Public Archives - Green Market Report

William SumnerWilliam SumnerAugust 15, 2019
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2min3780

Yesterday, Trulieve Cannabis Corp. (OTCMKTS: TCNNF) (CNSX: TRUL) announced the release of its second quarter financial results.

Year-over-year, Trulieve’s increased 149% from $23.3 million to $57.9 million. Keeping pace with revenue, operating expenses also rose from $6 million to 14.8 million, representing a 146% increase. Gross profit was $37.6 million, and the gross profit margin was 65%. Adjusted EBITDA was $31.6 million.

A considerable amount of the company’s growth was due to a rise in the number of medical cannabis patients in Florida, which increased by 19%. Driving patient growth was the introduction of cannabis flower to market, which accounted for 50% of total product sales in the state for the second quarter. As of June 30, 2019, there were 181,000 medical cannabis patients in Florida.

Quarterly Highlights

During the last quarter, Trulieve expanded its total cultivation capacity to 1.6 million square feet, completed its acquisition of The Healing Corner medical cannabis dispensary, closed a public debt offering of $70 million, and commenced trading on the OTCQX Best Market under the symbol TCNNF.

Additionally, the company’s founders extended a voluntary lock-up agreement of their 65,253,093 shares, or approximately 59% of shares outstanding on an as-converted basis, until July 2020.  Trulieve also closed its sale-leaseback transaction with Innovative Industrial Properties, Inc. to provide capital for its Holyoke, Massachusetts cultivation and processing site.

“Our strong financial results for the quarter combined with our operational and foundational evolution illustrates that Trulieve is not just a cannabis company, but an organization that possesses the key fundamentals expected of leading companies across all industries,” said Kim Rivers, CEO of Trulieve. “By continuing to focus on operational efficiencies, maintaining sound financial discipline, and leveraging our strong brand awareness and patient loyalty within current markets and in future expansion initiatives, we expect our efforts to translate to new strong results throughout the remainder of 2019.”


William SumnerWilliam SumnerAugust 15, 2019
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3min5210

Harvest Health & Recreation, Inc. (CSE: HARV) (OTCQX: HRVSF) has reported its financial results for the second quarter, ending on June 30, 2019. Revenue rose from $19.2 million in the previous quarter to $26.6 million, representing an increase of 39%. If one were to include Harvest Health’s completed and pending acquisitions, quarterly revenue would be $78 million.

The gross profit was $16.9 million, and the gross profit margin was 64%. The company incurred a net loss of $20.6 million, which was attributed to “planned investments in people and infrastructure” meant to support growth initiatives and expansions. Harvest Health currently holds $89.9 million in cash and cash equivalents and has approximately $105.1 million in outstanding debt.

Quarterly Highlights

During the second quarter, Harvest Health opened three new retail locations in the state of Florida, closed its pending acquisition of Cannapharmacy, and was awarded a retail dispensary license in Pasadena, California. Following the close of the quarter, the company gained a cultivation license in Utah and opened six dispensaries in Arizona, California, Florida, and North Dakota.

Additionally, the company signed an agreement with the Asian American Trade Associations Council (AATAC) to distribute Harvest Health branded products to over 10,000 retail locations in the AATAC network.

Harvest Health also had some success in raising funds during the last quarter, having recently closed an initially $100 million tranche (out of $500 million) of convertible debentures, as well as signing a term sheet for a secured term loan for up to $225 million from an investment fund managed by Torian Capital.

“During the second quarter, Harvest continued to execute on its strategy by adhering to our four core initiatives: building a world class team, expanding our retail and wholesale footprint across the U.S., building and acquiring brands and distributing them across our footprint and continuing on a path of profitable growth we believe that we can fulfill our objective of becoming the most valuable cannabis company in the world,” said Harvest Health CEO Steve White.


William SumnerWilliam SumnerAugust 8, 2019
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3min2620

Today, GrowGeneration Corp. (OTCQX: GRWG) announced the release of the financial results for the fiscal quarter ending on June 30, 2019.

Net revenue for the quarter was $19.48 million, up from $7.15 million in the same period of the previous year. The company attributes the increase in revenue to the addition of 14 new retail stores, some of which were acquired or recently opened after April 1, 2018, as well as the launch of the company’s new e-commerce site. When combined, the new stores and the e-commerce platform contributed approximately $12.7 million in revenue. Gross profit also rose from $1.7 million to $5.8 million. As a percentage of sales, gross profit was 29.9%.

The cost of goods sold rose approximately 152%, from $5.4 million in the previous year to $13.7 million. The increase of costs was attributed to increased sales and the increase in the number of retail stores. Year-over-year, net income rose from a loss of $929,959 to a net positive of $1.06 million.

As of June 30, 2019, the company has approximately $17.9 million in cash and cash equivalents and a working capital of $29.6 milliom.

Operational Highlights

In the last quarter, the company appointed former Home Depot CEO Bob Nardelli as Senior Strategic Advisor and completed a $12.8 million financing round  led Gotham Green Partners, Merida Capital Partners and Navy Capital. GrowGeneration acquired six new retail locations in Denver, Colorado; Palm Springs, California; Reno, Nevada; and Manchester, New Hampshire. The company also opened new stores in Maine and Oklahoma.

“The Company’s second quarter financial results reflect our company’s continued focus on revenue growth and EBITDA expansion. We improved the financial performance of the Company in all areas.” said GrowGeneration Co-Founder and CEO, Darren Lampert. “The newly acquired stores and new store openings are all performing better than expected and have been successfully integrated into the operations of the overall company. The Company has nearly $18.0 million in cash, which will allow the Company to continue to grow at a rate of 100% year over year.”


William SumnerWilliam SumnerJuly 25, 2019
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3min4410

The tobacco industry is betting big on cannabis. Today, Auxly Cannabis Group Inc. (TSX.V: XLY) (OTCQX: CBWTF) announced that the international tobacco company Imperial Brands PLC will make an investment in the company through a convertible debenture.

Under the agreement, Imperial Brands will make an investment of $123 million, granting the company a 19.9% ownership stake in Auxly. At $0.81 per share, the investment represents an 11% premium on Auxly’s closing share price on July 24, 2019. The debenture has a three-year term and an annual interest rate of 4%.

Imperial Brand is not the first tobacco company to invest in cannabis. Late last year, Altria Group Inc. (NYSE: MO), which owns the Marlboro cigarette maker Phillip Morris USA, purchased a 45% stake in Cronos Group Inc. (NASDAQ: CRON) for C$2.4 billion.

Given that tobacco sales have been on the decline for years, it would only make sense that companies such Imperial Brands and Altria would make investments in a growing industry like cannabis. Not only do their consumer bases often overlap, but also the tobacco industry already has a developed distribution, manufacturing, and cultivating infrastructure that could easily be converted to cannabis.

Once the transaction is complete, Auxly will gain the rights to Imperial Brands’ vaping technology and intellectual property. Auxly will also be given access to Imperial Brands’ vape business, Nerudia, which has a dedicated cannabis research team and a licensed research and development facility.

In addition to becoming the company’s exclusive partner for the future development of cannabis products, Imperial Brands has been given the ability to name one director nominee and one non-voting observer to Auxly’s Board of Directors.

“This investment from Imperial Brands will enhance Auxly’s ability to continue to deliver on our business plans and accelerate our growth initiatives to expand our portfolio of branded derivative products,” said Hugo Alves, President of Auxly. “The timing is ideal as we prepare to bring our portfolio of innovative cannabis products to the Canadian market following the legalization of edibles, extracts and topicals later this year.”


William SumnerWilliam SumnerJuly 24, 2019
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3min5492

You may not be able to purchase cannabis from your local gas station, but that hasn’t stopped the international convenience store chain Alimentation Couche-Tard (TSX: ATD.A ATD.B) from staking a claim in the industry. Today it was announced that the company would purchase a stake in Fire & Flower Holdings Corp. (TSXV: FAF) $25.9 million.

With over 16,000 stores in 25 countries, Fire & Flower hopes to leverage Couche-Tard’s retail footprint to help aid its own international expansion. This does not mean that company’s cannabis products will be found in a Couche-Tard convenience store anytime soon, but rather that Couche-Tard’s resources will help with growth initiatives like growing and expanding the company’s digital platform Hifyre.

“This strategic investment by Couche-Tard, one of the world’s largest retailers, is transformative for Fire & Flower,” said Fire & Flower CEO, Trevor Fencott. “The support of Couche-Tard’s world-class leadership team, coupled with their impressive international footprint which includes major markets such as the US, Mexico and Europe, provide us with outstanding opportunities for aggressive growth.”

The purchase will be made by an indirect wholly-owned subsidiary of Couche-Tard through a subscription agreement, upon which Fire & Flower will issue 24,289,706 common shares of the company at a price of $1.07 per common Share, representing a 9.9% ownership interest.

Concurrently, Couche-Tard will receive three series of common share purchase warrants. If exercised, Couche-Tard would increase its stake in the Fire & Flower to 50.1%. Couche-Tard will also be granted board nomination rights. Upon closing of the transaction, Fire & Flower will uplist to the TSX.

“Couche-Tard is excited to make this strategic investment in one of the fastest growing cannabis ‘pure-play’ retailers,” said Brian Hannasch, President and CEO of Couche-Tard. “This investment in Fire & Flower, with a path to a controlling stake, will enable us to leverage their leadership, network and advanced digital platform to accelerate our journey in this new and flourishing sector.”


William SumnerWilliam SumnerJuly 23, 2019
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3min4220

Amplify Investments is getting into the cannabis industry. Today, Amplify ETF’s announced the launch of Amplify Seymour Cannabis ETF (NYSE Arca: CNBS), an actively managed ETF covering the cannabis industry. Tim Seymour, CIO of Seymour Asset Management and CNBC Fast Money co-host, will act as the fund’s portfolio manager.

As one of the world’s most premier financial journalists, Seymour recently served as the headline speaker for the Green Market Summit in Chicago, Illinois. You can watch his fireside chat with Peter Miller, CEO of Slang Worldwide Inc. (SLGWF), about the explosive growth of the cannabis industry here.

“The global legal cannabis industry is still very much in its infancy and presents an attractive growth opportunity for investors looking to capitalize on this emerging frontier,” Seymour said. “Amplify has a track record of offering investors access to disruptive areas of the market via the ETF structure, and the cannabis industry certainly fits this mold.”

As portfolio manager, Seymour will base his decisions off of publicly available data, regulatory filings, third party research, and his evaluations of companies’ financial fundamentals.

The CNBS portfolio will include cannabis companies that are federally legal in the countries in which they operate. Specifically, the portfolio will cover companies that fall into one of three categories: cannabis/hemp plant, support cultivation and retail, and ancillary companies that provide goods and services to the cannabis industry.

Another qualification is that at least 80% of the companies in the ETF must receive 50% or more of their revenue from the hemp or cannabis industry. The fund portfolio currently covers 25 of the cannabis industry’s leading companies; such as Aurora Cannabis (NYSE: ACB), Canopy Growth (NYSE: CGC), Hexo Corp. (NYSE: HEXO), Tilray (NASDAQ: TLRY), and WeedMD (OTCMKTS: WDDMF)

“Cannabis and hemp are seeing a new wave of potential use cases across multiple industries, and investors are eager to gain access to this emerging sector,” said Christian Magoon, founder and CEO of Amplify ETFs. “Tim is a recognized voice and active investor in the cannabis space, and we’re excited to harness his investment expertise and specialized insights to navigate and capture the expanding opportunity in the rapidly evolving industry.”


StaffStaffJuly 12, 2019
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8min9002

Jessica Billingsley is a technology pioneer, solutions creator and industry leader, providing proven compliance software solutions to the cannabis market. She is the Chief Executive Officer of Akerna—the first cannabis compliance technology company to be traded on Nasdaq—making her the first CEO from this market space to bring a company to a major U.S. exchange. Jessica is also the CEO of Akerna’s flagship subsidiary—MJ Freeway. She established MJ Freeway in 2010 and it is the leading seed-to-sale regulatory compliance technology provider and developer of the cannabis industry’s first enterprise resource planning (ERP) platform. Akerna also offers Leaf Data Systems as a government resource for public sector compliance. Combined entities tracked more than $15 billion in world-wide, client cannabis sales to date. She is the first woman ever from the cannabis industry to receive the prestigious Fortune’s “Most Promising Women Entrepreneur Award” and is also recognized as one of Inc.’s “Female Founders 100.” Jessica received a degree in Communications and Computer Science from the University of Georgia and lives with her daughter in Denver.

GMR Executive Spotlight Q&A – 

Full birth name: Jessica Billingsley 

Title: Chief Executive Officer, Akerna and Chief Executive Officer, MJ Freeway

Company: Akerna and MJ Freeway

Years at current company:  Akerna launched in June 2019. Nine and a half years at MJ Freeway.

Education profile:  At 16 years old, I received a full academic scholarship to attend the University of Georgia, where I received a degree in Communications and Computer Science.

Most successful professional accomplishment before cannabis:  Prior to forming MJ Freeway, I built and managed technology operations with an emphasis on executive management, corporate culture, finance, and strategic relations. I launched my first company at 22, and I’ve been a successful founder, owner, COO and CEO of several companies.

Company Mission: Our technology empowers a compliant cannabis industry to prove outcomes that positively change lives every day.

Company’s most successful achievement: Nine years ago, my co-founder and I invented seed-to-sale tracking upon identifying the need for organic material tracking and compliance SaaS solutions in the growing cannabis industry. We were supporting one of the first cannabis dispensaries and grows in Colorado, and saw that cannabis needed technology built for it not adapted from other industries. And we believed visibility across the entire supply chain from seed-to-sale would be a requirement for the industry’s sustained growth. MJ Freeway was born with the launch of our patent-pending cannabis seed-to-sale technology. Today, seed-to-sale tracking is a requirement of most state’s that regulate legal cannabis. And to date MJ Freeway has tracked more than $13B in legal cannabis sales.

In 2017, in response to what I saw as the maturing of the cannabis market to multi-state enterprise businesses, MJ Freeway launched the cannabis industry’s first ERP. We also led the international expansion in the cannabis technology sector very early on in 2012 in Canada then into Spain. Today, our total international footprint spans 13 countries. Innovation and seeing what opportunities are next on the horizon – and then being ready for them first – is a hallmark of MJ Freeway and now Akerna. 

Most recently, I’m proud of an accomplishment that is a testament to the entire MJ Freeway team. Via a merger between MJ Freeway and MTech, a shell company formed for the purpose of acquiring a cannabis technology company, Akerna is the first software company that serves cannabis businesses to be traded on a major U.S. exchange. Akerna is traded on the Nasdaq under the ticker symbol: KERN. It’s an unprecedented milestone signifying a shift in beliefs and generating ripples of opportunity.  

Finally, I’m proud to have broken a couple of glass ceilings by serving as CEO of a technology company and holding a CEO position in a publicly traded company. Unfortunately, both are very rare occurrences. MJ Freeway launched last year the One Woman Challenge campaign to empower women in their careers. I want to reverse the growing decline of women in tech. It’s appalling to learn there’s a smaller percentage of women working in tech today than 25 years ago. Please learn more about the #OneWomanChallenge on our website and social pages and get involved. 

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

If so, how much?: $25M in private financing prior to this most recent public transaction.

Any plans on raising capital in the future? Yes. Akerna’s strategy is to consolidate cannabis technology companies to connect data points in the global cannabis supply chain. Raising capital is a piece of our strategy to fully execute on Akerna’s strategy and is a reason for our listing on Nasdaq to be able to access more cost effective capital.

Most important company 5-year goal: To build the world’s most transparent and accountable consumer packaged goods supply chain. There’s an explosion of growth in consumers’ desire for transparency in products, which starts with transparency in the supply chain. With MJ Platform’s technology, I can tell you what farm the cannabis in your gummy was harvested from, what date it was harvested, and what nutrients were added prior to harvest. We can then follow the progression of the exact cannabis in that gummy until the moment it was sold to you. Seed-to-sale technology gives an unprecedented level of transparency across the supply chain. We intend to build on MJ Platform and grow Akerna through acquisitions to connect more data points across the cannabis supply chain and empower businesses, governments, and the public with the information they need to make better decisions. We are excited about the explosive growth of this industry and how compliance technology will underpin it. 


StaffStaffJuly 3, 2019
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5min6580

Beth Stavola is a leading cannabis entrepreneur. She was formerly the Chief Operating Officer, President of US Operations, and Board Member of MPX Bioceutical Corporation, and is now the Chief Strategy Officer and Director for iAnthus. Beth is also the founder of the top CBD beauty and wellness brand, CBD For Life, a privately-held company that provides customers with the benefits of cannabinoids while avoiding unwanted psychoactive effects. Previously, Beth worked on Wall Street with Jefferies and Company, rising to the position of Senior Vice President. She is actively involved in organizations that promote women in the cannabis industry and in 2014 was named as one of the leading medical cannabis entrepreneurs by Congresswoman Dina Titus, on the floor of the House of Representatives.  In 2017, Cannabis Business Executive named Beth #3 on the “CBE 75 Most Important Women In Cannabis” list.

GMR Executive Spotlight Q&A –

Full birth name: Beth Stavola  

Title: Chief Strategy Officer and Director

Company: iAnthus Capital Holdings

Years at current company: <1 

Education profile:  Beth Stavola holds the esteemed honor of being named as one of the leading medical cannabis expert entrepreneurs on the floor of the House of Representatives in 2014 by Congresswoman Dina Titus. She holds a BS in Finance and Economics from Monmouth University and spent most of her Wall Street career at Jefferies and Company.  

Most successful professional accomplishment before cannabis:   While I structured and closed many deals during my time in finance, being the #1 producer in my department the most times during a ten-year career at Jefferies is the highlight. I think it shows my determination to succeed professionally no matter the industry. A personal investment in medical cannabis lead me on this incredible journey where I am able to combine my passion and experience to help people. Sometimes opportunities happen where you least expect them and working with people who have different perspectives can open your mind to new ways of thinking and growing your business.

Company Mission: In the high growth environment of the U.S cannabis market, an experienced team, access to capital and an ability to grow through acquisition are the three key drivers of a company’s success. iAnthus was founded by entrepreneurs who bring together market leading experience in operations, capital markets and M&A.

Combining these skills, we are building a cannabis company that will seize the opportunities this emerging industry offers.

Company’s most successful achievement:  The transformational Deal with MPX which closed in February 2019 was the first public-to-public U.S. cannabis transaction with an HSR filing to be approved by the Department of Justice. The combined company now has operations in 11 states. 

Has the company raised any capital (yes or no): if so, how much?  

We have raised 360mm CAD to date.

Any plans on raising capital in the future? I’m unable to comment on future plans.

Most important company 5-year goal:  Our biggest goal is to expand our brands into new and diverse markets as they open up in the U.S. and abroad. This will ensure that our customers receive the highest quality products in a timely, efficient and reliable way, as our brands become recognized nationally and internationally under the iAnthus umbrella.

 


StaffStaffJuly 2, 2019
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5min9610

Andrew Berman is a versatile executive with a unique background and skill set. Mr. Berman has a B.A. from the University of Michigan and a J.D. from the University of Miami School of Law. He clerked for two federal judges and practiced law for eleven years in San Francisco before joining the Business Affairs group at America Online. After AOL, Mr. Berman became CEO of AirLink Communications, Inc., an early-stage wireless data company located in Hayward whose success culminated with a merger into Sierra Wireless, Inc. Staying aboard as the publicly traded company’s Senior Vice President & General Manager, Berman led all facets of Sierra Wireless’s AirLink business unit, including its North American growth and international market expansion. Berman then joined Cricket Media, Inc., a public company in the education media sector, as Chief of Staff to the CEO.

Most recently, Mr. Berman was an Entrepreneur in Residence at ZG Ventures, LLC, a prominent venture capital firm based in Washington, DC. Mr. Berman also has extensive experience in local government relations and community building, having served on the Mill Valley City Council and as Mayor and Vice Mayor of Mill Valley. His public service also includes serving as Chair of the Marin County Telecommunications Agency, on local Planning Commissions and on County Emergency Medical Boards, through which he developed expertise in land-use and public safety issues at the local level.

GMR Executive Spotlight Q&A – 

Full birth name: Andrew Berman

Title: Chief Executive Officer

Company: Harborside Inc.

Years at current company: 1.5

Education profile: BA @ University of Michigan, JD @ University of Miami School of Law

Most successful professional accomplishment before cannabis: Andrew was a partner at a law firm before moving into the business world. After holding various executive roles at AOL, AirLink Communications, Sierra Wireless, and Cricket Media, Andrew made the move to Harborside, occupying the role of CEO of one of the biggest names in cannabis.

Company Mission:  Since its inception, Harborside has always strived to retail, cultivate and curate the best in California cannabis. They have stayed true to their pillars of customer trust, choice and value.

Company’s most successful achievement: Harborside’s history has been filled with milestones: from the first legal sale of cannabis in California in 2006 to recently listing as a public company on the Canadian Securities Exchange. Soon, Harborside will open a retail location in Desert Hot Springs with the second cannabis drive-thru in the state. But perhaps Harborside’s biggest achievement is their longevity and legacy. Despite being a non-profit company until 2018, Harborside has thrived and grown into one of the most trusted names in the industry. 

Has the company raised any capital (yes or no): Yes – Harborside completed three rounds of  funding prior to listing on the Canadian Securities Exchange on June 10.

If so, how much?: $6.5M Series A, $27M Series B, $15M in May 2019

Any plans on raising capital in the future? Yes – we are now a publicly listed company (Ticker: HBOR) on the Canadian Securities Exchange.

Most important company 5 year goal: Harborside is looking to expand in multiple areas. The company is aiming to innovate and create new brands, as well as fully launch the Key brand, a product line that provides premium quality at affordable prices. Key products have gained traction in 50 dispensaries statewide with just a soft launch. Harborside will also optimize output at its cultivation sites, in addition to opening new retail locations in and San Leandro and Desert Hot Springs. The company’s overarching goals remain the same as they always have been: be northern California’s premier cannabis company, build a quality work experience for our team, continue to be the Best in the Bay, and provide trust, choice and value to our customers. 

 


StaffStaffJune 21, 2019
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4min7490

SLANG Worldwide Co-Founder and CEO Peter Miller is an experienced entrepreneur with successful exits and 10 years of executive experience. He and Billy Levy co-founded Mettrum Health Corp, a leading Canadian licensed producer that was acquired by Canopy Growth. An entrepreneur with a track record in agriculture, operations, tech, and clean energy, Peter is also the Chairman of the Canadian licensed producer Agripharm. Prior to joining the cannabis industry, Peter worked in corporate development at Esri Canada. SLANG Worldwide is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across more than 2,600 stores in 11 US states.

GMR Executive Spotlight Q&A – 

Full birth name: Peter W J Miller

Title: Co-founder and CEO

Company: SLANG Worldwide

Years at current company: 2 years

Education profile: Peter studied finance and marketing, earning a Bachelor of Commerce degree from Ryerson University.

Most successful professional accomplishment before cannabis: Peter has more than 10 years of experience with agricultural, operational, and technological aspects of operating in the sector. Outside of cannabis, his most proud professional accomplishment is acting as a director and investor in a construction financing group that helped develop a network of sustainable energy projects.

Company Mission: SLANG Worldwide Inc. is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 11 US. We believe that trusted brands fulfilling their promises to consumers will continue to lead the cannabis market. We deliver on our promises of consistency and quality to stores that carry our products around the world. 

Company’s most successful achievement: In an industry that measures success in a variety of ways, SLANG Worldwide prioritizes on creating value for the entire industry through great cannabis products. In our first quarter as a publicly traded company, $32 million SLANG branded products were purchased by consumers and 52 million SLANG branded servings (5mg) were purchased by customers. We look forward to developing more products across form factors, helping more network partners to develop their capabilities and expanding our distribution and access to customers everywhere.

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

If so, how much?: The company has raised around $90M

Any plans on raising capital in the future? Yes. SLANG will raise capital at times when the cost of capital is most attractive.  The great thing about SLANG’s business model is that it is not extremely capital intensive. Incremental capital accelerates growth, however significant capital is not needed to achieve the primary goal of delivering as many servings of branded product to consumers as possible.

Most important company 5 year goal: SLANG’s goal is to have the best portfolio of branded cannabis consumer products selling through the highest number of retail shelves.



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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