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StaffStaffApril 2, 2020


It’s time for your Daily Hit of cannabis financial news for April 2, 2020.

On The Site


Within days of proclaiming in social media that its CBD products could cure COVID19, the Food & Drug Administration (FDA) sent a warning letter to NeuroXPF. The letter stated, “We request that you take immediate action to cease the sale of such unapproved and unauthorized products for the mitigation, prevention, treatment, diagnosis, or cure of COVID-19.”

NeuroXPF is a cannabidiol product company founded by former NFL player Kyle Turley. The company boldly went on social media suggesting that by using its products it could help people’s immune systems in the fight against COVID19.


Israel has been the center of some of the strongest research on cannabis, but for years remained in the research only field. That is beginning to change as more Israeli companies are raising money and more cannabis is being imported to the country.

Pharmaceutical company Panaxia Labs Israel Ltd. (TASE: PNAX) said that it completed a successful fundraising round of 17 million ILS (Israeli shekels)  or approximately $4.6 million by today’s currency exchange. The private placement consists of common stock and warrants to Israeli Institutional Investors: the provident funds, mutual funds, and portfolio management entities of Mor Investment House and Noked Capital Hedge Fund. Total gross proceeds raised, including the exercise of the option by the company, are 23 million ILS.

The Supreme Cannabis Company, Inc.  (TSX: FIRE) (OTCQX: SPRWF)  said that it completed its first international cannabis shipment from Canada into Israel. The Canadian cannabis company said that it partnered with Breath of Life International Ltd., Israel’s largest and a leading producer of medical cannabis and cannabis products, to offer Truverra-branded premium medical cannabis to patients in Israel.

In Other News

Innovative Industrial Properties, Inc. (NYSE: IIPR) closed on the acquisition of a property in Athol, Massachusetts, which comprises approximately 199,000 square feet of industrial space. The purchase price for the Massachusetts property was approximately $26.8 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement with a subsidiary of Ascend Wellness Holdings, LLC (AWH) for continued operation as a licensed cannabis cultivation and processing facility. AWH is expected to complete tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to approximately $22.2 million. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the property will be $49.0 million. The lease provides for an initial annualized aggregate base rent of 13.5% of the sum of the initial purchase price and tenant improvement allowance, subject to a phase-in of the base rent associated with the tenant improvement allowance at the beginning of the term.

Grown Rogue International Inc. (CSE:GRIN) (OTCQX:GRUSF), a multi-state cannabis company with operations and assets in Oregon, California and Michigan, has released its financial and operating results for the three months ended January 31, 2020. Since Q2 2019, the company has been committed to shifting its business strategy away from low margin, third party product distribution and towards highly profitable Grown Rogue branded product sales. Generated over $150k in positive cash flow from operations for the first time as a public company. Revenue grew 33% year over year to $1.1m, with sales of Grown Rogue branded product more than doubling from 1Q 2019. Net loss was $233k vs last years $4.7m.

Radient Technologies Inc. (OTCQX: RDDTF) announced that it has received the approval from  the TSX Venture Exchange to extend the term of 1,070,712 warrants originally scheduled to expire on April 14, 2020 to April 14, 2021.

StaffStaffApril 1, 2020


It’s time for your Daily Hit of cannabis financial news for April 1, 2020.

On The Site


MariMed Inc. (MRMD:OTCQX) quarterly revenues for the quarter ending December 31, 2019, increased 50.9% to  $5.19 million versus $3.44 million for the same period of 2018. The company attributed the increase to the roll-up up of MariMed’s licensed client businesses in Illinois in the fourth quarter of 2019.  Fourth-quarter 2019 revenues were also bolstered from new distribution channels secured for MariMed’s Betty’s Eddies and Kalm Fusion brands. The company did not disclose the net loss for the quarter.

Full Year 2019

For the full year ending in December, total revenues grew to approximately $45.6 million. Core cannabis sales for the fiscal year 2019 were $16.6 million, a 40.0% increase compared with $11.9 million for the fiscal year 2018. The operating loss for 2019, including the GenCanna receivable reserve, was $41.6 million, compared with an operating loss of $5.4 million for the full year 2018.  Net loss for the full year 2019 was $81.2 million or $0.39 per share, compared with a net loss of $13.6 million or $0.07 per share for the full year 2018.

Muni Bonds

MPG Consulting has recently authored a report looking at the potential of Cannabis Municipal Bonds (CMB).  Adam Orens, Founder of MPG and Sal Barnes, Managing Director, MPG have conducted a theoretical analysis using Colorado showing how the state can translate its cannabis revenue into a short-term bond amount of $166 million and long-term bond issued in the amount of $591 million resulting in $123 million and $438 million available for educational initiatives and infrastructure, respectively.

States and municipalities already use revenue bonds as a way to pay for large projects. The investors of such bonds feel that the risk for these investments is lower since there is a captive source of revenue to pay the interest. The report gives Iowa as an example. That state allocates $55 million in gaming taxes every year to pay the debt on revenue bonds that were issued in 2009 and 2010. That money raised selling these bonds was then used for community revitalization, flood mitigation, and bridge improvement efforts.


Canadian cannabis company CEOs have been making big pay packages over the last few years coinciding with net losses. But, they have not been disclosing details required by Canadian law about who they employ to come up with the pay formulas and how much these consultants are paid.

A review of Canadian public filings by Cannabis Law Report has found at least three publicly traded companies who have failed to be transparent in telling shareholders how much they were actually paying their executives.

It appears that some packages could be described as “over-compensation” and were/are making some individuals very wealthy.

In Other News


Mind Medicine (MindMed) Inc. (NEO: MMED OTC: MMEDF), the leading neuro-pharmaceutical company for psychedelic inspired medicines, today announced the signing of a multi-year, branch exclusive collaboration with the laboratory of Professor Dr. Matthias Liechti, the world-leading psychedelics pharmacology and clinical research group at University Hospital Basel in Switzerland.

Under the agreement, MindMed gains exclusive worldwide rights to data, compounds, and patent rights associated with the Liechti laboratory’s research with LSD and other psychedelic compounds, including data from preclinical studies and eight completed or ongoing LSD clinical trials. MindMed has already begun working with Professor Dr. Liechti’s laboratory to file patents for the data and clinical trials it has generated over a 10-year period.


Therapix Biosciences Ltd.  (Nasdaq: TRPX), a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, today announced the pricing of a public offering for the issuance of an aggregate of 4,166,668 units, each consisting of (i) one pre-funded warrant to purchase one American depositary share (“ADS”) and (ii) one Series B warrant to purchase one ADS, at a purchase price of $0.2999 per unit. The Series B warrants will have an exercise price of $0.43 per ADS, will be exercisable upon issuance and will expire five years from the date of issuance.


The Green Organic Dutchman Holdings Ltd.  (TSX:TGOD) (OTC:TGODF), a leading producer of premium certified organic cannabis, is pleased to announce that the Company has entered into a $30 million secured revolving credit facility (the “Facility”) with a private lender (the “Lender”) that is secured on accounts receivable and inventory, with a second lien over the Company’s other assets.  The Facility has an initial term of one-year, subject to renewal for up to an additional year.

Upon closing of the Facility, TGOD will be able to draw $10 million.  The remaining $20 million will become available as TGOD ramps up its operations and additional borrowing base becomes available from inventory and accounts receivable generated from operations.  The Company’s existing lender (the “Senior Lender”) has also agreed to advance an incremental $5 million on the Company’s accordion facility, pending the amendment of the existing credit agreement.


StaffStaffMarch 31, 2020


It’s time for your Daily Hit of cannabis financial news for March 31, 2020.

On The Site


Under the cover of darkness Zenabis Global Inc. (TSX:ZENAdelivered its earnings in Canadian dollars. It was 1 am when Zenabis issued its press release reported that its 2019 net revenue was $66.5 million, while its net loss for the year was $127 million or $0.53 per share.

The net revenue did increase 850% over 2018’s $7 million, the net loss for 2019 ballooned from 2018’s net loss of $32.5 million or $0.22 per share. The net losses included non-cash impairment losses of $9.3 million or $0.37 per share. The company said that the cannabis segment increased 316% to $29.1 million from $7.0 million in 2018 and the propagation segment increased to $38.6 million

High Tide

Alberta-based, retail-focused cannabis company High Tide Inc.  (CSE:HITI) (OTCQB:HITIF) delivered its financial results for the first fiscal quarter of 2020 ending January 31, 2020. Revenue for the quarter increased by 173%, to $13.6 million from $5 million in the previous year. The company said that the increase in revenue was primarily driven by the retail segment of the Company with operations of Canna Cabana and KushBar.

The company managed to trim its operating losses to $1.9 million from last year’s $4.8 million at the same time period. The net losses remained flat at $3.8 million for the 2020 fiscal first quarter.

Emerald Health

Emerald Health Therapeutics, Inc. (OTCQX:EMHTF) reported some of its results for the fourth quarter and year of 2019 for its British Columbia-based joint venture, Pure Sunfarms (PSF). The company release the net sales for the year and the fourth quarter of 2019 were $82.8 million and $12.1 million, respectively, compared to $4.9 million and $4.7 million.

The company said this consisted entirely of dried cannabis. PSF also recognized revenue of $8.1 million upon the completion of the Settlement Agreement with Emerald in Q4, but it wasn’t clear if this figure was included in the $12 million figure or if it was in addition to that.


MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) decided to terminate its previously announced joint venture partnership with Rama First Nation that included prospective plans for a cultivation facility. The company said that the announcement was part of its ongoing review, evaluation and turnaround process and that it has actioned amendments to the Managed Services Agreements (“MSAs”) which were negotiated and put in place by previous management.

In Other News


CannTrust Holdings Inc. (NYSE: CTST) announced it has obtained an order (the “Initial Order”) from the Ontario Superior Court of Justice granting protection under the Companies’ Creditors Arrangement Act. The Initial Order provides for a stay of proceedings in favour of the Applicants for an initial period of 10 days. Despite the efforts by CannTrust’s management and Board of Directors to preserve the Company’s cash liquidity while seeking to restore the Company to operations and resolve the multiple litigations and other contingent claims facing the Company, the Company’s future remains uncertain. Without its cannabis licenses, the Company has been unable to generate any meaningful revenue since June 2019. As of March 20, 2020, CannTrust had a cash balance of approximately $145 million.

Columbia Care

Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) has received approval for the dual listing of its common shares on the Canadian Securities Exchange (CSE). Columbia Care’s common shares will begin trading in Canadian Dollars on the CSE on March 31, 2020 under the symbol CCHW. In addition, the Company’s common shares will continue to trade in Canadian Dollars on its primary, senior listing exchange, the NEO Exchange (“NEO”), as well as the OTCQX® Best Market in US Dollars.

Medicine Man

Medicine Man Technologies, Inc. (OTCQX: MDCL) reported total revenue was $3.3 million during the three months ended December 31, 2019, an increase of approximately 54% as compared to $2.1 million in the same period in 2018. All areas of the business rose quarter over quarter, except for litigation revenue. Net loss was $3.4 million for the quarter-ended December 31, 2019, or a loss of approximately $0.10 per share on a basic weighted average, as compared to a net loss of $4.2 million, or a loss of approximately $0.17 per share on a basic weighted average, for the quarter-ended December 31, 2018.

Full Year 2019 Financial Results
Total revenue was $12.4 million during the twelve months ended December 31, 2019, an increase of approximately 31% as compared to $9.4 million in the same period in 2018. All areas of the business rose year over year, except for the one-time sale of the Canadian master license last year for $3.5 million. Net loss was $17.0 million for the year-ended December 31, 2019, or a loss of approximately $0.50 per share on a basic weighted average, as compared to net income of $0.9 million, or $0.04 per share on a basic weighted average, for the year ended December 31, 2018.


Tilray, Inc. (NASDAQ: TLRY) unanimously approved the pro rata release of 11 million shares of Class 2 common stock held by the former equity holders of Privateer Holdings, Inc. The shares are being released from lock-up agreements entered into in under the Agreement and Plan of Merger and Reorganization, dated September 9, 2019, by and among Tilray, Privateer, Down River Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Tilray, and Michael Blue, as the Stockholder Representative. The waiver and release will take effect on April 3, 2020, and the released shares may be sold on or after that date, subject to applicable securities law or contractual limitations.

StaffStaffMarch 30, 2020


It’s time for your Daily Hit of cannabis financial news for March 30, 2020.

On The Site

Cronos Group

Good luck making sense of Cronos Group Inc. (CRON.TO) (CRON.TO) 2019 fourth quarter and full-year business results. The company said it will restate its unaudited interim financial statements for the first, second and third quarters of 2019. The icing on the earnings cake was that it will also reduce revenue for the three months ending March 31, 2019, by C$2.5 million and the three months ended September 30, 2019, by C$5.1 million.


HEXO Corp. (NYSE: HEXO)  reported a staggering net loss of C$289 million for fiscal 2020 second-quarter ending January 31, 2020. The net revenue for Hexo increased by 17% to $17 million from $14.5 million in the first quarter. The earnings are reported in Canadian dollars.

The loss from operations for the quarter was $289.4 million, compared with a loss of $60.6M in the prior period. The company said that excluding non-cash write-downs and impairment charges in the quarter, the adjusted net loss was ($23.2M) compared with ($34.0M) in Q1’20. This was basically one of those kitchen sink quarters. The company just tossed everything but the kitchen sink into the loss column and just ripped the bandaid off.


Medicinal mushroom company Champignon Brands Inc. (CSE: SHRM) has entered into a definitive agreement to acquire Tassili Life Sciences Corp. in an all-stock deal. Tassili will receive 16 million shares, which is roughly C$7.3 million.

The acquisition will expand Champignon’s preclinical trial pipeline, as well as its aggregation of broad intellectual property related to the development of novel psychedelics therapeutics and their delivery systems, targeting multiple pathological psychological diseases.

Tassili working to develop effective psilocybin-based therapeutics for the treatment of mild traumatic brain injuries (mTBI) and/or post-traumatic stress disorder (PTSD). The company is doing this in partnership with a multidisciplinary team of scientists and physicians at the University of Miami.

Cannabis Consistency

According to Vividata’s National Cannabis Consumer Study, 70% of consumers are not sure they know the difference between THC and CBD. Moreover, quality remains the top criterion in selecting a cannabis product for purchase. How are companies setting the standards for quality and how are we researching consumers to understand their experiences with cannabis products accurately and ethically? This post explores the manufacturing and research standards to consider when conducting research studies with cannabis.

In Other News

TerrAscend announced it will open its award-winning Apothecarium branded dispensaries in 2 PA locations – Lancaster and Plymouth Meeting – in order to serve Pennsylvania medical marijuana patients. The Plymouth Meeting location will even have PA’s first drive-through pick up to allow patients to access their medicine while maintaining social distancing. TerrAscend currently supplies its products to 65 of the 76 dispensaries in the state. To service increased demand for its wholesale business, TerrAscend has recently tripled its cultivation footprint and has hired 30 new positions at its 140,000 square foot facility. The Company continues to actively recruit employees for cultivation and manufacturing, as well as the new Apothecarium retail outlets.

Elixinol has launched a worldwide rebrand and an innovative new line of wellness products designed to build upon its existing consumer trust and knowledge about CBD. “We know that this is an unprecedented time. The novel coronavirus (COVID-19) has been declared a global pandemic and it is impacting many people, and while this rebrand has been in the works for some time, we believe our products are more important than ever now as we continue to serve consumers around the globe and focus on people’s health and wellness,” said Stratos Karousos, CEO of Elixinol Global.

Grenco Science (G Pen), the leader in advanced technology cannabis vaporization, announced a brand partnership with B Real, the critically acclaimed artist, Cypress Hill frontman and cannabis entrepreneur behind Dr. Greenthumb’s Dispensaries. The historic partnership represents a revolution in cannabis retail and product development as the two pioneers in music and cannabis collaborate on the global line of G Pen advanced technology vaporizers, introducing iconic co-branded product offerings and fully integrating the G Pen line into Dr. Greenthumb’s Dispensaries with custom build-outs in California. I would love to talk to you further about G Pen and the exciting partnership with B Real!

StaffStaffMarch 25, 2020


It’s time for your Daily Hit of cannabis financial news for March 25, 2020.

On The Site

Top Cannabis Legal Firms

In these trying times, it’s always good to have an excellent lawyer on your side. A strong contract goes a long way towards protecting your interests and if you find yourself in a dispute, you certainly want someone who understands your business and can work with cannabis companies.

Green Market Report compiled this list with assistance from the Cannabis Law Report. We separated the list into two categories: cannabis only legal firms and large cannabis divisions within larger firms. We put them in alphabetical order and there is no ranking.

Also, no free legal advice was given to get on this list nor did anyone pay to be included.


Interview with Arman Zeytounyan, CEO and Co-Founder of EcoWaste in California

The “Beast” in this scenario is cannabis sustainability, and the distinct lack thereof. The market for change is wide open, and here’s the perspective of one man and the vision of one California company who is getting an edge in the sustainability market due to the cannabis waste removal and compliance services they offer.

EcoWaste ensures compliance every step of the way for the security of your cannabis license. EcoWaste provides an exceptional, reliable and proven cannabis waste disposal. EcoWaste believes there’s a better way to conduct cannabis waste management, combining the right knowledge and provide a solution that is effective and embraces the regulations.


Multi-state operator Jushi Holdings Inc.  (CSE: JUSH) (OTCQX: JUSHF) said that its dispensaries received the “life-sustaining” business designation in Pennsylvania and the “essential services” designation in Illinois. As a result, the company’s six dispensaries in Pennsylvania, operating under the brand “BEYOND/HELLO,” and its two dispensaries in Illinois, operating under the brand “The Green Solution” (transitioning to BEYOND/HELLO branding later this year), will remain open.

Covid 19

Cannabis dispensaries have been super busy as sales skyrocketed ahead of lengthy lockdowns. With anxiety levels rising, many consumers turned to cannabis to ease their tensions and help make the time stuck inside go by a little easier. For some companies, they have taken extra steps in order to assist in the fight against the virus.

In Other News


MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced the appointment of Errol Schweizer to its board of directors. Mr. Schweizer has over 25 years of experience in the food and cannabis industries, including 15 years at Whole Foods Market, where he held a number of roles within the organization, including Vice President of Grocery. In this role, Mr. Schweizer oversaw merchandising, product assortment, promotional programs and financial performance for over 80 product categories and $5 billion in annual sales. Mr. Schweizer departed Whole Foods Market in 2016 and has been a strategic advisor to several high-growth retailers and brands.

Simultaneous to Mr. Schweizer’s appointment, the Company announces that Jay Brown resigned from the Company’s Board, effective March 24, 2020. Mr. Brown has left the Board in order to focus on other business endeavors and will continue to serve as a strategic advisor to the Company’s management team.


Vertosa announced new product launches in conjunction with four new brand partnerships for spring 2020: the start-up THC sparkling beverage  line Calexo; hemp-CBD infused cold brew coffee from California cannabis brand CalivaCC Wellness’ first ever CBD sensual care products; and a custom development partnership with Resonate Blends.

“Vertosa’s reach has expanded rapidly in the first quarter of 2020 and we’re thrilled to help propel best-in-class infused products from innovative brands such as Calexo, Caliva and CC Wellness to market,” said Vertosa CEO Ben Larson. “Our collaboration with Resonate Blends, a company committed to utilizing cannabinoids to their full wellness potential, is also an important step towards the mainstreaming of cannabis. Thanks to this partnership, we can create a multitude of cannabis products that fit an array of wants and needs.”

StaffStaffMarch 24, 2020


It’s time for your Daily Hit of cannabis financial news for March 24, 2020.

On The Site


Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) said it will acquire three Arrow Alternative Care (AAC) dispensaries in the state of Connecticut. AAC operates three out of 18 total stores currently operational in the state. Its first store opened in Hartford in 2014, the second in Milford in 2017, and the Stamford store opened its doors in January 2020.

Curaleaf is already one of four licensed growers in Connecticut and currently operates a 60,000 square foot cultivation facility in Simsbury that provides high-quality cannabis products to over 40,000 patients throughout the state. The acquisition will now allow Curaleaf to be vertically integrated, providing products to the patients directly as well as through existing wholesale channels.


Late last week, the Drug Enforcement Administration (DEA) and the Department of Justice announced action to further expand opportunities for scientific and medical research on marijuana in the United States.

The Notice of Proposed Rulemaking was filed for public inspection on March 20.  The proposed rule was then published in the Federal Register on Monday, March 23.  The new approach will expand opportunities for marijuana growers who seek to grow marijuana for research purposes and outline the agency’s proposed process for administering the new program, consistent with applicable law.


Private cannabis company Leafly laid off 91 employees this week amid the COVID-19 pandemic. Former Leafly editor Ben Adlin announced on Twitter that he had heard Leafly had made the layoffs which were later confirmed by the company. Adlin also noted the company still owed him $6,700. Adlin’s employment was prior to the pandemic layoffs. The company said it would provide one week of severance pay for the laid-off employees and two months of health insurance

In Other News

Charlotte’s Web

Charlotte’s Web announced a definitive agreement to acquire Abacus, where the combined entity is anticipated to represent nearly 35% of U.S. CBD sales withing the Food/Drug/Mass Retail channel.  Under the terms of the Arrangement Agreement, shareholders of Abacus will receive 0.85 of a common share of Charlotte’s Web for each Abacus Share held. The Exchange Ratio implies a price per Abacus Share of C$4.39, representing a premium of 38% based on the 10-day volume-weighted average price of the Abacus Shares on the Canadian Securities Exchange and the 10-day VWAP of the Charlotte’s Web Shares on the Toronto Stock Exchange as of March 20, 2020, for implied total equity consideration of approximately C$99 million.


Elixinol, a global hemp-derived CBD brand, announced it has named Tom Siciliano as the organization’s new CEO Americas effective immediately. Siciliano is charged with leading Elixinol’s refined strategy on hemp-derived CBD in the Americas region.

Siciliano has an extensive background in the cannabis industry. In his most recent role, Siciliano was president of Nutritional High International Inc. a vertically integrated cannabis manufacturing and distribution company with operations in Colorado, Oregon, Washington, Nevada and California. Prior to Nutritional High, Siciliano served as President and Chief Financial Officer for Canna Security America where he turned the company into the second-largest security company within the cannabis industry.

StaffStaffMarch 23, 2020


It’s time for your Daily Hit of financial News for March 23, 2020.

On The Site


Canadian-based Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) gave good news and bad news on Monday morning. The company stated that it had received approval from Health Canada for its expansion, but then also said its workforce would be reduced due to Covid-19.

Organigram said it had been carefully monitoring and actively planning for the evolving situation related to COVID-19 and the potential impacts on business. The company noted that not all of the jobs at its Moncton facility can be done remotely and that in order to protect employees it was expecting temporary layoffs. “The Company currently expects that its workforce will be materially reduced as a result of voluntary and company-imposed temporary lay-offs to facilitate adequate social distancing while the COVID-19 situation lasts. This will result in corresponding production and packaging reductions.”  Organigram said it hoped to “reallocate its remaining workforce as needed, utilize inventory already on hand and focus on leveraging its most efficient and automated lines of production.”

Green Growth

Since this story was published on Friday, March 20, 2020, Green Growth Brands informed its laid-off workers that they would get paid. A spokesman for the company said, “At the time of the decision, the company remained uncertain of its ability to fund the payroll for the period ending today, March 20, 2020. As of this writing, I can confirm that such funding has been secured, that payroll has been initiated, and that all associates released will be paid for their time worked.”

The spokesman also confirmed that Horvath resigned voluntarily and would receive no severance pay. According to the company’s Management Information Circular, “If Mr. Horvath had been terminated by the Company without cause or had resigned from the Company for good reason as at June 30, 2019, Mr. Horvath would have been entitled to a payment of $2,550,000.”


Mental health company Mindbloom provides guided psychedelic therapy treatments using ketamine. The company opened its first location in New York City during the COVID-19 crisis. Mindbloom has quickly pivoted to telemedicine as the demand for its services has risen during the pandemic. Green Market Report was able to speak with Founder Dylan Beynon to discuss the company’s response and its plans for expansion.

In Other News


The Drug Enforcement Administration (DEA) announced on Friday that it will be taking significant steps to expand marijuana research. “The Drug Enforcement Administration continues to support additional research into marijuana and its components, and we believe registering more growers will advance the scientific and medical research already being conducted,” said DEA Acting Administrator Dhillon.  “DEA is making progress to register additional marijuana growers for federally authorized research, and will continue to work with other relevant federal agencies to expedite the necessary next steps.”

This proposed rule will result in additional registered growers and a larger, more diverse variety of marijuana available for research. The new regulations will enable DEA to evaluate each of the 37 pending applications to grow marijuana for research under the applicable legal standard and conform the overall program to relevant laws.

Inner Spirit

Inner Spirit Holdings Ltd. (CSE:ISH) announced it has appointed Manjit Minhas as a Strategic Advisor to the Board of Directors. During the current COVID-19 pandemic, the Company has been maintaining operations with the majority of its Spiritleaf cannabis retail stores open and working with new customer service processes such as Spiritleaf Select & Collect in place to ensure the safety of employees and customers.

Tetra Bio-Pharma

Tetra Bio-Pharma Inc. (OTCQB:TBPMF)  announced that it has ensured that all of its employees work under conditions that comply with federal and provincial public health recommendations. Additionally, following the completion of its $17.8 M financing in February and early March, the company is in a good position to maintain its drug development programs.

Regulatory activities have not slowed down despite the COVID-19 crisis. These activities are now performed by Tetra’s employees from their home offices. Tetra confirms that it will continue all planned Clinical Trial Applications (CTA), DIN (Drug Identification Number applications), veterinary drug clinical trial applications (Experimental Studies Certificate; ESC) and Pre-Submission meetings in Canada and Investigational New Drug Applications (IND), veterinary IND applications, Pre-IND meetings (PIND) (including Type B and C meetings), Orphan Drug Designation (ODD) applications in the United States. European regulatory activities will also continue.

StaffStaffMarch 18, 2020


It’s time for your Daily Hit of cannabis financial news for March 18, 2020.

On The Site

Aleafia Health

Aleafia Health Inc. (TSX: ALEF)(OTC: ALEAF) delivered its financial results for the 2019 fourth quarter and fiscal year with a 22% sequential increase in quarterly net cannabis revenue to $6 million. Aleafia said the increase was primarily due to a $1.0 million jump in cannabis revenue.

For the fiscal year, net revenue was $16.4 million, an increase of 391% over the previous year. The increase was attributed to an $11.0 million increase in net cannabis revenue, along with an increase of $2.0 million in clinic revenue.

The fourth-quarter net loss was $9.8 million versus $1.9 million in the previous quarter. This loss was primarily due to non-cash items including a decline of $8.0 million in unrealized gain on the fair value of biological assets compared to Q3 2019, and a non-cash $3.6 million deferred income tax expense in the quarter.

Cannabis Stocks

The coronavirus has had a big impact on the world’s economy, and even more so on the financial cannabis market. While the S&P Index has seen a 17% drop, various marijuana companies have experienced a drop of 30% and more. Of course, this raises the question of whether it’s a good time to buy cannabis stocks right now, and if there’s any chance of finding a bargain.

In Other News

Wana Brands

Wana Brands has tapped seasoned cannabis marketing pro Joe Hodas to join the Wana C-Suite as Chief Marketing Officer. In this newly created position, Hodas is responsible for overseeing the planning, development and execution of the organization’s marketing and advertising initiatives. He is based in Wana’s Boulder headquarters and reports to CEO Nancy Whiteman.

“I’ve known Joe for many years and have always been impressed with his innate abilities as a marketer, communicator and industry leader. When we saw the right timing to bring Joe into the Wana team, we jumped at the opportunity to have him join us,” Whiteman noted. “With Wana’s international expansion Joe will ensure that our brand and message remain consistent while helping us deliver at the highest level on the potential that every new market expansion provides. The influence of his previous marketing work in the cannabis industry is undeniable.”


The common shares of CanaFarma Hemp Products Corp., have been approved for listing on the CSE. The symbol is CFNA and trading is expected to begin on March 19.

Core One Labs

Core One Labs Inc. (CSE: COOL), (OTCQX: CLABF) has signed definitive agreements with respect to a CDN$1,500,000 convertible debt facility with Cannabis Growth Opportunity Corporation. In addition to the Debenture and the Warrants, the Company and CGOC also exchanged approximately CDN$2,000,000 worth of each other’s common shares, with the company issuing to CGOC 5,333,333 common shares at an agreed value of $0.375 per share, and CGOC issuing 3,149,606 common shares to the company at an agreed value of $0.635 per share.




StaffStaffMarch 17, 2020


It’s time for your Daily Hit of cannabis financial news for March 17, 2020.

On The Site

Canopy Growth

It seems cannabis isn’t as recession-proof as originally thought. While the world hasn’t officially gone into a recession, the cannabis industry has consistently stated it would thrive in downtimes because consumers would continue to make purchases. However, no one ever thought a pandemic would close the doors entirely.

That has changed with the news that Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) has made the decision to temporarily close all corporate-owned Tokyo Smoke and Tweed retail locations across Canada, effective at 5:00 p.m. local time today, March 17.

“We have a responsibility to our employees, their families, and our communities to do our part to “flatten the curve” by limiting social interactions. For us, that means shifting our focus from retail to e-commerce,” said David Klein, CEO, Canopy Growth. “This is a big decision but it was also an easy one to make – our retail teams are public-facing and have been serving an above-average volume of transactions in recent days. Given the current situation, it is in the best interest of our teams and our communities to close these busy hubs until we are confident we can operate our stores in the best interest of public health.”

Medical Marijuana Card

Though the numbers increase every year, not all states have legalized recreational marijuana — most merely permit the medicinal use of marijuana to treat various physical and mental ailments. Yet, even in states where recreational weed is legal, plenty of residents pursue medical marijuana permits, despite the fact that they can obtain recreational weed without the hassle of doctors’ appointments and prescriptions.

There are noteworthy differences in medical marijuana and recreational marijuana — both in how the drug is sold and what varieties of the drug are available. If you live in a state where recreational marijuana has been legalized, you might still consider seeking a medical marijuana card.

In Other News


Hexo Corp. said Tuesday it missed the March 16 deadline to file its interim financial statements for the 3-month and 6-month periods ended Jan. 31. The Canada-based cannabis company said the delay in filing was a result “exceptional circumstances,” such as “complex” calculations in determining the total of the “significant impairment loss” it will be recording in second-quarter filings. The expected range of the impairment is $265 million to $285 million. In the meantime, the company said it recorded fiscal second-quarter gross revenue growth of 23% to C$23.8 million ($16.9 million), while net revenue rose 17% to C$17.0 million.

Cronos Group

Cronos Group Inc. (NASDAQ: CRON)  said that its previously issued unaudited interim financial statements for first, second and third quarters of 2019 prepared in accordance with International Financial Reporting Standards as filed on SEDAR, and with the U.S. Securities and Exchange Commission on Form 6-K, will be restated and reissued and should no longer be relied upon.

As previously announced, the Audit Committee of the Company’s Board of Directors has been conducting a review of certain bulk resin purchases and sales of products through the wholesale channel, and the restatement is being made to eliminate certain of these transactions through the wholesale channel. The Company will reduce revenue for the three months ended March 31, 2019 by C$2.5 million and the three months ended September 30, 2019 by C$5.1 million. Cronos director and chair of its compensation committee Bruce Gates, resigned in order to focus on his increased professional responsibilities.

StaffStaffMarch 16, 2020


It’s time for your Daily Hit of cannabis financial news for March 16, 2020.

On The Site

CV Sciences

Hemp CBD company CV Sciences, Inc. (OTCQB:CVSI)  announced its financial results for the year ended December 31, 2019, with total revenue of $53.7 million for the fiscal year 2019. During the fourth quarter of 2019, sales declined 34% to $9.4 million compared to $14.2 million in the prior-year period. The company blamed the decline on increased market competition in the natural product category and the continued impact on retail customers as a result of the uncertain regulatory environment for CBD.

Even more concerning is that CV Sciences said that it expects revenue to drop sequentially to the range of $6-8 million in the first quarter of fiscal 2020. The fiscal year non-GAAP EPS of $0.00 missed by $0.01 and the GAAP EPS of -$0.17 missed by $0.07.

Indus Holdings

Indus Holdings Inc. (OTC:INDXF) stock was moving higher by 24% to lately trade at 21 cents following news that the company has been taken over by former Acreage Holdings (CSE:ACRG.U)President George Allen.

Indus said it received a $2.3 million loan with lenders that included Geronimo Capital, LLC and Merida Capital Partners. In connection with the loan, Indus has entered into a non-binding term sheet with Geronimo Capital and Merida Capital Partners for the financing of up to $14.5 million (inclusive of the $2.3 million loan). The loan matures on March 13, 2021, and has an interest rate of 10% per annum until April 11, 2020, and 20% per annum thereafter

Aurora Cannabis

Aurora Cannabis Inc. (NYSE: ACB) said that former CEO Terry Booth has filed a report on the System for Electronic Disclosure by Insiders (SEDI) regarding his sale of approximately 12,161,900 shares into the open market. Aurora stock was lately trading at 70 cents a share, down considerably from the company’s 52-week high of $10.32. Still, the sale would bring Booth roughly $8 million.

Executive Chairman and Interim CEO Michael Singer stated, “The Board and management remain focused on the plan we laid out in February and we are progressing as planned toward appropriate capital allocation, balance sheet strength, and profitability. We look forward to updating the markets on our next quarterly earnings call.”

Covid 19 Sales

Facing calls to stay inside and avoid large groups, cannabis consumers decided the way to best pass the time was to stock up on supplies. Dispensaries have been reporting large lines as shoppers increase purchases. Boston dispensaries were seen with lines snaking out the doors, while other states reported fewer shoppers, but larger purchases.

The Covid 19 virus has resulted in the cancellation of numerous cannabis conferences and even delayed some grand opening plans for new dispensaries. So far it seems April 20 celebrations haven’t been canceled yet and some of the bigger conferences planned for late May are still on schedule.

In Other News

CanaFarma Hemp Products Corp. (formerly KYC Technology Inc.) (CSE:CNFA) will begin trading on the Canadian Securities Exchange (CSE) under the symbol “CNFA” at the opening of markets on Thursday, March 19th, 2020. This initial listing date has been pushed back from March 17, 2020, at the request of the Corporation in order to account for world events relating to the COVID-19 virus, which are expected to have caused an extra delay in shareholders receiving their new shares of the Corporation.

urban-gro, Inc. has filed a preliminary non-offering long-form prospectus with the securities regulatory authorities in the Provinces of Ontario and British Columbia. The company also announced that it has applied to list its common shares on the Canadian Securities Exchange. Listing and trading of the Common Shares will be subject to the Company fulfilling all of the CSE’s listing requirements and the Company being receipted for a final prospectus with the securities regulatory authorities in the Provinces of Ontario and British Columbia.

Tweed Houndstooth & Soda, began shipping to provincial boards and retailers nationwide late last week. It’s a proprietary beverage technology designed to distill cannabis flower into a liquid which powers its Ready-To-Drink offerings. Each 355 mL can of Tweed Houndstooth & Soda contains 2mg of THC and <1mg CBD, combining Houndstooth Distilled Cannabis™ with soda water and other ingredients for a refreshing cannabis experience.

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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