Business Archives - Page 2 of 86 - Green Market Report

Sean HockingSean HockingDecember 11, 2018
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10min840

Jonathan writes…

Late in the evening of December 10, 2018, the 2018 Farm Bill House/Senate Conference Committee released its Conference Report. The 807-page document is nearly half a foot tall. Hemp is discussed in only a few handfuls of pages. But the impact on the industry is monumental:

  • • The era of hemp prohibition is over. Hemp is now permanently removed from the Controlled Substances Act (CSA). It is forever deemed an agricultural commodity, no longer mistaken as a controlled substance, like marijuana.
  • • By redefining hemp to include its “extracts, cannabinoids and derivatives,” Congress explicitly has removed popular hemp products — such as hemp-derived cannabidiol (CBD) — from the purview of the CSA. Accordingly, the Drug Enforcement Administration no longer has any possible claim to interfere with the interstate commerce of hemp products. This should give comfort to federally regulated institutions — banks, merchant services, credit card companies, e-commerce sites and advertising platforms — to conduct commerce with the hemp and hemp product industry.
  • • Hemp farmers now may finally access needed crop insurance and can fully participate in USDA programs for certification and competitive grants.
  • • State and Tribal governments may impose separate restrictions or requirements on hemp growth and the sale of hemp products – however, they cannot interfere with the interstate transport of hemp or hemp products. We are hopeful that local and state officials will follow Congress’ lead, as well as the statements and resolutions of the World Health Organization and the U.S. Food and Drug Administration (FDA) that declare, after intense scientific scrutiny, that CBD is safe, non-toxic, and non-addictive.
  • • The FDA continues to exercise jurisdiction over the regulation of ingestible and topical hemp products. We applaud the agency’s continued efforts to crack down on bad actors who undermine the industry through misguided marketing claims. And while we are concerned about non-binding statements made by the FDA that have led some state and local officials to question the legality of the retail sale of hemp-derived CBD, we are hopeful that we can work with the agency to clarify that CBD – which their own scientists concluded has no abuse potential and does not pose a risk to public health – should not be withheld from Americans who count on it for their health and wellness.

SECTION BY SECTION

Section 7129 (p. 313): Includes hemp in USDA’s supplemental and alternative crops programs.

Section 7501 (p. 338): Includes hemp in USDA’s critical agricultural materials programs.

Section 7605 (p. 347): Orders the USDA Secretary to prepare a report on the 2014 Farm Bill pilot program, and then repeals that program one year after the new permanent hemp program is created.

Section 10113 (p. 429): The guts of the new permanent legalization regime:

  • • Section 297A (p. 429) Defines hemp as all parts of the plant less than 0.3% THC, including “derivatives,” “extracts” and “cannabinoids” and permits hemp production in all states and territories.
  • • Section 297B (a)-(d) (p. 429) Empowers states and Tribes to submit plans to USDA to implement a permanent hemp growing program. Requires information gathering, testing, inspection and disposal

Paid for by U.S. Hemp Roundtable, Inc.

  • procedures. The USDA Secretary must sign off on, or reject, the plan within 60 days, and consult with the Attorney General. The Secretary can later audit state programs and work with the states to develop corrective action plans where there is noncompliance.
  • • Section 297B(e)(p. 431): Orders states and Tribes to develop procedures to address violations, including corrective action in the case of negligence.
  • • Section 297B(e)(3)(B) (p. 432): Individuals who commit drug felonies cannot participate in state or Tribal growth programs for 10 years following the date of their conviction. However, participants in the 2014 Farm Bill pilot programs are grandfathered in to participate in permanent programs despite any prior felony committed.
  • • Section 297C (p. 432): States and Tribes are required to maintain information on lands where hemp is grown and testing, enforcement, inspection and disposal procedures. The USDA Secretary must collect such information to be accessible in real time to local, state and federal law enforcement.
  • • Section 297D (p. 434): The USDA Secretary is required to promulgate guidelines and regulations and submit an annual report to Congress on the program’s implementation.
  • • Section 297D(c)(p. 434): Nothing in the new law affects the FDA’s authority under the Food, Drug and Cosmetic Act or the Public Health Service Act.

Section 10114 (p. 435): Nothing in the act prohibits the interstate commerce of hemp, nor can States or Tribes prohibit the transportation of hemp or hemp products through their territory.

Title XI (p. 439): Hemp farmers are made eligible for crop insurance, and marketability requirements for the crop insurance program can be waived.

Section 12619 (p. 540): Hemp is removed from the definition of “marihuana,” and THC found in hemp is excluded from the definition of a controlled substance.

Key notes from the Conference Report Managers’ Summary:

p. 738: The Managers note that “state and Tribal governments are authorized to put more restrictive parameters on the production of hemp, but are not authorized to alter the definition of hemp or put in place policies that are less restrictive.”

p. 738: The Managers note that the USDA Secretary must consult with the Attorney General regarding approval of state or Tribal plans, but “the Managers intend that the final decision to be made by the Secretary.” States or Tribes can appeal or resubmit plans that are rejected or revoked.

p. 739: Any drug felonies committed after the permanent program begins will ban participants from participating, regardless of whether they participated in the 2014 Farm Bill pilot program.

p. 739: The USDA Secretary must make program information accessible in real time to law enforcement, and is encouraged to develop a memorandum of understanding to define the parameters of this information sharing.

p. 739: “While states and Indian tribes may limit the production and sale of hemp and hemp products within their borders, the Managers, in Section 10122, agreed to not allow such states and Indian tribes to limit the transportation or shipment of hemp or hemp products through the state or Indian territory.”

The U.S. Hemp Roundtable is the hemp industry’s leading business trade association. The Roundtable involves more than 60 businesses – representing all parts of the hemp food chain, from seed to sale – as well as all of the major national grassroots organizations in the industry. The Roundtable’s primary mission has been to support lobbying efforts to secure permanent legalization of hemp and hemp products at the federal and state level.

Jonathan Miller, General Counsel to the U.S. Hemp Roundtable, is the Member-in-Charge of Frost Brown Todd LLC (Lexington KY) and the former Kentucky State Treasurer.

Contact: Jonathan Miller jmiller@fbtlaw.com; (859) 244-3218

PDF: What-Does-the-Farm-Bill-Do-2


StaffStaffDecember 11, 2018
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4min940

It’s time for your Daily Hit of cannabis financial news for December 11, 2018.

On The Site

Farm Bill

The 2018 Farm Bill has passed in the U.S. Senate with a vote of 87-13. The legislation goes to the House next for a vote and if it passes there, it will head to the President’s desk to be signed. Hemp will be switched for review to the Department of Agriculture and away from the Justice Department.

Language that would ban people with felony convictions from working in the hemp industry was amended so that the ban would end 10 years after this legislation is passed.

Dispensary Updates

MPX Bioceutical

MPX Bioceutical Corporation  (CSE: MPX; OTC: MPXEF) announced that GreenMart NLV, LLC, a subsidiary of MPX, has been awarded four conditional retail marijuana store licenses in the state of Nevada.

MedMen Enterprises

MedMen (MMEN.CN) (MMNFF) announced that it has closed its previously announced acquisition of a dispensary license in Emeryville, California from B12, LLC. MedMen paid a combination of cash at closing and shares of MedMen in an undisclosed amount. The transaction closed within 90 days of signing.

Liberty Health Sciences Inc.

Liberty Health (CSE: LHS) (OTCQX: LHSIF)  opened its first South Florida dispensary in the heart of Miami. The new dispensary provides customers in Miami-Dade County, the most populous county in Florida, access to premium quality medical marijuana products and educational services.

In Other News

Alternate Health Corp. (CSE: AHG) (OTCQB: AHGIF) closed a non-brokered private placement of 12,739,000  common shares at a price of CAD$0.40 per common share for aggregate gross proceeds of CAD$5,095,000. The common shares are subject to a four month and one day hold period in accordance with Canadian securities laws.

Essence, Las Vegas’ largest marijuana dispensary, and cultivation operation were awarded a record number of new dispensary licenses in the state of Nevada. Essence is about to be acquired by Green Thumb Industries (GTII.CN). Essence applied for and was awarded eight licenses total, giving the Company retail expansion across the State, including Sparks, Carson City, Reno, Clark County (qty. 2), City of Las Vegas, North Las Vegas, and the City of Henderson.

GrowGeneration Corp. (OTCQX: GRWG) announced it signed a lease to open a new 10,000 square foot cultivation equipment warehouse operation and product showroom in Maine, to service the legal cannabis cultivators in the State of Maine. The Company plans to be open for business in early 2019. The Maine store will be the company’s 20th location across 8 states.


Debra BorchardtDebra BorchardtDecember 11, 2018
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5min1330

MPX Bioceutical

MPX Bioceutical Corporation  (CSE: MPX; OTC: MPXEF) announced that GreenMart NLV, LLC, a subsidiary of MPX, has been awarded four conditional retail marijuana store licenses in the state of Nevada.

GreenMart is a fully-operational cultivation, production, and kitchen facility that produces MPX-branded wholesale products for both the adult-use and medical markets in Nevada. The new dispensaries will operate under the “Health for Life” brand, which is the company’s flagship retail brand. Nevada recorded more than half a billion dollars in cannabis sales during the first year that adult use was legal, according to the Nevada Department of Taxation, exceeding many expectations.

MedMen Enterprises

MedMen (MMEN.CN) (MMNFF) announced that it has closed its previously announced acquisition of a dispensary license in Emeryville, California from B12, LLC.

MedMen paid a combination of cash at closing and shares of MedMen in an undisclosed amount. The transaction closed within 90 days of signing. With the closing of the acquisition, MedMen will have one of only two adult-use cannabis dispensary licenses issued in the City of Emeryville, just outside San Francisco. MedMen currently operates eight dispensaries in Southern California. The Emeryville dispensary will be located in the commercial heart of the East Bay and is expected to open in 2019.

In the last month, MedMen acquired additional licenses in Arizona.  Through the acquisition of PharmaCann, MedMen will own an additional twenty-five licenses across 12 states (permitting operation of an additional 18 retail facilities and 7 cultivation/manufacturing facilities).

Liberty Health Sciences Inc.

Liberty Health (CSE: LHS) (OTCQX: LHSIF)  opened its first South Florida dispensary in the heart of Miami. The new dispensary provides customers in Miami-Dade County, the most populous county in Florida, access to premium quality medical marijuana products and educational services.

Located at 6827 Bird Road, Miami, FL., the dispensary is on one of the oldest and busiest state roads in Miami, with traffic exceeding 70,000 vehicles per day. The company said that it is a primary artery that feeds the main suburbs in Miami such as Coral GablesWest MiamiSouth Miami, Westchester, and Kendall. In addition to the Miami location, Liberty plans to open 3 more dispensaries this month with more to come in 2019, all subject to the receipt of the Florida Department of Health approvals.

Liberty remains committed to ensuring that its premium quality medical marijuana products and educational services are accessible to the more than 2.7 million people who call South Florida home,” said George Scorsis, CEO of Liberty Health Sciences. “When people come to our dispensaries, they know they will find the highest quality medicinal cannabis. They also trust that they are going to have access to the best brands in any category, including PAX and Mary’s Medicinals products.


StaffStaffDecember 10, 2018
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5min1150

It’ time for your Daily Hit of cannabis financial news for December 10, 2018.

On The Site

Cresco Labs

Cresco Labs, Inc. (CSE: CL), a multi-state cannabis operator, today announced its financial results and operational highlights for the third quarter, which ended on September 30, 2018.

Revenue for the quarter increased to $12.2 million, representing a quarter-over-quarter increase of 51% and a year-over-year increase of 335%. Cresco’s net income nearly doubled from $2.0 million in the previous quarter to $3.9 million.

Gross profits, before gains from biological assets, increased to $5.4 million, compared to $3.5 million in the previous quarter. Adjusted EBITDA for the quarter rose from $2.1 million in the previous quarter to $5.9 million.

Dixie Brands

Dixie Brands Inc. (CSE: DIXI.U) announced its financial results for the three-month and year-to-date periods ending September 30, 2018. Revenue was $2,435,000 in the third quarter of 2018, an increase of 110% over last year’s $1,162,000 for the same time period. However, Dixie delivered a net loss of $2,404,000 for the quarter versus $630,000 for the third quarter of 2017.

Dixie completed a reverse takeover in order to go public during the third quarter and this set back the company’s ability to record net income. Year-to-date, the company suffered a net loss of $4,696,000 in 2018.

Farm Bill

The 2018 Farm Bill was expected to be voted on this Monday, December 10, but that didn’t happen. It’s possible it will still come to a vote this week. It is expected to pass with language legalizing hemp farming. It seems a compromise has been reached between the politicians on issues that had been stalling the legislation.

Hemp farmers and CBD-related companies will benefit the most from the passage of the Farm Bill. CBD or cannabidiol is derived from the cannabis plant but has none of the psychotropic effects of THC. In The Farm Bill, there is language that amends the Controlled Substances Act and legalizes CBD.

In Other News

Origin House

CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF) announced that Cannabis Royalties and Holdings Corp. has entered into a share purchase agreement with Green Relief Inc. to sell its equity stake in Bodhi Research & Development Inc.

Green Relief will first purchase from CRHC and other vendors, 51% of all outstanding common stock of Bodhi Research for $20 million in shares of Green Relief. Under the agreement, there is also the potential for the future sale of the remaining 49% of the outstanding common stock of Bodhi Research for an additional $20 million, to be paid in Green Relief common shares.

Aurora Cannabis

Aurora Cannabis (NYSE: ACB) has acquired Farmacias Magistrales. Farmacias has been granted Mexico’s first and only license to date to import raw materials containing > 1% THC, a process which took over four years to successfully complete.

Farmacias owns and operates a high-quality 12,000 sq. ft. facility in Mexico City for the production of pharmaceuticals. The facility is licensed for the import of raw pharmaceutical ingredients, including cannabinoids (THC and CBD).

Grown Rogue

Grown Rogue announced a formal partnership with Jeff Shepherd, voted one of North America’s Top 10 Chocolatiers by Pastry Arts and Design to create a line of dark chocolate cannabis edibles. The partnership between Shepherd and Grown Rogue features THC and CBD infused chocolate products under the GRAM and Grown Rogue brands – both wholly owned by Grown Rogue International.

 


William SumnerWilliam SumnerDecember 10, 2018
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2min1310

Cresco Labs, Inc. (CSE: CL), a multi-state cannabis operator, today announced its financial results and operational highlights for the third quarter, which ended on September 30, 2018.

Revenue for the quarter increased to $12.2 million, representing a quarter-over-quarter increase of 51% and a year-over-year increase of 335%. Cresco’s net income nearly doubled from $2.0 million in the previous quarter to $3.9 million.

Gross profits, before gains from biological assets, increased to $5.4 million, compared to $3.5 million in the previous quarter. Adjusted EBITDA for the quarter rose from $2.1 million in the previous quarter to $5.9 million.

At the end of the quarter, the company had approximately $149.5 million in assets, which included $93.9 million in cash and cash equivalents. Cresco has a working capital position of roughly $105.3 million and long-term liabilities of about $2 million.

On December 17, 2018, at 5 PM Eastern Time, Cresco will hold a conference call to discuss its financial results for the quarter. A replay of the call will be made available on the company’s website following the call.

“As one of the early cannabis companies to establish a national geographic footprint with substantial population reach and production capacity, Cresco is leading the way in normalizing and professionalizing our industry,” said Charles Bachtell, Co-founder and CEO of Cresco Labs. “As a multi-state operator, we have repeatedly proven our ability to get access to markets, get operational, get product to markets, and get disproportionate market share.”

Following the closing of the quarter, Cresco entered the Massachusetts cannabis market with the acquisition of Hope Heal Health, Inc. Most recently the company went public on the Canadian Securities Exchange and began trading under the stock ticker “CSL” on December 3, 2018. Cresco is also in the process of receiving FINRA approval to trade on the OTC Market. The company also increased its liquidity by closing a $100 million Series F funding raise and another $85 million funded through institutional investors.


Debra BorchardtDebra BorchardtDecember 10, 2018
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3min1310

Dixie Brands Inc. (CSE: DIXI.U) announced its financial results for the three-month and year-to-date periods ending September 30, 2018. Revenue was $2,435,000 in the third quarter of 2018, an increase of 110% over last year’s $1,162,000 for the same time period. However, Dixie delivered a net loss of $2,404,000 for the quarter versus $630,000 for the third quarter of 2017.

Dixie completed a reverse takeover in order to go public during the third quarter and this set back the company’s ability to record net income. Year-to-date, the company suffered a net loss of $4,696,000 in 2018. Dixie said that the 2018 results were affected by a non-cash charge of $2,187,000, which was recorded in Q3 2018, for the conversion of debt into equity, and by expenses of $803,000  associated with the reverse takeover, Series C financing and public stock listing completed subsequent to September 30. Without these charges, Dixie said it would have made a small profit in the quarter.

“Our revenue growth is accelerating as we realize an increasing return on years of investment in our product portfolio, manufacturing capabilities and distribution network,” said Chuck Smith, President, and CEO, Dixie Brands. “Our fully-funded business plan targets expansion into four-to-six new U.S. states and Canada in 2019, applying the successful template we have used in the four states where we already operate.”

The company reported that year-to-date, revenue was $4,205,000, up 60% from $2,630,000 in the first nine months of 2017. That growth was achieved by increased sales of Dixie’s THC-infused products in Colorado, Maryland, and Nevada, as well as the company’s CBD products. Dixie had $18,584,000 of cash on September 30, 2018. The company also noted that it had gross profits of $1,038,000 in the third quarter which was up 102% from $514,000 a year earlier.

During The Quarter

Dixie re-launched operations in California following a clarification of regulatory requirements in the state. Dixie said it expects to begin generating revenue in California in the fourth quarter of 2018. The company also entered into an agreement with Central Garden & Pet to distribute its Therabis line of pet wellness products. New products launched during the third quarter included Sour Smash Gummies and Cucumber-Melon Mints, and Mindset, a new brand focused on high quality vape and concentrate products.

Fourth Quarter

Dixie closed on a Series C financing round on October 1, 2018, raising gross proceeds of $25 million in an oversubscribed, non-brokered private placement. The company completed a reverse takeover of Academy Explorations Limited on November 27 and began trading on the Canadian Securities Exchange on November 2.


William SumnerWilliam SumnerDecember 7, 2018
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3min1160

Today, Cronos Group Inc. (NASDAQ: CRON) announced that it had received a CAD $2.4 billion investment from Altria Group Inc. (NYSE: MO), the owner of Marlboro cigarette marker Phillip Morris USA.

The investment comes a little more than a year after Corona beer distributor Constellation Brands announced that it would invest billions of dollars in Canopy Growth Corporation (NYSE: CGC). For some, the investments from both Constellation and Altria represent the maturation of the cannabis industry and a sign that cannabis has truly gone mainstream.

For others, however, the investments mark the beginning of the end for the independent cannabis industry as Big Tobacco and Alcohol, which have fought against cannabis legalization for decades, start to take over the market.

The private placement investment will give Altria a 45% stake in Cronos Group. Altria will receive 146.2 million Shares of Cronos at closing at a price of CAD $16.25 per Share, representing a 41.5% premium to the 10-day VWAP of the Shares on the TSX on November 30, 2018. In addition, Altria will receive purchase share warrants, valued at CAD $1.4 billion, which if exercised would give the company an additional 10% in Cronos.

“Investing in Cronos Group as our exclusive partner in the emerging global cannabis category represents an exciting new growth opportunity for Altria,” said Howard Willard, Chairman and CEO of Altria. “We believe that Cronos Group’s excellent management team has built capabilities necessary to compete globally, and we look forward to helping Cronos Group realize its significant growth potential.”

Under the agreement, Altria will have the right to name four directors to Cronos Group’s board of directors, which includes one independent director, and the board will be expanded from five directors to seven. Altria will make Cronos its exclusive partner for all world-wide cannabis-related investments, with some limited exceptions.

News of the deal has caused to Cronos’ stock price to jump by nearly 25% in pre-market trading. Altria’s stock price rose by nearly 2% in pre-market trading. As of publication, Cronos is trading at or around USD $13.00 per share, and Altria is trading at or around USD $55.43.

Pending regulatory approval, the deal is expected to close within the first half of 2019. Earlier this morning, Cronos held a conference call discussing today’s announcement, and a recording of the call has been made available at https://thecronosgroup.com/investor-relations.


Video StaffVideo StaffDecember 7, 2018

2min4020

The trading week was shortened as markets were closed on Wednesday to honor the funeral of the 41st president George HW Bush. Probably best since stocks took a beating on Tuesday.

On Monday, Cresco Labs became the latest multi-state operator to begin publicly trading on the Canadian Securities Exchange. Using the ticker CL, the stock opened at $8.50 and was lately trading at $C6.57.

Cronos Group stock skyrocketed after the company confirmed that it was speaking with tobacco giant Altria. While there is no additional news of a deal, it is anticipated to be a big one. Tobacco companies have shied away from cannabis until now presumably waiting until it was federally legal. It seems these companies have decided that to snooze is to lose.

Conversely, Aphria, which had been rumored in October to be speaking with Altria came under short seller attack. The stock plunged after Gabriel Grego called the company worthless. Eight Capital also cut its price target from C$22 to C$7 and the securities lawyers are lining up for business.

TILT Holdings began trading this week on the CSE using the symbol TILT. It also acquired cannabis distributor Blackbird for $50 million. Blackbird works with 250 wholesale and retail cannabis companies in Nevada and California. The company plans to expand into Massachusetts and Arizona and further in California.

High Times came to an agreement with THC Holdings to convert $28.6 million worth of debt to Class A common stock. The debt has been hanging over High Times and this removes the pressure of making those payments.

Origin House acquired craft cannabis company Cub CityCity for roughly $7 million.

Money continues to flow into the sector.

Ascend Wellness raised $40 million and believes this is one of the largest raises in Massachusetts. The company will use the money for expansion into other states.

OG DNA genetics raised $35 million.


William SumnerWilliam SumnerDecember 6, 2018
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3min3990

As companies throughout the cannabis industry are seeking ways to create consistent and scalable cannabis products, Acreage Holdings Inc. (CSE: ACRG.U) is positioning itself to become the United States’ first national cannabis Consumer Packaged Goods (CPG) company. On December 6, 2018, the company announced that it has signed a definitive agreement to acquire Form Factory, a multi-state distributor and manufacturer of cannabis beverages and edible products, in an all-stock transaction valued at $160 million.

“Creating a wide range of products that meet the diversified tastes of consumers and owning the national manufacturing and distribution platform to ensure their consistent and predictable delivery on a national basis is a key to long-term success and value creation in the cannabis industry,” said Kevin Murphy, Founder, Chairman, and CEO of Acreage Holdings. “With this acquisition, we are now positioned to be both the first and only national cannabis CPG company and distribution platform in the U.S. cannabis industry.  The combination of the largest U.S. operational footprint, combined with the unique food and beverage manufacturing capabilities of Form Factory sets us on a direct path to becoming the Procter & Gamble of cannabis.”

Under the agreement, Acreage will issue 6.4 million Subordinate Voting Shares to Form Factory shareholders at a price of $25 per share. The company will acquire Form Factory’s grow/processor license and operations in the cities of Los Angeles, California; Oakland, California; and Portland, Oregon. Acreage will also acquire the management services contracts for Form Factory’s contract manufacturing business, as well as all of the company’s intellectual property.

With this acquisition, Acreage hopes to consistently manufacture and distribute branded cannabis products throughout the company’s 19 U.S. state footprint at a scalable level. In addition to cannabis products, Acreage plans on serving traditional, non-cannabis CPG companies. Although a specific date has not been set, the acquisition is expected to close within the first quarter of 2019.


StaffStaffDecember 6, 2018
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6min1920

It’s time for your Daily Hit of cannabis financial news for December 6, 2018.

On The Site

TILT

TILT has begun trading on the Canadian Securities Exchange under the ticker symbol “TILT” and also acquired the cannabis distribution company Blackbird Holdings Corp. for USD $50 million. The company has released further details about its previously announced acquisition of Standard Farms.

Standard Farms is a multi-state medical cannabis company that focuses on extraction and cultivation, and its products are in approximately 95% of Pennsylvania’s dispensaries. TILT has acquired Standard Farms for $12 million in cash and $28 million in securities.

Ascend Wellness

Ascend Wellness has plans to become the leading cannabis operator in the Massachusetts, Michigan and Illinois markets and it just got a big jump on the effort. This vertically-integrated cannabis operator completed its latest equity fundraising round.

Ascend raised $40M with the completion of this round and is developing licenses in three major cannabis states that are just beginning to build their markets: Massachusetts, Michigan, and Illinois. Combined, they create the largest market east of the Mississippi, which is equivalent in size to California or Canada, two of the most profitable Cannabis regions in the world.

In Other News

Acreage Holdings

Acreage Holdings (ACRG.U) is investing $160M in Form Factory, a multi-state manufacturer and distributor of cannabis-based edibles and beverages. Form Factory allows the company to bring the same quality, consistency and innovation to cannabis products and Big Beverage and CPG bring to the products on the shelves on Target, Walmart and Amazon. The acquisition will allow cannabis consumers to receive consistent, quality products anywhere they purchase them, allow regulators to oversee distribution in a way never before manageable and establish Acreage Holdings to be at the forefront of interstate commercial deliveries of cannabis once legalized.

Canopy Growth

Canopy Growth Corporation (WEED.TO) (CGC) has finalized an all-cash transaction to acquire Storz & Bickel GmbH & Co. KG, related entities, and IP for a purchase price of up to approximately €145 million. With a 22-year track record of breakthrough innovations, Storz & Bickel is widely recognized as the global leader in vaporizer design and manufacturing.

Based in Tuttlingen, Germany, Storz & Bickel are designers and manufacturers of medically approved vaporizers, most notably the Volcano® Medic and the Mighty® Medic. Storz & Bickel has spent the last two decades developing an automated and internationally certified factory, achieving ISO 13485 certification in 2009. The company has exported devices to 50 markets around the world.

Young America Capital

Young America Capital, the 55 person licensed investment bank and broker-dealer based in Mamaroneck, NY is pleased to announce the successful sale of 100% of the stock of San Felasco Nurseries, Inc., a holder of an authorization to operate as a Medical Marijuana Treatment Center in the state of Florida that can produce, process and dispense medical marijuana products. Each Medical Marijuana Treatment Center is allowed to operate up to 25 dispensaries in the State of Florida, subject to increase in certain circumstances.

MedMen Enterprises Inc.  (MMEN.CN) (MMNFF)  announced the hiring of Michael W. Kramer, a veteran finance executive with a proven track record at retailers such as Apple Inc., Abercrombie & Fitch and Forever 21, as Chief Financial Officer. Kramer’s three decades of experience include serving as chief financial officer of Apple Retail, where he developed successful brick and mortar retail strategies. He also oversaw 12 quarters of increased year-over-year earnings for Abercrombie & Fitch.

Sproutly Canada

Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) announced the hiring of Bryan Semkuley to the senior leadership team as President of Sproutly to accelerate the Company’s strategic objectives of becoming a leading cannabis formulations company focused on beverages. Bryan Semkuley is a seasoned executive with over 30+ years leading global innovation and marketing teams for Fortune 200 companies including Kimberly-Clark (NYSE:KMB), Anheuser-Busch InBev (NYSE:BUD), and Labatt.

 

 



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