Business Archives - Green Market Report

StaffDecember 8, 2022
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The Daily Hit is a recap of cannabis business news for Dec. 8, 2022.

ON THE SITE

New York Appeals Cannabis Licensing Injunction to Second Circuit

New York cannabis regulators are taking a licensing fight to the next level – literally. On Thursday, Attorney General Letitia James filed a notice to request that the Second Circuit Court of Appeals throw out an injunction issued by a federal judge that brought retail marijuana licensing to a halt in five of the state’s regions. Read more here.

New York Regulators Choose Harlem for First Recreational Dispensary Site

The Dormitory Authority of the State of New York (DASNY) revealed the news during a meeting on Monday, when agency CEO Reuben McDaniel III said the office had signed its first lease for an adult-use marijuana store at 248 W. 125th St. Read more here.

Stiiizy Accused of Inflating THC Potency, Misleading Marketing

Counsel representing “millions” of former customers who purchased cannabis products with inaccurate THC-content labels filed the class action lawsuit against Ironworks Collective Inc. and Stiiizy LLC, saying that the companies overcharged consumers by illegally selling products whose THC content was represented as substantially higher than it actually was. Read more here.

Presidential Cannabis Accused of False Advertising on THC Claims

Another cannabis company is accused of overinflating the amount of THC in its cannabis products. The same law firm that filed the allegations against Stiiizy, Dovel & Luner, is also accusing VO Leasing Corp., which makes, sells, distributes, and markets the “Presidential” brand. Read more here.

Brittney Griner Gets Released from Russian Prison

Several news outlets reported that professional basketball player Brittney Griner was released from a Russian prison as part of a prisoner swap. President Joe Biden announced on Twitter that he had spoken to Griner and that she was safe and on her way home. Read more here.

IN OTHER NEWS

The Flowr Corp.

The Flowr Canada Holdings ULC , a subsidiary of The Flowr Corp., has entered into a binding agreement with Avant Brands K1 Inc, formerly, 1000343100 Ontario Inc., pursuant to which Avant will acquire all of the shares of The Flowr Group (Okanagan) Inc. and certain other assets of the company, comprising substantially all of the assets of the company, for total consideration of $5,115,000 plus the amount of the closing DIP loan and the assumed liabilities. Read more here.

Cannabis Global Inc.

Cannabis Global, Inc. (OTC: CBGL), a licensed Los Angeles-based manufacturer and distributor in the cannabis sector, announced the successful conclusion of debt settlement negotiations with two debtholders resulting in the elimination of approximately $813,000 of long-term debt from the company’s balance sheet. Read more here.

Jushi Holdings Inc.

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multistate cannabis operator, closed its previously announced private offering of approximately $69 million aggregate principal amount of its 12% second lien notes and detached warrants to purchase up to approximately 16 million of the company’s subordinate voting shares at an exercise price of $2.086. The company used the gross proceeds from the offering together with approximately $9 million of cash on hand to repurchase and redeem all of its outstanding existing 10% senior secured notes due January 2023. Read more here.


StaffDecember 8, 2022
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Several news outlets reported that professional basketball player Brittney Griner was released from a Russian prison as part of a prisoner swap. President Joe Biden announced on Twitter that he had spoken to Griner and that she was safe and on her way home.

The basketball star has been held in Russian jails and then prison after being convicted of possessing a small amount of cannabis in the form of a vape. She was sentenced to nine years, a much longer sentence than previous Americans before her. Once convicted she was sent to a penal colony. She has been held for 10 months.

Brittney Griner’s release is a sign of Moscow’s desperation to regain control. Her exchange comes in the context of Putin making a series of other gestures indicating he’s open to talks,” said Matthew Schmidt, associate professor of National Security, International Affairs, and Political Science, at the University of New Haven. “Her release gives Putin an opening to appear magnanimous (even though he exchanged her for a notorious arms trafficker) and, this is crucial, back in control of a war that he’s not been able to steer his direction since February.”

The athlete was exchanged for Russian arms dealer Victor Bout, known as the “Merchant of Death.”

Griner never claimed to be innocent and indeed pleaded guilty at her trial. However, her celebrity status and the ongoing war between Russian and Ukraine caused her to become embroiled in a major diplomatic conflict.

President Biden spoke briefly from the Roosevelt Room of the White House. The New York Times reported that he said, “She’s on her way home after months of being unjustly detained in Russia, held in intolerable circumstances.” He added, “Brittney will soon be back in the arms of her loved ones – and she should have been there all along.”

Her wife Cherelle Griner was with Biden during the announcement. “Today, I’m just standing here, overwhelmed with emotions,” she said.

“Women Grow is extremely happy to hear that Brittney Griner is being returned home and is grateful to our government for working on her behalf. This is an extraordinary gift for her family, loved ones, community, and fans. In addition, her case has greatly amplified the plight of those imprisoned on cannabis-related charges and the need for cannabis legalization on a global scale. We also hope this continues the forward movement toward freeing all those incarcerated for cannabis worldwide,” said Women Grow President Gia Morón.

The Times also reported “that Paul Whelan, another American held prisoner, was not released on Thursday despite months of efforts by U.S. diplomats to include him as part of the deal with the Russians for the exchange with Mr. Bout.”


Video StaffDecember 8, 2022

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Former NFL player Ricky Williams is expanding the brand he co-founded Highsman into more states. His company has partnered with Tilt Holdings (OTC: TLLTF) to quickly move into more states on the East Coast. Founded in 2021, his product and merchandise have been a big hit. Highsman also cultivates strains with names that resonate with local sports fans. Green Market Report had a chance to speak with Ricky in Las Vegas during the recent MJ Biz conference.


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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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