Staff, Author at Green Market Report - Page 3 of 78

StaffStaffJuly 20, 2020
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6min1150

It’s time for your Daily Hit of cannabis financial news for July 20, 2020.

On The Site

Columbia Care

Columbia Care (OTCQX: CCHWF) sold two of its properties in New Jersey for $12.4 million to Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR). Columbia Care will then rent the two properties which include an industrial building comprising approximately 50,000 square feet and a retail location comprising approximately 4,000 square feet.

Columbia Care will continue to operate the retail property as a regulated medical-use cannabis dispensary and the industrial property as a regulated medical-use cannabis cultivation and processing facility. Columbia Care is expected to complete improvements to the industrial property and IIP has agreed to provide reimbursement of up to $1.6 million. This brings IIP’s total investment in the two properties to approximately $14.0 million if all the improvement money is reimbursed.

GenCanna

GenCanna, one of Kentucky’s largest hemp companies, filed for voluntary Chapter 11 reorganization with the U.S. Bankruptcy Court in the Eastern District of Kentucky earlier this year in February. One problem with GenCanna’s bankruptcy filing though was that MariMed (OTC:MRMD) was one of the largest shareholders in the company. It had a $34 million claim against the company sparking a battle over control of the company.

Last week, Law360 reported that MariMed lost a round over the efforts to gain control over the company. The website said that U.S. Bankruptcy Judge Gregory Schaaf of Kentucky found MariMed had acted improperly when it attempted to replace members of GenCanna’s board of directors and force out GenCanna’s president and chief executive officer

Zelira

Zelira Therapeutics Ltd  ZLDAF   has confirmed its phase one dose-escalation trial of ZTL-103 has successfully met its primary and secondary endpoints for safety and efficacy.

The Study:

The recent study was conducted at the St Vincent’s Hospital in Melbourne, Australia, and the Emerald Clinics (EMD) in Perth, suggests cannabis is a safe option for patients to integrate into their current pain treatment. That includes patients who already consume high doses of opioids.

In Other News

NextPoint

NextPoint Acquisition Corp. has filed a preliminary prospectus for an initial public offering as a newly-organized special purpose acquisition corporation formed for the purpose of effecting an acquisition of one or more businesses or assets within a specified period of time.

NAC intends to focus its search for target businesses in the alternative lending and financial services sector; however, it is not limited to a particular industry or geographic region for purposes of completing its qualifying acquisition. NAC intends to focus its search for target businesses on alternative lending and financial services companies with target market capitalizations of between $50 million and $600 million. 

TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF), a business solutions provider to the global cannabis industry, announced today that Gary Santo has joined the Company as Senior Vice President, Head of Capital Markets and Investor Relations.


StaffStaffJuly 20, 2020
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6min3420

Zelira Therapeutics Ltd  ZLDAF 7.89%  has confirmed its phase one dose-escalation trial of ZTL-103 has successfully met its primary and secondary endpoints for safety and efficacy.

The Study:

The recent study was conducted at the St Vincent’s Hospital in Melbourne, Australia, and the Emerald Clinics (EMD) in Perth, suggests cannabis is a safe option for patients to integrate into their current pain treatment.

That includes patients who already consume high doses of opioids.

The company administered its ZTL-103, a 1:1 THC/CBD formulation to chronic pain (non-cancer) patients who used at least 60 milligrams of morphine or similar opioids daily. After a two-week dosing period, patients reported reduced levels of pain, stress, depression and anxiety, while experiencing no serious side effects.

“This study not only reinforces that cannabis can be safely administered in increasing amounts to treat pain, but can be safely taken concurrently with high daily doses of opioids,” says Zelira CEO Dr. Oludare Odumosu. “These promising results lay the groundwork for our further study on pain management among retired athletes.”

This trial aimed to assess the safety of Zelira’s cannabis formulation, ZTL-103, in patients with chronic pain who are already on long-term, high-dose opioid treatment. 

The downside of prescription opioid treatment is the links to serious side effects including physical dependence. In the U.S., an estimated 49,000 people died from an opioid overdose in 2017.

Nine patients were enrolled and seven completed the study. The average patient age was 58 years and the average Morphine Equivalent Daily Dose (oMEDD) was 93 milligrams per day. 

Patients were treated with a single dose of ZTL-103, containing five milligrams of total cannabinoids (2.5 milligrams THC and 2.5 milligrams CBD) on the first day. After seven days, patients received another single dose of the same amount. 

They then continued to take two daily doses of five milligrams for seven days before escalating to 20 milligrams per day for seven days. 

Following this, the dosage increased to 30 milligrams for another seven days before taking a single dose of 25 milligrams of total cannabinoids.

The Results:

Primary endpoints achieved

ZTL-103 has been confirmed as safe with no reports of serious adversity and the maximal dose was generally well tolerated.

Secondary endpoints achieved

ZTL-103 reportedly improved the patient’s measure of pain. The patient’s pain was assessed using a Brief Pain Inventory (BPI) questionnaire. The BPI measures pain severity and pain interference, which is how pain generally impacts daily function and activities.

The results showed patients were dose-responsive and a significant reduction at daily doses of over 10 milligrams of total cannabinoids.

Results also showed patients’ anxiety, stress and depression was reduced at daily doses of more than 30 milligrams. Overall, the ZTL-103 treatment reduced median scores from severe or moderate to mild or normal at over 10 milligrams.

“This trial showed that ZTL103 treatment was safe and well-tolerated in patients diagnosed with chronic pain who were also taking high oMEDD doses,” Associate Professor Yvonne Bonomo said.

“These results would certainly warrant further clinical investigation to assess the ability of ZTL-103 therapy to reduce opioid dependence and improve pain and quality of life in chronic pain patients,” Yvonne added.

Outlook:

The trial results have helped to inform the testing with privately-held medicinal cannabis company, Levin Growing, which will target retired athletes experiencing chronic pain.

“The data will also accelerate plans to expand Zelira’s portfolio of chronic pain products, supported by clinical trial data, we will be launching into global markets and progressing into clinical development,” Managing Director Dr Richard Hopkins said.

The chronic pain products include an aged-care product that is on track to be launched in the U.S. later this year. 

Company shares are up 3.64 per cent and are trading for 5.7 cents each at 10:23 am AEST.

 


StaffStaffJuly 20, 2020
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4min3980

Columbia Care (OTCQX: CCHWF) sold two of its properties in New Jersey for $12.4 million to Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR). Columbia Care will then rent the two properties which include an industrial building comprising approximately 50,000 square feet and a retail location comprising approximately 4,000 square feet.

Columbia Care will continue to operate the retail property as a regulated medical-use cannabis dispensary and the industrial property as a regulated medical-use cannabis cultivation and processing facility. Columbia Care is expected to complete improvements to the industrial property and IIP has agreed to provide reimbursement of up to $1.6 million. This brings IIP’s total investment in the two properties to approximately $14.0 million if all the improvement money is reimbursed.

“Columbia Care is one of the preeminent cannabis operators in the United States, and we are thrilled to introduce them as a new tenant partner,” said Paul Smithers, President and Chief Executive Officer of Innovative Industrial Properties, Inc. “As one of the largest cannabis operators, Columbia Care is dedicated to providing the highest quality products and services to patients and customers, and we look forward to supporting them as a long-term real estate capital partner in New Jersey, including providing the additional real estate capital for further enhancements to their cultivation and processing facility.”

Columbia Care in New Jersey

Columbia Care is one of only three operators licensed to dispense medical cannabis in the southern region of New Jersey. In June, the company announced the opening of a dispensary location and produced its first harvest this month at its cultivation and processing facility. New Jersey classified medical cannabis dispensaries as “essential,” allowing them to remain open during the coronavirus pandemic, while implementing additional safety and social distancing protocols to protect the health of patient customers and employees. Last month, the New Jersey Department of Health also enacted a waiver that allows licensed operators to provide home delivery of medical cannabis products to patients.

Nicholas Vita, CEO of Columbia Care said, “Partnering with IIP provides Columbia Care with access to nondilutive capital that offers flexibility and provides us with the ability to continue to build and expand our cultivation, manufacturing, and retail capabilities in the markets that matter most.”

The dispensary in Vineland NJ will be supported by the company’s 50,000 sq. ft. cultivation and manufacturing facility, which will supply both the dispensary as well as Columbia Care’s wholesale operations in the state. Adhering to both local and state guidelines for social distancing, patients have access to curbside and express pickup options as well as Columbia Care’s innovative Virtual.Care portal, providing the industry’s most complete virtual shopping experience.

 

As of July 20, 2020, IIP owned 61 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Nevada, North Dakota, Ohio, Pennsylvania and Virginia, totaling approximately 4.5 million rentable square feet (including approximately 1.5 million rentable square feet under development/redevelopment), which were 99.2% leased (based on square footage) with a weighted-average remaining lease term of approximately 16.1 years. As of July 20, 2020, IIP had invested approximately $820.4 million in the aggregate (excluding transaction costs) and had committed an additional approximately $213.3 million to reimburse certain tenants and sellers for completion of construction and tenant improvements at IIP’s properties. .


StaffStaffJuly 20, 2020
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6min1770

Full birth name:
Jay Evans

Title:
CEO and Co-Founder

Company:
Keirton Inc.

Keirton is a global leader in engineering solutions to streamline cannabis cultivation and — since launching in 2007 — has outfitted 80% of the world’s leading cannabis producers, across over 30 countries, with custom equipment.

Years at current company:
13 years (2007-present)

Education profile:
Keirton is the outcome of my professional experience in electronics and telecommunications, and my passion for the positive impact cannabis can have on the mental health and well-being of millions of people across the world. That said, I would consider myself a life-long learner – I’ve continued education by seeking experts in business, mentors, and reading a minimum of 24 business books a year.

I’ve also been a member of the Entrepreneurs’ Organization since 2015, through which I’ve benefited from various university programs around the world, including London, San Diego, and Portugal. I also actively participate in my Forum group, touring successful businesses along the West Coast to learn from CEOs and their leadership teams. I have recently joined YPO where I look forward to learning from other great leaders.

This approach to learning has really allowed me to draw from various perspectives to facing challenges.

Most successful professional accomplishment before cannabis:
When I was ten years old, I had a paper route. Every morning, I was up, out and making my deliveries by 5am. It made my mother pretty nervous considering it was usually dark outside at that time, but sticking it out, even after being regularly chased by dogs, made everything seem easier after that. It’s one of my earliest memories of feeling like I’d accomplished my goal and feeling like “I’d done it”.

Company Mission:
Cannabis can play an important role in many people’s lives – from supporting mental health to chronic and acute illnesses, cannabis can help many people improve the quality of their lives and wellbeing.

That said, when cannabis became legal for medical use in Canada in 2001, I saw how demanding medical cannabis production was – the harvest and production of cannabis took tens of people, if not more. This led to a strain on the supply chain and, ultimately, people who needed it having systemic issues accessing good quality, reliable cannabis.

We are driven by our passion to transform the cannabis industry for the better – for producers and consumers alike. We do this through our commitment to ongoing transformation. We leverage first-to-market automation technology and exceptional customer experience to address the market’s largest pain points: quality and safety. Professional cannabis producers have come to rely on our award-winning proprietary Twister trimmer technology for safe, efficient, reliable, and professional cannabis trimming and production. Whether it’s with small home grow trimmers or elite solutions that trim over 600 lbs. per hour, industry professionals have grown their business and improved their bottom line for over a decade with Twister trimmers.

Company’s most successful achievement:
One of the things that I’m most proud of is the scale of our impact on people around the globe. Our Keirton team has developed a range of innovative engineering solutions that streamline commercial cannabis cultivation.

Since launching in 2007, we’ve outfitted over 80% of the cannabis industry’s leading legal cannabis producers, across over 30 countries, with custom equipment. We have established ourselves as a global leader in engineering solutions to streamline cannabis cultivation. Additionally, our products, including our Twisted Trimmer — a high-volume leaf trimmer — process about three million kilograms of legal cannabis every year.

Has the company raised any capital (yes or no):
No

Any plans on raising capital in the future?
Not at this time.

Most important company 5-year goal:
We are focused on the impact that we can have on access to safe, legal cannabis. We are working to expand our business and transform the industry. Our five-year vision is to provide technology improving the entire cannabis value chain. We are prioritizing integrating artificial intelligence and machine learning technology into cannabis production and cultivation. AI will improve the safety and quality of the flower, alleviating ongoing consumer and cultivator concerns.


StaffStaffJuly 15, 2020
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4min1630

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

On the Site

POSaBIT

Cannabis technology company POSaBIT Systems Corporation (CSE: PBIT) reported rising revenue for the first quarter of 2020 and said it expects to meet its prior forecast for revenue of $8 million for the year of 2020. Total revenue for the quarter ending March was $972,000, up 5% compared with $897,000 in the first quarter of 2019.

The net loss for POSaBIT was $792,743, which was slightly higher than last year’s net loss of approximately $774,000 for the same time period. The gross profit was $70,833 an increase of 192% compared with a gross profit of $36,797 in the first quarter of 2019. The company engages in blockchain-enabled payment processing and point-of-sale systems for cash-only businesses.

In Other News

ManifestSeven, California’s first integrated omnichannel platform for legal cannabis, today announced that it has received conditional approval for the listing of its common shares on the Canadian Securities Exchange. Subject to satisfying customary listing obligations, the Company’s common shares will commence trading on the CSE under the ticker symbol “MSVN”

“The CSE is proud to welcome ManifestSeven to our publicly-listed, cannabis sector peer group on the Exchange for Entrepreneurs,” said James Black, The CSE’s Vice President of Listings Development. We are looking forward to collaborating with the company as it deploys its unique supply chain management solutions across the cannabis industry – a foundational segment of the Canadian Securities Exchange.”

 

CURE Pharmaceutical (OTC: CURR), an innovative drug delivery and development company, today announced that its 25mg cannabidiol (CBD) oral thin film (OTF) showed improved bioavailability of cannabidiol in healthy subjects, compared with 25mg soft gels. Specifically, a pharmacokinetic (PK) study in 14 healthy adults showed a significantly higher serum concentration (Cmax) and significantly faster absorption (Tmax) from CURE’s CBD OTF dose form than from a commercially available CBD soft gel. The study also suggests that the CUREform™ delivery platform, which entails solubilization and encapsulation of the molecule, might deliver better results than solubilization alone, as used in the soft gel product, and may play a synergistic or additive role in bioavailability.

 

Being Hemp, the makers of THC-free CBD products formulated doctors to specifically address women’s unique health, wellness and beauty needs, today launched a line of products designed to deliver pure, powerful results for female consumers – an anti-aging skin care system, five condition-specific tinctures, and the first-ever apple cider vinegar gummies featuring high-absorption Nano CBD.

All Being Hemp’s products are hemp-derived with higher CBD levels per serving and incorporate patented Nano technology to increase bioavailability, meaning that more CBD is delivered to the needs of the consumer faster and with longer-lasting impact. The Nano CBD feature, combined with key vitamins, minerals, essential fatty acids and time-tested organic botanicals, dramatically increase the products’ ability to deliver natural, targeted and effective results for women.


StaffStaffJuly 15, 2020
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3min1510

Cannabis technology company POSaBIT Systems Corporation (CSE: PBIT) reported rising revenue for the first quarter of 2020 and said it expects to meet its prior forecast for revenue of $8 million for the year of 2020. Total revenue for the quarter ending March was $972,000, up 5% compared with $897,000 in the first quarter of 2019.

The net loss for POSaBIT was $792,743, which was slightly higher than last year’s net loss of approximately $774,000 for the same time period. The gross profit was $70,833 an increase of 192% compared with a gross profit of $36,797 in the first quarter of 2019. The company engages in blockchain-enabled payment processing and point-of-sale systems for cash-only businesses.

“We are pleased to witness continued strong demand for our retail payment and POS solutions even amid the ongoing pandemic,” said Ryan Hamlin, co-founder, and CEO of POSaBIT. “POSaBIT is also excited to provide updated guidance that we will be cash-flow positive in Q3 2020, a change from our prior guidance of Q4 2020. Customer desire to avoid cash payments is leading to an increased usage of our solutions in our current stores. At the same time, we are witnessing a significant uptick in interest from stores that have previously been cash-only operations. Sales have increased at a rapid pace and we expect to meet our prior 2020 forecast guidance of over $8M in revenue and over $135M in transactional sales.”

Looking Ahead

POSaBIT updated its full-year 2020 outlook with a forecast that revenue would grow in the range of approximately 75% to 95% year over year. The company gave new guidance that it would reach profitability in the third quarter of 2020. Transactional sales are projected to grow over 200% to approximately USD $135 million, assuming the average store processes between USD $350,000 and USD $600,000 per year through the POSaBIT service. Cost of sales in the range of $3.5 million to $4.0 million and the company said it plans to expand POSaBIT’s footprint to end 2020 in 15 to 20 recreational and medical states.


StaffStaffJuly 14, 2020
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8min1780

It’s time for your Daily Hit of cannabis financial news for July 14, 2020. 

On the Site 

MJardin 

MJardin Group, Inc.  (OTCQX: MJARF) reported first-quarter revenue dropped to $2.2 million versus last year’s revenue of $10.7 million for the same time period in 2019. The company also delivered a net loss of $8.1 million, which was lower than last year’s first-quarter loss of $14.8 million (all figures in Canadian dollars). 

”During the first quarter we remained focused on the completion of our cultivation assets as we continue to push aggressively towards being prepared to penetrate the Canadian recreational market with our products, and ramping up revenues starting in the second half of 2020,” commented Pat Witcher, CEO of MJardin. “I am very encouraged with the progress our team is making with bringing our assets online as well as exploring strategic growth opportunities which could start contributing to our profitability in the foreseeable future.” 

Mydecine 

Mydecine Innovations Group Inc. (CSE: MYCO) (OTC: MYCOF) has entered into an agreement to buy Canadian-based NeuroPharm Inc. in a deal valued at roughly $6.3 million. NueroPharm is a  developer of natural psychedelic-based treatments for mental health disorders. Mydecine recently signed an agreement with Applied Pharmaceutical Innovation (API), a translational commercial drug institute at the University of Alberta’s Faculty of Pharmacy and Pharmaceutical Sciences as it makes fast progress in the psilocybin world. 

Colonel (Ret’d) Pucci, CEO of NeuroPharm said, “Our mission is to develop and bring to market treatments addressing the mental health conditions frequently experienced by veterans, including PTSD, depression, and anxiety.  We understand the unique circumstances of the veteran community and are devoted to treating these substantial unmet needs.  Our collaborative partnership with Mydecine will accelerate our ability to address the enormous challenge of restoring the overall wellness in the veteran, EMS and frontline personnel communities.” 

In Other News 

4Front Ventures 

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported First Quarter 2020 Financial Results Highlights with revenue for the first quarter of 2020 at $16.9m. Net losses were $8.1 million. Gross profit for the first quarter was $9.7m. Adjusted EBITDA for the first quarter was a loss of $2.8m. 

Leo Gontmakher, CEO of 4Front, said, “Entering 2020, we have been laser-focused on leaning out and replicating our low-cost cultivation and production model in targeted states. We left the first quarter with a focused business model, streamlined cost structure and fortified balance sheet that has set the stage for us to accelerate growth across our core markets of Washington, Illinois, Massachusetts, Michigan, and California.”

Gontmakher added: “We are ecstatic to have reached a resolution with the Massachusetts Cannabis Control Commission as it clears the way for our long-awaited approvals for adult-use licensing in the state. We continue to execute on our plans to not only flip to cash flow positive this year but to set the stage to exit this year in a position to drive meaningful operating leverage in our business. With funded expansion already underway in Massachusetts and Illinois, we look forward to commencing construction of our Commerce, California facility before the end of the year. We are proving that our success in Washington can be replicated in every state in which we operate and are extremely confident in how the company is positioned as we enter this new season.”

CB2 Insights 

Summary of Q1 2020 Key Milestones and Consolidated Results 

  • Total revenue for Q1 2020 was $2.93 million, up from $2.8 million from the prior year; 
  • Gross profit was $1.9 million in Q1 2020 compared to $2.2 million from the year prior; a decrease of 13.6% due to the addition of the three new acquisitions in 2019 not reflected at the same period last year. Some of these clinics operate with provider hours paid on an hourly basis. With seasonality impact, we see higher cost of delivery during this time but expect that the negative impact on gross margin will be short-term in nature 
  • Adjusted EBITDA loss was $0.6 million in Q1 2020 versus adjusted EBITDA loss of $0.7 million from the prior year due to continued improvements to the operating model and top line growth; 

StaffStaffJuly 14, 2020
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3min1820

MJardin Group, Inc.  (OTCQX: MJARF) reported first-quarter revenue dropped to $2.2 million versus last year’s revenue of $10.7 million for the same time period in 2019. The company also delivered a net loss of $8.1 million, which was lower than last year’s first-quarter loss of $14.8 million (all figures in Canadian dollars).

”During the first quarter we remained focused on the completion of our cultivation assets as we continue to push aggressively towards being prepared to penetrate the Canadian recreational market with our products, and ramping up revenues starting in the second half of 2020,” commented Pat Witcher, CEO of MJardin. “I am very encouraged with the progress our team is making with bringing our assets online as well as exploring strategic growth opportunities which could start contributing to our profitability in the foreseeable future.”

MJardin said that its Managed Services business generated $2.2 million in revenue during the quarter. The Canadian cultivation facilities were currently mid-way through the growing cycle and so no revenue was recognized at these facilities during the first quarter. The company did say that it was in advanced negotiations for a supply agreement with a major Canadian License Holder to sell approximately an incremental 2,000 kilograms of product.

While the gross margins fell to $0.4 million versus $4.1 million for the prior year comparable period, expenses dropped by 43%.  MJardin said it would continue to look for more ways to cut costs. 

Looking Ahead

The company said it has the following plans for 2020 and that they are on track:

  • Complete run-rate production at WILL and GRO facilities by the end of the third quarter
  • Retail sales of Canadian production by the end of the third quarter
  • Full licensing of AMI Phase II expansion by during the fourth quarter
  • Significant progress on completion of construction at the Warman facility
  • Continued pursuit of expansion opportunities in selected US States


StaffStaffJuly 13, 2020
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4min1810

0HHo, a leader in providing organic, sustainable, ecologically friendly CBD products, announced a partnership with  Omura to launch its first-ever flower product.

oHHo is a believer in providing superior hemp products for discerning customers, using only organic, sustainable, ecologically friendly, natural practices to grow exceptional hemp. Family grown in the sunny, fertile soils near the Green Mountain forest in NY state, every plant is hand sown and nurtured across 2 acres, carefully trimmed and slowly cured over several weeks; allowing each flower to develop rich levels of CBD and an abundance of terpenes.

Founded in 2018, Omura is the next generation heat-not-burn platform for the clean and effective consumption of whole flower cannabis and hemp CBD. The company’s flagship vaporizer, Omura Series 1, implements revolutionary technology which heats the cannabis flower through a wide range of temperatures, allowing the release of the cannabinoids at a higher efficiency. Omura has partnered with more than 9 cannabis brands in California and Nationwide, and is available in more than 17 retail locations.

“We’re thrilled to be partnering with Omura and producing the first oHHo flower which is high quality and a great complement to Omura’s innovative technology,” commented oHHo Founder, James Stephenson. “oHHo flower supports independent farmers and is crafted with the same dedication to sustainability as our line of CBD oils.” 

oHHo is very excited to bring their signature hemp flower strain Lifter to the Omura platform, starting at $30 for a flower stick pack and $69.99 for a starter pack.

Lifter Details  

  • 19% CBD
  • 0.001% THC

Prominent Minor cannabinoids:

  • CBG
  • CBC

Prominent Terpenes:

  • Myrcene
  • Caryophyllene
  • Pinene
  • Limonene
  • Humulene
  • Linalool

Lifter will be available online on Omura.com as well as for sale on weareohho.com to ship nationwide.

“oHHo is the perfect partner to continue to expand Omura and our hemp CBD offering as they expand the quality hemp CBD products they sell to consumers. We’ve got a lot of great activations planned with the oHHo team this summer so stay tuned to our social feeds to learn more,” the CEO of Omura, Mike Simpson, told Green Market Report.


StaffStaffJuly 13, 2020
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4min1030

It’s time for your Daily Hit of cannabis financial news for July 13, 2020.

On the Site

Jushi

Jushi Holdings Inc. (OTCQX: JUSHF) announced $15.25 million in debt financing. To date, The company said it has received cash proceeds of $16.325 million and additional binding subscriptions, for a pro forma total issuance of $17.425 million of 10% senior secured notes and warrants to acquire a subordinate voting share. The company also received non-binding indications of interest for up to an additional $10 million of financing.

The money will be used for the cash portion of a previously announced Pennsylvania grower-processor permit holder transaction.  Last month the company said it was planning on buying Vireo Health’s (OTC:VREOF) Pennsylvania Medical Solutions in an effort to strengthen its position in the state’s market. Jushi was to pay Vireo $16.3 million in cash, a $3.8 million seller note, and assume a $17 million facility associated with a long-term lease obligation. The $37 million deal is expected to close by the end of August 20.

Colorado

According to the state Department of Revenue data, Colorado’s cannabis dispensaries sold almost $192.2 million worth of marijuana products in May. the state reported $42.9 million in medical marijuana sales and $149.1 million adult-use cannabis sales.

Sales shot up 23% over April, which is typically the biggest month for sales due to the 420 holiday. That’s an 11% increase over the all-time high of $173.2 million, set in August of 2019. Denver County alone accounted for $43.9 million in sales.

In Other News

In celebration of National Hemp Month, Uncle Bud’s, the Made in America, mass-market leader in Hemp and CBD, reveals its first campaign imagery with Jane Fonda, the brand’s newest ambassador. Shot by acclaimed photographer John Russo with styling by Cristina Ehrlich, who is named one of the top 25 most powerful stylists by The Hollywood Reporter, the campaign features two-time Academy Award-winning actress, author, activist, and fitness guru Jane Fonda, who was playfully captured with her go-to products from Uncle Bud’s Hemp & CBD.

With the partnership kicking off during the pandemic, Uncle Bud’s, an innovative leader in the Hemp and CBD space was inspired to get creative in working with Fonda to release the collaboration. In lieu of a traditional photoshoot, Fonda was announced as the brand’s newest ambassador in May by way of a lighthearted video created by Fonda and shared on her personal social media accounts. The video was a fun play on TikTok’s viral ‘pass the brush’ challenge, and the partnership has lived on social channels until now.



About Us

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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