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StaffStaffJuly 19, 2018
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Part 2 of 8 of the Cannabis Trends for 2018: U.S. companies run north of the border and IPOs are on the rise.

Over the next year expect an increase of cannabis companies to start going public in Canada instead of the United States. Although the U.S. market has great potential in the long run, there are a lot of short term advantages to going public in Canada.

The first, and most obvious reason, is that Canada has legalized recreational cannabis sales.

Sure, nine states have legalized recreational cannabis, but it’s still federally illegal. US cannabis companies continuously have to look over their shoulders, hoping that the federal government isn’t about to kick down their door and make their business close its doors for good. Not to mention the fact that the entire U.S. market still  operates as cash-only, with extremely limited access to banking services.

Put yourself in the position of a cannabis business owner: Would you rather operate in a market that has the *potential* of being more profitable but has no access to banking services and puts you at risk of being arrested? Or would you want to operate in a market that carries little legal risk and you can actually open a bank account? For many entrepreneurs, it’s a pretty simply choice.

One company that is not afraid to do business in both the United States and Canada is Sunniva. Headquartered in Calgary, Canada, Sunniva is on the fast track to becoming one of the first cannabis companies to be licensed in both Canada and California, which is one of the world’s largest cannabis markets.

Legality aside, there’s also the issue listing requirements in the U.S. Companies have to be meet very strict requirements in order to become listed on the New York Stock Exchange (NYSE) or NASDAQ. For example, in order to become listed on the NYSE you need to have publicly held securities that are valued at a minimum of $100 million. Likewise, companies hoping to go on NASDAQ need a pre-tax income of $11 million for an aggregate of three years.

Contrast that with the Canadian exchanges, where companies on the TSX only need a pre-tax income from the previous year totaling $300,000. Those are not the only requirements, of course, but from there you can get a pretty clear idea of how difficult it is to make it on the NYSE or NASDAQ compared to the CSE or TSX.

The vast majority of “cannabis companies” listed on the NYSE and NASDAQ are biopharmaceutical companies, like GW Pharmaceuticals, that aren’t primarily cannabis companies. The only two companies that are purely cannabis companies that are publicly listed in the United States is Cronos Group and Canopy Growth.

With fewer barriers and fewer risks, numerous companies that previously started as U.S. based companies have begun moving operations north of the border and are making preparations to go public. Some of those companies include Acreage Holdings, Dixie Brands Inc., and MJIC Inc.

In the short term, expect an exodus of cannabis companies either going public or completely moving their operations to Canada and expect them to stay there until the United States finally decides to tackle federal cannabis reform.


William SumnerWilliam SumnerJune 1, 2018
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On May 30, 2018, Maricann Group Inc. announced the filing of its financial results for the quarter ending on March 31, 2018. It was a tough quarter for the company as profits took a precipitous tumble from $1,143,167 in Q1 of 2017 to $600,591 for Q1 of 2018.

The steep decline in revenue was due in large part to a bulk transaction in Germany that the company had planned to take place during the quarter. However, that transaction was pushed back to the second quarter because of the time it took the company to obtain a European Medicines Agency Good Manufacturing Practice certification. Current unaudited revenue for the second quarter so far is purportedly $905,000.

The company realized a net loss of $11.4 million for a loss per share of $0.11, which is drastically lower that its loss in the same period in the previous year; which was $66.8 million with a loss per share of $1.53.

A huge portion of the company’s losses stem from its general and administrative costs Over the last year, G&A expenses have grown tremendously, from $1.7 million to $6.6 million. Even if Maricann is able to sell all of its biological assets and inventory, which totals to approximately $1.7 million, G&A expenses would still outpace revenue, leaving some investors to worry about the company’s long term balance sheet.

With legal adult cannabis sales poised to launch in Canada in the next few months, and with Maricann set to begin exporting into Europe, the company should experience a boost in revenue; which means the next few quarters will be critical to the company’s long term success.

In a statement, Maricann CEO Ben Ward expressed support for the company’s current direction and reiterated the idea that creating better margins for the company’s products is more important than short term revenues.

“We maintain our position that establishing sustainable baskets of margin for our products that will be preserved over the long term is more important than immediate gross revenue. We base all our business decisions in the interest of long term value creation for our shareholders,” commented Ward.


William SumnerWilliam SumnerMay 11, 2018
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InMed Pharmaceuticals (IN), a cannabinoid-based biopharmaceutical company, today reported its financial results for the company’s third quarter of the fiscal year 2018, which ended on March 31, 2018.

Most recently InMed commenced trading on the Toronto Stock Exchange on March 26, 2018 as well as upgraded to OTCQX from the OTCQB® Venture Market on May 4, 2018. Additionally the company continued to work on the development of its drugs INM-750 for the treatment of epidermolysis bullosa (EB) and INM-085 for the treatment of glaucoma.

InMed expects to discuss its clinical development plans for INM-750 with regulatory authorities in the second half of 2018. Recently a peer-reviewed study on INM-085 was published in Drug Delivery and Translational Research which showed promising results. The next step for the drug includes additional preclinical efficacy testing and advanced formulation development.

Despite these positive developments, the company’s losses continue to increase with a quarterly loss of $2.13 million, nearly double the losses from the same period in the previous year. ($1.24 million). During this most recent quarter, the company issued a total of 25,143,531 common shares, bringing the the total number of outstanding shares to 152,792,997.

Expenses related to research and development rose over the last year, from $0.17 million to $0.55 million. The increase in R&D spending was attributed to expense related to the advancement of INM-750 as a treatment for EB. General and administrative expenses, on the other hand, slightly decreased from $0.88 million to $0.81 million.

The company’s cash, cash equivalents and short-term investments were $13.88 million at the end of the quarter, compared to $6.71 million on June 30, 2017.

“During the third quarter of fiscal 2018, InMed continued to execute on its R&D and business strategy,” said InMed President and Chief Executive Officer, Eric A. Adams, in a statement. “InMed is making headway at establishing its leadership position as a fully-integrated cannabinoid pharmaceutical company; we are not only developing innovative therapies for the treatment of important diseases with high unmet medical needs, but are also leading the burgeoning cannabinoid sector with our first-in-class biosynthetic manufacturing technology.”


William SumnerWilliam SumnerMay 11, 2018
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The cannabis-focused agricultural company Terra Tech Corp. (TRTC) has announced its quarterly financial results for the period ending on March 31, 2018.

Revenue for the quarter was $8.6 million, representing a 26% increase when compared to the period in the previous year. The company attributed its growth to the revenue generated from its cannabis dispensaries in California and Nevada, as well as a 40% increase in sales of produce and herbs nationwide through its Edible Garden brand. Compared to the same period last year, the company’s gross margin increased from 5.3% to 19.1%

Expenses for the company increased over the last year, rising from $6.4 million to $8.4 million. Likewise, the company’s long term debt of the last quarter has increased from $6.6 million in Dec. 31, 2017 to $13.2 million as of March 31, 2018. However over the last year the company’s losses have slightly decreased from $10.1 million to $10 million.

In terms of cash on hand, the company has $4.5 million. Additional, the company was able to secure an additional $40 million in funding during the last quarter and will be paid out in $5 million installments over the next two years. Equity for stockholders increased over the last quarter to $85.7 million.

“We were pleased to report revenue growth of 26% compared to the prior year period,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “This was the first quarter in which we generated revenues from sales to California’s adult use cannabis market. We believe these revenues will accelerate as the industry’s supply chain professionalizes and the adult-use market matures.”

So far the markets have responded positively to Terra Tech’s financial results, causing the company’s stock to briefly rise to $3.15 per share before leveling off to $2.92. On May 10, 2018, Peterson held a conference call to answer shareholder questions, a replay of the call can be found here.


William SumnerWilliam SumnerFebruary 7, 2018
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Cannabis may be illegal on the federal level, but that hasn’t stopped entrepreneurs and investors from making a killing off of the industry. While the vast majority of cannabis stocks remain on the OTC Market, a select few have graduated to the more prestigious exchanges; like the NASDAQ (NDAQ) or New York Stock Exchange (ICE).

In our two-part series, Green Market Report will take a look at the cannabis companies that have managed to break through and get listed on either the New York Stock Exchange or the NASDAQ Stock Market. First up is the New York Stock Exchange.

Innovative Industrial Properties Inc.
First listed on the NYSE on Dec. 1, 2016, Innovative Industrial Properties (IIPR) is a company with a focus on specialized industrial real estate assets. Specifically, the company owns and leases industrial real estate assets to medical cannabis companies. In addition to leasing medical cannabis cultivation and processing facilities, the company also provides their clients with the services of professional medical cannabis growers, many of whom have gone through the licensing process, as well as long-term triple net leases. Company stock is currently trading at $26.10, down from its all-time high of $36.57.

22nd Century Group
22nd Century Group (XXII) is a biotechnology company that made its debut on the NYSE on March 11, 2014. Specializing in genetic engineering and plant breeding, the company has been working towards the research and development of cannabinoid-related products derived from industrial hemp. Partnering with the University of Virginia, the company harvested its first hemp crop, valued at $1 million, in 2017. Most notably, 22nd Century has developed a strain of tobacco with “non-addictive” levels of nicotine, the first of its kind, and is currently seeking a patent on the strain. The company’s stock is currently valued at $2.90 per share, more than two dollars higher than it was at this same time last year.

India Globalization Capital

India Globalization Capital (IGC) is an internationally diversified company that works in both infrastructure and cannabis-related pharmaceutical research. Internationally, the company works in real estate, heavy equipment, and the construction and leasing of farming facilities. Domestically, the company is developing a product portfolio of phytocannabinoid-based therapies to treat Alzheimer’s, pain, nausea, etc. In December of 2017, India Globalization Capital’s received a huge boost in its stock price after it announced that it would work towards developing a blockchain-based platform aimed at solving industry-related issues, such as inadequate product labeling. However, much of those gains have been lost since the start of the year. The company’s stock is currently trading at $0.84 per share.

AbbVie
First launched as a spin-off company of Abbot Laboratories, AbbVie (ABBV) is a pharmaceutical company with one critical edge over its competitor: it already has a cannabis-related product on the market. Also known as dronabinol, Marinol is a synthetic form of THC used to help treat nausea in patients suffering from cancer and HIV treatments. Marinol has few competitors, most notable Syndros from Insys Therapeutics, and as a result, AbbVie has seen steadily increasing revenues over the last few years. However, the company’s over-reliance on US Markets make it a slightly riskier bet than it appears. Over the last year, AbbVie’s stock has risen over 50%, trading at approximately $111.20 per share.

Compass Diversified Holdings
Compass Diversified Holdings (CODI) is a company that focuses on acquiring and management “middle market businesses,” which are companies that fall somewhere between small businesses and billion-dollar businesses. The company was first listed on the NYSE on May 12, 2006. Although Compass is not primarily a cannabis company, it does have a holding in the hemp-based food companies Manitoba Harvest and Hemp Oil Canada. Compass’ stock price has been on a slow decline for the last several years, falling by 4% in the last year alone to approximately $16.60 per share.

Scotts Miracle-Gro
If you’ve ever owned a lawn or worked outside, then odds are you already know Scotts Miracle Gro (SMG). In 2016, Scotts Miracle-Gro surprised the cannabis industry and the markets when CEO Jim Hagedorn announced that he planned on investing approximately $500 million in the cannabis industry. So far the company has spent hundreds of millions of dollars to acquire hydroponics companies and technology. In addition, the company has also begun looking into developing pesticides developed specifically for cannabis plants. By focusing on the ancillary side of the cannabis business. Scotts Miracle-Gro has insulated itself from many of the legal risks with the cannabis industry while opening itself up to the industry’s benefits. For the last five years, the company has enjoyed steady growth but in the last month, like many companies investing in the cannabis industry experienced a steep decline in its stock prices following United States Attorney General Jeff Sessions’ announcement that he would rescind the Cole Memo. Scotts Miracle-Gro is currently at $89.13 per share.

Stay Tuned for Part Two
Check back again for Part Two of our two-part series where Green Market Report will give you a look into the cannabis companies listed on the NASDAQ Stock Market.


William SumnerWilliam SumnerJanuary 25, 2018
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GW Pharmaceuticals plc (GWPH) is one step closer to bringing its cannabidiol based drug, Epidiolex, to market. On Jan. 24, 2017, the company announced, along with its U.S. subsidiary Greenwich Biosciences, that The Lancet has published results from a Phase 3 study of Epidiolex in patients with Lennox-Gastaut syndrome (LGS).

The study’s publication marks the first-ever well-controlled clinical study of cannabidiol in LGS. GW Pharmaceuticals has submitted a New Drug Application (NDA) submission to the U.S. Food and Drug Administration (FDA) for Epidiolex, which was approved in December with an assigned PDUFA goal date of June 27, 2018. If approved, Epidiolex could find its way to U.S. markets by the second half of 2018. GW Pharmaceutical stock was up slightly on the news and was trading at $138 a share.

LGS is a rare form of epilepsy that manifests itself during childhood and last throughout the patient’s lifetime. Often associated with a high mortality rate and developmental delays, LGS patients can be afflicted with multiple types of seizures, many of which can result in serious injuries.

In the study, patients treated with Epidiolex experienced a significant drop in monthly seizure frequencies compared to those treated with a placebo. Treatment of Epidiolex was generally well tolerated, with few adverse effects.

The randomized study was conducted with 171 patients suffering from LGS. ranging from age 2 to 55. Approximately half of the patients (85) were given a placebo while the other half (86) were given Epidiolex.

Over the course of the 14 week treatment period, patients treated with Epidiolex experienced a significantly greater average reduction in seizures (44%) compared to those treated with a placebo (24%). Epidiolex patients were also more likely to report an improvement in their condition (58%) than those treated with a placebo (34%).

Approximately 86% of patients receiving Epidiolex reported adverse side effects, compared to 66% of patients receiving a placebo, but most effects were mild and well tolerated. The most common side effects reported were diarrhea, drowsiness, elevated body temperature, decreased appetite, and vomiting.

“The publication of these positive results is an exciting milestone for the LGS community and we are encouraged that a new treatment option could soon be available,” said Christina SanInocencio, executive director of the Lennox-Gastaut Syndrome Foundation, in a statement. “Additional treatment options are desperately needed for patients who continue to struggle with uncontrolled seizures and these results offer much-needed hope to those living with this debilitating condition.”

 


StaffStaffDecember 12, 2017
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3min9680

Canadian-based ABcann Global Corp. (ABCCF) is acquiring medical marijuana clinic Harvest Medicine for approximately C$3 million. ABcann is a cultivator that holds production and sales licenses under the Canadian medical marijuana program. Harvest Medicine is an education-focused, customer-centric medical marijuana clinic that has added 8,500 patients since opening in February of this year.

Under the terms of the agreement, ABcann will pay Harvest Medicine C$1.5 million in cash and issue shares valued at roughly C$1.5 million based on a C$1.42 share price of ABcann stock. If certain milestones are met, there could be additional payments in the form of cash or stock.

“Harvest Medicine is a great partner for us, and the Acquisition will be immediately accretive to our shareholders,” said Barry Fishman, ABcann’s CEO. “Their professional, patient-focused approach is aligned with ABcann’s philosophy of quality and innovation. This represents one initial step of many as we begin the execution of our aggressive growth strategy.”

ABcann has also committed to investing $1,500,000 in expanding Harvest Medicine to several new clinics. Patients will remain on an open platform and can register with their licensed producer of choice.

In a statement, the company said that Harvest Medicine founder and CEO, Shekhar Parmar, is expected to join ABcann’s executive team as Chief Strategy Officer and remain CEO of HMED. Mr. Parmar, a lawyer and entrepreneur, brings to ABcann extensive knowledge of the medical cannabis market and a unique perspective on patient needs.

Parmar said, “Harvest Medicine was fortunate to have our choice of partners to help us grow and take the steps required to bring our patient-centric model to Canadians from coast-to-coast. ABcann impressed us with their quality focus and entrepreneurial culture. I look forward to joining ABcann’s executive team as Chief Strategy Officer, and to continuing in the role of CEO of Harvest Medicine as we scale-up our proven business model.”

ABCann shares were lately trading at $1.11, down from the company’s 52-week high of $1.42.


Debra BorchardtDebra BorchardtDecember 6, 2017
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Zynerba Pharmaceuticals Inc. (ZYNE) stock tumbled 10% on Wednesday following a roller coaster ride on the share price after the company reported new clinical data. Zynerba announced that its data from the Phase 2 trial of its STAR 1 drug for epilepsy resulted in a meaningful reduction in seizures.

The 18-month open-label study of the ZYN002 cannabidiol transdermal gel found that patients who received 195 mg dose for six months saw their seizures reduced by 65%. Patients that got a 390 mg dose for three months in the Phase 1 trial and six months in the phase two trial experienced a 48% drop in seizures versus the baseline.

Zynerba Stock’s Volatile Ride

The stock jumped from $13.48 on Monday morning to a high of $15.14 before closing at $13.37. It closed even lower on Tuesday at $13.01 and has slipped to $11.22 on Wednesday. Canaccord Genuity raised its price target on Zynerba to $18.00 from its previous target price of $15 and kept the buy rating. The analyst Arlinda Lee cited the study results as a reason for increasing the price target.

“These new ZYN002 data are the first of their kind, showing that focal seizures in adults may be effectively treated by a transdermal gel delivery of pharmaceutically produced cannabidiol,” said Terri Browning Sebree, Zynerba’s president. “In this population of patients, continued treatment with ZYN002 was shown to significantly reduce seizure rates compared to baseline. Importantly, baseline seizure frequency appears to be an important indicator of response.”

Insys Therapeutics Slides

Insys Therapeutics (INSY) also slipped in trading by 2% to $5.23 even as the company announced that its New Drug Application (NDA) for buprenorphine as a sublingual spray for pain relief had been accepted for filing by the FDA (Food & Drug Administration). According to the company statement, the FDA set July 28 as the date to complete its review. Insys also plans to include data from a seven-day study with 100 patients to augment the NDA package.

“We look forward to working with the FDA in 2018 to add our buprenorphine sublingual spray to the range of treatment options available to physicians whose patients suffer from moderate-to-severe acute pain,” said Steve Sherman, senior vice president of regulatory affairs at INSYS. “We believe that this novel formulation and delivery method of buprenorphine holds great promise as an alternative to traditional opioids.”

Insys has struggled this year to overcome scandals regarding past executives and the company’s founder. The stock has plunged from a 52-week high of $15.02 to a year’s low of $4.10 and was lately trading at $5.23.

In Sympathy With GW?

Traders believe the stocks were sliding in sympathy with GW Pharmaceuticals (GWPH), which was tumbling 6% in trading on Wednesday. The stock had fallen after the company announced that it was offering more shares.


StaffStaffNovember 30, 2017
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Toronto-based Golden Leaf Holdings Ltd. (GLDFF) delivered its earnings for the third quarter ending September 30 with revenues rising, but losses rising as well. Net revenue was $3.1 million versus last year’s $2.4 million for the same time period. The quarter included $240,000 in non-recurring royalty revenue. The jump in revenue was largely attributed to the acquisition of Chalice Farms this past July, which offset supply problems with other key products.

Golden Leaf still reported a net loss of $3.2 million or one cent per share, versus last year’s $2.3 million which also caused a loss of one cent per share. The company currently has 726 million shares on a fully diluted basis. Adjusted EBITDA loss was $3.1 million which was much higher than last year’s  loss of $1.7 million during Q3 2016. The company said it was “primarily driven by increases in legal costs, salaries, wages, and rents, which offset higher margins that resulted from sales of inventory produced in prior periods, and an enhanced product mix.”

“Our vision is to drive top-line growth by developing our retail brand across our target markets, starting with Portland, Oregon,” said William Simpson, Chief Executive Officer of Golden Leaf Holdings. “To this end, we are constructing three new Chalice Farm retail dispensaries. Construction efforts have progressed faster than expected and we anticipate one new location to be operational before the end of 2017, with a second expected to be up and running in Q1 2018.”

Gross profits were $731,000 or 23.7% of net revenue, higher than last year’s 21.3% of net revenue in Q3 2016, and 19.2% of net revenue in the second quarter of 2017. The company said in a statement that gross margins benefitted from better utilization of production staff and consistent margins across product categories. The gross margins also improved as a result of acquired dispensaries and the higher margins associated with retail products. Operating expenses rose to $4.7 million over last year’s $2.3 million due to higher wages, consulting costs and legal costs. The company said it plans to reduce its corporate overhead.

The Plans For Golden Leaf

The expansion in Oregon is underway as a result of the Chalice Farms acquisition. Golden Leaf now has five retail dispensaries in operation, with an additional three under construction, one of which Golden Leaf expects to have opened by the end of 2017, and a second expected to open in the first quarter of 2018.

In Nevada, the company was granted business licenses by the city of Henderson and Washoe County, Sparks and Las Vegas to sell cannabis to the adult-use markets in these locations. Sales throughout the state have begun and Golden Leaf also signed an agreement with a distributor in Reno to generate sales. Simpson said, “Although at a very early commercial stage, we generated revenues of approximately $100,000 USD in the third quarter of 2017 from Nevada, and are pleased with this early stage traction. Nevada is one of the leading markets for the cannabis industry, due to its more than 40 million yearly visitors and its sizable domestic market, and we are excited about this opportunity.”

In Canada, Golden Leaf completed its acquisition of MMGC in early November, which is expected to enable the company to expand sales of its branded oils and flowers in that marketplace. MMGC was granted a cultivation license by Health Canada for its Ontario cannabis grow facility and Golden Leaf expects to launch retail operations in Canada in the third quarter of 2018.

Cash

As of September 30, 2017, the Company had approximately $634,000 USD in cash, compared with $3.9 million USD at December 31, 2016. In a statement, the company said, “Subsequent to the end of Q3 2017, Golden Leaf received approximately $10.8 million USD in net proceeds from a private placement transaction. The Company is using these proceeds for the payment of outstanding accounts payable, inventory purchasing and general corporate purposes.”

The stock is trading at 23 cents, which is a big drop from its 52-week high of 57 cents.


Debra BorchardtDebra BorchardtNovember 28, 2017
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4min7080

California-based Kush Bottles, Inc. (KSHB), reported its financial results for its fiscal year ended August 31, 2017 with revenues climbing 129% year over year to $18.8 million. Net income came in at $69,000 down from 2016’s $72,000. Gross profits were $6.2 million, a nice jump over last year’s $2.6 million. 

“Fiscal year 2017 was a pivotal year for the Company as we began a new and exciting chapter,” commented Nick Kovacevich, Chairman and Chief Executive Officer of Kush Bottles. “We implemented a series of growth initiatives intended to expand our product portfolio, strengthen our supply chain, increase our sales force and position Kush Bottles as the leading provider of ancillary products and solutions to the rapidly growing cannabis market. As a result of these initiatives, our sales growth steadily gained momentum throughout the year, resulting in record revenues of $18.8 million in fiscal year 2017, representing an increase of 129% compared with fiscal year 2016.”

Kovacevich noted that the company’s strong fourth quarter results were driven by the company’s acquisition of CMP Wellness that occurred in May of 2017. This enabled the company to take advantage of the explosive vape market.

“The acquisition brings significant revenue and growth opportunities in the vapor category, as well as synergies which expand our ability to grow the core packaging, supplies, and services business.  This acquisition was the latest of several initiatives implemented throughout the year to diversify our product offerings to capture additional market share in the cannabis sector,” said Kovacevich.  “We have made great strides to gain market share in new emerging cannabis markets such as Nevada and California, areas we expect to remain a large focus in fiscal year 2018.”

New Loan

The company also stated in its annual report that on November 16, 2017, Kush Bottles and Kush International Corporation (KIM) as borrowers, and all of its other subsidiaries, as credit parties, entered into a Loan and Security Agreementwith Gerber Finance Inc., as the lender, effective as of November 6, 2017. The loan provides a secured revolving credit facility with an aggregate principal amount of up to $2.0 million at any time outstanding, of which $1,500,000 was drawn as of November 24, 2017.  The proceeds of the loans under the Loan Agreement will be used for working capital and general corporate purposes. The revolving line has a maturity date of November 6, 2019.

Kush Bottles, Inc. markets and sells packaging products and solutions to customers operating in the regulated medical and recreational cannabis industries. Kovecevich told Green Market Report during the MJ Biz conference recently that California was a huge catalyst as the state embarks on new regulations that include new requirements for packaging.



About Us

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


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