Connect empowers operators with responsive online menus, mobile ordering, and loyalty rewards and enables them to communicate directly with consumers’ mobile phones and devices for a variety of different applications such as marketing campaigns and order reminders. 

Unlike many eCommerce offerings, Akerna Connect is designed to be customizable and brand-able so that the consumer accessing the dispensary/brand’s menu will only see the company’s branding, not “Akerna Connect” – furthering that company’s brand recognition with their consumer base.     

While POS systems like MJ Retail provide dispensaries with a smooth in-store experience, Akerna Connect gives them the ability to engage with customers after leaving the facility.  

For both the consumers shopping at dispensaries and retailers offering Akerna Connect, the software will keep them updated on store promotions, place orders online, and engage with staff in real-time. 

Dispensaries running the software have already seen success from the platform.   

“The tools that Akerna Connect provides our dispensary are game-changing. Akerna Connect is a central component of our marketing strategy that drives our foot traffic daily. We trust that our text messages and promos reach our customers’ phones when and how we expect them to, and the eCommerce tools help us provide a continuous brand experience after the customer leaves our building,” said Natalia Rivera, President of Emerald Cannabis Wellness Center.

 


StaffSeptember 2, 2021
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The presence of technology has changed the entire world. In the cannabis industry, it is the backbone of most operations whether discussing extraction, seed to sale tracking, customer management software, loyalty program apps or platforms to conduct delivery operations. Technology is everywhere in the cannabis space. Major investment seems to continue to pour into technology for this industry, for example Jane Technologies just announced a $100 million dollars raise. This is big money and it comes with big minds. Green Market Report decided to highlight some of the best and brightest in cannabis technology. Here are a few power players who we feel you should know.

David McCullough, Chief Technology Officer of Akerna

Prior to being appointed CTO of Akerna, David McCullough served as Akerna’s Executive Vice President of Product & Engineering for the last five years, overseeing all software development, development operations, quality assurance, automations, systems, and security operations. He has over 16 years of Software Engineering experience.

Before joining Akerna, he was the CTO of StudentPublishing.com, where he actively managed the technical aspects of Student Publishing’s sale to and systems integration with lulu.com.

David has extensive government systems experience and was also a professor at New Mexico State University where he taught courses in data communications and networking.

 

Navin Anand, Chief Technology Officer of springbig

Navin Graduated Northern Illinois University with a masters in electrical engineering and a masters in technology and management.

Navin has over 15 years experience in software engineering including leading a team of 100 engineers at Verifone, one of the world’s largest multinational payment processing and POS solution providers. In his time at Verifone, Navin crafted solutions for blue-chip brands including  McDonalds, YUM Brands, and Visa.

Navin is recognized as a data-driven leader and problem solver who is able to streamline the software engineering delivery and QA process through advanced systems automation and project management, reducing time to delivery and aligning various IT sub-departments into a common system that speak the same language.

Tiffany Burtt, Founder & Chief Technology Officer of Bulb Tech 

Burtt is the Founder and CEO of Bulb Tech. With 15 years of throttling early-stage startups to the market on a bootstrap budget, Tiffany Burtt, delivers performance focused products and technology solutions to aide in launch strategies, boosting sales and capturing new opportunities. Recognized for creating rich and flawless CX design, her product innovation and solutions consistently propel revenue growth and drive strategic business initiatives to elevate the company vision. Since 2014, two of Tiffany’s projects have been acquired by Fortune 500 companies. 

In 2016, Tiffany took the plunge and applied 20 years of experience as a woman in tech and her lifelong affair with cannabis to build a powerful set of business tools solving critical challenges in the industry. With unwavering passion, she believes in the combined power of cannabis and tech to improve our lives and create a sustainable impact. Tiffany’s company, BulbTech, is woman owned and operated.

Tiffany’s work doesn’t stop with technology. She is a fierce advocate for women, minorities, veterans, and the LGBT community as it relates to medical cannabis and overall business. She educates, mentors, and consults with new businesses facing the challenges of an emerging industry. 

Burtt built a global team with varying skills and diverse backgrounds. Her reach spans India, Pakistan, London, Russia, Belarus, Sweden, Netherlands, Indonesia and the US.

From digital idea/product concept into executable definition, both technically and operationally, to the market, on-budget. Tiffany is sassy, scrappy, original, and driven.

 

Marc Lopez, Chief Technology Officer of Drop Delivery

Marc Lopez is the CTO and co-founder of Drop Delivery, the cannabis industry’s only all-in-one delivery technology solution for retailers. A twenty-something serial entrepreneur, Marc previously co-founded Greenlight Technologies, a leading order-ahead and digital loyalty software in the cannabis industry, which was acquired in 2018 by publicly-traded Leafbuyer Technologies.

Before jumping into the cannabis industry, Marc co-founded two vape industry software companies, the e-commerce platform Vape Block, and the peer-to-peer marketplace Vape Mail in 2015, where he built the technology that both platforms ran on. The motivation to develop a peer-to-peer marketplace came from his previous startup, Uniform in 2015, a peer-to-peer marketplace for the fashion industry.

While in college, and with his current Drop Delivery co-founders Vanessa and Jade Gabriel,  Marc co-founded aSociete in 2011, a shopping platform for millennials to shop for their favorite fashion brands from all across the web in a simple, entertaining, and engaging way.

Marc Sherman, Chief Information Officer of HERBL

Marc Sherman is a highly-skilled Information Technology Executive with over 20 years’ experience designing, delivering, and supporting innovative Enterprise Supply Chain System solutions that drive business growth and profitability for all stakeholders.

Prior to joining HERBL, he was Vice President, Information Technology for FedEx Supply Chain, a $1.6B subsidiary of FedEx focused on Third-Party Logistics in multiple verticals including Technology, Retail, Consumer Products and Healthcare across over 130 sites in North America.

Before joining FedEx, Marc served on active duty in the United States Air Force for 20 years where he held multiple Operations and Logistics management positions in the United States, Europe, and Southwest Asia. He holds a Master of Business Administration degree in Information Systems and is a former Adjunct Professor with Northwood University.

Sherman currently lives in Keller, Texas with his wife Caroline.

 


StaffSeptember 2, 2021
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4min8910

It’s time for your Daily Hit of cannabis financial news for September 2, 2021.

On the Site

Forian

Healthcare tech company Forian Inc. (NASDAQ: FORA) has raised $24 million through a convertible note offering. The company said in a statement that the notes are convertible into shares of the company’s common stock at a conversion price of $11.98, the consolidated closing bid price of its common stock as reported by the Nasdaq on Tuesday, August 31, 2021. In addition to the fundraising, Forian appointed Michael Vesey as Chief Financial Officer effective September 2, 2021. Vesey will succeed Clifford Farren, who will remain with Forian in an advisory capacity through the end of the year to ensure an orderly transition.

Beverages

The global cannabis beverage market is estimated to reach $2.8 billion by 2025 and is projected to see a growth rate of 17.8% from 2019 to 2025. As consumer behavior shifts from carbonated soft drinks to health sodas and legalization gains more footholds across the country, the cannabis beverage market pivots to offer consumers potent and flavor-forward beverages that offer a fresh take on the time-honored ritual of “kicking back with a cold one”. Innovative technologies are likewise flourishing, a development that both drives and responds to growth in the cannabis beverages market.

NY

Green Market Report broke the news yesterday that New York’s Governor Kathy Hochul had named her two candidates for leading the adult-use cannabis legalization movement. Chris Alexander for the Executive Director of the Office of Cannabis Management and Tremaine Wright will be named Chair of the Board. Late Wednesday the state Senate confirmed both nominees to lead the agencies that will regulate cannabis sales in New York. The process had stalled under Governor Cuomo who publicly supported legalization, but often stalled the process behind the scenes.

 

In Other News

 

Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) has received approval from the Florida Department of Health’s Office of Medical Marijuana Use (OMMU) to operate as Cannabist.

Effective immediately, Columbia Care’s 14 dispensary locations across the state will be renamed to Cannabist. Patients will continue to have access to the same high-quality cannabis products at their preferred dispensaries and will begin seeing retail improvements that reflect the new Cannabist brand and shopping experience.


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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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