Business Archives - Green Market Report

Debra BorchardtMay 17, 2021



Curaleaf Holdings, Inc. (OTCQX: CURLF) is buying the largest outdoor grow in Colorado known as Los Sueños Farms in a deal valued at $67 million. The transaction is a mix of cash and stock. Curaleaf said this will significantly expand its Colorado presence, vertically integrating within the state. The proposed acquisition includes three Pueblo, Colorado outdoor cannabis grow facilities covering 66 acres of cultivation capacity, including land, equipment, and licensed operating entities, 1,800 plant indoor grow and two retail cannabis dispensary locations serving adult-use customers. An additional contingent consideration of up to $8 million in stock will be paid based upon operating cash flow-based targets for 2022.

Boris Jordan, Executive Chairman of Curaleaf, stated, “The acquisition of Los Sueños provides Curaleaf with outdoor cannabis cultivation expertise at commercial scale and establishes our foothold in the $2.2 billion Colorado market. This deal furthers our strategy of constructing low-cost supply chains that will secure healthy margins and position us for interstate commerce when it comes. Ultimately, our goal is to cultivate cannabis at less than $100 per pound, and this acquisition is a significant step in the right direction.”

The acquisition will complement Curaleaf’s existing Colorado presence through its Select brand. Joseph Bayern, CEO of Curaleaf added, “The acquisition of Los Sueños will add over 50,000 pounds per year of low-cost wholesale capacity to Curaleaf’s footprint in Colorado , which we intend to double to over 100,000 pounds, representing a significant market share. As the largest producer of biomass in the state, this facility will also fuel the further deployment of our Select product line, which can already be found in 230 independent dispensaries in the state.”


HEXO Corp. (NYSE: HEXO) announced it is buying 48North Cannabis Corp  (TSX-V: NRTH) in an all-stock deal valued at approximately $50 million on an enterprise value basis. 48North is a brand-led, consumer-centric licensed cannabis producer with an expansive portfolio of high-quality, accessibly-priced products available across the country. The company brands include Trail Mix, an accessibly priced brand formulated with taste and aroma-first flavor profiles and Latitude, a next-generation lifestyle platform and premium, natural cannabis collection focused on wellness, beauty, and beyond. 48North operates two indoor-licensed cannabis production sites in Ontario.

“As we continue down our path towards achieving a top two position in Canada by adult-use sales, we are looking forward to welcoming the 48North team into the HEXO family.” said Sebastien St-Louis, CEO and co-founder of HEXO Corp. “48North’s innovative product portfolio complements HEXO’s existing brands which, combined with their additional market penetration, will further strengthen HEXO’s position in the Canadian market. We expect the deal could offer up to $12 million worth of accretive synergies within one year following the close and ideally position HEXO to continue executing on our domestic and international growth strategy.”

Assuming this deal closes and the previously announced transaction with Zenabis Global Inc., which is expected to close on June 1, 2021, the combined organization would be among the leading licensed producers in terms of combined Canadian recreational sales, based on their most recent financial statements and results.


Debra BorchardtMay 17, 2021


Columbia Care Inc.  (OTCQX: CCHWF) reported financial and operating results for the first quarter ended March 31, 2021, with revenue increasing 220% to $92.5 million year-over-year and growing by 13% over the previous quarter. Columbia Care missed the Yahoo Finance average analyst estimate for revenue of $94.1 million.

The net losses were trimmed to $15.3 million from last year’s $20.6 million for the same time period. The earnings per share also improved to ($0.05) from last year’s ($0.09.), however, it wasn’t enough to meet the average analyst estimate for ($0.04) per share. Analysts give the stock a price target of $11.65 on average. Shares have been in an overall uptrend over the past six months and were lately selling at $6.17.

“We sustained our record 2020 momentum into the first quarter of 2021, with significant growth across both the top and bottom line,” said Nicholas Vita, CEO of Columbia Care. “Our combined revenue results reflect organic growth and further integration progress on key California and Colorado acquisitions. We continue to build scale and leverage in our existing markets, leading to positive trendlines for growth and profitability. The sequential increase in combined revenue and Adjusted EBITDA more than offset expected seasonality in Colorado and recently lifted COVID restrictions in California and was driven by substantial growth in Florida, Arizona, Illinois, and Ohio. Legacy Columbia Care’s same-store sales increased 60 percent year over year.

Indeed, in Arizona, same-store sales increased approximately 70% from the same period last year, driven largely by the accelerated statewide roll-out of adult-use sales in January. In Ohio, Columbia Care said that same-store sales were up more than 3x YoY and with wholesale relationships with more than 85% of dispensaries in the state. In Florida, the company said that revenue rose 58% sequentially and experienced significant same-store sales expansion, due to dispensary-level supply chain improvements and flower availability. California also saw its sales jump towards the end of the quarter as pandemic restrictions began lifting. The company noted that there was sequential revenue growth of nearly 3x with addition of acquisitions, increasing wholesale momentum throughout the first quarter.

In Colorado, revenue improved 27% over last year, but sequential results slowed in the first quarter due to expected seasonality and decision to partially take off-line and upgrade largest indoor grow in preparation for ‘100 days of heat’ during the second quarter and third quarter leading to accelerated GM and EBITDA expansion in the second quarter and back half of 2021.

Vita added, “Recognizing the tremendous opportunity we have before us, we continue to deepen our state, regional and national footprint by adding scale to capitalize on additional upside in rapidly expanding medical programs and, in particular, in markets transitioning to adult-use across the country. Significant strategic investments in markets such as New York, New Jersey and Virginia will enable us to be the most efficient and scaled leaders in those markets and will cement our position as the industry leader on the east coast.”

In New Jersey, retail sales growth outperformed expectations year-over-year and doubled sequentially. There was a significant drag on overall gross margin due to accelerated development of cultivation and manufacturing fixed assets; however, the first significant harvest from the legacy Vineland facility expected in the third quarter. Plus, two additional dispensaries will open in 2021 and become new Cannabist stores. In New York, revenue rose +60% over last years and was due in part to the wholesale business and strong home delivery program.

Cannabist Launch

The company recently rebranded its stores as the Cannabist. The first location to launch under the Cannabist brand is the recently opened dispensary in Springville, Utah, which had its first sale Friday, April 30. By the end of May, three existing Columbia Care locations, in Tempe, Arizona, Villa Park, Illinois, and San Diego, California, will become Cannabist branded retail locations, with a pipeline of more than 80 new and existing locations to follow over the next 24 months.

Columbia Care said it reaffirms guidance for the 2021 combined revenue of $500 – $530 million and Adjusted EBITDA guidance of $95 – $105 million as the Green Leaf Acquisition remains on track for closing at beginning of the third quarter.

Video StaffMay 14, 2021


A pair of Republican Congressman introduce the latest cannabis legalization bill, but it’s missing social justice clauses. So will it make the floor of either house? Called the Common Sense Cannabis Reform for Veterans, Small Businesses, and Medical Professionals Act, it is being co sponsored by two Reps. David Joyce (R-OH), and Don Young (R-AK). Vote Pro Pot Cast Phil Adams has more in the DC report. The biggest deal in cannabis business history as Trulieve acquires Harvest. Green Market Report’s Debra Borchardt has the details. MJBiz predicts a weed market of 92 Billion dollars in 2021. Another celebrity weed strain makes it to the East coast. Bertha goes down the road feeling bad, on one more Saturday NIght to listen to Uncle Johns Band, yes Jerry Garcia’s hand picked strain finds dispensaries coast to coast. Rick Thompson in Michigan, Tara Misu in New Jersey, NORML’s Margo Vesely from Illinois, Jessilyn Dolan has Ben Cohen’s social equity initiative in her Vermont report. Jimmy Young from Pro Cannabis Media anchors Weed Talk News.

StaffMay 14, 2021


On Thursday, Minnesota’s House of Representatives voted in favor (72-61) of HF 600, a bill that would legalize cannabis for adults 21 and over. So it wasn’t an overwhelming vote to approve. Unfortunately for the state’s residents, the next step for the bill is getting Senate approval and Majority Leader Paul Gazelka (R) has said the Republican caucus is strongly opposed.

This is despite the fact that a polling shows Minnesotans support legalization is growing. 70% said they were in favor of legal cannabis, which has grown from just 30% in 2014. 85% of Democrats want legal marijuana, while only 37% of Republicans say yes. 38% of Republicans in the state have just said no.

Karen O’Keefe, director of state policies at the Marijuana Policy Project said, “Minnesotans have suffered far too long under prohibition. Rather than continuing to waste resources on enforcing this failed policy, the Senate should heed the will of the voters and pass legislation to legalize cannabis for adults. Legalization would create thousands of jobs and hundreds of millions in tax revenue, and it would reduce unnecessary stops, searches, and arrests that unfairly and unequally target Black Minnesotans.”

The legislation was sponsored by House Majority Leader Ryan Winkler and it would legalize possession and cultivation of limited amounts of cannabis, while setting up an equitable, regulated system for cannabis sales. It includes funding for community renewal along with cannabis industry training and start-up funding. The grants would focus on individuals facing barriers to education or​ employment, areas with elevated rates of poverty, workers with less than three years of experience, and farmers.

For Minnesotans, this is the first time any cannabis legislation for adult use has been approved. The Democrat-controlled House chamber voted to approve the measure, thus sending the bill to the Republican-majority Senate for further consideration. Still, the bill had received approval from twelve separate legislative committees.

“It’s time for Minnesota to become a leader in the midwest when it comes to sensible marijuana policy,” said NORML State Policies Manager Carly Wolf. “Not only would the passage of this bill allow police and courts to reprioritize their limited resources toward fighting serious crime rather than interacting with otherwise law-abiding Minnesotans over low-level possession offenses, but it would also provide relief to thousands suffering the collateral consequences of a marijuana arrest and conviction. I strongly encourage members of the Senate to follow the will of their constituents, a majority of whom support this policy change, and consider this common-sense remedy to the failed policy of prohibition.”



Debra BorchardtMay 14, 2021


Vireo Health International, Inc. (CSE: VREO)(OTCQX: VREOF) reported financial results for its first quarter ended March 31, 2021 . Total revenue increased 8.8% to $13.2 million over last year’s $12.1 million and includes the former subsidiaries in Pennsylvania. This beat analyst estimates from Yahoo Finance for revenue of $12.4 million. Vireo trimmed its net losses slightly to $7.0 million versus a net loss of $7.5 million in the 2020 first quarter. The company said that the improvement in net loss was primarily the result of the gain on the divestiture of its former affiliate, Ohio Medical Solutions, Inc.

“Our first-quarter results are consistent with the trends from last quarter. We continued to see double-digit sequential revenue growth excluding our former Pennsylvania subsidiaries, and substantial improvement in our gross margin due to our focus on operational efficiencies,” said Chairman and Chief Executive Officer, Kyle Kingsley , M.D. “Wholesale performance in Maryland was temporarily impacted by the move to our recently-completed 110,000 square foot cultivation facility in Massey , but our increased scale in this market will drive stronger revenue growth and profitability in the second half of the year.”

Vireo said that excluding contributions from Pennsylvania, revenue would have increased 29.8%. Retail revenue excluding Pennsylvania increased 33.7% to $10.4 million in the firat quarter and reflected growth in each of its retail markets. Wholesale revenue, excluding Pennsylvania increased by 17.4% to $2.8 million, driven by strong growth in the Arizona market.

Dr. Kingsley continued, “The phase two expansion projects we discussed last quarter in Arizona and Maryland are underway, and our teams are now aggressively focused on finalizing our expansion plans in New York . The recent passage of adult-use legislation in New York and New Mexico has improved our outlook for both of these markets, and further potential for regulatory change at local and federal levels could meaningfully impact the trajectory of our performance. We are excited by all the growth opportunity we see across our core markets, and look forward to sharing more details on our long-term outlook at our upcoming Investor Day events which we plan to announce in the coming weeks.”

After The Quarter Ended

On April 14 , the company finished its planned expansion of its cultivation and processing facility in New Mexico, which is now operating following the receipt of regulatory approval. The company also announced that two recently completed retail dispensaries in Albuquerque and Las Cruces are ready to open, pending regulatory approval. Once approved, Vireo will have four operating dispensaries in the state of New Mexico .

On April 29 , launched medical cannabis flower in the state of New York . The ground flower line is being sold in 3.5-gram and 7-gram jars and will be expanded to feature indica, sativa, and hybrid strains such as Killer Kush, Wedding Cake, and a Kosher-approved Tangie Kush. The new line of ground flower will be available at all four of the Company’s dispensaries in New York and via Home Delivery.

Noemi GonzalesMay 14, 2021


“Cannabis Drinks: Secrets to Crafting CBD and THC Beverages at Home”

By Jamie Evans

 Oh yeah, here’s another book that I suspect you’re going to love!

“Cannabis Drinks” by Jamie Evans is a wonderful book that will fascinate and enlighten the reader when it comes to the staggering amount of possibilities when it comes to conjuring up some tasty cannabis concoctions and potable treats.

Let’s get into it and see what we can pick up from this book when it comes to marijuana infused beverages.

-Topic Focus-

As the title indicates, this awesome little book takes an informative dive into breaking down how to create cannabis drinks, interesting recipes, and a degree of scientific data regarding decarboxylation, terpenes, phytocannabinoids, and so much more.

Not only do you get to learn a ton about different cannabis drinks but you also get to explore various ways to create extractions, tinctures, and some ridiculously fancy and unique cocktails.

Coffee lovers will adore the section that breaks down the benefits of combining coffee with cannabis and a fun variety of ways to combine the two into your daily routine in a way that is fun, tasty, and achieves the desired effect.

-About the Author-

Jamie Evans, the author of “Cannabis Drinks”, is also a known personality in the cannabis industry due to her work in cannabis culinary events, her writing contributions in magazines such as The Clever Root, POPSUGAR, and others, while also writing multiple books that focus in on the cannabis industry.

She has also been recognized as one of the “Most Important Women in Weed” by the Green Market Report in 2020 and has been named Top 40 Under 40 by Wine Enthusiast Magazine as she also has a background in the wine industry.

All this while continuing to attend and contribute to various cannabis events and producing high-quality articles for various platforms

 -Reading Experience-

The physical edition of “Cannabis Drinks” has a high-quality cover, vivid images, and the information regarding making your own cannabis drinks feels genuinely empowering as you realize that you can actually do this.

The recipes themselves look and sound delicious while not seeming to be out of reach at all due to the thorough instructions presented in this book. It’s hard not to get a bit excited as you learn about the potential cannabis drinks from the book.

This book feels well balanced between fun and exciting recipes, pleasant images, and detailed scientific data regarding aspects of cannabis that are relevant to the topic at hand.


You can become quite the cannabis drink connoisseur with the addition of “Cannabis Drinks” by Jamie Evans to your library.

It’s fun, enticing, informative, and downright fun to look at! This book really is a solid addition for anyone who wants to learn more about interesting ways to incorporate marijuana infusions in your life.

You can get to making your own awesome cannabis beverages by getting yourself a copy of “Cannabis Drinks” here.

Video StaffMay 14, 2021


This is Psychedellux, the week’s top business headlines in the psychedelics industry.

 COMPASS Pathways plc (Nasdaq: CMPS) reported its financial results for the first quarter of 2021 as the company continues to plug away at research. The net loss was $12.7 million, but Compass was granted 2 patents during the quarter and continues to have a generous cash cushion of $179 million. 

Havn Life Sciences Inc. (OTC PINK: HAVLF) reported this week its research team has developed a rapid testing method that enables precise and accurate measurement of psilocybin content in under 5 minutes. The fast test allows the Company to quickly experiment with and validate new extraction processes, which is essential for internal process development and maintaining quality control and accurate dosing of psychedelic compounds.

Numinus Wellness Inc. (TSXV: NUMI) and Optimi Health Corp. (CSE: OPTI) (OTC: OPTHF) developers of a functional mushroom brand have submitted a pre-clinical trial application to Health Canada for review and comment. The application includes the investigational product’s chemical constituents, genotype, and formulation as well as procedures and processes to produce a consistent dosage from Psilocybe mushrooms.

And finally, Wesana Health Holdings Inc. (CSE: WESA) began trading on the Canadian Securities Exchange this week under the ticker symbol “WESA.”

Psychedellux is brought to you by the Green Market Report.

Julie AitchesonMay 14, 2021


Job growth for the United States in April 2021 might not have quite matched expectations with a disappointing increase of 266,000 jobs and an unemployment rate rise for the first time since 2020, but executive search and staffing firm Cannabiz Team’s latest Cannabis Industry Salary Guide for Q2 2021 tells a different story for the cannabis market. With 320,000 full-time cannabis jobs in the U.S., the cannabis industry ranks as the fastest-growing industry in America. As cannabis legalization spreads, projections have cannabis hitting $35 billion dollars in sales and providing 500,000 full-time jobs by 2024. Cannabiz’s report covers the rising demand for skilled staff, how this is driving compensation, and how big-name MSO’s are starting to scout outside of the industry for top-dollar talent.

At present, adult-use cannabis is legal in 17 states and D.C. and medical marijuana is legal in 36, with Connecticut, Minnesota, and Hawaii poised to follow suit. This not only means heightened demand for products, more growing operations, and production facilities coming online, and more business owners applying for licenses, but more jobs all around. Cannabiz’s Q2 jobs guide highlights where the “hot jobs” are in this expanding market, including those within supply chain management, large-scale cultivation, product and brand development, finance and accounting, administrative infrastructure, and retail. Cannabis salaries are up across the board in these sectors and others, with double-digit increases for experienced managers and C-suite executives. The report attributes these increases to competition and a shortage of employees with specialized cannabis experience or transferable skills. 

New recruits from outside the industry are coming from all corners of the U.S. economy, most significantly from the food and beverage, pharmaceutical, agricultural, medical supply, CPG, technology, and retail industries. John Deere, Proctor and Gamble (NYSE: PG), and Tesla are among the country’s largest companies from which multi-state cannabis operations are sourcing recruits. 

Unsurprisingly, California comes in first in the number of total cannabis jobs at 58,000, with Colorado and Florida nearly tied for second with 35K and 31K total cannabis jobs respectively. Oklahoma and Pennsylvania hover at the bottom of the “Top Cannabis Jobs” list by state with 17K and 16K respectively. 

With a cannabis company’s Chief Financial Officer’s earning potential placed at a high of over $400,00 a year according to Cannabiz data, it’s easy to see where those double digit increases fall, especially since jobs at the public-facing retail end, say for a budtender, top out at a high of around $40,000 a year. Lower-paying jobs did see a salary increase as well, though only in the single digits- a gap that stands to narrow as legalization, investment, and expansion maintains momentum for the cannabis industry.


Video StaffMay 14, 2021


It was a big week for Trulieve Cannabis Corp.  (OTC: TCNNF). The florida-based company said it was buying  Harvest Health & Recreation Inc.  (OTCQX: HRVSF) in a deal valued at approximately $2.1 billion. The combined businesses will have operations in 11 states with 126 dispensaries serving both the medical and adult-use recreational cannabis markets. Right after that Harvest Health reported its first-quarter revenue rose 101% to $88.8 million. The company said in its earnings that it has a cash position of $106 million, but the company’s total liabilities are $554 million.

Then on Thursday Trulieve said its revenues increased 102% to $193.8 million and beat the Yahoo Finance average analyst estimate for revenues of $189 million.

GrowGeneration Corp. (NASDAQ: GRWG) reported its first-quarter 2021 revenues rose 173% to $90 million. GrowGen said same-store sales increased 51% year over year. Net income was $6.1 million, or $0.10 per share which beat the estimate for $0.07.

Green Thumb Industries Inc.  (OTCQX: GTBIF) continues to show its strength delivering total revenue of $194.4 million in the first quarter up 89% from last year beating analyst estimates. The company also delivered a net income of $10.4 million versus last year’s net loss. 

Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) reported revenue increased 9.1% to $23.4 million, but net losses grew to $13 million.

In the not so great column:

MedMen Enterprises Inc. (OTCQX: MMNFF) reported its revenue fell to $32 million, from last year’s $44.1 million. This also missed the average analyst estimates of $37.3 million.

The Green Organic Dutchman (TSX: TGOD) (US: TGODF) reported its unaudited revenue increased 194% year over year to $8.98 million but decreased 18% sequentially abd blamed covid store closings for the drop. 

In stock news:

ETF Managers Group has launched its latest cannabis ETF (exchange-traded fund) that will once again focus on the cannabis U.S. stocks. The ETFMG U.S. Alternative Harvest ETF (NYSE Arca: MJUS) will begin trading on the New York Stock Exchange.

Flora Growth Corp. (NASDAQ: FLGC) priced its IPO raising $16 million and will trade on the NASDAQ with the symbol “FLGC.” 

True Leaf Brands  (OTC Pink: TRLFF) has launched both a traditional private placement and an equity crowdfunding offering.

StaffMay 13, 2021


COMPASS Pathways plc (Nasdaq: CMPS) reported its financial results for the first quarter of 2021. The net loss was $12.7 million, or $0.35 loss per share (after including non-cash share-based compensation expense of $1.7 million), versus $8.6 million, or $0.93 loss per share, during the same period in 2020 (after including non-cash share-based compensation expense of $1.7 million)

Research & development (R&D) expenses were $6.9 million versus $5.2 million during the same period in 2020. Compass said that $1.4 million reflected increased development activities, including hiring additional staff, as COMPASS progresses its COMP360 psilocybin therapy in TRD, and continues to explore additional indications and therapeutic approaches

George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “Our recent financing gives us additional resources to work even faster and to expand our efforts, grow our team, and focus on developing new indications, new compounds and new technologies, building on our leadership position in psilocybin therapy and mental health care. Far too many people are suffering with mental health challenges today. We are focused on developing evidence-based therapies that can make a difference and be accessible to as many patients as possible who might benefit. The COMP360 data published in the New England Journal of Medicine showed promising signals in a small investigator-initiated study. We are approaching the completion of our phase IIb trial of COMP360 psilocybin therapy for treatment-resistant depression, and on track to report data by the end of the year.”

The company still has plenty of cushion as it develops its products. Pro-forma cash and cash equivalents were $179.5 million as of March 31, 2021, compared with $190.3 million on December 31, 2020. On May 4, 2021, following the end of the reporting period, COMPASS completed a public offering of 4,000,000 American Depositary Shares at a price of $36.00 per ADS for total gross proceeds of $144 million.

Granted Patents

Two new patents were granted by the US Patent and Trademark Office for Compass. The patents cover oral formulations of COMPASS’s synthetic psilocybin in the treatment of MDD and Compass’s high-purity crystalline psilocybin (including the form used in COMP360), pharmaceutical formulations containing crystalline psilocybin, and methods of treating MDD with crystalline psilocybin. Compass’s innovation has now been recognized with six granted patents, including three in the US, two in the UK, and one in Germany

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