Video Staff, Author at Green Market Report

Video StaffApril 17, 2023

1min10260

Green Market Report visited The House of Cannabis this month, which is billed as the first-ever permanent home celebrating “high culture” and its impact on music, art, fashion, social reform, and cultivation.

Ten mind-bending, immersive experiences created by artists and filmmakers transport guests through the many dimensions of cannabis culture. A 30,000-square-foot historic cast-iron building is home to this new destination at the iconic intersection of Howard and Broadway.

The space also features a private lounge and a ground-level gathering space featuring community events, a café, a corner store, live glassblowing, and a curated assortment of cannabis-inspired lifestyle products.


Video StaffMarch 27, 2023

1min9650

The Green Market Report 2023 Women’s Summit was a rousing success last week in New York City.

The well-attended conference featured many leading women in the cannabis industry giving great advice to the audience.

Sponsors that helped make this event happen included Wana Brands, Feuerstein Kulick, and Safe Harbor Financial. In addition to the informative sessions, GMR announced the winners of the 2023 Women’s Leadership Awards.


Video StaffFebruary 15, 2023

3min23920

UNION SQUARE TRAVEL AGENCY: A CANNABIS STORE, opened on February 13. The store has a robust portfolio of products from New York farmers including premium flower, pre-rolls, edibles, vapes, accessories, and more, many from BIPOC and woman-owned brands. 

President Arana Hankin-Biggers said, “I’ve spent my career committed to creating economic opportunities for communities of color, and am proud to be involved in the legal cannabis industry which is finding ways for the private sector, public sector and not for profits to collaborate to empower marginalized communities.”

“This is an example of New York State getting it right,” said John McDonald of The Doe Fund. “For three decades, The Doe Fund has lived on the cutting edge of innovation, relentlessly pioneering ways to restore racial, economic and criminal justice to communities disproportionately impacted by systemic failures and inequity. Over 90% of the men we serve are BIPOC and 67% have been incarcerated. Upon their release – without successful reentry programs – they face the same marginalization from the mainstream, the same lack of economic opportunity that led them to resort to crime in the first place.  Cannabis licensing; partnerships with nonprofits serving these impacted populations; and, most importantly, the revenue generated by this industry (which will go toward ending intergenerational poverty and enhancing programs like ours) can inspire systemic change and advance racial and economic justice.”

Hankin-Biggers and CEO Paul Yau expect to create 50 new jobs at the UNION SQUARE TRAVEL AGENCY. Hankins-Biggers and Yau also announced it has hired cannabis retail veteran Michael Conway to be their VP of Retail.  Conway comes to the company following a successful tenure helping multiple state operator Ascend Wellness in their New Jersey and Massachusetts launch and oversaw the transition from medical to adult use in its NJ locations.  Prior to that, he was Director of Retail Operations for Curaleaf NY where he managed the opening of four retail locations that led the NY medical market in sales and service.

Since 1985, The Doe Fund has helped nearly 30,000 individuals break the devastating cycle of poverty, homelessness, and incarceration. Its Ready, Willing & Able program provides paid work, housing, and comprehensive support services to homeless and formerly incarcerated men in New York City. In addition, The Doe Fund operates a portfolio of nearly 900,000 square feet of permanent affordable and supportive housing. 


Video StaffFebruary 3, 2023

5min15310

Earnings season is just beginning and it kicks off with Scott’s Miracle-Gro whose hydroponic brand Hawthorne saw its sales drop by 30%. Sales are forecast to continue falling by another 20-25%. CEO Jim Hagedorn described the cannabis market as a bloodbath and said the New York market had tripped over itself. Still, he insisted there was progress in the company’s investment into RIV Capital and Etain even though shareholders are suing RIV for the acquisition. Overall the company reported total sales fell by 7% to $526 million which beat expectations.

Canadian cannabis company High Tide (NASDAQ: HITI) (TSXV: HITI) saw both its revenues and its losses balloon in its final fiscal quarter of 2022, which ended on Halloween. revenues shot up for the year as a whole by 97% to C$356.9 million, but High Tide still lost $52.5 million in the fourth quarter alone, and posted a C$70.8 million loss for the fiscal year. 

LeafLink raised $100 million in Series D financing this week. The company also moved co-founders Ryan Smith and Zach Silverman to new roles. Smith is moving from CEO to Executive Chairman and Silverman from Chief Technology officer to Senior Advisor. The company has now raised more than $230 million. 

In Other fundraising news, Village Farms raised $25 million and 3D cannabis shopping app company Weedar raised $1.5 million. 

In legal news, a New York judge is still not allowing cannabis licenses in the five regions currently involved in a lawsuit regarding social equity applicants. It was a blow to the Office of Capital Management that has made social justice applicants a priority in the very slow opening of the adult-use program.

Two dozen people have been indicted for a national cannabis smuggling operation that shipped California cannabis to New York. The U.S. Attorney’s Office in the Northern District of New York, said the indictments cover an alleged six-year operation that “shipped thousands of kilograms of marijuana” and edibles from Fresno, California, to “locations throughout the United States, including the Capital Region of New York.”

Speaking of New York, cannabis regulators extended a deadline for marijuana farmers to choose their business model to the end of the month, instead of requiring them to make a choice by Feb 1. Brittany Carbone, a board member of the Cannabis Association of New York, said that the state OCM relented on Monday during negotiations with cannabis farmers and gave all 280 growers until Feb. 28 to make their business model selection.

And finally, one of the original cannabis tech firms is saying goodbye to the industry and hello to bitcoin. Akerna is selling its cannabis assets to PosAbit and what is left of the company will merge with Gryphon digital mining. Akerna has been struggling over the years with expensive acquisitions that it then sold for much less than what had been paid. Losses never seemed to decline by much and revenues never really took off. CEO Jessica Billingsley will be a part of the board of Gryphon as Akerna is no more.

That’s it for this week. Don’t forget to register for our Women’s Summit on March 23 in New York City.


Video StaffJanuary 27, 2023

4min15440

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) is finally exiting a trio of legacy western states in search for better profits. The exodus will begin this month with the “proactive closure of the majority of its operations” including its production and cultivation facilities in California, Colorado, and Oregon. The company cited the lack of enforcement over the illicit market and price compression as to why it was tapping out of the west coast. The company is also laying off 10% of its workforce. The company said it expects to save $60 million through the moves.

New York-based Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) announced its expansion into Maryland with its $19 million purchase of Devi Holdings, which runs four operational medical marijuana dispensaries. The move marks the seventh state in which Ascend Wellness has a footprint, according to a press release. The company already has cannabis shops in Illinois, Massachusetts, Michigan,  New Jersey, Ohio, and Pennsylvania, according to its website.

Long-awaited federal guidance on cannabis clinical drug trials for humans has finally arrived. The guidance document from the U.S. Food and Drug Administration follows the 2018 federal farm bill, which removed cannabis with less than 0.3% THC by dry weight from the list of controlled substances. The move could dramatically accelerate the value of the CBD industry, which has been waiting on the guidance, and it could also help the industry back up some of the health claims various companies have made, which got them warning letters from the agency.

In state news…

Mississippi began its medical cannabis sales this week. The state legalized medical marijuana just a year ago. 

New York opened its first social equity applicant dispensary and the state approved 30 more retail licenses. 

In legal news this week, Nike is suing a Texas cannabis company for using the slogan “Just Hemp it”. A Michigan developer filed a $60 million lawsuit claiming delays led to a loss of funding and tenants for its project and Helping Hands Wellness Center Inc. in Nevada had its licenses suspended after inspectors “discovered Helping Hands’ employees were diverting product to the illicit market. 

As a reminder, you can now submit applications to the 2023 GMR Women’s Leadership Awards, just head over to the website and there’s a link in our Summits tab.

Next week we expect earnings from High Tide, Scotts Miracle-Gro, and MedMen.


Video StaffJanuary 24, 2023

1min31510

SMACKED is New York’s first social equity applicant dispensary to open. Roland Conner is the owner of SMACKED Village located in Greenwich Village in New York City. Conner had been incarcerated for cannabis but prefers to be called an entrepreneur, not an ex-con. Reuben McDaniel, CEO of DASNY was at the opening as well as Chris Webber, the former NBA player, who is also working with funding for social equity applicants.


Video StaffJanuary 20, 2023

4min12610

It was a shortened trading week with markets closed on Monday for the Martin Luther King holiday.   

Innovative Industrial Properties (NYSE: IIPR) told shareholders that rent collection has dropped from 100% last year to just 92% in January. Some companies like Parallel and Green Peak Industries have stopped paying rent in some locations, while others have had to use their security deposits to make rent payments. Kings Garden wants out of two locations as it looks for a possible merger.

In an effort to cut costs and try to become profitable, Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) has closed four unprofitable dispensaries and cut its headcount by 25%. Col-Care said it closed one dispensary in California and three in Colorado. In addition, the company also consolidated cultivation operations in California, Colorado and Pennsylvania to improve their Adjusted EBITDA contribution.

Bespoke Financial is suing California cannabis company In Da Cut for not paying back money that it borrowed. In Da Cut owes roughly $400,000 for money that Bespoke gave it to pay bills and hasn’t paid back.

In state news, Michigan had a banner year in 2022, ending with $221.7 million in sales for the month of December alone and a full-year total of $2.3 billion, a new record for the state’s marijuana industry. That annual sales figure is a 28% increase from 2021 sales figures and establishes a new high-water mark for Michigan operators.

Missouri is launching its legal adult-use cannabis sales on February 6. Last month on December 8, 2022, consumers were allowed to legally possess up to 3 ounces of marijuana.  On December 8th, 2022 the Department of Health & Senior Services began accepting requests for existing medical facility licensees to convert to a fully legal facility. Once approved, it is up to each dispensary to decide when it will begin selling adult-use cannabis.

Texas is set to expand the size of its highly restrictive medical marijuana program, from just three dispensaries to a still-undetermined number, but the state is retaining its ban on full-fledged cannabis. There are just eight qualifying medical conditions that make patients eligible for medical cannabis in the state and only 8,000 registered patients.

And finally, Green Market Report has announced that our Women’s Summit will be on March 23 in New York City. You can register on the website under the Summits tab. We have also opened the application period for nominations for the Women’s Leadership Awards for 2023.


Video StaffJanuary 13, 2023

4min16171

This is your weekly stash for the week ending January 13 – Yep it’s Friday the 13th.

This was a big week as the state of Connecticut launched legal adult-use sales. Privately owned Fine Fettle was able to open three stores on the first day. The Botanist owned by Acreage Holdings opened one recreational store in Montville, while Green Thumb Industries opened a Rise Dispensary recreational store in Branford. It was a successful launch with the state reporting that over $250,000 was sold on the first day.

Earnings are just beginning to trickle out. Tilray Brands, Inc.  (Nasdaq: TLRY) reported revenues fell 7% in the fiscal second quarter to $144 million from last year’s $155 million. Revenue also fell sequentially from the previous quarter’s net revenue of $153 million. Tilray also delivered a net loss of $67 million versus last year’s net income of $5.7 million.

Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) reported net revenue of $43.3 million for its first fiscal quarter, up 43% from $30.4 million in the same time period last year. This beat Yahoo Finance’s average analysts’ $30.37 million estimate by more than $10 million. Organigram posted a net income of $6.1 million in the first quarter, versus a net loss of $1.3 million in the same time frame last year. 

The Colorado-based food and cannabis grower urban-gro, Inc. (Nasdaq: UGRO) reported a record backlog entering its 2023 fiscal year and reaffirmed its financial guidance for the fourth quarter of 2022. The company expects to enter 2023 with a record consolidated backlog of around $87 million, a sequential increase of approximately $20 million from the third quarter of 2022’s announcement of $67 million in the backlog.

In state news, Maine’s adult-use marijuana sales almost doubled from 2021 to 2022, as the number of recreational retailers also shot up. The New England state sold $159 million in cannabis last year, up from $82 million in 2021 and the number of licensed retailers increased 20% to more than 110.

Recreational marijuana sales in Illinois finished 2022 with more than $1.5 billion, up 13% from 2021. Total sales in December were the highest of any month at $143.9 million, following a seasonal pattern seen in previous years. But the rate of sales growth, 4% over December 2021, was the slowest this year, reflecting continued pressure on discretionary consumer spending from inflation.

And finally, a new report from the U.S. Sentencing Commission found that Federal cannabis possession charges have fallen dramatically since 2014 from 2172 in 2014 to just 145 last year. Unfortunately, a prior cannabis possession conviction often leads to a longer sentence for other crimes. 

That’s it for this week’s Stash. Markets will be closed on Monday for the Martin Luther King holiday.

 


Video StaffJanuary 11, 2023

1min10440

Connecticut kicked off adult-use cannabis sales on Jan. 10. Green Market Report visited the Botanist, owned by Acreage Holdings (OTC: ACRHF), in Montville, and privately owned Fine Fettle in Stamford.

Both companies were stoked to finally get to sell adult-use products, and the customers were equally thrilled. Both stores had fast moving lines and plenty of product with no glitches that we saw.

Thank you for watching the Green Market Report! Be sure to subscribe to stay up to date with the Weekly Stash.


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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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