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StaffJune 15, 2021
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6min6030

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced its financial and operational results for the fiscal first quarter ending May 1, 2021 with revenue rising 90.7% to $44.1 million. However, Fire & Flower also delivered a net loss of $61.6 million versus last year’s $12.7 million for the same time period. The company blamed the net losses on a $54.1 million loss on the revaluation of derivative liabilities in the current quarter. 

“We started 2021 off strong by delivering our fourth consecutive quarter of positive Adjusted EBITDA while posting record quarterly revenues,” said Trevor Fencott, Chief Executive Officer of Fire & Flower. “Despite the challenges produced by the COVID-19 pandemic, our retail business continued to drive strong sales growth as we expanded our retail footprint by bringing Fire & Flower to British Columbia, opening two new stores in Vancouver, and bringing our total store count to 83 licensed cannabis stores. Our wholesale division continued to grow in Saskatchewan as more retailers look to our Open Fields Distribution business to supply their inventory. And last, driving our leadership position in Canada, and now emerging in the U.S., is the ongoing success of our proprietary Hifyre business, as it becomes increasingly recognized as one of the industry’s most advanced digital retail and data analytics platforms.”

The company said it was the fourth consecutive quarter of positive Adjusted EBITDA of $2.3 million as compared to an Adjusted EBITDA loss of $1.4 million for the first quarter of 2020. In addition, the company reported a gross profit percentage of 37.5% compared to 32.6% for the same period in 2020.

Balance Sheet Improvements

Fire & Flower completed a $15 million at-the-market equity offering and strengthened its balance sheet with a $53 million debt-to-equity conversion helping to further reduce interest costs. A wholly-owned indirect subsidiary of Circle K owner, Alimentation Couche-Tard Inc. converted approximately $24 million principal amount of debentures, which increased their equity stake in the Company to 19.9%. Total debt was reduced from $37.5 million on January 30, 2021, to $7.2 million. The company has a cash balance of $32.7 million as compared to $30.6 million on January 30, 2021.

Fencott added, “We are strategically leveraging the significant growth opportunities that exist within each of our business segments and continue working towards listing our shares on the Nasdaq. We expect this upcoming listing will help generate additional exposure for our common stock in the U.S. while providing additional liquidity to our shareholders. As we head into the second half of the year with strong momentum from the reopening of provinces and consumers coming back into the stores, we are confident we are positioned to deliver sustainable growth throughout 2021 and beyond.”

Derivative Revaluation

The company said in its filing that on May 1, 2021, the derivative liabilities related to the Investor Debentures conversion option, Series B Warrants and Series C Warrants were
revalued using the Monte-Carlo and trinomial tree model simulation valuation technique and the following inputs and assumptions: stock price of $1.10; risk-free interest rate range of 0.33% – 0.24%; and expected volatility of 78%-83% based on historical trading data of the Company and its peers (January 30, 2021: $0.80 stock price, 0.14% – 0.16% risk-free interest rate range, and 80% – 82% expected volatility range).

Also noted in the filing that during the thirteen weeks ending May 1, 2021, the company’s 8% secured convertible debentures with $29,407 in principal amount outstanding (the “April 2020 Debentures”) were early converted and settled at the conversion price of $0.50. Coupon interest of $1,139 was also settled in common shares at the conversion price of $0.50. A total of 61,091,318 common shares were issued for the principal conversions and interest settlement. The common shares issued had a value upon conversion of $64,955, which was comprised of the carrying values, as at the date of conversion, of the debenture liability ($16,754) and the corresponding conversion option derivative liability ($48,201). The conversion option derivative liability was valued by taking the difference between the intrinsic value and the fair value of the debt portion. The intrinsic value and discounted cash flow approach utilized for the valuation of the debt portion had the following key inputs and assumptions: stock price of $1.36, and discount rate 26%-32%.


StaffJune 14, 2021
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6min4710

It’s time for your Daily Hit of cannabis financial news for June 14, 2021.

On The Site

Cronos

Canadian-based Cronos Group Inc. (NASDAQ: CRON) stock was rising over 2% on news that the company was buying an option to acquire 10.5% of U.S.-based PharmaCann for $110.4 million. The company said that the option exercise will be based upon various factors, including the status of U.S. federal cannabis legalization, as well as regulatory approvals, including in the states where PharmaCann operates that may be required upon exercise.

Hexo

HEXO Corp. (NYSE: HEXO)  reported its financial results for the third quarter fiscal 2021 ended April 30, 2021, with total revenue sliding by $10.2 million sequentially to $22.6 million. It was a 2% improvement over last year’s $22 million for the same time period. Hexo shares were sliding over 5% in early trading to lately sell at $6.24. On a positive note, total net losses were trimmed slightly from the previous quarter from $20.8 million to $20.7 million. However, the losses were slightly higher over the same time period in 2020. All amounts are in Canadian dollars.

Greenway IPO

Greenway Greenhouse Cannabis Corporation has filed a prospectus for a listing on the Canadian Securities Exchange. The company is majority-owned by Sunrite Greenhouses Ltd., an established cultivator of greenhouse-grown produce within the Del Fresco Group of companies. Greenway currently operates in a hybrid greenhouse, located in Leamington, Ontario, and in an indoor nursery, located in Kingsville, Ontario.

According to the filing, Greenhouse has no revenue to date but is licensed to grow and sell dried cannabis. The first crop was fully harvested in May 2021. It intends to sell the strains called Sun County Kush and Lemon Pound Cake. Greenway says it has over 200 strains within its genetic portfolio and plans to be a wholesaler. The company plans to complete five crop cycles per fiscal year. Greenway has $4.1 million in working capital according to the prospectus.

In Other News

Sanity Group

Berlin-based cannabis start-up Sanity Group has closed a $44.2M USD Series A financing round with new investment led by Swiss venture capital firm Redalpine along with US-based Navy Capital and SOJE Capital. GMPVC also participated in the round. This represents the largest round of cannabis funding in Europe to date and brings total investment in Sanity Group to $73M USD. Previous investors include HV Capital, TQ Ventures, Atlantic Food Labs, Cherry Ventures, Bitburger Ventures and SevenVentures. In addition, Sanity Group has attracted prominent celebrity angels including music producers will.i.am, Scooter Braun and actress Alyssa Milano

 “The European cannabis market faces exciting developments in the coming months. Compared to the North American market, Europe is now where we were in the U.S. about four years ago. We want to bring our expertise and experience to the table. For our first investment in Europe, it was important for us to find a team that understands the market and has real industry experts in its ranks. The Sanity Group team particularly impressed us with their expertise and clear approach,” says Sean Stiefel, CEO at Navy Capital.

Cirona Labs

Cirona Labs, a premier innovator in cannabinoids and other functional botanical ingredient manufacturing, announced that it has closed an oversubscribed $1.5 million seed round led by LiDestri Food & Drink, BevSource, and Sweetener Supply. The funding will be used to further expand the company’s research and development, facilities, and team as well as support a general push to market and build stronger relationships with existing brands. “As a newly launched company we are proud to see early market traction and reach this milestone so quickly,” said Hunter Friedland, CEO of Cirona Labs. “It’s clear that the interest in creating products with cannabinoids and other plant medicine is continuing to increase and as a company focused on science and offering sustainable solutions to our customers, we are confident our high-quality products will speak for themselves in the industry.”


StaffJune 14, 2021
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3min7450

Greenway Greenhouse Cannabis Corporation has filed a prospectus for a listing on the Canadian Securities Exchange. The company is majority-owned by Sunrite Greenhouses Ltd., an established cultivator of greenhouse-grown produce within the Del Fresco Group of companies. Greenway currently operates in a hybrid greenhouse, located in Leamington, Ontario, and in an indoor nursery, located in Kingsville, Ontario.

According to the filing, Greenhouse has no revenue to date but is licensed to grow and sell dried cannabis. The first crop was fully harvested in May 2021. It intends to sell the strains called Sun County Kush and Lemon Pound Cake. Greenway says it has over 200 strains within its genetic portfolio and plans to be a wholesaler. The company plans to complete five crop cycles per fiscal year. Greenway has $4.1 million in working capital according to the prospectus.

“Greenway represents the next step in a lifetime of agricultural experience and innovation. The Del Fresco Group of companies have been bringing fresh produce to consumers across North America for years and we’re excited to leverage our greenhouse expertise with this legal crop of cannabis,” says Jamie D’Alimonte, CEO and Co-Chair of Greenway. “Combined with some of the most skilled cannabis specialists in the field, Greenway is prepared to bring quality greenhouse cannabis to the Canadian market.”

The company’s leadership is not diverse and is only white males. The gentlemen also hold the same positions in the produce company Del Fresco Group, which could create a conflict of interest according to the company filing.

The filing stated, “As of the fiscal year ended March 31, 2021, there is no revenue from dry bud cannabis or clones. The first batches of dry bud cannabis were approximately 50% through their production cycles at such time. In the past three fiscal years, the only source of revenue has been rental income from the Acquired Property, and reserves for potential additional production capacity. Rental income will be an insignificant source of revenue in the future. At present, the Corporation does not anticipate engaging in any business activities outside of Canada. The corporation uses approximately 4% of the Leamington facility for product development of new cannabis strains, retrieved from their significant seed bank. The footprint for product development varies by season and the judgment of Management. Research and development of new strains and growing practices is completed in-house drawing on the significant knowledge of the Corporation’s founders.”


Debra BorchardtJune 14, 2021
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4min4370

Canadian-based Cronos Group Inc. (NASDAQ: CRON) stock was rising over 2% on news that the company was buying an option to acquire 10.5% of U.S.-based PharmaCann for $110.4 million. The company said that the option exercise will be based upon various factors, including the status of U.S. federal cannabis legalization, as well as regulatory approvals, including in the states where PharmaCann operates that may be required upon exercise.

PharmaCann remains a privately-owned company that has a broad geographic footprint in the U.S. that includes six production facilities and 23 dispensaries operating under the Verilife brand across six limited license states: New York, Illinois, Ohio, Maryland, Pennsylvania, and Massachusetts. The New England states are particularly valuable. Pennsylvania and New York are only legal for sales of medical marijuana at this time, but New York adult-use sales will begin in 2022. The market is expected to be one of the largest in the country. Massachusetts continues to set records with its adult-use sales and Pennsylvania is expected to eventually follow suit. PharmaCann said it continues to invest in its manufacturing infrastructure and brand development to capitalize on the significant consumer retail and business-to-business wholesale opportunities.

Canadian companies are unable to trade on the Canadian securities exchanges if there is any U.S. company ownership since cannabis is still federally illegal in the U.S. This option will get triggered if the U.S. removes the illegality of cannabis sales at the federal level. It is a similar strategy that Canopy Growth (NASDAQ: CGC) took with its option with Acreage Holdings.

“Our U.S. growth strategy focuses on delivering long term shareholder value by assembling a best-in-class brand and intellectual property portfolio and positioning to deploy our products in the U.S. market through investments and opportunities with U.S. leaders who share our vision and commitment to responsibly distributing disruptive cannabinoid products that improve people’s lives,” said Kurt Schmidt, President and Chief Executive Officer of Cronos Group. “We were attracted to PharmaCann as an investment because of their disciplined capital allocation, strong track-record and compelling licensed manufacturing and retail footprint. Further, we are excited to partner with PharmaCann because of our shared commitment to elevating product quality and consistency through science and best in class operations and manufacturing.”

Once the option is exercised, Cronos Group and PharmaCann will enter into commercial agreements that would allow each other to sell products through either party’s distribution channels. In addition, Cronos Group and PharmaCann could enter into an investor rights agreement that would provide Cronos Group with certain governance rights, such as a board seat or board observer subject to certain conditions, and a registration rights agreement that would provide Cronos Group with customary registration rights of PharmaCann common stock.

“We are pleased to announce our strategic alliance with Cronos Group,” said Brett Novey, Chief Executive Officer of PharmaCann. “This investment validates our position as a leading vertically integrated U.S. cannabis company and highlights our ability to continue to expand and enhance our strong asset base. We are excited to work with Cronos Group as we advance PharmaCann’s mission to improve people’s lives through cannabis.”


Debra BorchardtJune 14, 2021
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4min3840

HEXO Corp. (NYSE: HEXO)  reported its financial results for the third quarter fiscal 2021 ended April 30, 2021, with total revenue sliding by $10.2 million sequentially to $22.6 million. It was a 2% improvement over last year’s $22 million for the same time period. Hexo shares were sliding over 5% in early trading to lately sell at $6.24.

On a positive note, total net losses were trimmed slightly from the previous quarter from $20.8 million to $20.7 million. However, the losses were slightly higher over the same time period in 2020. All amounts are in Canadian dollars.

“At the advent of legalization, we articulated a plan to become a top-three cannabis player in the Canadian adult-use market. With the acquisition of Zenabis and the announcements of intent to acquire 48North and Redecan, we are on the verge of surpassing that objective to become the no.1 licensed producer by recreational market share,” said HEXO CEO and co-founder Sebastien St-Louis. “While this was a challenging quarter, we maintained our number one position in the beverage category and increased our net sales outside of Quebec by 169% over last year, including 14% sequential quarterly growth in Ontario, while continuing to maintain our number one position as the preferred supplier to Quebec. Moving forward, we are committed to rebuilding our strain strategy and brand mix in the province of Quebec to ensure we meet consumer needs and maintain our dominant position in the province.”

Revenue Declines

Hexo attributed the drop in revenues to a decline in adult-use non-beverage sales of $5.2 million in Quebec related to strain cultivation decisions made by the company and production issues relating to hash. Hexo’s sales in Alberta dropped $2.7 million during the quarter because of a 32% decrease in the provincial UP brand sales because of temporary stock limitations as the company continues to roll out the relaunched brand. Hexo said that despite the impact of the COVID-19 third wave in Ontario during the period, in which most private retailers were limited to curb side pickup only, the company’s sales in Ontario increased 14% or $0.6 million. The increase was led by the strength of the UP brand and its 20%+ THC small format premium dry cannabis which grew 67% quarter over quarter.

In addition to the Canadian issues, Hexo had no international medical cannabis sales due to revised prerequisite testing and an additional certification by the Israeli government which caused a delay in its ability to export. Hexo said that it has since received clearance and is now in compliance to resume these international sales.

Expenses/Balance Sheet

The company was able to cut its selling, general and administrative costs, (SG&A) by 8% sequentially, coming in at $14.4 million, down from $15.6 million. Operating expenses decreased 17% from the second quarter when adjusted for Health Canada recovery fees of $3.6 million.

The company said it elected to repay its outstanding credit facility of $28,875 early, mitigating future interest and administrative costs.

 


Video StaffJune 11, 2021

2min7980

Connecticut failed to move forward with legalizing adult-use cannabis sales. The state has already legalized medical marijuana, but state Republicans thwarted the effort to expand legalization by delaying a vote.

This week Vireo Health changed its name to Goodness Growth Holdings, which is similar to the companies retail store name Green Goods. The company also changed its ticker from VREOF to GDNSF on the OTC Marketplace.

Jushi Holdings got caught up on its financial earnings releases. The company delivered the full year 2020, fourth quarter 2020, and first quarter 2021 this week. For the first-quarter revenue increased 29% sequentially to $32 million. Jushi also forecast that for the second quarter revenues should be in the range of $40-$45 million, which is a little slower growth than what the company has been experiencing

Planet 13 reported record sales in May as Las Vegas comes roaring back to life. May is the 3rd month in a row the company has had record sales as the company recorded $11 million. Sales are even better than before the pandemic and Vegas hotels are quickly selling out as tourists return from lockdowns.

California supply chain company bought the cannabis software company Blackbird, which once belonged to TILT Holdings.

In money moves, Red White & Bloom raised over $36 million and retired $7.7 million in debt. While Auxly Cannabis raised $15 million. Viridian Advisors has noted that so far in 2021, cannabis companies have raised twice as much money as in 2020 at this point in the year.

 


Julie AitchesonJune 11, 2021
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8min9320

Dad’s come in all shapes, sizes, and pronouns, but whomever you’re honoring this Father’s Day, cannabis companies are lining up to make sure those 4/20-loving father figures are well-celebrated. Whether your pops is a CBD-loving sports enthusiast, a special occasion smoker or a full-on Canna Dad, there is a green gift idea out there to bring a smile to any face.

High 90’s, a flavored cannabis brand, offers a selection of eight different flavored pre-rolls (including Gelato, Pink Lemonade, and a lemon lime soda flavor called “Double Cup”) that are particularly popular with Millennials. With 30-40% THC concentrate in every roll, High 90’s uses natural terpenes to create their unique flavors. Given that, according to a 2020 Headset report on the demographics of cannabis consumers, Millenials lead Gen X, Gen Z and Baby Boomers in marijuana consumption these days, a special treat from High 90’s may be just the thing.

If the dad in your life is of the sporty variety, Terravita’s Sport + Exercise collection offers plant-based energy supplements, muscle rubs and soothing bath soaks that combine natural remedies and CBD for targeted benefits ranging from stamina and endurance to stress management.  For the dad that likes to take that get-fit energy outside, Offield brings its CBD sports drink into the mix, containing not only hydrating electrolytes, CBD and adaptogens but the amino acid L-theanine to keep nerves soothed even when the heart is pumping.

If mellow trumps sporty in your dad’s lifestyle playbook, then a deeper dive into the old days of grass that didn’t kick you’re a– may be in order. Dad Grass offers organic CBD pre-rolls for that “lazy-day feeling of smoking a J” without the head trip of THC. (The company also offers a “Mom Grass” version as well as some sly merch like pre-rolls that come in cassette tape, sardine tin, or hardware packaging to keep the kiddos out of your stash.)  And as long as you’re helping to set a chill mood on dad’s day, why not throw a soy wax blend Four Twenty Candle by Homesick into that gift basket? With mood-lifting notes of bergamot, cedarwood, sandalwood, patchouli and musk rounding out the scent of good, clean weed, this candle has all of the soothe and none of the stink.

But what better pathway to a dad’s heart than through the stomach? Athelas’ THC-infused chip dips in ranch, french onion, and southwestern flavors pack 10 mg of THC into each container if savory flavors float your father’s boat. If sweet is more his thing, Satori S’mores chocolate-covered marshmallow minis rolled in graham cracker crumbs and infused with 5mg of THC each will take him back to those carefree days at summer camp before the thought of fatherhood ever crossed his mind. So whatever smokeable, spreadable, soakable or edible treat might be your favorite patriarch’s pleasure this year, 2021’s most innovative brands have this Father’s Day covered. 

Can’t get dad PGA tour tickets? Gift him another luxury –  MONOGRAM’s No.01 OG Handroll,  a one-of-a-kind offering for a one-of-a-kind dad that implements a proprietary rolling technique that allows the flower to burn slowly and evenly for multiple sessions. The latest offering from MONOGRAM, the first cannabis line from Shawn ‘JAY-Z’ Carter, the OG Handroll is a one-of-a-kind pre-roll taking inspiration from the smoke experience of a premium cigar for a one-of-a-kind dad. Hand-rolled using a proprietary technique, the OG Handroll is designed to burn slowly and evenly for multiple sessions so dad can unwind well past the holiday.

For dads always on the go,  Caliva Flowersticks and Fun Uncle Cruisers vapes make the perfect convenient gifts that are both discrete and easy to tote along. Fun Uncle Cruisers are the perfect gift for the dad always on the go. Available in 5 best-selling strains as 510 Universal cartridges, all strains test over 80% THC making them a sensational value for the quality and flavor. Fun Uncle Cruisers come in an array of delightful flavors and are available in hybrid, indica, and sativa.

For the dads that like a sweet treat DELI Nickels Gummy Rounds are deliciously chewy and fruity, sugar-dusted and deliberately affordable meaning you  won’t break the bank. To further celebrate the rockstar dad in your life, Caliva is also offering 25% off Mind Your Head products (the cannabis line from Mickey Hart, 2x Grammy award-winning percussionist for the Grateful Dead) from 6/17 to 6/20.


Kaitlin DomangueJune 10, 2021
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3min4850

It’s time for your Daily Hit of cannabis financial news for June 10th, 2021. 

 

On the Site

Executive Spotlight: Meg Sanders

Canna Provisions CEO Meg Sanders is a powerhouse and a connector of people and talents. She took $5mil+ business and turned it into a thriving and growing $100mil+ company in US cannabis. Canna Provisions’ home base is Lee, MA – a small Berkshires rural town. Next on her deck is finding thoughtful new investors that support the vision of what Canna Provisions has successfully built.

 

Terra Tech Announces Pending Acquisition of SilverStreak

Terra Tech Corp. (OTCQX:TRTC) announced their plan to acquire SilverStreak Solutions Inc. The two companies have executed an agreement for the acquisition to take place. The close is expected to occur within 90 to 120 days. After the close, SilverStreak’s CEO, Sterling Harlan, is expected to consult with the company for a period of six months. 

 

In Other News

Washington Cannabis Stores Taking Part in “Joints for Jabs”

Washington cannabis retailers are now able to partake in a program encouraging people to get vaccinated against the coronavirus. Anyone over 21 who gets a shot at an on-site vaccine clinic will get a free pre-rolled joint. Breweries have been offering a similar incentive program. 

 

Ohio Adds Three Conditions to The List of Approved Conditions

The Ohio State Medical Board added three approved conditions for people to seek medical marijuana in the state: 

  • Huntington’s disease.
  • Terminal illness.
  • Spasticity.

The board rejected additional conditions, including: autism spectrum disorder, restless leg disorder, panic disorder with agoraphobia, and spasms. 


Kaitlin DomangueJune 10, 2021
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4min7800

Terra Tech Corp. (OTCQX:TRTC) announced their plan to acquire SilverStreak Solutions Inc. The two companies have executed an agreement for the acquisition to take place. The close is expected to occur within 90 to 120 days. After the close, SilverStreak’s CEO, Sterling Harlan, is expected to consult with the company for a period of six months. 

SilverStreak Solutions is a cannabis delivery service serving California areas like Sacramento, Yuba City, Citrus Heights, Roseville, Elk Grove, Stockton, and others. SilverStreak Solutions has 22 company vehicles and about 42,000 monthly customers. As one of the first direct-to-consumer cannabis companies in their area, SilverStreak is experienced in this space and a good move for Terra Tech. 

Terra Tech’s acquisition 

“We are delighted to continue our expansion with the addition of this high-quality and well-run delivery service,” said Frank Knuettel II, CEO of Terra Tech Corp. “We believe the synergies with Unrivaled’s existing brand portfolio and distribution operation makes enormous economic and operational sense. In addition, we expect to expand SilverStreak’s base of operations utilizing our existing assets in Northern and Southern California, with the intent to develop a statewide delivery operation giving us access to millions of California consumers.”

“This is the next step in our rebuilding initiative, and with our anticipated monetization of our Hydrofarm, we expect to expand our base of operations in the near future. I would like to thank Sterling and his team for the work they have done in building SilverStreak and being the next building block in our effort towards becoming the premier West Coast and Southwest operator of cannabis assets,” Knuettel II continued. 

Terra Tech is a vertically integrated cannabis company with operations in California and Nevada. Terra Tech operates two dispensaries and a cultivation facility in California, with two additional cultivation facilities and a dispensary under development. The company operates in Nevada by way of joint ventures, operating a manufacturing and cultivation facility. 

Terra Tech sold property for $2.6 million 

Terra Tech recently sold a Nevada property on N. 4th Street, as local zoning changes prevent any cannabis activity in the area. The company sold the building for $2.6 million, improving their balance sheet by approximately $900,000, even after paying off $1.6 million in mortgages and other related sale costs. 

“Since taking over as CEO a few short months ago, we have continued to review our operations, divest unproductive assets and drive appropriate cost reductions. The successful sale of our N. 4th Street property is another positive step towards doing just that,” Knuettel said. 

“With the sale, we have now added approximately $900K to our balance sheet and alleviated numerous costs associated with its ownership, allowing us to focus our attention on working to position the company for what we believe is a very opportunistic future, including the upcoming anticipated closing of the transaction to acquire Unrivaled. This mutually beneficial transaction is expected to lead to immediate scale, driven by strong brands and revenue growth.”


StaffJune 10, 2021
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7min6220

Canna Provisions CEO Meg Sanders is a powerhouse and a connecter of people and talents. She took $5mil+ business and turned it into a thriving and growing $100mil+ company in US cannabis. Canna Provisions’ home base is Lee, MA – a small Berkshires rural town. Next on her deck is finding thoughtful new investors that support the vision of what Canna Provisions has successfully built. Her focus on the future is to embolden the Smash Hits proprietary line of cannabis by Canna Provisions, and supercharge the business and bring it to the next level, while continuing to pay good wages and embolden people’s journey wherever they are in their career or life.”My calling has really been to inspire people to be better people, and as an operator of a $100mill+ vertically integrated cannabis brand in Western Massachusetts, I get to practice that every day with Canna Provisions. I’ve been in the industry over 10 years, previously having been CEO of MindFUL in Colorado (I came from compliance and had never stepped foot in a dispensary before 2010), and have seen pretty much everything there is to see and experience in legal cannabis from seed to sale.”

Full name:

Megan Sanders 

Title:  

CEO

Company:  

Canna Provisions

Years at current company:  

3+

Education profile:  

University of Colorado, Metro State University

 

Most successful professional accomplishment before cannabis:

Before opening Canna Provisions, and before my time as CEO of MindFUL dispensary, I began a youth football club in my hometown of Boulder Colorado. My first year I had 300 kids and 40 coaches and we won two championships. I was basically the proto-female Ted Lasso (call me Theadora Lasso). But also, I started a fly fishing gear company for infants and babies called Anglerbaby when my daughter Taylor was a baby, 1999-2003 or so. My biggest customer was specialty outdoor recreation merchandise retailer Cabela’s, whose catalogue is shipped to all 50 states and to 120 countries. 

Company Mission:

At Canna Provisions our mission is to make life’s journey better by providing premium cannabis products our team gathers in order to present the best of the best to make your supply stop at Canna Provisions a joyous occasion. At each Canna Provisions dispensary in Massachusetts, you will find a great selection of related cannabis products that will “Better your Journey”. We aim to provide and showcase the absolute zenith of customer service and satisfaction within the cannabis space in Massachusetts, carrying only the best partners available in the Commonwealth, while cultivating the best available craft cannabis and exclusive genetics through our proprietary Smash Hits line of Chemdog-grown cannabis.

Company’s most successful achievement:

Besides creating an environment for customer service, education, and community above all else, becoming an award-winning dispensary, being featured in major outlets like the Wall Street Journal and the New York Times, and launching Greg “Chemdog” Krzanowski’s first ever legal cannabis line after changing cultivation and cannabis 30 years ago – all within the first 2 years of business operations – is a track record of success that just keeps expanding.

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

If so, how much?: $5mil equity/$3mil debt which is just about paid off.

Any plans on raising capital in the future?

Yes. We are looking to recapitalize from a small group of thoughtful investors savvy enough to appreciate what we have successfully built in a short time (and through an unprecedented global pandemic) while remaining industry stewards within our communities we operate in through Western Massachusetts.

Most important company 5 year goal:

Besides closing on our third retail dispensary, most important is to fully realize our business plan – which is maximizing our cultivation capacity (at our currently operating Sheffield location, as well as our forthcoming Lee location), and commence manufacturing of both our own products as well as partnering with and launching thoughtful brands who are looking to enter the Massachusetts market with a leading award-winning retail dispensary and cannabis brand.  

Says Meg: “The humans are integral and a priority for us in our company – and a priority for me. And that doesn’t mean this is a place for everyone. It has to be a right fit for the business, even in discussions with our board who are always concerned about payroll. I believe investing in humans is always worth it.”


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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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