Video Staff, Author at Green Market Report - Page 2 of 38

Video StaffMay 13, 2022

1min9640

On April, 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “The Truth in Running a Dispensary” and featured a stellar lineup of successful women including Precious Osagie-Erese of Roll-Up Life, Wendy Bronfein – Co-Founder Curio Wellness, Penelope Nam-Stephen, Rebelle dispensary’s chief commercial officer and moderated by Green Market Report Executive Editor Debra Borchardt. Thank you for watching the Green Market Report! Be sure to subscribe to our channel and our newsletters.


Video StaffMay 13, 2022

3min13280

Earnings season is in full swing as companies begin to deliver the first quarter earnings. Across the board it was tough for hydroponic companies, while many of the cannabis producers seem to start the year strong. Some even teased that next quarter would begin the inclusion of New Jersey sales. 

One story we’ve been following for months got resolved. MedMen agreed to surrender its New York assets to Ascend Wellness. After a months-long nasty court battle, MedMen agreed to let go and while MedMen said it got $15 million more, Ascend’s purchase went from 86% of the property to 99% – so it didn’t really seem like they squeezed much more out of the deal. The interim MedMed CEO Michael Serruya is now the Chair and the company named Edward Record as the new CEO.

There were so many companies delivering numbers, that we’ll just high the high points here. 

Trulieve announced its first quarter revenue increased to $318.3 million from $193.8 million last year and 4% sequentially. The company also said it expects to report over a billion in cannabis sales in 2022. 
Both Curaleaf and Acreage Holdings reported that their sales declined sequentially from the fourth quarter. However both companies were able to begin adult-use sales in New Jersey in April and that is likely to turn things around quickly.

On the hydroponics side, Urban-gro, Hydrofarm and Agrify all reported earnings this week. Sales were either flat or just barely above last year for each company. However, they are all reiterating previous guidance and believe their market will recover by the end of the year.

On a positive note, Green Thumb Industries showed how it had navigated headwinds of falling prices and increasing costs. This company continues to deliver solid quarters and this was another. Revenue rose 25% year-over-year to $243 million.

Next week is the MJ Unpacked conference in New York. 

 


Video StaffMay 12, 2022

1min8620

On April, 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Keeping It Legal” and featured a stellar lineup of successful women including Kristin Jordan Co-founder of Park-Jordan, Rochelle Boas of LeafLink, Nichole West of LB Atlantis and moderated by Longview Strategies Founder Ellie Seigel. Thank you for watching the Green Market Report! Be sure to subscribe to our channel and our newsletters.


Video StaffMay 11, 2022

1min9630

On April, 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Targeting Female Brands” and featured a stellar lineup of successful women including Cannaclusive Founder Mary Pryor, Humble Boom Founder Solanje Burnett, CMO of Trube Tokes Kymberly Byrnes and moderated by Politico’s Mona Zhang. Thank you for watching the Green Market Report! Be sure to subscribe to our channel and our newsletters.


Video StaffApril 21, 2022

1min10900

Ascend Wellness (OTC: AAWH) was excited to open its store in Rochelle Park, New Jersey for legal adult-use cannabis sales. The company opted to start opening day with appointment-only visits. If a walk-in customer was able to book an appointment immediately, they could shop, otherwise, Ascend gave them a $5 coupon if they had to wait for an appointment. The company wanted a controlled open versus lines of customers. Police were helping to direct traffic and the parking lot next to the store was active with cars coming and going.


Video StaffApril 21, 2022

1min10460

Green Thumb Industries (OTC: GTBIF) began selling adult-use cannabis for the first time at its Rise dispensaries in New Jersey. April 21 was the first day that the state of New Jersey cannabis companies could legally sell recreational marijuana. The company was able to start sales at the Bloomfield and Patterson New Jersey stores. Customers showed up at 6 am on the dot to be able to buy legal recreational marijuana for the first time in their state. With a steel drum player in the parking lot and free donuts, the mood was festive. Even the police seemed to enjoy the party atmosphere.


Video StaffApril 15, 2022

4min15300

The big news this week was that the first licenses for adult use cannabis were awarded by the state of New Jersey. 13 licenses were handed out to existing medical marijuana operators. Some of the companies that got the green light included Curaleaf, GTI, Acreage Holdings and Terrascend. Sales could begin in just a few short weeks. More licenses are expected in the near future. 

 

Tilray Brands Inc. (NASDAQ: TLRY) is leaning into its Hexo Corp. debt buying with the announcement that it would buy Hexo’s remaining $193 million senior secured convertible note. Tilray had originally announced in March that it was buying $211 million of the troubled company’s debt.

 

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) delivered its results for the second fiscal quarter ended February 28, 2022. Organigram reported that its net revenue increased 117% to $31.8 million, from $14.6 million for the same time period in 2021. The company attributed the increase to growth in adult-use recreational revenue and international revenue, partly offset by a lower average net selling price due to product mix and a decrease in medical revenue.

 

The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) reported that net revenue increased 26.1% sequentially to $23.2 million in the first quarter from $18.4 million in the fourth quarter. However, the company also reported a net loss of $25 million and is working to reduce its cash burn.

 

New York State Governor Kathy Hochul released the 2023 budget that predicts adult-use sales of legal cannabis will generate $40 million in license fees and $16 million in partial receipts from the state’s retail taxes. Mor eimportant is that the governor is willing to give the cannabis companies a tax break by casically allowing 280e deductions at the state level. 

 

Finally, markets are closed on Friday for the Good Friday holiday. Happy easter everyone.


Video StaffApril 8, 2022

4min15360

In just a few weeks Green Market report is hosting its first event of 2022. The Women’s Summit is on April 28, but all genders are welcome. Go the website under the Summits tab to register.

 

New Mexico is now the 18th state to legalize the sale of adult-use cannabis and those sales began last Friday. The state reportedly sold $5 million worth of product by the end of the first weekend.

 

Tilray Brands, Inc. (Nasdaq: TLRY) reported third fiscal quarter revenue increased 23% to $152 million but this fell from the second quarter’s revenue of $155 million and slightly missed the revenue estimates. The company also reported a net income of $52 million.. However, this net income improvement was almost entirely from a $76M non-cash adjustment to the company’s warrant liability and the future value of convertible debentures(which occurs due to the share price falling). 

 

The disgruntled investor lawsuit against Parallel cannabis initially hit the public records as a heavily redacted document. The Judge in the case apparently denied the redaction request and Green Market Report got a look at the complaint in all its glory or gory detail. Essentially Former CEO Beau Wrigley increased the company debt to $300 million while Parallel reduced its revenue projections by 40% in a matter of months. Parallel was also in default on its debts but did not tell potential investors. This story has lots more detail so head to the site to read it.

 

Israeli-based cannabis company InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) also known as Canndoc reported its fiscal year 2021 revenue of $89 million.

 

 The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (OTC: TGODF) reported that in 2021, TGOD’s revenue rose 146% to $39 million. The net loss for the year was $43.5 million. Most troubling was the company’s auditors saying that the accumulated deficit was $487 million and the company remained a going concern.

 


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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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