Video Staff, Author at Green Market Report

Video StaffSeptember 30, 2022

3min5270

We’ve gone by the name Marijuana Money for the last 5 years, but we’re changing the name to match our newsletter that goes out weekly – the Weekly Stash. It’s free – subscribe now.

This week cannabis giant Canopy Growth (Nasdaq: CGC) said it was getting out of the retail store business. The company is selling off its Tokyo Smoke and Tweed stores. Canopy said it was focused on becoming profitable and that meant it would pivot to just becoming a consumer packaged goods company. 

Green Market Report also posted a story this week looking at the cannabis company strategy of deferring tax payments. Many companies are seeing their tax bills grow every year while hoping that some form of legislation will get passed that could ease their tax burdens. 

The Northern Lights SPAC was completed this week. Safe Harbor Financial is finally trading on the NASDAQ even though the company got a little less money than planned. However, investors are making sure Safe Harbor has enough money in the pipeline to keep it secure for several months. 

Ascend Wellness announced that its CEO Adner Kurtin would step down after news surfaced of a domestic dispute. The company said it would have two interim co-CEO’s as it begins a search for a permanent replacement. 

London-based British American Tobacco (BAT) acquired a minority stake in German marijuana company Sanity Group, and led the company to what it claims is the largest capital raise in European cannabis history. The BAT Group led the $37.6 million Series B capital raise for Sanity Group, which the release claimed was “Europe’s largest cannabis investment round to date.” The money will be used by Sanity Group to further expand its existing footprint and to prepare for further expansion once cannabis is fully legalized in Germany.

And finally, Vermont looks like it may be on track to begin adult-use sales on October 1. The state looked like it might get off to a slow start as some licensees said they didn’t have enough time to have a harvest ready by that date. But Slang with its Ceres Collaborative group announced its medical operation in Burlington would open on the planned start date as an adult use dispensary.


Video StaffSeptember 23, 2022

4min1020

Canadian cannabis company Aurora Cannabis (Nasdaq: ACB) reported that its fourth-quarter net revenue for medical cannabis increased 4% year-over-year to $36.6 million, while adult-use cannabis revenue fell 35% year-over-year to $12.6 million. Sequentially, sales of adult-use cannabis increased 22% from the third quarter, primarily due to sales from its “profitable acquisition” of Thrive Cannabis. 

C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) posted results that showed slimming revenue in a state that has seen less tourist and local spending as wallets get tighter. The company posted revenue of $7.2 million – down 4% sequentially, “narrowly outperforming Nevada market sales which saw an overall decline of 5% in total sales over the same period. C21 said it was pivoting away from tourists and focusing more on locals. 

Medical marijuana company Vireo Health, a subsidiary of Goodness Growth Holdings (OTC: GDNSF) is fighting back against a recent loophole for edibles in the state of Minnesota. The conflict stems from a recent amendment to Minnesota laws that now allows anyone to sell edible products with up to 5 milligrams of THC derived from hemp and a THC concentration of up to 0.3% to anyone over the age of 21. The complaint against the state says that the hemp-derived edibles are chemically identical to medical cannabis-derived edibles sold by Vireo that have the same type, quantity, and concentration of THC.

Northern Lights Acquisition Corp. revealed that it will need a few extra weeks to deliver the $70 million that it owes Safe Harbor Financial under the terms of a deal signed back in February, with the cash now due on Sept. 28 instead of Aug. 31. But the delay is only due to both parties waiting on approval from the Nasdaq, which is relatively common and doesn’t mean the deal is in danger, 

The New York Cannabis Control Board awarded conditional business licenses to 19 cultivators and 10 processors, which brings the total number of licensed growers to 261 and the total number of processors to 25. 


Video StaffSeptember 21, 2022

1min710

On September 8, 2022, the Green Market Report hosted its first Cannabis Tech Summit. The Summit was sponsored by KCSA Strategic Communications, Headset, Agrify, Springbig, Zelira Pharmaceuticals, Metrc, Mattio Communications, and The Bureau cannabis packaging. The event also featured the first GMR Cannabis Tech Awards. The feedback for the event was positive and especially noted the diversity of the panels and attendance as well as the panel topics.


Video StaffAugust 26, 2022

3min640

SNDL Inc. formerly known as Sundial (Nasdaq: SNDL) is buying The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) in a deal valued at C$138 million. The acquisition will make SNDL one of the largest adult-use cannabis manufacturers and retailers. The combined company will have 555,500 square feet of cultivation and manufacturing space and 185 cannabis stores under the Spiritleaf and Value Buds banners.

Since recreational cannabis launched in April, New Jersey reported approximately $200 million in legal sales.Monthly sales growth in the state outpaced other adult-use markets tracked by the firm despite having one of the lowest per capita retail counts in the pool. BDSA estimated a compounded monthly growth rate of roughly 10% through July versus Illinois’ rate of 3% in its first three full months of adult-use sales.

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) completed its acquisition of Michigan dispensary chain Pinnacle Emporium from KISA Holdings, LLC, for $28.5 million. The acquisition includes six dispensary licenses, five of which are currently operational and located in the cities.

In a fairly depressing letter to shareholders, Oregon-based Chalice Brands (OTC: CHALF) dropped a truth bomb about the industry’s woes. The letter starts out nice enough.The letter hit on the macroeconomic trends of inflation, higher interest rates, the skyrocketing cost of housing, and the effect of consumers spending less. Digging further the letter says Oregon’s cannabis operators have been beset with repetitive theft, increased overhead, and excessive competition.

The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) posted increasing losses for the consecutive quarter as its cultivators navigate demand headwinds. Greenrose reported approximately $9.2 million in rising revenue during the period, the company’s second-quarter net losses totaled $10.3 million, down 132% sequentially;

The Pennsylvania Department of Health withdrew its appeal to the Supreme Court of Pennsylvania to recall various vaporized medical cannabis products after a half-year pushback from the advocacy network Medical Marijuana Access and Patient Safety.

The retraction on Aug. 17 came months after the department issued a recall and ban of hundreds of medical cannabis vape products.


Video StaffAugust 24, 2022

1min520

Every year when summer is just about to end, New Yorkers can head out to Long Island for the Hamptons Cannabis Expo. This year as New York inches closer to full legalization, many were excited about the upcoming market, but some also expressed frustration about the amount of time it is taking. Cannabis Control Board Chair Tremaine Wright seemed sure that some sales would begin before the end of the year.


Video StaffAugust 19, 2022

3min430

I’m Debra Borchardt and this is your marijuana money minute. We took a bit of a break from our video schedule, but we are back. Green Market will be  hosting its first Tech Summit in San Francisco on September 8. You can buy tickets and register on the website under the Summits tab.

This was another big week for earnings.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its revenue rose 12% to $224 million. The company also trimmed its net losses to $10 million from last year’s net loss of $30 million. 

Cresco Labs reported approximately $218 million in revenue during the period. The company also reported that it has maintained its position as the number one cannabis wholesaler in the country.

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported its revenue rose 16.2% quarter-over-quarter and increasing 20.7% year-over-year, to $117.7 million. Ascend said its net loss dropped to $21.2 million during the quarter. The company said it helped being in the New Jersey market.

Ayr Wellness reported $110 million in revenue during the period, up 20.6% versus the same period last year. The company said it expected its revenue to grow by 10% for the rest of the year.

Not doing so well is Greenlane who delivered $39.9 million in total revenue during the quarter, falling from $46.5 million in the previous quarter. The company also said it was looking to decouple from its cannabis packaging company KushCo, which it merged with not long ago. Conspicuously absent from the company’s earnings statement was CEO Nick Kovacevich who had been the CEO at KushCo before taking on the role at Greenlane. 

Also turning in a disappointing number was Jay-Z cannabis company The Parent Co. who reported approximately $27.4 million in revenue, a 27% drop from last year. The Parent Co. also reported a second-quarter net loss of $30 million versus a $33.5 million loss sequentially. 

Don’t forget to register for the Tech Summit as we head to the west coast in September. 

 


Video StaffJune 21, 2022

1min380

The Women Grow Pavilion at the recent CWCB conference in New York City proved to be a big hit. Located in the back corner of the hall it looked as if the group wasn’t given the best location, but that quickly turned out not to be the case. It was the place to be and where all the action was happening. The opportunity for many of these small women-owned businesses to have a table at a trade show was invaluable. Women Grow President Gia Moron said have the pavilion was a dream for the group and thanked CWCB for making it possible.


Video StaffJune 6, 2022

1min290

New York City Mayor Eric Adams appeared at the CWCB Expo in New York City this past weekend. The Mayor spoke briefly at the event and then walked quickly through some of the trade show floor. He stopped at the Women Grow pavilion before answering some questions from a few reporters. Green Market Report was chosen as one of the few to speak to the Mayor. Thank you for watching the Green Market Report! Be sure to subscribe to stay up to date on all our videos. Go the website to subscribe to our free newsletters.


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.


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


READ MORE



Recent Tweets

@GreenMarketRpt – 2 hours

Landlords Just Saying No To Cannabis

@GreenMarketRpt – 8 hours

Cannabis Banking Bill Passage After Election Season Is ‘Likely’, Analyst Says

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.