Business Archives - Page 2 of 288 - Green Market Report

StaffStaffFebruary 25, 2021
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3min1050

PharmaDrug Inc. (CSE: BUZZ) (OTC Pink: LMLLF) has filed for an application with the U.S. Food and Drug Administration to receive Orphan Drug Designation (“ODD”) for N,N-Dimethyltryptamine or DMT in the prevention of ischemia-reperfusion injury in patients undergoing kidney transplantation.

The company explained that Ischemia/reperfusion injury (IRI) is caused by a sudden temporary impairment of the blood flow to a particular organ. PharmaDrug noted that research studies have shown that DMT activates the sigma-1 receptor (“Sig-1R”), an intracellular chaperone fulfilling an interface role between the endoplasmic reticulum and mitochondria in cells. Sig-IR ensures the correct transmission of ER stress into the nucleus resulting in the enhanced production of anti-stress and antioxidant proteins. “DMT has also been shown to have anti-inflammatory properties. Consistent with these functions, DMT was found to mitigate ischemia-reperfusion injury (IRI) caused by hypoxia, oxidative stress and inflammation in preclinical models of renal transplantation.[2] The anti-inflammatory protective effects of DMT may provide a novel, more beneficial strategy to attenuate the damage induced by ischemia and reperfusion during kidney transplantation.”

“We have been focused on laying the foundation in becoming an industry leader in the research and development of novel uses for DMT in the treatment of neuropsychiatric, neurological and inflammatory disorders,” said Daniel Cohen, CEO of PharmaDrug. “Although DMT is commonly associated with offering an intense psychedelic experience, the therapeutic potential of DMT is fascinating and remains underexplored. We aim to unlock the potential of DMT in treating unmet medical needs beyond its potential utility in mental health disorders. Our orphan drug designation application for DMT in the prevention of kidney injury during transplant surgery fits with our psychedelic pharmaceutical strategy of creating a unique portfolio of DMT therapies targeting rare disorders while also focusing on foundational research with DMT to explore and evaluate its therapeutic potential both in the brain and other human organs.”

Earlier this month, PharmaDrug filed an application with the FDA to receive Orphan Drug Designation for DMT in the treatment of acute ischemic stroke patients presenting for emergency medical assistance within 3-hours of symptom onset.


Debra BorchardtDebra BorchardtFebruary 25, 2021
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5min650

The Valens Company Inc. (OTCQX: VLNCF) report its fourth quarter and fiscal year financial results for the period ended November 30, 2020. Valens reported gross revenue for the fourth fiscal quarter fell to $17.9 million from $18.5 million in the third quarter of 2020. The net loss increased to $16.6 million sequentially over the third quarter’s net loss of $3 million.

Full Fiscal Year

Sales for the full fiscal year ending in November were $86 million versus the 2019 fiscal year-end sales of $58 million. The net loss for the full fiscal year of 2020 was $20.6 million versus 2019’s net loss of $6.5 million. Product sales increased 237% to $54.7 million in the fiscal year 2020 over 2019

“In fiscal year 2020, we transformed Valens from a leading extraction company into the industry’s most trusted third-party manufacturer of cannabis consumer packaged goods. Over the course of the year, we strategically employed our human and capital resources to strengthen our platform and build the infrastructure required to offer what we believe are the most innovative and cost-competitive product manufacturing capabilities in the market today,” said Tyler Robson, Chief Executive Officer, Co-Founder and Chair of The Valens Company. “Moving into 2021 with a transformed business model, a growing international presence, and over 77,000 square feet of manufacturing space, Valens is focused on three key initiatives – growing unit volumes per SKU, increasing Cannabis 2.0 and 3.0 product market share, and driving revenues in new consumer verticals. We expect to do this by expanding our provincial distribution capabilities, entering new international markets including the US, and broadening our custom manufacturing and white label partnership network.”

Valens said that it increased its market share to ~4.9% of the Cannabis 2.0 market in AlbertaBritish Columbia, and Ontario in the fourth quarter based on Headset data and not including B2B LP manufacturing, and grew cannabis-infused beverage market share in Canada to approximately 5.2% in the quarter for its product lineup with only one customer in this category to date. the company also said it cemented its position as the largest third-party vape manufacturer in Canada. Valens said in a statement that it transitioned from shipping bulk distillate in the first quarter of 2020 to shipping hundreds of thousands of finished product units per month in the fourth quarter, resulting in revenue that is expected to be recurring in nature

Looking Ahead

Valens reiterates its previously announced guidance for the first fiscal quarter with revenue projected to be between $19 million to $23 million, driven by the company’s newly launched and operational K2 Facility which is expected to give Valens the ability to increase production capabilities and unit volumes. The company said it ended the year with a current cash balance of $48.7 million, including gross proceeds of $39.7 million from the bought deal financing that closed subsequent to the quarter-end.

Jeff Fallows, President of The Valens Company, said, “Moving into fiscal year 2021, we have already executed on step one of our strategic plan for the year with the announcement of our agreement to acquire LYF and are focused on quickly integrating and realizing on the incredible opportunity we see in adding their edibles platform to our capabilities. With our recent bought deal financing, we are also well-positioned to aggressively pursue available and future growth opportunities, including potential acquisitions.”


Debra BorchardtDebra BorchardtFebruary 25, 2021
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5min740

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) released results for the fourth quarter and year ending December 31, 2020, after the market close on Wednesday. The stock was pulling back in pre-market trading by over 6% to sell near $206 as investors were disappointed with the earnings. Innovative Industrial delivered a fourth-quarter FFO of $1.36 missed by $0.07 and the revenue of $37.09 million missed by $1.41 million despite increasing by 110%.

Seven analysts cover the stock with five giving the company a buy rating and two at a hold rating. the average price target is $207 and the stock had been selling for around $220. The 52-week high is $220, so the selling may be related to just some simple profit-taking.

Fourth Quarter

IIP reported that its total revenues increased 110% to $37.1 million in the quarter. The net income was approximately $21.0 million for the quarter, or $0.91 per diluted share, and AFFO of approximately $32.4 million, or $1.29 per diluted share. The company also paid a quarterly dividend of $1.24 per common share on January 15, 2021 to stockholders which was a 24% increase over last year’s fourth quarter and a 6% increase sequentially and equal to an annualized dividend of $4.96 per share. The company also engaged in an “at-the-market” equity offering program, that issued 1,762,500 shares of common stock during the fourth quarter totaling approximately $262.9 million in net proceeds.

Full Year

For the full year of 2020, IIP delivered total revenues of $116.9 million and net income of approximately $64.4 million and adjusted funds from operations (“AFFO”) of approximately $97.8 million, representing increases of 162%, 191%, and 180% over 2019, respectively. The company reported $3.27 of net income attributable to common stockholders per diluted share and $5.00 of adjusted funds from operations (“AFFO”) per diluted share, representing increases of 61% and 53% over 2019, respectively. IIP declared dividends of $4.47 per share, a 58% increase over 2019.

In addition, the company said it closed on over $620 million in new acquisitions and additional investments at existing properties (including commitments to fund future development/redevelopment, but excluding transaction costs), including 20 new property acquisitions, expanding IIP’s footprint to 66 properties totaling 5.4 million rentable square feet in 17 states at year-end.

Renters Are Paying

In a sign of strength within the cannabis community, it seems the rents are getting paid despite COVID challenges. IIP said it had collected 100% of contractual rent due for the fourth quarter of 2020 and 100% of contractual rent due for the months of January and February 2021. The company did note that the tenant at IIP’s Los Angeles, California property was in receivership until IIP signed a new lease with Holistic for the entire property in January 2021. Plus, Medical Investor Holdings, LLC (Vertical) made partial payments of contractual rent due that the properties that Vertical occupied represented less than one percent of IIP’s total gross assets at year-end.

Looking Ahead

The company is sitting comfortably with $126 million in cash and cash equivalents and approximately $619.3 million in short-term investments, totaling approximately $745.3 million. There is no debt, other than approximately $143.75 million of 3.75% exchangeable senior notes maturing in 2024 (the Exchangeable Senior Notes), representing a fixed cash interest obligation of approximately $5.4 million annually, or approximately $1.3 million quarterly.

As of February 24, 2021, IIP said it owned 67 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Virginia, and Washington, totaling approximately 5.8 million rentable square feet (including approximately 2.0 million rentable square feet under development/redevelopment), which were 100% leased with a weighted-average remaining lease term of approximately 16.7 years. As of February 24, 2021, IIP had invested approximately $1.1 billion in the aggregate (excluding transaction costs) and had committed an additional approximately $328.7 million to reimburse certain tenants and sellers for the completion of construction and tenant improvements at IIP’s properties.


StaffStaffFebruary 25, 2021
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7min1040

Editors Note: This is a guest post.

The CBD industry has attracted a great deal of attention over the last few years. A combination of high profile cases in the media and an investment in research has led to an increasing number of people showing interest in the potential benefits of CBD.

Research into the varying benefits of CBD has shown that it can be an extremely versatile supplement affecting health in a number of positive ways. A large number of studies have focused on the benefits of using CBD as a general wellness supplement.

There have also been more focused research projects that have found CBD possesses powerful anti-inflammatory capabilities and has led CBD to become a common natural remedy for treating related inflammatory conditions.

The effect of CBD on mental health and, in particular, anxiety and stress is another popular area of research and one that has attracted a great deal of interest. Early studies have yielded positive results, causing a rise in CBD products and PureKana CBD gummies focused on managing mental health.

Research into CBD and mental health

Early studies have shown that mental health could be one of the areas to benefit the most from CBD supplements and products like CBD gummies.

The effect that CBD supplements can have on anxiety has been an area of great interest within the scientific community. One study found that CBD can be beneficial when treating anxiety symptoms, although it was felt that further research was needed to understand this fully.

Taking CBD in the form of supplements increases the level of cannabinoids in the body. Cannabinoids are able to bind to CB1R and CB2R receptors within the nervous system. It has been found that when cannabinoid levels are increased, these receptors alter the signaling pathways, which in turn can impact a number of psychology responses.

There has also been evidence that CBD interacts positively with serotonin receptors in the brain. Serotonin can affect a range of functions within the body and is often linked to a person’s mental state. A common goal of mental health medication is to balance serotonin levels within the body.

There is still a lot more research needed to fully understand the link between CBD supplements, serotonin, and mental health. However, initial research has shown promise that CBD could be used in a similar way to medication that aims to alter serotonin levels and positively impact mental health.

Most studies conclude that there are still a lot of questions to be answered when it comes to using CBD to treat mental health. However, it has been shown that CBD products can be used as a useful general wellness tool and that CBD gummies are an excellent way to do so.

Benefits of CBD gummies over other CBD products

CBD gummies are a super popular option for taking CBD supplements on a regular basis. CBD gummies offer something that is hard to find in other CBD products combining a fun, fruity snack with a healthy dose of CBD.

One of the main benefits of CBD gummies is that they are incredibly discreet. Most CBD gummies look and can be used just like regular gummies. Mental health is something that often carries a lot of stigma, and therefore products like gummies are usually recommended as they draw much less attention.

CBD gummies can also be a fun snack in a way that other CBD products are not. The bright, fruity flavor that comes with a CBD gummy can provide a small and much-needed burst of joy.

Most brands also have a few different options to choose from when it comes to gummies, including various flavors and shapes. Shopping for CBD gummies can be a fun and rewarding experience, much like walking into a candy store.

The simplicity of CBD gummies is another benefit, especially at times when it can be challenging to focus. The manufacturer has already made a lot of the effort required with other CBD products with CBD gummies.

There is no need to measure out a precise dosage or to worry about how many gummies should be consumed at one time. CBD gummies can be enjoyed just like a regular sweet snack.

Should you try CBD gummies to help with mental health?

It is still unclear whether CBD gummies can be used as an effective way to treat mental health. There are still a number of reasons to buy CBD gummies, though, whether as an enjoyable snack or as a wellness supplement.

Early studies have highlighted the positive benefits that added a small amount of CBD to one’s diet can have. CBD gummies offer many of the same effects that can be found in other CBD products, such as oil tinctures, capsules, and topicals.

 

The author of this story is Nicole Richter.


Kaitlin DomangueKaitlin DomangueFebruary 24, 2021
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5min920

It’s time for your Daily Hit of cannabis financial news for February 24th, 2021. 

On the Site 

Ardent Life: A Company Revolutionizing Cannabis Technology

Ardent Life Inc., was founded in 2015 by Shanel Lindsay. The Green Market Report is featuring  a series of Black-owned businesses for Black History Month, and Ardent Life is part of that. 

Lindsay developed the sublingual method of administering cannabis after years of fiddling with her dose. This administration route had never been introduced to the cannabis industry before, which led to Lindsay immediately protecting her concepts before other companies could grab hold of it. In 2014, G.W. Pharmaceuticals gave $100 million to the company to support FDA trials of the company’s sublingual sprays, Sativex and Epidiolex.

Besides her work with Ardent, Shanel is an attorney and activist for the cannabis industry, fighting for equity amongst the industry.

 

Michigan May Get Its Own Marijuana Stock Exchange

Cimone Casson is the owner of cannabis insurance brokerage firm Cannas Capital, Michigan Chapter President for Minorities 4 Medical Marijuana, and the driving force behind another initiative that is poised to push Michigan to the forefront of social equity. Casson’s objective is to create a local stock exchange, the Michigan Marijuana Market, that focuses on raising capital for minorities in local communities impacted by the War on Drugs. 

 

Former Eaze CEO Pleads Guilty in Bank Fraud Case

James Patterson, the former CEO of California cannabis delivery platform Eaze pleaded guilty to one count of conspiracy to commit bank fraud according to a report at Law360. The plan was a scheme to deceive banks into processing more than $100 million worth of credit and debit payments for marijuana purchases. The major banks and credit card companies like Visa (NASDAQ: V) and Mastercard (NYSE: MA) refuse to work with cannabis companies as the product is still federally illegal. So any transactions using these products or lying to banks about the nature of the transactions is illegal.

 

The Pros and Cons of CBD Joints

Pros:

  • Great flavor
  • Easy to assemble ahead of time
  • Higher bioavailability

Cons:

  • Potential danger to your health
  • Antisocial 

In Other News

Agrify Announces New Advisory Board

Vertical grow solutions company, Agrify (NASDAQ: AGFY), has announced the formation of its new Strategic Advisory Board. 

Rosie Mattio, Founder and Chief Executive Officer of MATTIO Communications, and Matthew Kressy, Founding Director of the MIT Integrated Design & Management (IDM) program, have both been appointed to serve as trusted advisors to the Company. The Advisory Board has been established to bring together a talented and accomplished group of outside leaders to provide strategic guidance and industry expertise on various aspects of Agrify’s business, including market opportunities, public relations, and hardware and software design and solutions.


StaffStaffFebruary 24, 2021
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6min980

Editors Note: This is a guest post.

When it comes to getting started with imbibing CBD, there is a natural desire to lean towards smoking CBD joints.

After all, smoking cannabis just seems like the most natural way to enjoy it, right? However, CBD is a lot more granular than regular cannabis, and there are a myriad of ways to enjoy it.

To help make the decision easier, here are a few of the pros and cons of CBD joints by Premium Jane to find out if this method is the right choice for you.

The Pros of Smoking CBD Joints

  • Great Flavor

While other methods of imbibing CBD might be more popular or more comfortable to use, none of them have the excellent, natural flavor that smoking regular CBD joints has.

In precisely the same way that some people enjoy cigars and whiskey, there are people who sample and enjoy cannabis strains. They aren’t looking for the effects, per se, but for the unique flavors.

By smoking CBD joints, users can enjoy all of the natural terpenes and flavors that cannabis has to offer.

  • Easy to Assemble Ahead of Time

A significant benefit of smoking CBD joints is that a user can easily prepare them ahead of time at home. This means that, when it comes time to smoke the CBD joint, it is as simple as lighting it up and breathing in.

Aside from the rather irritatingly finicky assembly required, when a person actually wants to smoke, they can just light up and enjoy.

  • Higher Bioavailability

Bioavailability is the rate at which the CBD a person imbibes is absorbed, broken down, and utilized by the body. Different methods of CBD consumption have different levels of bioavailability, and for some reason, smoking has one of the highest.

A study by Millar et al. for the Journal of Frontiers in Pharmacology found that smoking CBD has a bioavailability of 31%. This might not initially seem like much, but it is actually considered one of the highest rates of bioavailability, technically making it the most efficient way to imbibe CBD.

The Cons of Smoking CBD Joints

  • Danger to Your Health

Despite the higher bioavailability of smoking CBD, it still presents a big problem when it comes to health – the fact that the user is smoking at all.

No matter how healthy the substance within the joint is, the fact remains that you are smoking it, which is, unfortunately, inherently unhealthy.

Smoking involves combusting plant matter at high temperatures, resulting in inhaling burned substances into the lungs. This stuff can cause damage to the respiratory system, including scar tissue and any number of different medical conditions.

  • Anti-Social

Another big problem with smoking CBD joints is that it is just as antisocial as regular smoking is. If a user wants to enjoy some CBD joints, they need to light them up and force everyone around them to breathe in the same smoke that they are.

For those who frequently want to imbibe in public, CBD joints are definitely not a good option, as they force others to become irritated by the second-hand smoke.

What Other Alternatives Are There for Enjoying CBD?

Even if CBD joints aren’t the right option, there are still plenty of ways for new users to enjoy CBD. Considering all the useful benefits of CBD, like how CBD can help with treating nausea, it only makes sense that people would want to try CBD products, even if they don’t like smoking.

From CBD oils to CBD edibles, there are all kinds of ways to enjoy CBD without having to resort to smoking. It all depends on what kinds of methods provide the best solution for different people.

Final Thoughts on the Pros and Cons of CBD joints

Ultimately, the choice of whether or not to use CBD joints is a personal one. It all depends on the preferences and priorities of any particular user to determine if it is right for them.

Whether or not CBD joints are the perfect option, there will always be those who want to try CBD joints out regardless. Websites like Premium Jane, among others, offer high-quality CBD products, including a variety of different types of CBD joints for new users to choose from.

 

The author of this story is Nicole Richter.


Debra BorchardtDebra BorchardtFebruary 24, 2021
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4min1500

James Patterson, the former CEO of California cannabis delivery platform Eaze pleaded guilty to one count of conspiracy to commit bank fraud according to a report at Law360. The plan was a scheme to deceive banks into processing more than $100 million worth of credit and debit payments for marijuana purchases. The major banks and credit card companies like Visa (NASDAQ: V) and Mastercard (NYSE: MA) refuse to work with cannabis companies as the product is still federally illegal. So any transactions using these products or lying to banks about the nature of the transactions is illegal.

The timing of the guilty plea is worth noting as the bank fraud trial of businessmen Ruben Weigand and Hamid Akhavancomes is scheduled for March 1 in the Southern District of New York federal court. In March of 2020, Ruben Weigand and Hamid “Ray” Akhavan were charged with conspiracy to commit bank fraud over charges that occurred between 2016 and 2019. They were alleged to have created a bunch of fake companies to trick banks into processing credit and debit payments for marijuana products from legal sellers. The two asked the court to dismiss the indictment saying that no one was harmed in the scheme.  However, the case was allowed to move forward.

Prosecutors said Weigand and Akhavan worked with executives at an online marijuana marketplace company to facilitate the sales, although they haven’t named the business. Eaze, an online company offering delivery from dispensaries, was the subject of a lawsuit last year that alleged it worked with Akhavan to utilize shell companies to process credit card payments. That case was settled. While Eaze was not specifically named in the case by the prosecutors, only an unnamed online marijuana marketplace was mentioned, a connection has been made. Eaze was not charged in this case against the two. Patterson resigned from Eaze in 2019.

It is being suggested that the plea could be an indication that Patterson is with prosecutors and could testify against other defendants in an effort to lower his punishment.

According to Law360.com, Patterson is reported to have admitted to working with Weigand and Akhavan to disguise the purchases because he “understood that if banks were aware of the nature of the transactions they would not allow them.”

Eaze Denies Involvement

For its part, Eaze denied the allegations in the 2019 lawsuit and has said it had cooperated with federal authorities and “is not a defendant in” the case against Patterson. Eaze also quit accepting payments of this nature in mid-2019. However, legal experts say the allegations don’t end because the transactions ended. The dispensary owners are no doubt nervously watching the outcome of this case. They could also be dragged into this for committing bank fraud. If the dispensary owners knew that Visa and Mastercard would not accept payments for cannabis transactions and they still pursued a scheme that managed to make that happen, are they guilty? That is yet to be determined.


Julie AitchesonJulie AitchesonFebruary 24, 2021
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5min2981

January has been a watershed month for cannabis in the state of Michigan, as the Michigan Marijuana Regulatory Agency announced sixteen proposed changes to the state’s cannabis laws and regulations. Aimed at improving access to capital for people of color seeking to break into the cannabis market, this initiative also seeks to address other hurdles commonly faced by minorities in the marijuana industry. These obstacles include overwhelmingly bureaucratic application processes, prohibitive licensing fees and wait times, and the outsized impact of the War on Drugs for communities of color. Should the changes be implemented, Michigan would boast the most progressive social equity program in the nation, thanks in large part to the MRA’s Racial Equity Advisory Workgroup (formed in July 2020). 

Cimone Casson is a Workgroup member, owner of cannabis insurance brokerage firm Cannas Capital, Michigan Chapter President for Minorities 4 Medical Marijuana, and the driving force behind another initiative that is poised to push Michigan to the forefront of social equity. Casson’s objective is to create a local stock exchange, the Michigan Marijuana Market, that focuses on raising capital for minorities in local communities impacted by the War on Drugs. The crowdfunding platform, to be housed and supported on the MRA’s website, would serve as a portal for local marijuana investors and businesses located in impacted areas. Though the MRA would operate the Michigan Marijuana Market, a broker-dealer would have oversight over the project and assets would be held by a state-chartered custodial bank. The MMM would be a solely intrastate investment system targeted towards minority-owned and capitalized businesses.

As the Michigan Marijuana Regulatory Agency’s Subcommittee Chairwoman, Cimone Casson is working with director Andrew Brisbo to develop the Michigan Marijuana Market as a means not only of assisting local minority-owned businesses in gaining access to capital but providing a pathway for minorities to build wealth and strengthen their local economies.  “We must provide a consensus pathway to rebuild communities and offer a viable entry for minorities into this market,” Casson says. “Local stock exchanges have historically boosted the likelihood of success for locally-owned businesses, which are critical to a community’s economic, social, and political vitality.”  

Social equity is always top of mind for Casson whether in regards to her own business, Canna Capital, or her work in the regulatory environment. The MMM involves leveraging existing Michigan state laws such as the M.I.L.E. Act (Michigan Invests Locally Exemption), which allows small businesses to raise capital by reaching out to Michigan residents to invest in their companies, and the M.I.M. Act (Michigan Investment Market Act), which regulates a class of intrastate broker-dealers and facilitates intrastate securities transactions among individuals. Still, as the MMM proposal will almost certainly require funding for administrative costs, additional legislative changes will be necessary in order to launch and maintain the initiative. 

Passing MMM-supportive legislation in a Republican-dominated legislature will pose a challenge, but Casson is confident that the Michigan Marijuana Market could be the key to overcoming barriers to participation in the booming cannabis economy and building generational wealth in communities that have yet to reap its considerable rewards.   

 


Taneia SurlesTaneia SurlesFebruary 24, 2021
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5min3130

Editors Note: This is part of a month-long series featuring Black-owned cannabis companies and leaders.

Ardent Life, Inc: A Company Revolutionizing Cannabis Technology

The growing cannabis industry is continuously looking for ways to change the way patients access and use medical marijuana.  With constant updates in technology, cannabis companies must formulate new ways to provide services to clients in an efficient manner. For Ardent, the company has put in many years of hard work to offer patients different ways to consume medical marijuana.

Creating New Administrative Routes of Marijuana

Ardent Life Inc., a company based in Boston, was officially launched in 2015 by its founder, Shanel Lindsay. The company’s idea came to fruition due to Shanel not being satisfied with the limited administrative routes for cannabis. With years of hard work, Lindsay would create a sublingual (underneath the tongue) administration of cannabis. This administration route had never been introduced to the cannabis industry before, which led to Lindsay immediately protecting her concepts before other companies could grab hold of it. In 2014, G.W. Pharmaceuticals gave $100 million to the company to support FDA trials of the company’s sublingual sprays, Sativex and Epidiolex.

About the Founder

Ardent Life, Inc.’s CEO, Shanel Lindsay, is a medical marijuana patient who has suffered from chronic pain and inflammation due to ovarian cysts formation from having her son. Shanel strives to help other women and patients alleviate their pain through the use of medical marijuana. Shanel began working with scientists at MCR Labs to research decarboxylation, leading to the NOVA Decarboxylator & Infuser. Decarboxylation allows for THC and CBD in cannabis to have more potency and more accurate dosages.

Besides her work with Ardent, Shanel is an attorney and activist for the cannabis industry, fighting for equity amongst the industry. Additional accolades of Shanel include being an author of the Massachusetts Marijuana Legalization Initiative, a twice-appointed treasurer of the Massachusetts Cannabis Advisory Board, and the Co-Founder of Equitable Opportunities NOW! (EON).

An Easy-Bake Oven for Weed?!

One of Ardent Life, Inc.’s most recent products is the Ardent FX. Also known as the “Easy-Bake Oven” for marijuana, Ardent FX is an all-in-one kitchen appliance that allows patients to get the full value of their plant. Patients can cook, infuse, or bake cannabis with a portable machine. Ardent FX can decarboxylate THC, CBD, CBG, conduct oil, milk, and cream infusion with a simple press of a button. The revolutionary device is accessible for experts and novices that may not have any cannabis baking or cooking experience. Ardent FX is a kitchen appliance that won’t take up much room on the counter and can be used for other things besides cannabis. The product currently retails for $350 on Ardent Life Inc.’s website.

The Ardent NOVA: The Little Sister to Ardent FX

Ardent Life, Inc. offers a smaller version of Ardent FX called the “Ardent NOVA.” Ardent Nova is very similar to Ardent FX, but it is an excellent option for those who are just beginning to cook or bake with cannabis. With Ardent NOVA, users can still use oil and butter infusion to get high potency levels and doses from their cannabis. The Ardent NOVA retail price is $260 on their website.

With the increased legalization of medical cannabis use across the country, patients may have different needs regarding administration, dosage, and potency of cannabis. Shanel and her company, Ardent Life, Inc., have created a solution by introducing new administration routes for cannabis. With the inclusion of the Ardent FX and Ardent NOVA, Ardent Life, Inc. has marked its territory as an extraordinary force in the cannabis industry.


StaffStaffFebruary 23, 2021
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4min880

It’s time for your Daily Hit of cannabis financial news for February 23, 2021.

On the Site

GrowGen

GrowGeneration Corp . (NASDAQ: GRWG) is buying San Diego Hydroponics & Organics, a four-store chain of organic, hydroponic and aquaponics garden centers in San Diego, California. The company said that San Diego Hydroponics & Organics is San Diego County’s premier hydroponic equipment supplier, with annual revenues approaching $10 million. GrowGen did not say what it paid for the company. This latest acquisition brings the total number of GrowGen hydroponic garden centers to 50 stores.  In California, the country’s largest legal cannabis market, GrowGen now has 17 stores,  with eight of those stores located in Southern California.

GTI

Green Thumb Industries Inc. (OTCQX: GTBIF) announced it has raised approximately $56 million by selling 10 million of its subordinate voting shares, that was declared effective by the U.S. Securities and Exchange Commission (SEC) as of February 8, 2021.  Green Thumb said it had received and accepted offers from investors to purchase 1.6 million registered subordinate voting shares at $35.50 per share for a total of approximately $56 million.  The stock closed at $35.35 on Monday.

Psychedelics

Massachusetts lawmakers are moving forward to decriminalize psychedelic drugs. The effort began at the city level when Somerville and Cambridge adopted measures that would make possession of psychedelics a low law enforcement priority. Now it has moved to a state-wide initiative.

In Other News

Subversive Acquisition LP (NEO: SVX.U) (OTCQX: SBVRF) announced today that InterCure Ltd. (dba Canndoc) (TASE: INCR), Israel’s leading cannabis company and SVX’s intended target for its “Qualifying Transaction” has released its estimated unaudited fourth-quarter results for the year ended December 31, 2020. Highlights include:

  • NIS ₪27 million in fourth-quarter revenue, establishing a new quarterly revenue record for InterCure
  • Revenue growth of more than 13 times compared to Q4 2019 and more than 3 times compared to InterCure’s annual revenue in 2019
  • Continued increase in profitability, operating profit and net profit

 



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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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