Business Archives - Green Market Report

Video StaffVideo StaffDecember 6, 2019

3min2700

The state of Michigan began sales of adult-use cannabis on Sunday. People waited in long lines in cold weather for a chance to buy recreational marijuana. There weren’t a lot of dispensaries open for the first day, but the state’s regulatory agency said that $221k was spent on Day 1.

Four government agencies teamed up to make a statement regarding banking and hemp growers. The key takeway was that the banks would not need to fill out Suspicious activity reports known as SARS for companies engaged in the growth or cultivation of hemp. The narrow interpretation is that this only applies to farmers, but many in the industry believe it applies to all hemp producers and brands.

Rapper Lil Wayne announced he was launching his own cannabis brand called GKUA. If you were wondering what the initials stand for, it doesn’t stand for anything They just liked the letters.

Sunniva continues to spiral downward. The company is being sued by Matrix Venture who is claiming default on a loan and wants the Okanagan Falls facility as repayment. Sunniva says it will the lawsuit, but it did concede in a filing that it was in default and there is another financial instrument the company is in default on. You may recall, the C-suite has been in great turmoil as the CFO and other departed.

Cresco Labs entered an at the market agreement with Canaccord for C$55 million in shares.

Indus Holdings reported revenue of $10 million for its fiscal third quarter, still, the EBITDA loss was $16 million.

4Front Ventures reported third-quarter revenue of $16 million and a net loss of $7 million.

SOL Global reported a second-quarter net loss of $51 million on no revenues.

Isodiol Reported revenue of $1.8 million for the second quarter, but a net loss of $3.2 million. The company said it would be rebranding and restructuring its product lines.

In stock moves, Willow Biosciences received approval to trade on the Toronto Stock Exchange. The symbol will remain WLLW.

Jushi Holdings received approval to trade on the Canadian Securities Exchange using the symbol JUSH, they will leave the Neo exchange.


Julie AitchesonJulie AitchesonDecember 6, 2019
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5min1550

Skateboarding has long been considered an “outlaw” sport on the recreational spectrum, attracting those for whom the structure and homogenous culture of organized athletics holds little appeal. Its anti-establishment origins, outlined in greater detail in this 2013 Skateboarding Magazine article, can be traced back to surfer culture, as wave riders realized there might be a way to surf city streets with the same élan and excitement that they applied to hanging ten in the water.

Both snowboarders and skateboarders have been associated with having a friendly relationship with cannabis. There is speculation that the original California high schoolers that met at 420 to get high, most likely rode on skateboards. Snowboarding’s admittance into the Olympics made many athletes ponder kipping the event if they had to give up smoking pot. The Olympics seemed to look the other way. Many professionals in both sports made no effort to hide their love of cannabis, which kept the rebellious nature of skateboarding intact.

But in recent years, skateboarding has moved away from the fringes and into the limelight with the popular X Games, an extreme sports event produced, hosted, and broadcast by ESPN, and demonstrated by the fact that skateboarding will be an official Olympic sport in Tokyo in 2020. This has given rise to some concern that the stereotype of the stoner skater will be proven true enough to keep some of the sport’s top athletes out of contention, as it did skateboarder Corey Juneau. Ranked seventh in the world, Juneau was suspended for six months after testing positive for THC in 2018.

As skateboarding’s competitiveness, popularity, and main street respectability grow, some of the sport’s biggest names are stepping out in front of companies that promise clean, potent, risk-free performance enhancement through CBD. Michael Apstein, a founding partner of Primary Growth Partners, says that “There is a long history of outlaw brands from other market segments breaking through to the general market – from surfing and skateboarding to extreme sports and certainly in music, apparel and recreation brands.” As the benefits of CBD gain visibility in all corners of the marketplace, skateboarding’s top athletes are endorsing products that provide low THC or THC-free alternatives to marijuana. Old school skateboarding legend Tony Hawk has even developed Birdhouse CBD Balm by producer Canna Hemp, a line of CBD recovery creams that target the epic aches and pains of the action sports market.

 

Professional skateboarder Andy McDonald, 23-time X Games medalist and 10-time world champion, recently partnered with CBD manufacturer Extract Labs to spread the word about the benefits of CBD for extreme sports athletes. McDonald, who used his platform as a professional skateboarder to take an anti-drug message all the way to the Clinton White House, credits the pain-alleviating benefits of hemp-derived CBD for helping him manage the cumulative effects of over 35 years of skating.

Social CBD, a company that markets a range of hemp-derived CBD products that guarantee a 0.0% THC content, recently hooked X-Games Skateboarding gold medalist Nyjah Huston as a spokesperson. Huston stakes his legacy as the winningest skateboarder in history on Social CBD’s promise to deliver a product pure enough to endure the scrutiny of the Olympic committee.

As skateboarding continues to move deeper into the mainstream of competitive sports, its shining stars will no doubt continue to seek out the healing benefits of CBD and the sponsorship dollars of those companies intent on making it the must-have, performance-enhancing supplement for extreme athletes.


Kaitlin DomangueKaitlin DomangueDecember 5, 2019
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6min1420

Its time for your Daily Hit of cannabis financial news for December 5th, 2019.

 

On the Site

 

Greenlane Brings Keith Haring Artwork To The World of Cannabis

The company mostly known for Pax and Juul sales, Greenlane Holdings Inc.(NASDAQ: GNLN) is now producing a line of functional glassware with legendary graffiti artist Keith Haring’s work. The smoking accessories include small glass pipes, larger water pipes ashtrays and regular rolling trays.  The K.Haring Collection launches November 21, 2019, in Higher Standards stores and will be available online on November 25th at haringglass.com.

“As a longtime admirer and supporter of Keith Haring, his art, and his legacy, I am thrilled to introduce the K.Haring Collection,” said Sasha Kadey, Chief Marketing Officer of Greenlane and Creative Director for the K.Haring Collection. “The art world has long had an intertwined relationship with cannabis and has in many ways been instrumental in the advancement of the industry. The K.Haring Collection will help our mission to destigmatize and elevate the cannabis experience.”

Haring passed away in 1990 at the age of 31 in Manhattan from the AIDS disease. The Haring Foundation wants to continue to promote the artwork, but is also known for supporting not-for-profit organizations that help underprivileged children, as well as organizations involved in education, prevention, and care related to AIDS. Haring doesn’t have any cannabis images in his artwork, but his skateboard images are loved by the skateboard community which does support the cannabis community.

In Other News

Class Action Lawsuit Filed Against HEXO Corp.

 

The Schall Law Firm has announced a class action lawsuit has been filed against HEXO Corp., and encourages investors with losses in excess of $250,000 to contact them. The company is in hot water for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

 

CBD Sparkling Water Company Makes a Splash in the Beverage World

 

Infuzed Brands is a zero-sugar, zero-calorie, all-natural CBD-infused sparkling water brand. The brand is blowing up on Instagram, and within a few short months, the product is now in shelves in over 100 independent retail stores across the United States. It is quickly growing into reaching the convenience store shelves, which is considered the “make or break” sector for emerging beverage brands.

 

Zenabis Stock Drops After Facility Fails EU Quality Inspection

 

Zenabis stock trading is down following reports that one of their facilities did not comply with the EU’s GMP requirements during an inspection last year. European Union regulators published a “statement of non-compliance with [GMP] good manufacturing practice” against Zenabis on November 27th. The inspection was conducted last December when it was determined that Zenabis did not meet the EU’s requirements.

 

 

 

 


Debra BorchardtDebra BorchardtDecember 5, 2019

4min1900

Mostly known for Pax and Juul sales, Greenlane Holdings Inc.(NASDAQ: GNLN) is now launching a line of functional glassware decorated with the imagery of legendary graffiti artist Keith Haring. The smoking accessories include small glass pipes, larger water pipes ashtrays and regular rolling trays.  The K.Haring Collection launches November 21, 2019, in Higher Standards stores and will be available online on November 25, 2019, at haringglass.com.

“As a longtime admirer and supporter of Keith Haring, his art, and his legacy, I am thrilled to introduce the K.Haring Collection,” said Sasha Kadey, Chief Marketing Officer of Greenlane and Creative Director for the K.Haring Collection. “The art world has long had an intertwined relationship with cannabis and has in many ways been instrumental in the advancement of the industry. The K.Haring Collection will help our mission to destigmatize and elevate the cannabis experience.”

Kadey said he has looked at numerous deals for branding efforts, but none resonated as strongly as the Haring artwork. The artist is not only well-respected in the art world, but as a graffiti artist, he also brings street cred amongst the cannabis community.

Haring passed away in 1990 at the age of 31 in Manhattan from the Aids disease. The Haring Foundation has a mission to continue to promote the artwork but is also known for supporting not-for-profit organizations that help underprivileged children, as well as organizations involved in education, prevention, and care related to AIDS. Haring doesn’t have any cannabis images in his artwork, but his skateboard images are loved by the skateboard community which does support the cannabis community.

Kadey said there was a lot of crossover between cannabis, the art world, and skateboarding which led to the company’s launch party that combined a show of the new products with apparel from Diamond Supply that featured Haring artwork. The event was held in Manhattan and drew a combination of cannabis industry insiders, as well a some of the top city skateboarders.

The ten-piece collection consists of high-quality glassware that may be used as décor and includes all of the essentials for an elevated smoking experience. Kadey made a point of mentioning that the company didn’t just grab and glass product and slap an image on it. The items were specifically designed for this project. Each piece is distinguished by Haring’s designs with four different colorways to be released in the coming months.

The Keith Haring Glass Collection includes:

K.Haring x BiC© Lighter, $5
K.Haring Taster, $30
K.Haring Tray, $60
K.Haring Dog Bat Catchall, $60
K.Haring Bat Man Catchall, $60
K.Haring Angel Catchall, $60
K.Haring Spoon, $50
K.Haring Bubbler, $120
K.Haring Rig, $180
K.Haring Water Pipe, $220

Kadey said he has since been inundated with other artists wanting a similar brand launch, but for now, he is being very selective. “We are looking forward to offering this sophisticated glassware collection to Higher Standards customers both in stores and online as we continue to grow our house of brands and expand our direct to consumer business, offering innovative designs and products to consumers across the U.S.”


Kaitlin DomangueKaitlin DomangueDecember 4, 2019
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5min1640

Its time for your Daily Hit of cannabis financial news for December 4th, 2019. 

On the Site

Banks Cleared For SARS Reports With Hemp Farmers

On Tuesday, The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), and the Office of the Comptroller of the Currency issued a statement clarifying banking rules around hemp customers.

The key takeaway from the statement is that banks no longer need to file the onerous Suspicious Activity Report, known as SARS for hemp farmers. The statement said, “Because hemp is no longer a Schedule I controlled substance under the Controlled Substances Act, banks are not required to file a Suspicious Activity Report (SAR) on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations. For hemp-related customers, banks are expected to follow standard SAR procedures, and file a SAR if indicia of suspicious activity warrants.”

Sunniva Racking Up Default Notices As Turmoil Continues

Sunniva Inc.  (CSE: SNN) (OTCQB: SNNVF) has been named in a lawsuit, along with its wholly-owned subsidiary, 1167025 B.C. Ltd., co in connection with loans made by Matrix Venture Capital Management Inc.  to Sunniva on August 28, 2019 and October 11, 2019, respectively, in the aggregate amount of $7 million. According to the company’s November 26 finance statement, it said that in June 2018, Sunniva, through its subsidiary 116, entered into a $3.4 million mortgage to finance the purchase of land for the greenhouse facility in Okanagan Falls, British Columbia. “The mortgage is repayable on October 31, 2019, and has an interest rate of 5% per annum. This balance has been reclassified to Liabilities associated with assets held-for-sale (note 7). The Company has repaid $400,000 as of September 30, 2019, but is currently in default on the remaining balance.

Separately, in the company’s lastest MD&A dated November 26, Sunniva said that on November 25, 2019, it received a 30-day notice of termination and a notice of default from SPCL “for items related to payment of outstanding balances and failure to meet certain conditions of the Build to Suit Lease. In addition, the Company received a notice of default from a promissory note holder for not applying a certain portion of the note proceeds to agreed-upon outstanding amounts.

Additionally, the company has had many of its executives resign for various reasons, and the stock fell another 13% to lately trade at 23 cents. The 52-week high was $4.30.

In Other News

Canopy Growth Launches CBD Consumer Line in the U.S.

Canopy Growth has quietly launched its hemp-derived CBD brand, First & Free, in the 31 U.S. states that allow such sales. Company spokesperson Jordan Sinclair says early signs are “positive” with some orders successfully placed.

Exactus, Inc. Announces Closing of $2 Million Convertible Note

Extractus, Inc., industrial hemp farmer and manufacturer of hemp-derived products, announced today the closing of the initial tranche of a $2 million senior secured convertible note financing from a single institutional investor. The total net proceeds from the note are approximately $1.94 million, after deducting the initial purchaser’s discount, commissions and estimated offering expenses. The note consists of three tranches where the initial financing consists of the issuance of a note in the principal amount of $833,333.33, to be followed by a $277,777.77 tranche upon the filing of an S-1 and concludes with the remaining $833,333.33 to be distributed pending the S-1 becoming effective with 25% warrant coverage priced at 105% of the closing price on the subsequent closings. 

 


Debra BorchardtDebra BorchardtDecember 4, 2019
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4min2890

Sunniva Inc.  (CSE: SNN) (OTCQB: SNNVF) has been named in a lawsuit, along with its wholly-owned subsidiary, 1167025 B.C. Ltd., co in connection with loans made by Matrix Venture Capital Management Inc.  to Sunniva on August 28, 2019 and October 11, 2019, respectively, in the aggregate amount of $7 million. The remedies sought by the Plaintiff include a mortgage over Sunniva’s Okanagan Falls property to secure payments of the amounts of the Loans owed by Sunniva to the Plaintiff.

Sunniva and 1167025 B.C. Ltd. said it intends to vigorously defend this action. “The allegations in the notice of claim contain factual inaccuracies and the Company believes the claim is without merit,” said Dr. Anthony Holler, CEO of Sunniva Inc.

1167025 B.C. Ltd. owns the Sunniva Canada Campus, which includes construction assets for a planned 759,000 square-foot greenhouse located on an approximately 114-acre property in Okanagan Falls, British Columbia.

According to the company’s November 26 finance statement, it said that in June 2018, Sunniva, through its subsidiary 116, entered into a $3.4 million mortgage to finance the purchase of land for the greenhouse facility in Okanagan Falls, British Columbia. “The mortgage is repayable on October 31, 2019 and has an interest rate of 5% per annum. This balance has been reclassified to Liabilities associated with assets held-for-sale (note 7). The Company has repaid $400,000 as at September 30, 2019 but is currently in default on the remaining balance. The Company has been in communication with the lender and does not anticipate any remedial action to be taken prior to closing the SMI Transaction.” (GMR added the italics.)

California Notice of Default

Separately, in the company’s lastest MD&A dated November 26, Sunniva said that on November 25, 2019, it received a 30-day notice of termination and a notice of default from SPCL “for items related to payment of outstanding balances and failure to meet certain conditions of the Build to Suit Lease. In addition, the Company received a notice of default from a promissory note holder for not applying a certain portion of the note proceeds to agreed-upon outstanding amounts. The Company is currently consulting with its legal counsel and intends to defend its position. The ramifications of these notices are uncertain at this time. As a result of these notices, the timing of receipt of the Company’s certificate of occupancy for the Sunniva California Campus cannot be estimated at this time.”

Company Turmoil

The company is in a state of turmoil as the C-suite has emptied out in recent days. Just a couple of weeks ago, CFO Dave Lyle resigned for personal reasons and then David Weinmann was appointed interim CFO. In addition to that, Michael Barker who was on the board of directors also resigned.

One week later, President Kevin Wilkerson said he would resign. Wilkerson also resigned from his position as President and Chief Executive Officer of Sun CA Holdings effective December 2. The company said the resignation was for personal reasons and a replacement has not been named.

The stock fell another 13% to lately trade at 23 cents. The 52-week high was $4.30.

 


Debra BorchardtDebra BorchardtDecember 4, 2019
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3min3470

On Tuesday, The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), and the Office of the Comptroller of the Currency issued a statement clarifying banking rules around hemp customers.

Key Takeaway

The key takeaway from the statement is that banks no longer need to file the onerous Suspicious Activity Report, known as SARS for hemp farmers.

The statement said, “Because hemp is no longer a Schedule I controlled substance under the Controlled Substances
Act, banks are not required to file a Suspicious Activity Report (SAR) on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations. For hemp-related customers, banks are expected to follow standard SAR procedures, and file a SAR if indicia of suspicious activity warrants.”

Michael Weiner is a partner at the international law firm Dorsey & Whitney and the chair of its Cannabis Practice Group said, “This statement is limited to hemp growers and not to other businesses related to hemp or CBD from hemp.  For banks that are already providing banking services to hemp growers, the word “solely” may cause banks to hesitate to cease filing suspicious activity reports for these customers.  For banks that are reluctant to provide banking services to hemp growers, this statement is unlikely to provide sufficient comfort to enter the market.”

“Further, FinCEN stated that it would issue additional guidance following further review of the USDA interim final rule, perhaps following issuance of final rules from the USDA following the current public comment letter.  Banks may delay making any changes to their banking services until issuance of such additional guidance,” Weiner added.

The statement went on to add “When deciding to serve hemp-related businesses, banks must comply with
applicable regulatory requirements for customer identification, suspicious activity reporting, currency transaction reporting, and risk-based customer due diligence, including the collection of beneficial ownership information for legal entity customers.”

Many in the industry are not interpreting the language as starkly as Weiner. Most believe the statement gets all hemp customers off the hook with banks. However, banks tend to be very conservative and may opt to only apply the SARS guidelines to the growers and not the extended hemp family of CBD producers.


Debra BorchardtDebra BorchardtDecember 3, 2019
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5min1510

It’s time for your Daily Hit of cannabis financial news for December 3, 2019.

On The Site

Cresco Labs

Cresco Labs Inc.  (CSE:CL) (OTCQX: CRLBF) said that it has entered into an equity distribution agreement with Canaccord Genuity Corp. in which the company may sell up to C$55 million of subordinate voting shares. Cresco Labs said that it will use the money “for general corporate purposes (including funding ongoing operations and/or working capital requirements), to repay indebtedness outstanding from time to time, discretionary capital programs and potential future acquisitions.”

The deal is called at “At The Market” since the shares will be distributed at trading prices at the time of the sale, prices may vary between purchasers and during the period of distribution. The company said that the volume and timing of sales, if any, will be determined at the sole discretion of the company’s management and in accordance with the terms of the Equity Distribution Agreement.

Michigan

Over a year has passed since Michigan voted to legalize recreational cannabis for those 21 and older. Sales for adult-use cannabis began on December 1st and the Michigan Regulatory Agency reported that consumers spent $221,000 on their first day. People lined up for blocks in the cold to have a chance to buy legal marijuana for the first time.

Michigan already had a strong medical cannabis program already in place, bringing in approximately $970 million in sales this year. Though they have a strong medical program, at this time, Ann Arbor is the only place in Michigan where customers can purchase cannabis recreationally. Exclusive Brands, Arbor Wellness and Greenstone Provisions are currently the only three shops in operation in the state.

In Other News

Isodiol

Isodiol International Inc. (CSE: ISOL)(OTCQB: ISOLF) reported its FY2020 second-quarter results with revenues of $1.878M. The company attributes the decrease in revenue primarily to management restructuring and the continued focus on the long term, higher-margin growth. The company is in the process of adapting to the volatile market through a focus on rebranding strategies and restructuring our product line to better address changing market needs. The company reported a net loss of $3.2 million.

Willow Biosciences

Willow Biosciences Inc. (CSE: WLLW)(OTCQB: CANSF) announces that it has received final approval from the Toronto Stock Exchange to list its common shares on the TSX. The Common Shares will commence trading on the TSX effective as of the open of the market on Thursday, December 5, 2019. Upon listing on the TSX, the Common Shares will continue to trade under the symbol “WLLW”. In conjunction with listing on the TSX, the Common Shares will concurrently be delisted from the Canadian Securities Exchange.

Jushi Holdings Inc. (NEO: JUSH.B) (OTCQX: JUSHF) has received approval to begin trading its common shares on the Canadian Securities Exchange under the ticker symbol “JUSH.” The company expects to commence trading on the CSE as of the market open on Monday, December 9, 2019. In conjunction with the new listing, its common shares are expected to be voluntarily delisted from the NEO Exchange at the close of trading on or about Friday, December 6, 2019. Jushi’s shares will continue to trade on the OTCQX under the symbol “JUSHF.”

 

 

 

 


Kaitlin DomangueKaitlin DomangueDecember 3, 2019
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3min2431

Over a year has passed since Michigan voted to legalize recreational cannabis for those 21 and older. Sales for adult-use cannabis began on December 1st and the Michigan Regulatory Agency reported that consumers spent $221,000 on their first day. People lined up for blocks in the cold to have a chance to buy legal marijuana for the first time.

Michigan already had a strong medical cannabis program already in place, bringing in approximately $970 million in sales this year. Though they have a strong medical program, at this time, Ann Arbor is the only place in Michigan where customers can purchase cannabis recreationally. Exclusive Brands, Arbor Wellness and Greenstone Provisions are currently the only three shops in operation in the state. T

Three additional retail shops, Lit Provisioning Center in Evart, Skymint in Ann Arbor, and Michigan Supply and Provisions in Morenci were approved for their state licenses to sell recreational cannabis on Wednesday, but they weren’t expected to be ready to start sales on Sunday. Cities in Wayne, Oakland, and Macomb county, for example, have either banned recreational use in their area entirely or are working on regulations in their area/deciding who will receive a license to operate.

In November, Detroit’s city council unanimously voted to opt-out of recreational sales until January 31st. They cited their reasoning as wanting more time to draft regulations for their area. USA Today reported that approximately 80% of municipalities in Michigan voted to opt-out of recreational cannabis sales being permitted in their communities, at least at this time. This does not seem to affect the states’ projections for its newest industry, Canaccord Genuity estimated the market to reach $1.5 billion in 2020. The state House Fiscal Agency has estimated that when the market is fully established after 2020, annual sales will be approximately $949 million, bringing in $94.9 million from the states’ excise tax and $57 million from the 6% sales tax.  

Michigan only began accepting applications for business licenses on November 1st. It has awarded a total of 18 licenses thus far, including dispensaries, processors, and growers. Another 63 licenses have been pre-qualified already.

 


Debra BorchardtDebra BorchardtDecember 3, 2019
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4min4150

Cresco Labs Inc.  (CSE:CL) (OTCQX: CRLBF) said that it has entered into an equity distribution agreement with Canaccord Genuity Corp. in which the company may sell up to C$55 million of subordinate voting shares. Cresco Labs said that it will use the money “for general corporate purposes (including funding ongoing operations and/or working capital requirements), to repay indebtedness outstanding from time to time, discretionary capital programs and potential future acquisitions.”

The deal is called at “At The Market” since the shares will be distributed at trading prices at the time of the sale, prices may vary between purchasers and during the period of distribution. The company said that the volume and timing of sales, if any, will be determined at the sole discretion of the company’s management and in accordance with the terms of the Equity Distribution Agreement.

While such a deal could bring in additional capital, it will also dilute existing shareholders.

Earnings

Cresco recently released its earnings as the company reported on November 26 that its third-quarter revenues were $36.2 million, up 184% year-over-year and 21% quarter-over-quarter. Still, the company delivered a third-quarter net loss of $8.6 million, compared to net income of $1.2 million in the prior-year period.

With regards to the balance sheet, Cresco said it had total assets of $416.5 million, including cash and cash equivalents of $73.7 million and a working capital position of $144.6 million with zero debt on the balance sheet. The company also announced a sale-and-leaseback agreement for its Marshall, Michigan and Yellow Springs, Ohio facilities for $38 million which is expected to close within 30 days.

“In Q3, our team delivered another quarter of positive adjusted EBITDA while growing top-line revenue 21% over Q2 on an identical asset base, demonstrating the value of our long-term strategy of going deep, in the most populous states, and capturing significant market share through wholesale,” said Charles Bachtell, Co-founder and CEO of Cresco Labs. “Subsequent to the end of Q3, we closed the acquisition of Valley Agriceuticals, giving us four dispensaries in New York, one of the most significant hubs of consumer influence in the world. In California, the other market that has an outsized influence on U.S. and global consumer behavior, our wholesale revenue more than doubled in the quarter. We are making meaningful progress on our objective of creating the first national cannabis brand.”

Illinois

With Illinois poised to begin recreational sales in 30 days, the company is ready to seize on its market advantage in the state. Bachtell added, ” One of the best short-term opportunities is in Cresco’s backyard, as Illinois transitions to adult-use legalization in January of 2020. We are well-positioned in the state and will continue to rapidly expand our cultivation and processing footprint, to ensure Cresco will have a strong first-mover advantage. Our brand portfolio has already proven to be popular in Illinois, capturing the largest share of the market, and we are well-positioned to maintain our market share and grow it through the adult-use transition and beyond. Illinois is a perfect example of the success of our strategy to get into prospective markets, go deep, build strong brands and capture disproportionate market share. As we move into 2020, we are set to repeat this model across our platform.”



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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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