Business Archives - Green Market Report

StaffDecember 3, 2021
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2min4510

WM Technology, Inc. (Nasdaq: MAPS) filed a Form S-1 with the Securities and Exchange Commission on December 2, 2021 to register for resale shares of Class A common stock of the company previously issued as partial consideration for previously announced acquisitions that occurred in the fiscal third quarter of 2021. Weedmaps said it would not receive any proceeds from the sales of the shares.

In the third quarter Weedmaps bought MembersRSVP, LLC and Text Ripple, Inc. collectively known as “Sprout” and the equity interests of Transport Logistics Holding Company also known as Merry Go Jane (“Cannveya and Canncurrent”). As part of the deal, Weedmaps issued a total of 1,938,798 shares of Class A common stock to certain stakeholders of the counterparties to such transactions.

Back in June, Weedmaps combined with the SPAC Silver Spike Acquisition Corp. and became known as WMH and Silver Spike changed its name to WM Technology, Inc.

As a result of the Business Combination, holders of units of WMH will be able to exchange such Units, together with corresponding shares of Class V common stock of the company, for Class A common stock of the Company during Quarterly Exchange Notice Periods, the first of which begins on the third business day after the Company announces its Q4 FY21 earnings. The company though has not released a date for that announcement. After any such exchange, such holders would be able to sell their shares of Class A Common Stock.


Video StaffDecember 3, 2021

6min5880

Green Wednesday 2021 was a big one for the cannabis industry, while Black Friday fizzled in comparison. Green Wednesday saw cannabis sales increase across the U.S. Black Friday did not have the sales growth seen in previous years, though some data (Flowhub) showed larger order values and bigger discounts than Green Wednesday. 

 Harborside Inc.  (CSE: HBOR), (OTCQX: HBORF) announced it was buying California retailer UL Holdings Inc. also known as Urbn Leaf and  Loudpack. Loudpack is a manufacturer, cultivator and distributor of award-winning cannabis brands in California.  The newly combined company will be renamed StateHouse Holdings. The company said that it expects to trade the new company on the Canadian Securities Exchange under a new symbol (CSE: STHZ) and the deal is expected to close in the first half of 2022. In addition to announcing the big transaction, Harborside also delivered some sobering news to investors. The company said it was withdrawing its previous revenue guidance for 2021 and said it would revisit the forecast after the deal closes. A variety of reasons were given including a decline in wholesale pricing for bulk products in the California market and a decline in retail revenue which was primarily due to a decrease in retail store foot traffic.  

Red White & Bloom Brands Inc. (OTCQX: RWBYF) reported third quarter revenue increasing 93% to C$11.8 million and a net loss of C$5.5 million, RWB though is still facing a huge debt problem that it warned investors about last quarter. The company said this time that it is in advanced discussions with a number of funds to restructure the current debt of $115 million due in 2022 into a more advantageous long-term debt solution. 

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced third-quarter revenue increased 9% to $15.6 million compared to $14.3 million. The company is revising its 2021 outlook for revenue and now expects it to range between $63-$66 million.

Gage Growth Corp.  (CSE: GAGE) (OTCQX: GAEGF) reported its third-quarter revenue rose to $27.2 million and the company had a net loss of $3.7 million. Gage said it is in active discussions with multiple retail operators in Michigan to potentially acquire over 10 retail locations in the coming months. 

Chicago Atlantic Real Estate Finance, Inc. is a newly formed commercial real estate finance company or REIT. The current portfolio is mostly first mortgage loans to state-licensed operators in the cannabis industry. The company expects the IPO to be priced between $16.00 and $18.00 per share and could raise as much as $129 million. It has applied to list the common stock on the Nasdaq Global Market under the symbol “REFI”.

The newest cannabis SPAC (special purpose acquisition corp.) Canna-Global Acquisition Corp. (NASDAQ: CNGLU) priced its initial public offering of $200 million and began trading on the Nasdaq Global Market on Tuesday using the ticker symbol “CNGLU”. The SPAC said it has not selected a business combination target 

Emerald Health Therapeutics, Inc. (CSE: EMH) (OTCQX: EMHTF) announced that it is leaving the cannabis industry and pivoting to a pharmaceutical development focus. Emerald said it is looking for buyers for its cannabis assets to further strengthen its already strong capital position.

 

 

 


StaffDecember 2, 2021
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7min5710

This is your Daily Hit of cannabis financial news for the week ending December 2, 2021.

On The Site

Delta-8

Despite the controversy over Delta-8, sales are beating some popular CBD companies. Hemp Benchmarks has been following the price of Delta-8 within the hemp industry and recently highlighted the company LFTD Partners (OTC: LSFP), whose sales rival many established CBD companies. Two weeks ago, the company reported its third-quarter revenue had risen 32% to $8.8 million and net income grew by 40% to $2.2 million. Savage reported that it had revenues of $20 million in the third quarter, but doesn’t look to have Delta-8 products in its portfolio. Still, the pro-forma of the combined companies puts it near a $30 million quarter. This year, a well-respected brand Plus Products essentially went bankrupt. While Charlotte’s Web (OTC: CWBHF) reported revenues of $23 million in the most recent third-quarter earnings report, this was down from 2020’s third-quarter revenue of $25 million. 

Green Wednesday

The numbers are in and it’s official—Green Wednesday 2021 was a big one for the cannabis industry, while Black Friday fizzled in comparison. Green Wednesday saw cannabis sales increase across the U.S. Black Friday did not have the sales growth seen in previous years, though some data (Flowhub) showed larger order values and bigger discounts than Green Wednesday. Data from market analytics and cannabis companies like Headset, LeafLink, Lantern, Glass House Brands, and others show common trends regarding most popular products and year-over-year sales numbers. Using this data, companies extrapolate some possible variables affecting this year’s numbers, including a decreased emphasis on Black Friday door-buster deals targeted towards packing stores with bargain-hungry shoppers, focusing instead on online sales spread out over the holiday season (Springbig).

Gift Guide

Green Wednesday, Black Friday, and Cyber Monday deals are over, but plenty of people are still shopping for the holidays. Jushi Holdings (OTC: JUSHF) just recently conducted a holiday poll surveying 1,000 cannabis consumers in legal states and confirmed what end-of-year revenue knows to be true: people love cannabis during the holidays. For different reasons, too. Some people use cannabis to unwind during stressful holiday times, others bring enough to share with the family. Medical consumers might bring cannabis along to make eating holiday food a little easier. The poll said 9/10 consumers plan on incorporating cannabis into their holiday and almost 76% of respondents said they plan to give cannabis-related gifts this year. If you’re in that almost-76%, we’ve compiled a list of some great cannabis gadgets, glass, and accessories to gift yourself or a friend this year, including a few great promotions. 

In Other News

Sunstream IVXX Investment Corp., an affiliate of SunStream Bancorp Inc., a joint venture sponsored by Sundial Growers Inc. (NASDAQ: SNDL), today announced that it has submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. Sunstream IVXX will be a specialty finance company that operates as a closed-end, non-diversified management investment company that anticipates electing to be regulated as a business development company under the Investment Company Act of 1940. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. The purpose of the offering is to use the net proceeds therefrom to invest primarily in the debt of U.S. cannabis companies across the cannabis industry. Sunstream IVXX intends to commence the public offering in the first quarter of 2022.

Akerna (Nasdaq: KERN) shows that Green Wednesday (11/24) and Black Friday (11/26) were the second and third highest sales days for legal cannabis in the US this year, with Green Wednesday bringing in $98.2 million in sales and Black Friday bringing in another $99 million. The largest day for cannabis sales this year was 4/20, the unofficial cannabis consumption holiday.


Kaitlin DomangueDecember 2, 2021
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9min4760

Green Wednesday, Black Friday, and Cyber Monday deals are over, but plenty of people are still shopping for the holidays. Jushi Holdings (OTC: JUSHF) just recently conducted a holiday poll surveying 1,000 cannabis consumers in legal states and confirmed what end-of-year revenue knows to be true: people love cannabis during the holidays. For different reasons, too. Some people use cannabis to unwind during stressful holiday times, others bring enough to share with the family. Medical consumers might bring cannabis along to make eating holiday food a little easier. The poll said 9/10 consumers plan on incorporating cannabis into their holiday and almost 76% of respondents said they plan to give cannabis-related gifts this year. 

If you’re in that almost-76%, we’ve compiled a list of some great cannabis gadgets, glass, and accessories to gift yourself or a friend this year, including a few great promotions. 

Check them out below: 

G Pen

For the first 12 days of December, G Pen is offering a different discount every day. The promotion started yesterday with free shipping on orders over $25! Today, you can get 40% off select accessories. 

The rest of the promotion is below: 

Day 3: $150 Mystery Box – Roam + Cookies Dash, Grinder Card, Lemonnade Lanyard ($300 value)

Day 4:  40% discount on Connect vape (Black Only)

Day 5:  40% discount on Roam vape (Black Only)

Day 6:  40% discount on Elite

Day 7:  35% discount on Cookies family

Day 8:  35% discount on Dr. Greenthumbs Family

Day 9:  35% discount on Lemonnade family

Day 10:  30% discount on G Pen Dash

Day 11:  40% discount on G Pen Pro

Day 12:  30% off storewide

Visit G Pen’s website to shop. 

Cloudious 9’s Tectonic9 Auto Dispensing Grinder

There are a lot of gadgets that seem unnecessary, especially if you have a perfectly good alternative already. The auto dispensing grinder might seem like one of those purchases, but we got the chance to try one out and we’re hooked. This grinder is perfect for someone who might have less mobility in their hands. It both grinds the flower and cleanly dispenses it in your bowl or paper. No mess and zero hassle. The grinder is durable and made of alloy metal, making it suitable for even harsh, outdoor conditions in the winter. 

The Tectonic9 is on sale for just $36.00 right now. 

Automatic dispensing grinder by Tectonic9

STORZ & BICKEL

Newly-upgraded vaporizer models from STORZ & BICKEL are the perfect gift for serious cannabis enthusiasts. S&B’s gadgets come with a price tag, but the quality makes it worth every penny. 

Both the VOLCANO CLASSIC and VOLCANO HYBRID are fashioned with a limited-edition, sleek black exterior and finished with damage-resistant powder coating for a long-lasting gift. The CRAFTY+ model features a USB-C socket to reduce charging time by 25 minutes. Its ceramic-coated filling chamber protects the vaporizer from scratches and damage. The MIGHTY+ also features a USB-C socket, but it can deliver an 80% charge in just 40 minutes and has a 60-second rapid heat up time. 

Shop STORZ & BICKEL.

STORZ & BICKEL vaporizers

PARA 

Want to support a woman-owned, BIPOC business this holiday season? Look no further than PARA. PARA utilizes only eco-friendly ingredients from ethical small businesses, and donates a portion of their revenue to the Last Prisoner Project. 

PARA sells an assortment of unique glass, gadgets, and accessories, including the gorgeous aurora iridescent vase bong by My Bud, pictured below. It’s currently on sale for $89! 

Shop the rest of PARA’s collections

TheBudGrower – Home Cultivation Kits

TheBudGrower has home cultivation kits for the beginner grower, all the way up to expert home cultivators. The pre-made cultivation kits, including a grow tent, make it easy to get everything you need in one buy. All of TheBudGrower’s products are backed by a 1-year warranty and come with 100% organic supplies. 

Take advantage of limited-time free shipping on all orders. 

Blazy Susan 

Roll and load up in style with the walnut flight pad by Blazy Susan. This walnut rolling tray fits in your bag to go anywhere with you. It features a designated slot for your lighter and a large cone. It comes in both large and small sizes. 

If you’re in the U.S., get free shipping when you place an order on any product by December 6th, arriving by December 24th! Shop Blazy Susan’s world-famous pink rolling papers, pre-rolled cones, and more.  


Debra BorchardtDecember 2, 2021
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9min6420

Despite the controversy over Delta-8, sales are beating some popular CBD companies. Hemp Benchmarks has been following the price of Delta-8 within the hemp industry and recently highlighted the company LFTD Partners (OTC: LSFP), whose sales rival many established CBD companies. 

CBD Fever Dreams

When the Farm Bill was passed in 2018, there were high hopes for the CBD industry and in particular for the hemp farmers. Hundreds of acres were grown, but the huge demand for CBD never materialized. There was demand, to be sure, but not at the levels the market had anticipated. This resulted in a glut of CBD biomass in the market and prices plunged. Farmers plowed over crops instead of harvesting due to the cost and many dramatically reduced the acres of hemp they were growing. 

Delta-8 Growth

Then Delta-8 came along and the farmers began to find a new market for their crops. It was discovered that within the language of the Farm Bill, only Delta-9 cannabis was carved out as an adult-use THC product, leaving Delta-8 in a grey area. Delta-8 is often referred to as cannabis light in that the psychoactive response is milder than Delta 9 cannabis. It is also extracted from hemp as opposed to the regular cannabis that produces the typical THC product. This loophole caught many off guard and with little regulation or oversight, the product began to take off. 

Several states have banned the product from being sold due to the lack of oversight. The cannabis industry seems mixed on whether it supports the product or not. Some are happy that it has helped out hemp farmers, while others see it as competition that isn’t subject to the same onerous regulations. In addition to that, the FDA noted that it has received several troubling reports on Delta-8. Seeing a Delta-8 company beat a highly regulated CBD company in revenue has got to hurt.

Lifted Made

LFTD Partners also known as Lifted Made, manufactures and sells branded products containing hemp-derived cannabinoids (e.g. delta-8-THC, delta-9-THC, delta-10-THC, THCV, THCO, CBDA, CBC, CBG, CBN, CBD), e-liquid, disposable nicotine vapes, kratom and kava products. In February 2020, LSFP acquired 100% of Warrender Enterprise Inc. d/b/a Lifted Made (formerly d/b/a Lifted Liquids). It recently announced that it was expanding its operations for the fourth time during the last 18 months, leasing an additional 8,000 square feet in a third building in Kenosha, WI. LSFP has also signed a letter of intent to acquire Savage Enterprises, owner of award-winning hemp-derived products brand Delta Extrax, sub-brand Chronix, Savage CBD, male enhancement products brand Vix, kratom and kava-based products brand Kanna, and plans to enter the California marijuana industry by purchasing Premier Greens LLC and MKRC Holdings, LLC. 

Two weeks ago, the company reported its third-quarter revenue had risen 32% to $8.8 million and net income grew by 40% to $2.2 million. Savage reported that it had revenues of $20 million in the third quarter, but doesn’t look to have Delta-8 products in its portfolio. Still, the pro-forma of the combined companies puts it near a $30 million quarter. 

CBD Companies Struggle

CBD brands have struggled under the massive amount of money it took to get established only to see competition muddy the landscape. CBD was being sold at grocery stores and gas stations. Consumers had no idea whether the cheap CBD at the gas station was the same, better, or worse than more reputable brands. With major restrictions on what CBD companies could say about themselves, consumers couldn’t even do their own research. Websites remain vague and companies that attempt to give consumers as much information as possible often get slapped by the FDA for making claims they can’t support with medical research. 

This year, a well-respected brand Plus Products essentially went bankrupt. Aligning itself with a major celebrity like John Legend didn’t help as the company became overwhelmed with debt. The stock has quit trading as the company restructures. In its last earnings report, Plus only delivered revenues of $4 million for the second quarter. 

While Charlotte’s Web (OTC: CWBHF) reported revenues of $23 million in the most recent third-quarter earnings report, this was down from 2020’s third-quarter revenue of $25 million. Another CBD with a large market share, CV Sciences (OTC: CVSI) reported that sales for the third quarter of 2021 were $5.1 million, which dropped 8% from $5.6 million in the third quarter of 2020. 

FDA Warns About Delta-8

In September, the Food & Drug Administration (FDA) issued a warning about Delta-8 THC noting that the product hasn’t been evaluated or approved by the agency. Granted the FDA’s opinion on anything cannabis-related is received with a healthy dose of skepticism. The FDA still hasn’t made any determination on CBD after years of discussion and research. In the warning notice, the FDA said that from December 2020 through July 2021, it had received adverse event reports from both consumers and law enforcement describing 22 patients who consumed delta-8 THC products and 14 went to a hospital or emergency room for treatment. 19 of these patients said they had eaten delta-8 THC food products. The adverse events included vomiting, hallucinations, trouble standing, and loss of consciousness. In addition to that, the FDA said that the national poison control centers received 661 exposure cases of delta-8 THC products between January 2018 and July 31, 2021, 660 of which occurred between January 1, 2021, and July 31, 2021. Of the 661 exposure cases:

  • 41% involved unintentional exposure to delta-8 THC and 77% of these unintentional exposures affected pediatric patients less than 18 years of age.
  • 39% involved pediatric patients less than 18 years of age
  • 18% required hospitalizations, including children who required intensive care unit (ICU) admission following exposure to these products.

In Closing

CBD companies were already facing a tsunami of challenges and the onslaught of the Delta-8 products has only added to those troubles. Until the cannabis industry decides to take a position on Delta-8, one way or the other, it is likely the CBD-only companies will have to find new ways to succeed. The patchwork approach by some states banning the product, while others allow it only creates more chaos for consumers. In the meantime, it looks as if the lack of regulations and customer demand will keep Delta-8 companies in business and possibly more successful than the CBD companies who are trying to play by the rules.


Julie AitchesonDecember 2, 2021
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5min4950

The numbers are in and it’s official—Green Wednesday 2021 was a big one for the cannabis industry, while Black Friday fizzled in comparison. Green Wednesday saw cannabis sales increase across the U.S. Black Friday did not have the sales growth seen in previous years, though some data (Flowhub) showed larger order values and bigger discounts than Green Wednesday. Data from market analytics and cannabis companies like Headset, LeafLink, Lantern, Glass House Brands, and others show common trends regarding most popular products and year-over-year sales numbers. Using this data, companies extrapolate some possible variables affecting this year’s numbers, including a decreased emphasis on Black Friday door-buster deals targeted towards packing stores with bargain-hungry shoppers, focusing instead on online sales spread out over the holiday season (Springbig).

Headset’s Green Wednesday 2021 data showed a 33% increase in total retail sales compared with the four previous Wednesdays, with a marked trend of customers taking advantage of promotions on offer to receive discounts on holiday shopping, with the average discount up 29 percent. This was in contrast to a slight decrease in sales (-4.6%) on Black Friday relative to the previous four Fridays, despite the fact that average Black Friday discounts increased by 56% from the previous four Fridays.

Flowhub’s data showed an average Green Wednesday discount of $9.57 (up from $8.94 in 2020) and an average Black Friday discount of $11.09. Notable in Flowhub’s findings was the conclusion that while Green Wednesday was a big sales day, Thanksgiving weekend as a whole had lower pre-tax sales than a typical Wednesday through Sunday. Jushi Holdings (OTC: JUSHF) didn’t seem to notice, however, experiencing its best online sales day in the company’s history on Green Wednesday 2021 with an 80% uptick in sales during Thanksgiving week and online ordering up 200% on Green Wednesday. Eaze saw a 135% increase in deliveries compared to a typical Wednesday in 2021, making it their second biggest day this year by both numbers of deliveries and sales after 04/20/21.

Edibles Most Popular For Green Wednesday

Headset’s data on category winners by sales numbers showed edibles leading the pack with 67% growth on Green Wednesday and 11% on Black Friday. Topicals and tinctures took second and third place while beverages saw a whopping 86% growth. Leaflink showed flower holding the top spot for most popular category in the month leading up to Green Wednesday making up 33% of sales with cartridges coming in second up 24.9% from the previous month. Jane Technologies saw its biggest category sales increases in edibles (94%), vapes (84%), and flower (73%) compared to the previous three Wednesdays, with chocolates and disposables leading subcategory sales by increases of 126% and 100% respectively. For Glass House Brands (OTC: GLASF), flower, carts, and edibles were the big winners.

LeafLink’s data measured the growth of sales (10.61%) during the month leading up to Green Wednesday compared to October, with the biggest sales increase (16%) coming during the week of November 14th over the previous week. The run-up to Green Wednesday broke records for cannabis company Lantern, with a 44% rise in average daily sales leading up to Green Wednesday, though there was no significant change to daily Average Order Value.  As the cannabis economy continues to transform to meet a shifting retail environment and shopping behaviors adaptive to these uncertain times, market analysts and retailers will continue to keep an eye on Green Wednesdays and Black Fridays to come as annual bellwethers for the market.

 


StaffDecember 1, 2021
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2min8510

The newest cannabis SPAC (special purpose acquisition corp.) Canna-Global Acquisition Corp. (NASDAQ: CNGLU) priced its initial public offering of $200 million and began trading on the Nasdaq Global Market on Tuesday using the ticker symbol “CNGLU”. The SPAC said it has not selected a business combination target or spoken to any companies about becoming the qualifying transaction. It did say in a statement that it will target a business addressing a large market opportunity with a company that is driving its growth in the medicinal cannabis or cannabinoid industry but only in a federally legal market.

The company is led by its Chief Executive Officer, J. Gerald (“Gerry”) Combs. Combs also serves as the CEO of CASH International Asset Management Ltd., a Hong Kong-headquartered asset management business. The SPAC’s chief financial officer is George Koi Ming Yap, who also runs the Sydney, Australia-based financial consulting firm KMYG Global. However, the company did state in its filing its plans to avoid targeting any businesses in Hong Kong or China.

Offering Details

Each unit consists of one share of the Company’s Class A common stock and one redeemable warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “CNGL” and “CNGLW” respectively.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments if any. The offering is expected to close on December 2, 2021, subject to customary closing conditions.


StaffDecember 1, 2021
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8min6630

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) recently conducted a “Cannabis Consumer Insights Holiday” poll that found most cannabis consumers plan on giving cannabis-related gifts for the holidays. The poll surveyed 1,000 cannabis consumers from U.S. states with state-legalized cannabis sales and most said they plan on making cannabis a part of their holiday celebrations. In addition to that, their friends and family members may also get some cannabis presents this year as a majority of those surveyed said it would be a part of the shopping list.

“As a company that places a premium on leveraging the power of research, data, technologies, and processes, our Cannabis Consumer Insights Holiday poll shares important revelations into how today’s cannabis consumers’ preferences and behaviors are shifting,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “As we close out the year, we look forward to continuing to share our learnings with the larger community, particularly as the sector rapidly evolves and cannabis consumers shift their behaviors.”

The national survey was commissioned by Jushi and conducted by Pollfish. It was overseen by Associate Professor at ArtCenter College of Design, Interaction Designer, Futurist and Jushi Experience Director Julian Scaff and it found that cannabis consumers 21 years and older in adult-use states overwhelmingly plan to consume cannabis as part of their holiday celebrations this season. Furthermore, the majority of respondents plan to give cannabis as gifts this holiday season. The survey also revealed cannabis consumers’ favorite types of cannabis products, with flower and pre-rolls together taking the combined top spot, followed by edibles and vapes.

Cannabis Gets Festive

In the survey, more than nine out of 10 respondents (91%) said that they plan to use cannabis as part of their holiday celebrations this year. In addition, when asked how much is typically spent on cannabis per month, 27% of respondents reported spending $100 to $150, 25% reported $50 to $100 and 20% reported $150 to $200.

The New Stocking Stuffer

An overwhelming majority (76%) of respondents said they plan to give cannabis or related products as gifts this holiday season. However, even more respondents stated that they planned to give cannabis as gifts when full legalization is enacted. When asked, “if cannabis was legal across all of America, would you be more likely to purchase cannabis or cannabis-related products as holiday gifts,” 88% stated yes.

Driving Factors in Selecting Cannabis Products

When asked to rank the two most important factors in choosing a cannabis product, THC level (50%) and price (49%) took the top slots. In terms of favorite types of cannabis products (check all that apply),” respondents listed: flower (52%) and pre-rolls (46%) as the combined favorite, followed by edibles (65%), and then, vapes (46%). Seventy-four percent of respondents reported that the specific strain (i.e., “Sour Diesel”) is important or very important in choosing a cannabis flower product. Additionally, when asked “how important is the brand of a cannabis product to you,” 74% of consumers stated it was important or very important.

Home Delivery, Online and Express Checkout

When asked “how do you typically shop for cannabis,” the majority of respondents said shopping in-store at a dispensary was their preferred method (58%). However, purchasing online and getting express or curbside pickup came in at 27%, while ordering online and getting home delivery came in at 16% – signaling an ongoing shift in retail’s digital and physical convergence, as well as the impact COVID-19 has had on shopping behaviors.

Health & Wellness: Cannabis & Alcohol Consumption

When asked “what do you use cannabis for (check all that apply), anxiety/stress took the top placement with 72% of the vote, followed by sleep at 57% and pain at 54% as the most common ailments people are managing with cannabis. Nearly a quarter (24%) of the poll’s respondents stated they are drinking less, and more than 15% stated they stopped drinking alcohol because of cannabis. However, 23% stated they consume more alcohol since using cannabis.


StaffDecember 1, 2021
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5min4480

Jesus Burrola is Chief Executive Officer of POSIBL, the cannabis farm of the future and engine for several of California’s leading brands. With over 1,000,0000 units of the packaged product to date, POSIBL is redefining what it means to produce the highest quality cannabis. Jesus is a proven leader who believes in his teams as the primary driver of growth. He leads the organization’s growth strategy in sales and operations and the best team at POSIBL to position the company as a global market leader. Prior to POSIBL, Jesus worked for 15 years at Beacon Building Products, the largest publicly traded building materials distributor in North America. Jesus was at the company during growth from $1 Billion to $8 Billion — through a combination of 30+ acquisitions and launches into new markets. Jesus worked his way up from a trainee to a National Vice President, managing a $700M  business segment. During Jesus’ time there, he held roles in both Sales Management and Operations and was tasked with integrating several large acquisitions. Jesus holds a Bachelor of Science in Supply Chain Management from Arizona State University. He enjoys quality time with his family, playing golf, and exploring great cuisine.

POSIBL

POSIBL is redefining what it means to produce the highest quality cannabis. Leveraging a state-of-art system that uses less to do more, POSIBL brings the best greenhouse technology and expertise from traditional agriculture into cannabis, and pairs it with the best possible genetics to produce the perfect flower — grown in an ethical, sustainable, free of pesticide and cost-efficient way, year-round. POSIBL’s Smart Greenhouses use best in class climate control, requiring less water per pound of flower, and are three times more energy efficient than indoor growers. Combining pesticide-free agro-technology and committed human talent, POSIBL comprises a dedicated and gifted team who understand these state of the art systems to perfection — believing in them to help improve production and value with every harvest. With Good Will and Great Work, Anything is POSIBL. For more information, please visit:

Full name: Jesus Burrola

Title: CEO

Company: POSIBL

Years at current company: 1 year

Education profile: BS in Supply Chain Management from Arizona State University

Most successful professional accomplishment before cannabis: Playing a role in growing Beacon from a $1B to $8B during my 15 years there, through a combination of greenfields and acquisitions into new markets and verticals.

Company Mission: To grow the perfect flower in an ethical, sustainable, pesticide-free and cost efficient way year round.

Company’s most successful achievement: Being the engine behind 12 of the leading cannabis brands in California, and supporting over 50 different SKUs for our partners.

Has the company raised any capital (yes or no): Yes

If so, how much?: +$38M including all rounds

 

Any plans on raising capital in the future? As growth opportunities arise, we would consider future rounds.

Most important company 5 year goal: Completion of our High-Tech Greenhouse and new processing facility buildout, which will allow us to produce the highest quality greenhouse flower at a very affordable price.


Debra BorchardtDecember 1, 2021
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4min7040

COMPASS Pathways plc (Nasdaq: CMPS)  announced further results from its groundbreaking phase IIb clinical trial of COMP360 psilocybin therapy for treatment-resistant depression (TRD). Compass said that additional analyses of primary and secondary endpoints validated topline findings and provided more insights into safety data. The objective of the trial was to find the appropriate dose for a larger, pivotal phase III program, which COMPASS said it expects to begin in 2022.

The study investigated three doses of COMP360 psilocybin (1mg, 10mg, 25mg) in 233 patients with TRD. The results showed that a single 25mg dose of COMP360 demonstrated a highly statistically significant and clinically relevant reduction in depressive symptom severity after three weeks, with rapid and durable treatment response. The 25mg group vs the 1mg group showed a -6.6 difference on the MADRS* depression scale at week 3 (p<0.001). In the 25mg group, 36.7% (29 patients) showed response* at week 3 and 29.1% (23 patients) were in remission* at week 3. Furthermore, at the end of the trial at week 12, 24.1% (19 patients) were sustained responders*. Additional analyses of primary and secondary endpoints have supported these results.

Professor Guy Goodwin, Chief Medical Officer, COMPASS Pathways, said: “Our additional analyses underline the robustness of our findings that a single high dose of COMP360 psilocybin, given in conjunction with psychological support, led to a rapid and sustained response for many patients. This phase IIb study was designed to determine the optimal COMP360 dose for our phase III programme, evaluating safety and efficacy at the primary endpoint at week 3. Additionally, we observed consistent improvement in measures of anxiety, positive and negative affect, quality of life, daily functioning, cognition, and self-reported depression. We believe this could make a tremendous difference to patients suffering with treatment-resistant depression, who have few options available to them. Remember, a quarter of the 25mg group maintained response, as measured by the MADRS, at 12 weeks after a single administration with no other antidepressant medication. This finding in itself is unprecedented.”

Analyses of exploratory measures including anxiety, self-reported depression, positive and negative affect, and functioning, showed greater improvements for patients receiving a 25mg dose of COMP360 psilocybin compared with those receiving a 1mg dose after three weeks, both with psychological support. Further analysis is ongoing and full trial results will be submitted for publication in a peer-reviewed journal. The data will be reviewed with regulators early next year.

Sidney Zisook MD, Director of the University of California San Diego Residency Training Program, a Distinguished Professor of Psychiatry at UCSD, and a Principal Investigator on the trial, said, “Many of the participants in this study had suffered for years with severe and crippling depressive disorders despite multiple treatment trials with traditional antidepressant medications and therapies. To see so many experience a robust and sometimes persisting response – and a new, brighter, more positive attitude – during the course of the study, was immensely gratifying and hopeful.”


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