Business Archives - Green Market Report

Cynthia SalarizadehCynthia SalarizadehNovember 25, 2020
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16min10

The holiday season is right around the corner! So what do you get the cannabis grower in your life?  Although the obvious choice might be a pair of socks decorated with cannabis leaves,  for the more sophisticated cannabis cultivator, we’ve found 14 gifts every grower would be stoked to receive. 

1. A mobile farm radio for grows in weak cell reception areas

Don’t let a weak signal put your communications in jeopardy! With a farm radio from Midland, you’ll always be able to get in touch with team members. The system from Midland can provide a range of up to 50 miles in areas with little or no obstruction.

2. Software to streamline their operations 

Traditionally, growers have used notebooks and whiteboards to track daily tasks and record grow data. But as the industry matures and operators scale their businesses, a need for smarter tools is born.

Meet Trym– user-friendly software built just for cultivators. Trym’s task management system allows a team to map out its tasks for a new plantings’ entire growth cycle. And Trym’s integrations with leading environmental sensors automate the monitoring of grow conditions. 

The coolest part is being able to access past data on harvests in order to optimize future ones. One thing all growers have in common is that they never stop trying to improve.

Help the grower in your life reach the success they deserve. With Trym they’ll quickly increase their operation’s productivity and consistency.

3. An environmental controls system to keep conditions at optimal levels

The professional grower who’s into tracking all of their environmental conditions will dig TrolMaster products for their powerful control systems and sensors that monitor lighting, temperature, humidity, and CO2.

Imagine how a plant experiences the sun outdoors, with gradual light intensity increasing from morning to afternoon. Now, a grower can program the light cycle and specific environmental conditions they desire to simulate natural outdoor conditions.

4. Microbiometer for quick and affordable soil tests

For farmers growing in soil, microbial biomass is considered to be the best indicator of soil health. With a product like a Microbiometer, growers can take their own on-site soil tests in only 10 minutes. 

Results are read through a mobile app and data is stored for later analysis. This is a great tool to track and evaluate the effectiveness of soil amendments. And for those who simply need to know their soil is healthy as can be, the Microbiometer is a fast and affordable way to do so.

5. Rapid wireless charging for long days 

12-hour days, lots of communication, research and note taking can take a toll on a grower’s phone. That’s why having a quick and easy way to charge up throughout the day is crucial. 

That’s where this Belkin charging stand comes in as the perfect gift. It offers up to 10 watts for Apple and Samsung so that you spend less time charging and more time tending to crops. 

6. A botanical illustration to dress up your wall

For a tasteful depiction of the beloved cannabis flower, these gorgeous prints from Goldleaf make a wonderful gift for anyone in the cannabis industry. 

Plus, all proceeds raised from these prints are donated to Project Sanctuary, an organization that helps military families and veterans returning from service. 

7. A garden gnome to watch over the crop

Help keep things lively in your grower’s work space. Whether they cultivate outdoors or in, a properly placed garden gnome will surely bring smiles. 

Gnomes are symbols of good luck and they are thought to provide protection. Who better to keep a close watch over a crop or home. There are plenty of gnomes to choose from–both big and small, so choose one that fits your grower’s personality.

8. Jeweler’s loupe to keep a close eye on the trichomes

After months of caring and nurturing their plants, one of the most important moments in a grower’s journey is deciding when it’s time to harvest. 

Growers listen to their plants and pay close attention to the trichomes, or resin glands on cannabis flowers. When they change from clear to milky, that’s when they know it’s time.

To monitor the trichomes, growers must be able to see them close up. This jeweler’s loupe has a handy LED light so they can see their handiwork day or night

9. Method 7 glasses for eye protection

Spending lots of time under grow lights can do serious damage to a grower’s eyes. Modern grow lights manipulate the natural light spectrum to mimic the sun’s rays, and too much exposure is not a good thing.

Every grower should protect their eyes while working in a grow room or light-assisted greenhouse. The most popular, high quality glasses in the industry are made by Method 7.

You’ll need to ask the grower what kind of lights they grow under because Method 7 makes glasses for all types including HPS, LED and Metal Halide.  

10. Airtight UV glass storage jars to keep their herb fresh

The freshness of cannabis diminishes rapidly with time, and the most harmful elements are oxygen and light. 

For a grower who smokes and wants a tasty, high-quality smoke each time, gift them a premium air-tight ultraviolet glass jar.This UV glass container from Masterdam will store and preserve their herb, increase its shelf life, and prolong its potency.

11. Smartphone camera lens for better quality grow photos and videos

One thing all growers have in common is pride in their work. Give them an opportunity and they’ll talk at length about their unique approach and how it results in the best cannabis possible. 

And they’re most likely to show you with a picture or video of their room. The issue is that if they don’t have a special filter on their phone, their shots will come out orange (if growing under HPS bulbs). 

This clip-on lens filter attaches to a phone and filters out the red-spectrum light to help the growers showcase their prized garden. 

12. A utility holster organizes necessities 

Growers have lots of tools and items they need within reach. It’s a hassle to pack your pockets before you step into the grow area and then clean them out each day. Instead,  this utility holster does a better job of keeping their things tidy and in one place. 

The holster easily clips on to waistbands, belts, or straps, and makes the perfect gift for someone needing a little bit more organization in their work space.

13. Hemp Coasters to bring their passion into their living space

These aren’t just any coasters. They’re made of hemp rope and are a subtle but distinct nod to the cannabis and hemp industry. These coasters are hand-made and can be found on Etsy.

Forget plastic, hemp is the promising crop towards increased sustainability. A simple, yet unique gift for any and all growers. 

14. Lava soap for clean and smooth hands

Anyone who has  worked with cannabis knows how sticky the flowers are. Even short tasks like pruning or deleafing result in sticky hands that are layered with resin from the plants.  

Regular old soap doesn’t cut it, which is why the perfect stocking stuffer for the growers in your life is Lava Soap.

This pumice soap cuts through all that resin and is a heavy-duty alternative to regular soap. Help a grower keep their hands clean and soft with this pumice soap, used by many since 1893.

 


StaffStaffNovember 25, 2020
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4min80

It’s time for your Daily Hit of cannabis financial news for November 25, 2020.

On The Site

Predictions for Green Wednesday 2020

Headset

Headset forecasts an even larger than usual uptick in recreational cannabis sales on Green Wednesday this year for several reasons:

–  In all adult use cannabis states tracked by Headset, the total market has grown by at least 20% in total revenue over last year (when comparing October 2019 to October 2020).

Akerna

“On average, Thanksgiving tends to be one of the Top 5 sales holidays of the year, and we expect that trend to continue this year,” said James Ahrendt, Business Intelligence Architect, Akerna (NASDAQ: KERN). “In the past, we’ve seen huge spikes in sales on Wednesday and Friday since most dispensaries are closed on Thursdays.”

Akerna anticipates that the average order total will be around $82.30 for adult-use customers and $128.46 for medical consumers, representing an increase of approximately $13 compared to the average order total on any other given day of the year.

Planet 13

Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) reported that revenues rose 36.5% to $$22.8 million for the third-quarter ending September 30, 2020, versus last year’s $16.7 million. The company also delivered a net income of $0.2 million as compared to a net loss of $1.7 million in 2019. The net income before taxes was $3.4 million as compared to a net income of $0.3 million last year for the same time period. The operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $7.2 million in the quarter versus $6.7 million in 2019, an increase of 7.9%.  The third-quarter 2020 adjusted EBITDA of $6.2 million was higher than the 2019 Adjusted EBITDA of $3.4 million.

Vireo Health

Vireo Health International, Inc. (OTCQX: VREOF) reported that its revenue rose 67% to $11.9 million for its third quarter ended September 30, 2020 versus $7.1 million for the same time period in 2019. Net income in the third quarter was $122,252 versus a net loss of $14.6 million in the 2019 third quarter.  Vireo said the favorable improvement in net income was primarily driven by the one-time gain of $16.4 million on the divestiture of the company’s former PAMS subsidiary.

In Other News

Driven Deliveries, Inc.  (OTCQB: DRVD), one of California’s fastest-growing online cannabis retailers and direct-to-consumer logistics companies, today announced its financial results for the three months ended September 30, 2020.

  • Gross Revenue for the third quarter ended September 30, 2020 totaled record sales of $7.2 million.
  • Net Revenue for the same period was $6.0 million, +393% Y/Y.
  • Gross Revenue Fiscal YTD totaled record sales of $16.6 million, +1,193% Y/Y.
  • Net Revenue Fiscal YTD was $13.8 million, +998% YTD Y/Y.
  • The company announced its pending acquisition by Stem Holdings, Inc. (OTCQX: STMH CSE: STEM) is expected to close in CY20/Q4.

 


StaffStaffNovember 25, 2020
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6min400
Predictions for 2020
Headset

Headset forecasts an even larger than usual uptick in recreational cannabis sales on Green Wednesday this year for several reasons:

–  In all adult use cannabis states tracked by Headset, the total market has grown by at least 20% in total revenue over last year (when comparing October 2019 to October 2020).

– During the COVID-19 pandemic we have seen significant changes in consumer behavior. In March and April 2020, when many states were enforcing stay-at-home orders, the cannabis market saw a decrease in total transaction volume, but a significant increase in average basket size. This makes sense because customers were likely trying to minimize their trips to the dispensary, so they bought more per trip.Through the summer and into Autumn, average baskets have stayed significantly higher than they were pre-COVID, but transaction volume has crept back up to nearly the same level it was at in February. These two trends combined indicate a ‘new normal’ in the cannabis industry driving the highest monthly revenue totals since the beginning of the legal sales.
– Additionally, with many states reinstating COVID-19 lockdown measures, and advising against travel and social get togethers, Thanksgiving 2020 will be unlike any in living memory. With millions of Americans being asked to stay at home for the holiday, frankly, what else is there to do?
– Edibles have performed well throughout the COVID-19 pandemic. That along with their usual strong sales lifts during the holiday season leads us to predict Edibles and Beverages to again be the categories with the biggest sales lifts on Green Wednesday this year. Both product formats are conducive to indoor consumption (for those that don’t want to smoke or vape in their homes), and THC infused Beverages are often associated with celebration, as they are increasingly seen as a substitute for alcoholic beverages.
Akerna

“On average, Thanksgiving tends to be one of the Top 5 sales holidays of the year, and we expect that trend to continue this year,” said James Ahrendt, Business Intelligence Architect, Akerna (NASDAQ: KERN). “In the past, we’ve seen huge spikes in sales on Wednesday and Friday since most dispensaries are closed on Thursdays.”

Akerna anticipates that the average order total will be around $82.30 for adult-use customers and $128.46 for medical consumers, representing an increase of approximately $13 compared to the average order total on any other given day of the year.

Additional Thanksgiving Holiday Predictions:

Sales by product type:

  • Flower – 42%

  • Cartridge/Pens – 37%

  • Concentrates – 11%

  • Infused Edibles – 8%

  • Other – 2%

Sales by Gender

  • Male – 64%

  • Female – 36%

Sales by age group:

  • Under 30 – 28%

  • 30-40 –30%

  • 40-50 – 19%

  • 50-60 –12%

  • Over 60 – 11%

LeafLink
The cannabis industry, as measured by cumulative wholesale transaction volume growth through the LeafLink marketplace, increased by 40% between the start of the pandemic in March and October 2020. Overall, cumulative wholesale transaction volume is up 60% through the end of October compared to the start of the year, and we expect the growth trend to remain healthy through the end of the year. – Alex Feldman, General Manager of LeafLink Insights

StaffStaffNovember 25, 2020
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9min240

Editors Note: This is a guest post. 

It has been more than a decade since the invention of vaping. There is still a lot of debate about whether vaping is better than smoking. Vaping has been a new thing for some countries, especially its concept. Many people even see vaping as the same thing as smoking. Vapes are also known as E-Cigarettes, and they are now used all over the world. Vaping is not similar to smoking at all.

Vape’s demand is increasing day by day; in almost every country, people are vaping rather than smoking. However, some still do not believe in the benefits of vaping. They just need to know these ten benefits of vaping to change their mindset. When you are convinced of the benefits, buy Cali Weed online to save time and get it delivered to your home. Here are the ten benefits that vaping has but smoking does not-

Has Less Dangerous Chemicals

Normal cigarettes are made with many dangerous chemicals and toxins such as nicotine, arsenic, lead, cyanide, carbon monoxide, ammonia, and more. Research has determined that cigarettes contain at least 24 chemical compounds that are very harmful to the human body. In Australia, about 50 deaths are happening each day just because of smoking. Smoking can even lead to cancer. Vape has E-Liquid, which only contains VG, PG, flavoring, which is FDA-approved. Besides, vapes come with fruit, spicy, sweet, and many other flavors. It makes the experience more enjoyable for its consumer.

Not Hazardous to Health

Smoking a lot can cause lung & mouth cancer and respiratory and cardiovascular diseases, but vaping does not cause any such thing. It’s been many years since scientists have proven smoking is injurious to health. Many people have fallen victim to some incurable disease due to chain-smoking. It happens because of the combustion of tobacco. But vaping has no such hazardous compounds in it. 

Less Addictive

Nicotine is one of the primary compounds in a cigarette. Nicotine is known to be very addictive. Although some vapes might contain nicotine, Australia has restricted nicotine in their commercially available vapes. So vapes without nicotine are the way to stay safe and healthy.

Assists in Quitting Smoking

In today’s world, we have many e-cigarette users who vape to quit their smoking habit. There is much evidence that many regular chain smokers were successful in quitting their bad smoking habit. They just had to vape for three months, and it helped them cease smoking completely; they were totally free from smoking addiction after those months. 

Wide Range of Flavors

As previously said, there are various flavors available in the vape, whereas cigarettes only have tobacco. The vape juice is now accessible in many different flavors to match the user’s taste preference. Many vape users love flavors like strawberry, menthol, apple, cherry, chocolate, caramel, etc. That is why e-cigarettes are less boring than regular cigarettes. There are always the most preferred vape pens each year. 

Less Dangerous for Others

Smoking is very harmful to the user and also to the people around the smoker. This term is also known as passive smoking or second-hand smoke. Passive smokers have a very high chance of getting coronary disease or worse, cancer. This is why vaping is very safe, and it does not impact others. Moreover, an experiment of the CDC has confirmed finding vitamin E in the body of vape users.

Safe for The Environment

We all know for a fact that smoke can be very bad for the environment. The same goes for cigarette smoke. Many fire incidents are caused just for discarded cigarette butts. These tobacco cigarettes threaten our health and also play a big part in air pollution and greenhouse effects. On the other hand, vaping does not cause any of these issues. Vaping has no nicotine and tobacco in it, which makes it very environment-friendly and healthier than smoking. 

Easy to Use

Vaping is convenient to use, but it depends on the local laws whether you are allowed to vape out in the open. In some countries, vaping is also looked at as a bad smoking habit, and they think it has the same passive smoking effects. However, vapes do not have any bad smelling smoke and do not cause passive smoking effects. Many cities now accept vaping, and people can use vape machines out in the open.

Not Very Costly

Despite vape being good for health and the environment, it is much cheaper than smoking. Although you have to buy the e-cigarette, the vape juices are way less expensive than highly-taxed tobacco products. On the opposite side, smoking is a costly addiction. A casual chain-smoker uses a whole pack of cigarettes per day, and it costs them about $14,000 per year, whereas e-cigarettes will cost you about $720 per year only. It proves that tobacco addicts spend more on all those cigarettes. The vape juices are quite cheap, and they are available in online vape shops. These online vape shops ship their products in many states, or you can get yourself vape juices from local vape stores. In short, vaping is not as costly as smoking. 

No Leftovers Like Cigarettes 

Another benefit of vaping is that it has no smoke, ash, or any remnants. Also, you are free from worrying about bad odor, tobacco breath, and ashes. That is why vaping is far safer. It has a beautiful, flavorful smell, where cigarettes have a very bad tobacco smell and give you bad-smelling breath. 

Final Words

Stopping the smoking habit is tough, and it deteriorates the smoker’s health. But vaping can be a lifesaver for the chain-smokers to quit their tobacco smoking addiction. Vaping is now accepted socially because it is safer and more viable than smoking cigarettes. You can have fun vaping without worrying about any side effects similar to smoking; it is that safe. This is the reason why vaping is the best alternative to smoking.


Video StaffVideo StaffNovember 25, 2020

1min270

Rebelle Dispensary in Great Barrington MA is quickly making a name for itself. The group is led by Charlotte Hanna who is committed to social equity causes. The dispensary turns over a percentage of its profits for social equity causes. Rebelle also prides itself on its retail design acumen and product curation. Check out the latest entrant to Massachusetts cannabis retail.


StaffStaffNovember 25, 2020
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8min360

The holiday shopping season is the holy grail for consumer brands, particularly for those looking to recapture markets lost during the pandemic. However, this season is also the most competitive when it comes to marketing, and it can be a challenge to break through the chatter without breaking the bank. 

For CBD brands, the added difficulty is to resonate with target audiences while staying squarely within regulations. However, with the right digital strategy, it is possible to optimize budgets and achieve meaningful results.

Holiday marketing in a pandemic

Already a growing trend, eCommerce has become the new normal during the COVID-19 pandemic. Most Americans are stuck at home and spending more time on devices, and nearly two-thirds are expecting to change their buying habits by the end of the pandemic. 

To capture these audiences and convert those who are open to new brand preferences, it’s important to keep campaigns running and maintain a full sales funnel, with messaging, marketing tactics, and a customer experience that is sensitive and tailored to the pandemic and to the holiday season. 

Meanwhile, brands should not lose focus on their loyal base. Remind customers what makes your brand special with regular communication and messaging that conveys a solid grasp on current events and emphasizes gratitude for their continued patronage. Building a positive, emotional relationship with customers is one of the strongest moves that businesses can make during this difficult time.

Businesses should also keep in mind that Q1 has become an important shopping season in itself, and extending campaigns into the beginning of 2021 can bring significant returns. Most platforms allow for 180 days of audience data storage, providing a perfect opportunity to retarget and remarket when costs per impression are much lower. 

CBD marketing 101

Given the added hurdles of marketing CBD products, success during the holidays will depend on a clear understanding of where you can advertise, where you can’t, and where it may not be worth it in the first place. 

Most importantly, CBD brands will run into problems advertising on Facebook and Google. While it was reported that Facebook lifted their ban on CBD ads, in practice compliance with their rules can be very difficult, with the rules themselves changing quickly. And though Google does seem to be trending in the right direction, neither platform is worth the risk at this time. 

CBD marketers can also make mistakes when it comes to targeting. While there is overlap with THC audiences, keep in mind that consumers use the two products for very different reasons. Rather than promoting CBD to the same audiences that use recreational THC, fine tune targeting to focus on fitness and health management audiences. 

Despite these pitfalls, marketers can find more fertile ground with programmatic, social, and search marketing. 

  1. Programmatic 

When it comes to CBD marketing, programmatic benefits from much easier compliance and limited regulation compared to other forms of digital advertising. With a multichannel approach, programmatic empowers marketers to find nearly anyone across platforms. Focus on leveraging multiple ad types, including display, native, programmatic audio, preroll, and connected TV, to capture the full benefits of programmatic campaigns. 

       2. Search

While CBD brands are not able to use paid search, organic search will be a cornerstone of effective digital marketing and lead-generation. Consider content marketing at each stage of the funnel, and when structuring campaigns consider three rules: Who do you want to reach? What do you want to say? And what do you want audiences to do?

When creating content, high-quality educational material is the gold standard. Focus on differentiators such as price or quality, and remember that great content itself can be a differentiator.

        3. Social

Social compliance can be incredibly challenging – however, Snapchat may be one worth pursuing. Though it’s technically complicated to market CBD on the platform, when done correctly these ads can have an impressive impact, with as much as fifteen to seventeen dollar return on ad spend. Snapchat also has a number of new tools for advertisers, such as AR/VR, brand profiles, dynamic ads, and the Snapchat audience network.

No effective marketing campaign is complete without a strategy to meaningfully track success. Keep a close eye on the actual dollars and cents being spent on advertising — and how they translate into ROAs — as well as metrics such as attribution and spend from each channel. 

Meanwhile, keep in mind that CBD customers can be much more loyal than most other CPG categories. Metrics such as predictive lifetime value, cost of new email sign-ups, and net new people are efficient means to gather and retain a loyal base. 

Holiday marketing is about working smarter, not harder. This is doubly true for CBD brands, who can tie themselves into knots solving compliance problems and never get a solid foot out the door. Use this as a guide to help simplify holiday marketing during COVID-19, and spend ad budgets with confidence. 

Scott Waldman is a Senior Account Executive at digital marketing agency Adtaxi. A native Californian, he graduated from the University of California, Los Angeles. Prior to joining Adtaxi, Scott has dedicated himself to numerous industries focused on sales & marketing pursuits for various verticals over the last 18 years including e-commerce, CBD, Consumer Electronics, Education, Health & Beauty, Automotive, Tech, Brick & Mortar retail, and numerous others. Scott enjoys travel and cooking in his spare time and believes that helping other people is the key to accomplishing your goals.


StaffStaffNovember 25, 2020
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3min380

Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) reported that revenues rose 36.5% to $$22.8 million for the third-quarter ending September 30, 2020, versus last year’s $16.7 million. The company also delivered a net income of $0.2 million as compared to a net loss of $1.7 million in 2019. The net income before taxes was $3.4 million as compared to a net income of $0.3 million last year for the same time period.

“Our performance in the third quarter exceeded expectations – leading to our highest quarter of sales ever,” said Larry Scheffler, Co-CEO of Planet 13. “Despite being impacted by the ongoing global pandemic and our Las Vegas SuperStore only at 50% capacity, we achieved 36% higher revenue compared to pre-COVID quarters. This is a testament to the strength of Planet 13’s business model and the success of the operational improvements we put in place to ensure our ability to serve local customers. As Las Vegas returns to normal and the economy recovers, we will undertake further strategic initiatives to grow revenue at the SuperStore and increase our sales to local customers in Las Vegas.”

The operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $7.2 million in the quarter versus $6.7 million in 2019, an increase of 7.9%.  The third-quarter 2020 adjusted EBITDA of $6.2 million was higher than the 2019 Adjusted EBITDA of $3.4 million.

“In the third quarter, our in-house brands contributed 25% to SuperStore revenue – continuing to be one of the most recognized and fastest-growing segments within the Planet 13 portfolio. In the wholesale market, we saw increasing sales month over month throughout the quarter and continuing into October. Building on this momentum, we continue to invest in cultivation with our recently announced acquisition of a 45,000 square foot facility in Las Vegas, better positioning us to supply wholesale and retail sales within the state,” commented Bob Groesbeck, Co-CEO. “We are excited to leverage our knowledge and experience from Nevada to California, with the opening of our new dispensary in Santa Ana in 2021 – the world’s second-largest dispensary. Planet 13 is well-capitalized, and we look forward to executing on future expansion into other major growth markets.”

Post Quarter Updates

Following the end of the third quarter, the company listed the following highlights in a statement:

  • On October 13, 2020, Planet 13 announced the addition of non-cannabis retail space to the Las Vegas SuperStore.
  • On October 19, 2020, Planet 13 announced expanding the dispensary floor of the Las Vegas SuperStore.
  • On October 19, 2020, Planet 13 announced a CDN$20 million bought deal public offering.
  • On October 20, 2020, Planet 13 announced an upsize to bought deal public offering to CDN$25 million.
  • On November 5, 2020, Planet 13 announced the closing of a CDN$28.8 million bought deal public offering.
  • On November 20, 2020, Planet 13 announced opening the Medizin dispensary.

Debra BorchardtDebra BorchardtNovember 25, 2020
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5min400

Vireo Health International, Inc. (OTCQX: VREOF) reported that its revenue rose 67% to $11.9 million for its third quarter ended September 30, 2020 versus $7.1 million for the same time period in 2019. Net income in the third quarter was $122,252 versus a net loss of $14.6 million in the 2019 third quarter.  Vireo said the favorable improvement in net income was primarily driven by the one-time gain of $16.4 million on the divestiture of the company’s former PAMS subsidiary.

Vireo reported that it generated revenue in seven states during the third quarter: ArizonaMarylandMinnesotaNew MexicoNew YorkOhio, and Pennsylvania. Total revenue, including contributions from discontinued operations, increased 68% year-over-year to $13.4 million.  Retail revenue was approximately $9.9 million in the quarter, an increase of 61% versus $6.2 million in Q3 2019. The increase in retail revenue was principally due to greater patient enrollment and average revenue per patient in Minnesota and New Mexico, as well as contributions from retail dispensaries in Pennsylvania. Wholesale revenue of $2.0 million increased by $1.1 million as compared to $980,921 in Q3 2019, with the increase primarily driven by the growth of wholesale operations in Maryland.

“Our third-quarter results demonstrate the improving nature of our business and success of recent initiatives to improve operating and financial performance,” said Chairman and Chief Executive Officer, Kyle Kingsley, M.D. “For the past several quarters we’ve been focused on positioning our vertically-integrated portfolio of assets to produce sustained and profitable growth, and we believe today’s results are an encouraging indicator that we’re nearing a critical inflection point in cash flow generation from operations.”

EBITDA was $8.1 million during the quarter, compared to a loss of $15.9 million in 2019 for the same time period. Adjusted EBITDA was a loss of $675,808 in Q3 2020, as compared to a loss of $5.2 million in Q3 2019.

Dr. Kingsley added, “Thanks to the hard work of our teams improving costs and manufacturing efficiencies, Vireo is positioned to improve margins as we continue growing our Green Goods retail dispensary footprint and benefit from likely tailwinds of regulatory changes. Each of our current development projects remains on time and budget, and with seven new dispensaries expected to open before the end of Q1 2021 and the potential for a majority of our state-based markets to pass adult-use legislation within the next year, we believe Vireo is poised for strong improvements in revenue growth and profitability.”

Outlook

Dr. Kingsley concluded, “As we exit fiscal year 2020, we’re focused on successfully completing our capacity expansion projects in ArizonaMaryland, and New Mexico, as well as our planned dispensary openings in MarylandMinnesota, and New Mexico. However, cash inflows from the forced redemption of warrants and exercise of the PDS purchase option materialized sooner than we anticipated, and our improving liquidity position has enabled us to begin evaluating additional investment opportunities. We expect to provide the investment community with an update on development initiatives and their potential impacts to our long-term operating and financial outlook in the spring of next year.”


StaffStaffNovember 25, 2020
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6min270

Editors note: This is a guest post.

There’s nothing more exciting than receiving a package once a month with interesting surprises waiting to be revealed. It’s even more fun when it’s a goodie crate themed to your personality and interests. 

It’s not a new concept, but it is becoming more popular as time goes on. If you’re not sure why signing up for a subscription box is a good idea, take a look at the host of benefits we discovered.

Element of Surprise

Unwrapping a gift is an exciting and joyful experience, and let’s face it, we all need a Me Time Box once in a while. Imagine having these feelings of giddy anticipation whenever your package arrives at the door. 

When you sign up for a service, it’s because you’re already interested in the items on offer. It could be a certain genre that it focuses on, such as movie superheroes. Or it could be useful things such as a beauty box offer that’ll send you makeup every month. 

You know that you’ll receive your package, but the beauty of a subscription box is that you never know upfront what you’ll find inside. The fun part is opening it up and going through the items one by one. 

Cost-effective

The subscription box business model operates on the premise that the client gets the benefit due to the provider’s bulk buying power. In other words, what you pay every month for your package is less than the value of the items inside

It’s a wonderful way to enjoy amazing products at a discounted rate. The companies will often get samples from suppliers and then add them to the box at no added cost. It’s a unique way to try new brands before buying them in the store. 

Convenient and Discreet Shopping

While some services focus on novelties, others offer products that you use daily. Think of categories such as beauty and grooming, clothing and accessories, or even food. By signing up for the monthly subscription, you’ll save time and money by not having to travel to the shops to purchase these items. 

It’ll also help you stay within your budget as you won’t be tempted to buy on impulse. The packages are discreetly shipped with no trace of any branding or clues about the content. So there’s no need for your neighbors to know your habits and lifestyle. 

Customizable

Many companies allow clients to tailor design their subscription box service. It’s particularly useful for items such as clothing, toiletries, and food. You can choose what you’d prefer to receive and which products don’t suit your preferences. 

If, for example, you sign up for a monthly snack box and you’re allergic to nuts, you can let the company know, and they’ll substitute with something different. These types of customizations are changeable at any time. 

This means that if you’d like to try something new or different, you can change your crate preferences for the next order.

Something for Everyone

Certain subscription boxes are targeted towards a gender, for example, beard care products for men. In contrast, others are less specific and will usually have something for everybody. 

Most times, the gifts are unisex and are compatible with the season in which you’ll be getting your box. It makes receiving your crate that much more fun since you can share it with friends and family. 

Final Thoughts

Subscription boxes are fun and filled with surprises. It’s one of the primary reasons that many people sign up for the service. The boxes are also cost-effective as the price you pay is usually less than the value of the goods you receive. 

Getting your package delivered to the front door every month is a convenient way of shopping without ever having to leave your home. Most companies allow clients to customize their subscriptions to suit their preferences. 

An added benefit is that many subscription boxes have gender-neutral products, which means you can share the fun and excitement with friends and family.

 


Kaitlin DomangueKaitlin DomangueNovember 24, 2020
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It’s time for your Daily Hit of cannabis financial news for November 24th, 2020. 

On the Site

Subversive SPAC Forms The Parent Company With Jay-Z, Roc Nation

Special purpose acquisition company (SPAC) Subversive Capital Acquisition Corp. (OTCQX: SBVCF) or SCAC entered into definitive agreements with global icon, entrepreneur and MONOGRAM founder, Shawn “JAY-Z” Carter, entertainment powerhouse Roc Nation, California cannabis company CMG Partners Inc. (Caliva) and Left Coast Ventures, Inc. to form TPCO Holding Corp. (The Parent Company). The deal is expected to close in January 2021.

Caliva and Left Coast Ventures expect combined pro forma revenues of $185 million in 2020 and $334 million in 2021. 

 

Plus Products Trims Losses As Revenues Rise

Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF)  released its unaudited financial and operational results for the third-quarter ending September 30, 2020, with revenues growing slightly to $3.7 million versus net revenues of $3.5 million for the same time period in 2019. Plus also trimmed its losses to $(1.5M) in the quarter versus ($9.5) million for the same quarter in 2019 representing an 84% improvement.

 

Jushi Reports Rising Revenue, Increases Guidance

Jushi Holdings Inc. (CSE: JUSH) (OTCMKTS: JUSHF) delivered revenue of $24.9 million for the third quarter ending September 30, 2020, which was an increase of 67% over the second quarter. Still, the company reported a net loss of $30 million or $0.31 per diluted share, compared to a net loss of $9.3 million, or $0.10 per diluted share, in the second quarter. 

 

COVID Not Expected To Hurt Holiday Cannabis Sales

Cannabis compliance technology company Akerna (NASDAQ: KERN) anticipates a 78% increase over average daily sales for 2020 during this Thanksgiving weekend, hitting $270 million between November 25 and November 28.

In Other News

MJardin Terminates MSAs in Colorado

Leading cannabis production company, MJardin, announced today that they are terminating certain management services agreements and consulting agreements with parties located in Denver. This is effective immediately, and the company claims this is a response to their “ongoing review, evaluation, and turnaround process. The MSAs between the company and companies 3BVentures and TwoG Ventures will be terminated immediately. This will not impact the promissory notes, intellectual property agreements, and lease obligations currently in place between the parties.



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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