William Sumner, Author at Green Market Report - Page 2 of 20

William SumnerWilliam SumnerNovember 29, 2018


Today, Acreage Holdings Inc. (CSE: ACRG.U) announced its unaudited financial results for the third quarter, which ended on September 30, 2018.

Acreage reported quarterly revenue of $5.5 million, representing a 160% increase when compared to the same period in the previous year. The company’s year-to-date revenue increased by 92% to $10.6 million. The company’s net loss increased from $0.7 million in the third quarter of 2017 to $4 million. The year-to-date net loss was $2.1 million.

Gross profits for the quarter, excluding fair value items, was $1.9 million; up 118% when compared to the same period in the previous year. Year-to-date gross profits were $3.8 million, representing an increase of 76% over the previous year.

During the last quarter, Acreage launched its flagship brand, “The Botanist;” opening a cannabis dispensary in Baltimore, Maryland and increasing the number of dispensaries owned by the company to 16. By January 2019, the company expects to have as many as 23 retail dispensaries opened. Acreage was also awarded the right to receive one of eight total dispensary licenses in the state of North Dakota.

“We are in the midst of a transformative moment for the U.S. cannabis industry and we have been laying the groundwork to fully leverage our unique strategic advantages – scale, operational depth, and financial strength,” commented Kevin Murphy, Founder, and CEO of Acreage. “Our November public listing and private placement equity raise of approximately $314 million gives us the ability to continue to expand our industry-leading footprint beyond the 18 states that we are in. These efforts have laid the foundation for us to roll out the nation’s first truly national brands in the industry. With our operational foundation now in place and the tailwinds of transformational pending legislation that we anticipate will open new cannabis markets in the U.S., we believe we are in a strong position for the future.”

Acreage on the Move

Over the last month, Acreage has made a number of property purchases and acquisitions to strengthen its portfolio. Most recently the company close the acquisition of Michigan-based Blue Tire Holdings LLC, entered into an agreement to acquire the intellectual property rights of one of the world’s largest and diverse libraries of cannabis genetics, and has agreed to purchase a third Connecticut cannabis dispensary. The latest purchase in Connecticut will give Acreage three of nine dispensary licenses in the state.


William SumnerWilliam SumnerNovember 27, 2018


During the massive gathering of cannabis industry leaders at Marijuana Business Conference & Expo in Las Vegas, Nevada, the leading women came together to honor the achievements of their peers. The 2nd Annual Industry Power Women Awards, the ceremony aimed to recognize the accomplishments of women in the cannabis industry; from entrepreneurs and investors to influencers and advocates, commenced.

The award ceremony was hosted by the group Industry Power Women (IPW) and made possible with generous sponsors that included Dr. Robb Farms, High Times Holding Company, Organa Brands, Regs Technology (Cannaregs), Skunk Factory, Mood33, Passport Cannabis, The GoldQ, CH3 Ventures, Greenhouse Ventures, Saka Wines and Pink Haze.

IPW was founded in 2017 and is an organization established to help advance female businesswomen in cannabis. IPW aims to elevate and empower female entrepreneurship within the cannabis industry by creating a support network of like-minded individuals.

Attending the invite-only ceremony was an assortment of women from across the industry and all walks of life. These women include founders, CEOs, C-suite executives, trade organization leaders and community organizers.

Green Market Report co-founder and CEO, Debra Borchardt, and managing partner of KCSA Strategic Communications as well as the founder of AxisWire, Cynthia Salarizadeh acted as hostesses for the event. The first to take home an award was Kristin Hope for the Rising Star Award. At just 15 years old, Hope became the first person to launch a pharmaceutical grade hemp beauty line, HOOP, and was most recently nominated for the Bell scholarship.

The next award recipient was Gaynell Rogers, who won Influencer of the Year. As one of the most respected voices in public relations, Rogers has worked with some of the best and brightest in the cannabis industry; including Harborside Health’s Co-Founder Steve DeAngelo.

Outside of the cannabis industry, Rogers is also known for her work as the senior publicist for Lucasfilm and the Head of Feature Film Publicity at Pixar for the first “Incredibles” and “Cars.”

For her outstanding work as a cannabis advocate, Amy T. Margolis was granted the 2018 Leadership Award. Margolis is the founder of the Oregon Cannabis Association, which is one of the largest trade organizations in the cannabis industry.

Most recently, Margolis was also named by Cannabis Business Executive (CBE) as one of the 2017’s 100 Most Powerful Political People in Cannabis and one of the 50 Most Important Women in Cannabis in both 2016 and 2017.

Taking the prize for Advocate of the Year was Wanda James. As an outspoken political voice and serial entrepreneur, James has been honored by High Times Magazine as one of the 100 Most Influential People in Cannabis and was also named as one of the 50 Most Important Women in the Cannabis Industry by CBE.

Emily Paxhia, co-founder and Managing Partner of Poseidon Asset Management, was named IPW’s Investor of the Year. Throughout her career, Paxhia has reviewed thousands of cannabis companies and has always taken the time to uplift promising female entrepreneurs by helping them shape their pitch preparations, go-to-market strategies/ product launches, and advised on day-to-day business operations.

Taking the Industry Power Women top honor of 2018 Business Woman of the Year was Jessica Billingsley. Billingsley is the Co-Founder and CEO of MJ Freeway Business Solutions; a technology company that provides software solutions to cannabis firms, as well as small-business, consulting services and application license support. In addition to her entrepreneurial accomplishments, Billingsley has also been named to Fortune Magazine’s list of Top 10 Most Promising Women Entrepreneurs.

Following the ceremony, many of the attendees would later recount with exuberance how empowered the event made them feel. For many, this event stood out as one of the few places where they could be with other women and talk about their trade. In an industry that continues to be dominated by men, that matters; and it only serves to highlight the continued relevance, and need, for ceremonies like the Industry Power Women Awards.


William SumnerWilliam SumnerNovember 20, 2018


Is the cost of legalized cannabis too high? According to one study commissioned by the Centennial Institute at Colorado Christian University, the answer is yes. Hoping to understand the impact of cannabis legalization fully, the study examined publicly available data in the state of Colorado, highlighting nine areas of interest. Those areas include health, productivity, traffic, crime, housing, environmental impact, cannabis tourism, homelessness, and pets.

According to the study, for $1.00 generated by Colorado’s cannabis industry, state residents spent approximately $4.50 to mitigate the costs of legalization. The most significant contributors to costs were related to the healthcare system and high-school dropout rates.

The study also highlights the dramatic rise in cannabis-related calls to the state Poison Control center, the correlation between cannabis use and those without a college degree, and the yearly estimated costs for cannabis users ($2,200 for heavy users, $1,250 for moderate users, and $650 for light users).

“Studies such as this show that the only people making money off the commercialization of marijuana are those in the industry who profit at the expense of public health and safety,” said Kevin Sabet, an ardent cannabis critic and president of the anti-legalization group Smart Approaches to Marijuana (SAM), in a statement.

While the study presents a damning portrait of cannabis legalization in Colorado, the study also relies on flawed estimates and simple correlations to arrive at many of its conclusions.

For example, when addressing the issue of cannabis addiction, researchers are keen on pointing out that the costs of treatment for cannabis addiction are approximately $31.4 million. However, what is not mentioned, although it is clearly presented in the study’s chart, is that the number of individuals admitted for treatment is the lowest it has been in 10 years.

Researchers also note that fewer cannabis users have a college degree (19%) when compared to non-users (27%). However, according to the study itself, on average recreational cannabis users have a slightly above average income ($60,000).

Furthermore, when calculating the potential cost of cannabis use among students, researchers take a specious approach. To come to their conclusion, researchers multiply the number of students who dropped out of high school and multiply it by the number of high school students who use marijuana and the cost of not earning a high school diploma. The study assumes that students who use cannabis will drop out of high school, ignoring all other mitigating factors or the fact that Colorado’s high school graduation rates are at an eight year high.

In the absence of long-term data, studies like the one commissioned by the Centennial Institute will remain inherently flawed; highlighting the need for extensive, peer-reviewed studies into the actual effects of legalizing adult-use cannabis in the United States.

William SumnerWilliam SumnerNovember 19, 2018


As the international cannabis industry begins to open up, thousands of investors and entrepreneurs are pouring millions of dollars into this nascent market. At the Marijuana Business Conference & Expo (MJBizCon) in Las Vegas, attendees were able to learn about the best practices for investing in the global cannabis market and how to avoid some of the pitfalls inherent in the international investment.

Speaking on the subject was a panel of cannabis financial experts. The speakers included Adam S. Fayne, an attorney at Saul Ewing Arnstein & Lehr; John McMullen, CEO of LGC Capital; Josh Rosen, Co-founder and CEO of 4Front Ventures; and John Sabetti, a Partner at Fasken Martineau DuMoulin.

Starting off the discussion panel was McMullen, who issued a short-term prediction for the trajectory of the cannabis industry.

“I think the forecast going forward for the next one year is still going to be extremely explosive, but that’s because borders are opening globally,” McMullen said.

Citing a report by the Bank of Montreal, McMullen went on to say that in Europe alone, the adult-use cannabis market is predicted to reach $98 billion by 2025. However, McMullen also warned investors to be circumspect about who they invest with; stating that some of the cannabis companies out there are overvalued.

“If you look at valuations, some of these companies, they’re just too farfetched,” said McMullen. “There are better companies out there, real companies.”

Echoing McMullen’s sentiment, Rosen stated that it is becoming increasingly difficult to discern the difference between real investment opportunities and fraudulent ones.

“We’re this stage where discerning between signal and noise is really challenging,” said Rosen.

Rosen continued by saying that although investors are starting to conduct due diligence on par with some financial institutions, it is still relatively shallow compared to other global industries. According to Rosen, when investing in a cannabis company, investors should look at the operator’s level of personal investment.

“One of the things from my investment management career that I always looked at, and I think it still holds true, is how much skin do they have in the game? How much of it is just other people’s money,” advised Rosen.

Noting the increased level of investor diligence, Fayne closed out the discussion by recommending to cannabis operators that they should be completely transparent with investors when seeking capital funding.

“Investors these days are getting smarter,” commented Fayne. “You want to be upfront with them; you want to show them all the positives, you want to show them where there are some landmines.”

William SumnerWilliam SumnerNovember 16, 2018


It’s time for your Daily Hit of cannabis financial news for November 14, 2018.

On the Site

Acreage Holdings

New York-based cannabis company Acreage Holdings began trading on the Canadian Securities Exchange using the symbol ACRG and pricing the shares at C$25. The company has raised $314 million prior to going public and gained a great deal of attention after naming high profile politicians to the board of directors.


MJardin Group signed a letter of intent to acquire Toronto-based cannabis company GrowForce Holdings Inc. MJardin will own 100% of the outstanding shares of GrowForce in an all-stock deal valued at approximately C$275 million. In addition to that, MJardin began trading on the Canadian Securities Exchange using the symbol MJAR.

In Other News

Columbia Care LLC

Columbia Care announced that the nation of Malta’s economic development agency had approved the company’s license application to import, export, cultivate, process and distribute medical cannabis; making it the first U.S.-based cannabis company to operate in the European Union. “With a desire to realize our mission regardless of geography, we look forward to disrupting the status quo outside the U.S. and bringing our expertise to the rest of the world,” said Nicholas Vita, CEO of Columbia Care.

Harvest Health & Recreation Inc.

Harvest Health & Recreation Inc. announced that it had acquired CBx Enterprises. CBx Enterprises is a biotechnology company that provides in-demand services and creates products, formulations, and platforms. Technology developed by CBx is used in several product lines developed by the cannabis brand Evolabs, and as part of the acquisition, CBx Sciences and Evolab products will become available at Harvest locations by the end of the year.

GrowLife Inc. announced its financial results for the third quarter ending on September 30, 2018. During the last quarter, the company’s revenue grew from $661,000 to $954,000. The company’s assets, as of June 30, 2018, grew to approximately 1.2 million. “We are pleased to share some of the significant milestones met in the development and expansion of our commercial cultivation product offering as well as impressive revenue growth we achieved in the third quarter of this year,” said GrowLife CEO Marco Hegyi.

William SumnerWilliam SumnerNovember 14, 2018


Harvest Enterprises Inc. announced that it has closed its reverse takeover (RTO) of RockBridge Resources Inc., which will now be known as Harvest Health & Recreation Inc. Harvest Enterprises is just the latest in a growing number of cannabis companies going public in Canada through a reverse takeover.

Most recently, Cresco Labs LLC went public on the Canadian Securities Exchange (CSE) through an RTO of Vancouver-based Randsburg International Gold Corp., and Acreage Holdings, one of the largest vertically integrated cannabis companies in the U.S., has also announced plans to go public through an RTO.

As part of the RTO, the company created a three-class voting structure for shareholders, taking effect on November 14, 2018. Holders of subordinate voting shares are entitled to one vote per share on all matters to be voted on by shareholders. Multiple Voting shareholders are entitled to 100 votes per share, and Super Voting shareholders are entitled to 200 votes per share.

The RTO was made possible through a series of actions; including an exchange of shares between existing shareholders of the acquired company, a share exchange between existing holders of common shares of Harvest FINCO, Inc., and an amalgamation among the Corporation, Harvest Finco Canada and 1185928 B.C. Ltd.

In conjunction with the RTO, HVST Finco (Canada) Inc. also announced that it has completed a brokered private placement offering.

Co-led by Eight Capital, Canaccord Genuity Corp. and GMP Securities L.P, the offering issued 33,305,294 subscription receipts of the company at a price of $6.65 per subscription receipt. The offering generated in total $218,149,676 in gross proceeds. Upon the closing of the offering, the subscription receipts were converted into common shares in the capital of Harvest Finco Canada and subsequently exchanged into subordinate voting shares of the company.

Harvest Health has received conditional approval from the CSE to lists its subordinate voting shares. The shares are expected to commence trading under the symbol “HARV” on November 15, 2018.

William SumnerWilliam SumnerNovember 14, 2018


It’s time for your Daily Hit of cannabis financial news for November 14, 2018.

On the Site

Canopy Growth

Canopy Growth (CGC) stock fell over 8%  to trade at roughly $35.25 in early trading after the Canadian cannabis company missed analysts estimates. Canopy Growth reported that its second-quarter fiscal 2019 revenues jumped 33% to C$23.3 million, but analysts had estimated the company should have had revenues of C$60 million. Sales and marketing expenses were $7.6 million or 43% of revenue.

AxisWire Hosts First Annual STAR Media Awards

On November 13, 2018, AxisWire held the first annual STAR Media Awards in Las Vegas, Nevada. The awards honored writers and publications for excellence in the world of cannabis journalism; an essential, yet often unrecognized part of the cannabis industry. It was a rare gathering of cannabis media giants, with almost every major cannabis industry publication in attendance.

In Other News

Veritas Pharma Inc.

Veritas Pharma Inc. (CSE: VRT) announced that it has entered into a binding share purchase agreement to sell all of its outstanding common shares of Sechelt Organic Marijuana Inc. to Leis Industries Limited for $350,000. Under the agreement, Leis will pay Veritas $180,000 in advance, and the remaining $170,000 will be paid through shares of the company, which will be released upon the receipt of an occupancy permit post-construction.

Surna Inc.

Surna Inc. today announced its financial and operating results for the three months and nine months ending on September 30, 2018. Revenue for the quarter increased by 66% to 3,325,000 and gross profit margins increased to 33%. The company’s quarterly net loss declined to $644,000; representing a 54% decrease. “While we realize that one quarter is just that and the Company still has losses, Q3 2018 was nonetheless a gratifying validation of the foundation that we have established and the operational improvements that have been implemented across every aspect of Surna’s business over the last four quarters,” commented Surna CEO Chris Bechtel.

The Supreme Cannabis Company Inc.

The Supreme Cannabis Company Inc.  announced the release of its financial results for the quarter ending on September 30, 2018. Revenue rose by 45% from $3.55 million in the previous quarter to $5.14 million. The company’s comprehensive net loss also rose from S2.18 million to $5.39 million; representing a  147% increase. “Supreme Cannabis’ results in the first quarter mark a solid beginning to a historic year in a competitive, dynamic and rapidly evolving marketplace,” said Navdeep Dhaliwal, CEO of Supreme Cannabis. “Q1 2019 results are continued validation for the successful execution of our strategy for our 7ACRES business to establish a competitive advantage in quality driven regulated cultivation at scale.”

William SumnerWilliam SumnerNovember 14, 2018


On November 13, 2018, AxisWire held the first annual STAR Media Awards in Las Vegas, Nevada. The awards honored writers and publications for excellence in the world of cannabis journalism; an essential, yet often unrecognized part of the cannabis industry. It was a rare gathering of cannabis media giants, with almost every major cannabis industry publication in attendance.

Founded in 2018 and headquartered in Los Angeles, California, AxisWire is a technology platform aimed at connecting journalists and entrepreneurs by providing a suite of services ranging from press release writing and distribution to consulting and compliance.

The evening started off with a stirring and inspirational speech about how much cannabis publications and writers have advanced the cause of legalization. He also pointed out that with the explosive growth of the burgeoning cannabis industry, many of these companies are dependent on cannabis journalism to get the word out.

His words of gratitude towards the journalist were greatly appreciated by the audience; especially the cannabis journalists themselves, many of whom have beeen writting for years without any recognition. The event then transitioned to the awards ceremony, which was hosted by Green Market Report Co-Founder and CEO Deborah Borchardt.

A total of six cannabis publications and six cannabis journalists were honored with awards. The first annual STAR Media Awards winners were:

Cannabis Publications

  • Best Traditional Cannabis Publication (High Times)
  • Best New Cannabis Publication (Green Entrepreneur)
  • Best Cannabis Business Publication (MJ Biz Daily)
  • Best Cannabis Print Publication (DOPE)
  • Best Cannabis Culture Publication (Civilized)
  • Best Cannabis Digital Publication (The Fresh Toast)

Cannabis Journalist

  • Best Cannabis Culture Writer – Michelle Janikian
  • Best Cannabis Cultivation Writer – Danny Danko (High Times)
  • Best Cannabis Business Writer – Javier Hasse (Benzinga)
  • Best Cannabis Main Stream Writer – Alex Halperin (The Guardian)
  • Best Cannabis Freelance Writer – Sara Brittany Somerset (Forbes/Leafly)
  • Best Social Media Impact In Cannabis – Garyn Angel (Magical Butter)

William SumnerWilliam SumnerNovember 13, 2018


It’s time for your Daily Hit of cannabis financial news for November 13, 2018.

On the Site

Cronos Group

Cronos Group (CRON) reported a 186% increase in third quarter revenues to $3.8 million versus last years $1.3 million for the same time period. Gross profits were essentially flat with C$2.09 million for this past quarter versus C$2.0 million for the previous year. The net loss increased to C$7.2 million for the quarter over last year’s net income of C$1.0 million. The net loss per diluted share was four cents versus last year’s net income per diluted share of one cent.

Cannabis Company President Applies Tech Boom Lessons to Cannabis Industry

Editors Note: This content was contributed by Strainprint Technologies. “It doesn’t matter if you’re selling pickaxes and dynamite to panhandlers during the gold rush or selling market research and patient engagement software during the green rush,” said David Berg, Chief Technology Officer of Strainprint. “The lessons are universal.” Berg finds that when it comes to business, everything that is old is new again.

In Other News

Valens GroWorks Corp.

Valens GroWorks Corp. (CSE: VGW), a vertically integrated provider of cannabis-related products and services, announced today that it has begun trading on the OTCQB market. The company will continue to trade on the Candian Securities Exchange under the symbol VGV. “We are excited to have finalized our new listing on the OTCQB® Marketplace.  This new listing, combined with the current work underway to finalize the Company’s DTC eligibility, will increase Valens’ presence with United States investors, providing increased liquidity to the Company’s growing shareholder base,” commented Tyler Robson, Valens CEO.

Green Thumb Industries

Green Thumb Industries (CSE: GTII) announced that it has signed a definitive agreement to acquire Integral Associates. Included in the acquisition is the retail brand Essence, which operates in the Las Vegas Valley; Desert Grown Farms, a cannabis cultivation facility which is home to a genetic library of 100+ cannabis strains; and Cannabiotix NV, a cultivation facility that has won several High Times Cannabis Cups. “We are thrilled to expand GTI’s production, distribution and retail footprint in one of the most popular tourist destinations in the world,” said Ben Kovler, GTI Founder and CEO. “This acquisition is immediately accretive and an important milestone as we position GTI to scale in one of the only limited license adult use markets.”

MJardin Group

MJardin Group today completed its reverse takeover (RTO) of Sumtra Diversified Inc. Sumtra has changed its name to MJardin Group, Inc. and has delisted its shares from the TSX Venture Exchange. The company has received preliminary approval to lists its shares on the Canadian Securities Exchange and will commence trading on November 15, 2018 under the symbol “MJAR.”

Sproutly Canada Inc.

Sproutly Canada Inc. (CSE: SPR) announced that it has entered into a letter of intent to form a joint venture with Global Canna Labs Limited. Global Canna Labs is the largest medical cannabis provider in the Caribbean. Under the agreement, the companies will develop, produce, distribute, and market cannabis infused beverages, edibles and topical products from Sproutly’s fully licensed, APP Technology. “Partnering with Global Canna Labs on this joint venture allows Sproutly to expand its business outside of Canada with a leading, low cost cannabis cultivator in Jamaica that has proven distribution across the Caribbean and expanding into the European Union,” said Keith Dolo, Sproutly President and CEO. “This partnership will enable Sproutly to diversify its product portfolio and accelerate its global distribution network from a low-cost regulated jurisdiction.”

William SumnerWilliam SumnerNovember 9, 2018


MedMen Enterprises Inc. (CSE: MMEN) is looking to raise some extra cash. On November 19, 2018, MedMen announced that it has entered into a letter of engagement with Canaccord Genuity Corp. Under the agreement, Canaccord has agreed to purchase, on behalf of a group of underwriters, 17,648,000 units of the company on a bought deal basis. At a price of $6.80, the gross proceeds of the offering amount to $120,006,400.

Although the company reported roughly $40 million in annual revenue, its operating costs have been staggeringly high. In the fourth quarter alone, MedMen’s operating expenses were $72.6 million. For the year, the company’s net loss and comprehensive net loss were around $112 million.

Executives at the company attribute the high operating costs to significant investments in the company’s long-term strategy by building up personnel and company infrastructure. In the fourth quarter, MedMen incurred a series of high one-time expenses; including the company’s RTO ($2.7 million), acquisition-related costs ($3.5 million), and $30.8 million in non-cash stock compensation and employee incentive plan expense. Despite these costs, the company’s balance sheets still look favorable, with cash and cash equivalents of $79.2 million and total debt at $56 million.

In addition to the initial offering, MedMen has agreed to grant the underwriters an over-allotment option to purchase another 2,647,200 units at the issuing price. Underwriters may exercise the option to acquire units, Class B Shares of the company, and/or warrants.

A unit constitutes one Class B Subordinate Voting Share and one-half of one Class B share purchase warrant. Each purchase share unit entitles the holder to purchase one Class B share at a price of $10 for up to three years following the closing of the offering.

The option is exercisable up to thirty days following the closing of the offering. If exercised, the option will generate an additional $18,000,960; raising the proceeds of the offering to $138,007,360. The offering is expected to close on or around November 30, 2018.

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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