Daily Hit Archives - Green Market Report

Debra BorchardtDebra BorchardtOctober 18, 2019
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7min820

It’s time for your Daily Hit of cannabis financial news for October 17, 2019.

On The Site

Holistic Industries

Private company Holistic Industries closed on $55 million in funding. The multi-state operator (MSO), which started on the East Coast and has rapidly expanded to the Midwest and West Coast, currently operates in California, Maryland, Massachusetts, Michigan, Pennsylvania and Washington D.C., with numerous licenses pending across the country. Holistic Industries said it will use the funding to accelerate expansion and provide greater access for patients and consumers to its high-quality cannabis products.

CBD Unlimited

CBD Unlimited, Inc. (OTC: EDXC) formerly known as Endexx Corporation (EDXC) secured a stage one $2 million financing program. CBD Unlimited’s three-pronged approach has made headway to its financial targets as a critical piece was completed in its short-term, mid-term, and long-term goals. The past year has provided CBD Unlimited, along with other companies in the Hemp industry, extended opportunities and increased demand with the legalization of hemp-derived products.

In Other News

DionyMed

DionyMed Brands Inc.  (CSE: DYME)(OTCQB: DYMEF) on Wednesday announced that the company’s CEO Edward Fields and Mark Zinselmeier, the company’s Interim COO, have both resigned effective immediately. Mr. Fields also resigned as a director of the Company and as an officer of the subsidiaries of the Company.

Today, it told the public that GLAS USA LLC, as administrative agent and GLAS America LLC as collateral agent under the Company’s credit agreement dated January 16, 2019, provided the company with notice of default under the Credit Agreement and demand for immediate payment of the amount of $24,810,682.80 plus any additional interest, fees and expenses. GLAS America also concurrently provided the company with a Notice of Intention to Enforce Security under section 244 of the Bankruptcy and Insolvency Act (Canada).

The Marijuana Policy Project (MPP), the nation’s leading cannabis policy reform group, announced the election of Revolution Global CEO Mark de Souza to its board of directors. Revolution is a Chicago-based multi-state cannabis company and Mr. de Souza brings experience in business development, finance and capital restructuring, corporate management, and lobbying to MPP’s board.

Social CBD (www.thesocialcbd.com), the wellness company providing high-quality, lab-tested and certified CBD solutions, today announced the landmark partnership with the National Women’s Soccer League’s Portland Thorns FC. With shelf presence at over 10,000 retail locations nationwide, including major drug and grocery store chains, Social CBD is coming face-to-face with professional athletes and consumers to lead the global conversation on CBD… on and off the field.


StaffStaffOctober 16, 2019
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5min1710

It’s time for your Daily Hit of financial news for October 16, 2019.

On The Site

Green Market Report reported news last week that Trump associates who had been arrested for campaign finance violations had applied for marijuana licenses in Nevada. It also seems one of the gentlemen tried to pursue licenses in California as well.

The San Francisco Chronicle reported that Andrey Kukushkin had attempting to build a cannabis business in the Bay Area. The paper said that Kukushkin had some control in a variety of cannabis companies named Oasis Venture, Legacy Botanical Co., and Venture Rebel Inc. It was reported that Kukushin first entered the space in 2015 as his Rebel Venture Inc. company was contracted by the medical marijuana dispensary MediThrive to manage its Mission Street location.

This information came about as Kukushkin sued his partners in 2018 claiming they cost him $1 million by running the company into the ground. Venture claims it gave MediThrive a million dollars to renovate a storefront and purchase inventory. The case alleges that the inventory got diverted to another business and the investment was squandered.

 Valens GroWorks

Following the close of the market on Tuesday, cannabis extraction product company Valens GroWorks Corp. (TSXV: VGW) (OTC: VGWCF)  reported its financial results for the third quarter of fiscal 2019 with revenue increasing 87.1% to $16.5 million over last year’s $2.2 million for the same time period. Revenues increased 641.4% sequentially over the previous quarter’s revenue of $8.8 million.

The company delivered net income of $5.9 million (or $0.05 per share basic and diluted) in the third quarter, compared to a net loss of $10.5 million (or a loss of $0.10 per share basic and diluted) in the second quarter of 2019.

In Other News

Harborside Inc. (CSE: HBOR) announced today that key executives, members of the Board of Directors and insiders, have entered into an additional, extended voluntary lock-up agreement with the Company, effective immediately, in respect of 21,143,469 subordinate voting shares of the Company (on an as-converted basis), representing approximately 50.4% of the total issued and outstanding subordinate voting shares of the company, assuming the conversion of all issued and outstanding multiple voting shares of the Company, but excluding the conversion of any convertible securities issued and outstanding of the Company.

High Park Holdings Ltd. (“High Park”), a subsidiary of Tilray, Inc. (NASDAQ: TLRY), today unveiled the second phase of its adult-use product portfolio set to launch throughout Canada over the course of the next year as permitted by regulations. The expanded broad-based portfolio includes innovative cannabis products and formats, including CBD beverages, edibles, and vape products. High Park also announced a lineup of strategic partners which will help accelerate sales across Canada.

 


StaffStaffOctober 15, 2019
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8min1850

It’s time for your Daily Hit of cannabis financial news for October 15, 2019.

On The Site

Aphria

Aphria Inc. (TSX: APHA)(NYSE: APHA) stock jumped over 16% to trade at approximately $5.10 in early trading after the company reported that its revenue increased 849% to $126.1 million for the first quarter ending August 31, 2019, however sales declined 2% from the previous quarter. Adult-use cannabis accounted for $20 million in revenue for the first quarter, an 8% sequential increase.

The company delivered net income of $16.4 million in the first quarter. It also stated that it ended the quarter with a strong balance sheet and liquidity, including $464.3 million of cash, cash equivalents, and liquid marketable securities, to fund planned Canadian and International growth.

Psychedelics

Orthogonal Thinker announced last month that it raised $2.5 million in capital. This funding completes approximately $4 million in seed capital raised to date, with more funding coming in.

Orthogonal will use this financing to support the distribution and development of new products across its family of companies, including subsidiaries EI.ventures and Maui Raw. EI.ventures is a formulations company that holds the intellectual property rights for plant-based psychoactive compounds. Maui Raw is a clean-food CPG company committed to delivering non-GMO raw food products. Over the last 10 years, Orthogonal has acquired and developed products supporting new food, technology, and scientific advancements in plant medicine to elevate and empower humanity.

Canopy Growth

Canopy Growth Corporation (NYSE: CGC) stock jumped over 7% on news that the company sold its 42,087,639 shares in Australian cannabis company AusCann Group Holdings (AusCann) via an off-market block trade at $0.15 per share for gross proceeds of $6.3 million. The trade was facilitated by Canaccord Australia. The stock was lately trading at $20.32. The sale represents Canopy Growth’s total 13.2% interest in AusCann.

Canopy also said that it closed the previously announced acquisition of the cannabinoid based research company Beckley Canopy Therapeutics, including the joint commercial venture Spectrum Biomedical UK. The company said that the teams will now be integrated into the broader Spectrum Therapeutics organization to increase the breadth of the clinical research being pursued under the Spectrum banner and to combine continental European and the United Kingdom commercial teams.

Flowhub

Cannabis tech company Flowhub has raised an oversubscribed $23 million Series A financing round led by e.ventures, Evolv Ventures — the venture fund backed by Kraft Heinz —  and Poseidon, with contributions from investors 9Yards Capital, former NBA commissioner David Stern and Iqram Magdon-Ismail, the co-founder and former CEO of Venmo, among others.

In Other News

SLANG Worldwide Inc. (CNSX: SLNG) announced that it has entered into a strategic partnership with Cookies, a leading California-based cannabis and lifestyle brand, to bring Cookies’ products to the Colorado market.

Freehold Properties, a newly formed real estate investment company focused on specialized agricultural, industrial and cannabis properties, and Revolution Global, a Chicago-based multi-state cannabis operator, today announced that Freehold will provide Revolution up to $28.75 million in real estate capital expansion funding. Utilizing the capital from Freehold, Revolution plans to more than double the capacity of its flagship cultivation facility.

Driven Deliveries, Inc. (the “Company” or Driven) (OTC: DRVD), California’s fastest growing online cannabis retailers and direct to consumer delivery company, is pleased to announce the return of 12,272,616 shares of outstanding common stock originally held by past founders to the Company’s treasury. Effective October 15, 2019, the Company will have 42,083,024 shares of common stock and 0 shares of preferred stock issued and outstanding.

Namaste Technologies Inc. (TSXV: N) (OTCMKTS: NXTTF) announced that CannMart Inc., a wholly-owned subsidiary of Namaste, has received approval from Health Canada for an amendment to its license allowing it to offer cannabis oil concentrates on its online marketplace, CannMart.com.


William SumnerWilliam SumnerOctober 10, 2019
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5min1160

It’s time for your Daily Hit of cannabis financial news for October 10, 2019.

On the Site

Nevada Marijuana Licenses Makes Appearance In Russian Campaign Violation Arrest

The two Russian nationals that were arrested on Thursday for campaign finance violations also tried to apply for marijuana licenses in Nevada according to the arrest allegations. The document said that  Lev Parnas, Igor Furman, David Correia and Andrey Kukushkin “planned to use Foreign National-1 as a source of funding for donations and contributions to State and federal candidates and politicians in Nevada, New York and other states to facilitate acquisitions of retail marijuana licenses.”

HEXO Corp.

HEXO Corp. (TSX: HEXO)(NYSE: HEXO) stock was plunging almost 20% as the company told Wall Street that its revenues would be lower than expected. The company said in a statement that it now expects net revenue for the fourth quarter to be approximately $14.5 million to $16.5 million and net revenue for the year to be approximately $46.5 million to $48.5 million.” This is a far cry from the company’s claim in June that it was on track to reach $400 million in net revenue in 2020 and said it would double net revenue in the fourth fiscal quarter.

MediPharm Labs

MediPharm Labs Inc., a wholly-owned subsidiary of MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF), has secured a $38.7 million credit facility from a top 5 Canadian Schedule 1 bank. Although the company initially sought $20 million, the credit facility was upsized and is comprised of a revolving term facility, a non-revolving term facility and a non-revolving delayed draw term facility.

In Other News

Village Farms International

Village Farms International, Inc. (TSX: VFF) (NASDAQ: VFF) announced that a group of underwriters co-led by  Beacon Securities Limited and GMP Securities L.P. have agreed to purchase, on a bought deal basis, 2,660,000 common shares of the company at a price of C$9.40 per share. The total value of the offering is approximately C$25 million. Pending regulatory approval, the offering is expected to close on or around October 22, 2019. The net proceeds of the offering will go towards working capital and general corporate purposes.

Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced that David Klein has been appointed Chair of its Board of Directors effective immediately. Klein is currently the Executive Vice President and Chief Financial Officer of Constellation Brands, Inc. “There is no company better positioned to win in the emerging global cannabis market. I look forward to continuing to work with Canopy Growth’s very talented leadership team to position the company for long-term, industry-leading profitable growth,” Klein said in a statement.

Cannara Biotech

Cannara Biotech Inc. (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB) has secured a first mortgage against its Farnham Facility, valued at $6 million, with the Canadian Imperial Bank of Commerce.  The mortgage will help reduce the company’s debt service costs. “Once Cannara’s cultivation and sales licenses are granted we’ll look to augment this mortgage to further reduce our debt service costs,” commented Zohar Krivorot, President and CEO of Cannara.


William SumnerWilliam SumnerOctober 9, 2019
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4min1530

It’s time for your Daily Hit of cannabis financial news for October 9, 2019.

On the Site

The Green Organic Dutchman

The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) is looking for a new source of funding to complete construction at its Ancaster, Ontario facility. The company had planned on using a traditional commercial bank facility but said that as market conditions have changed, the terms were no longer acceptable.

Kosher Cannabis For The Holidays

Can cannabis be kosher? The short answer is yes, at least if you smoke it. According to Chabad.org, “The answer really depends on how you define the word “kosher. Most narrowly defined, kosher means that it contains no ingredients that were from non-kosher animals, milk and meat, or other substances proscribed by Jewish law.”

Charlotte’s Web Holdings

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) announced today that it is partnering with the data and measurement firm Nielsen (NYSE: NSLN) to provide analytical coverage of the U.S. hemp-CBD retail market. Recently, Nielsen has been dipping its toes into the hemp and cannabis space by entering into strategic partnerships with cannabis-focused data and analytics firms like Headset and by developing a suite of cannabis measurement capabilities

In Other News

Innovative Industrial Properties

Innovative Industrial Properties, Inc. (IIP) has closed on an acquisition of a 156,000 square foot property in Warren, Michigan for $19 million. Following the closing of the acquisition, the company has also entered a long-term, triple-net lease agreement with LivWell Michigan, LLC, a licensee of LivWell Holdings, Inc. LivWell will make approximately $42 million worth of improvements on the property and IIP has agreed to provide reimbursement of up to $23.0 million.

Zelda Therapeutics

Zelda Therapeutics Limited (ASX: ZLD) (OTCQB: ZLDAF) announced a proposed merger with Ilera Therapeutics LLC, which entered into a strategic partnership with Zelda in March of this year. Under the proposal, Zelda would acquire 100% of Ilera Therapeutics through an all-scrip transaction. If the proposed merger goes through, the companies will rebrand as  Zelira Therapeutics Limited. “The merger will create one of the world’s leading medicinal cannabis companies with a rich pipeline of clinically validated products under development and unique access to the world’s largest and fastest growing cannabis markets,” says Zelda Therapeutics Chairman Harry Karelis.

New Frontier Data

New Frontier Data has reached an agreement to acquire Zefyr Inc. , a cannabis-focused data discovery and profiling platform, for $10 million. Zefyr acquires data from various sources and ingests, normalizes, analyzes, and deploys data and associated informational solutions through artificial intelligence. “Today, as mature market entrants move beyond examining investment risks and opportunities to connecting with the cannabis consumer, Zefyr enables us to expand and deepen our data services to support these evolving cannabis data needs,” said New Frontier Data Founder and CEO Giadha Aguirre de Carcer.


StaffStaffOctober 8, 2019
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7min1910

It’s time for your Daily Hit of cannabis financial news for October 8, 2019.

On The Site

MedMen

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) and PharmaCann, LLC made a big deal back in December of 2018 that MedMen would buy PharmaCann in an all-stock transaction. That deal, once valued at $684 million, is now off. MedMen is now saying that it will focus on leveraging its retail brand, its leadership position in California and its digital platform to grow the business will create greater shareholder value than the completion of the transaction.

The company also took this moment to announce that Zeeshan Hyder has been appointed Chief Financial Officer at MedMen. Mr. Hyder, currently MedMen’s Chief Corporate Development Officer, has been an integral part of the leadership team at MedMen since 2017, overseeing corporate development, investor relations and other financial growth initiatives. To date, Mr. Hyder has led over $300M in M&A deals executed, partnered with the CEO to take the company public and raised $500M in capital for direct investment into the business.

Hyder succeeds Michael Kramer, who apparently was terminated as of October 7, 2019. Kramer was only just hired in December of 2018 and he followed the previous CFO James Parker who only lasted a year and half and is currently suing Medmen for breach of contract.

Aleafia Health

Aleafia Health Inc. (TSX: ALEF)(OTC: ALEAF) has terminated its deal to buy cannabis from Aphria Inc. (TSX: APHA)(NYSE: APHA) saying Aphria failed to meet its supply obligations. The deal that was agreed to on September 11, 2018 said that Aphria would provide up to 175,000 kg equivalents of cannabis products over an initial five-year term, commencing May 1, 2019. Aleafia said the termination should not affect the company. A few weeks ago, Aleafia told the market on Tuesday that it will achieve positive net income for the quarter ending September 30, 2019. The company also stated that it had $51 million in cash on hand.

Aphria released a statement saying, “We are disappointed that Aleafia has chosen to terminate its Agreement with Aphria Inc. The Company had every intention of fulfilling its obligations under the Agreement. As a large shareholder of Aleafia, Aphria made good faith efforts to ensure the continuation of the Agreement understanding it was in the best interest of all parties involved. However, the termination of this legacy Agreement frees up significant supply allowing the Company to service its brands that are in high-demand across the country.”

In Other News

Target Group Inc (OTCQB: CBDY) announced that its wholly-owned subsidiary, Canary RX Inc (“Canary”), has been granted licenses to cultivate, process and sell cannabis pursuant to the Cannabis Act (Bill C-45). Strategically located just outside of Toronto, ON, Canary RX will begin cultivating cannabis in its 44,000 square foot facility, producing 3600 kilograms annually.

The Supreme Cannabis Company, Inc.  (TSX: FIRE) (OTCQX: SPRWF) announced that Blissco Cannabis Corp., Supreme Cannabis’ premium wellness brand and a multi-licensed processor and distributor, has received licensing approval from Health Canada for the sale of cannabis oils from its facility in Langley, British Columbia.

 

 


William SumnerWilliam SumnerOctober 7, 2019
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4min1480

It’s time for your Daily Hit of cannabis financial news for October 7, 2019.

On the Site

NBA Veteran Al Harrington’s Viola Closes on $16m Financing Round

NBA veteran Al Harrington’s Viola closed on a $16 million funding round led by Gotham Green Partners. This is the first institutional investment in the company. The company said that this latest round of funding will assist with the acquisition of a 34,500 sq. ft cultivation, processing and distribution facility in Adelanto, California as well as the completion of Viola’s 48,000 sq. ft facility in Detroit, Michigan. The funds will also enable Viola to continue to advance the growth of the company’s personnel with key new hires that will continue to establish Viola as a leader in the cannabis marketplace.

Surterra Wellness

Surterra Wellness today announced that it has changed its corporate name to Parallel effective today. In June, Private cannabis company Surterra Wellness closed on the initial $100 million Series D funding round and expanded its Board of Directors.  The company noted back then that the participants in the round included existing and new investors including former Patrón Spirits Company CEO, Ed Brown.

The Power That Data Has On Brand

Knowledge is power and the more data you have the better choices you can make for your brands. Akerna has been gathering data through its MJ Platform and will demonstrate how this data can be used for success with your brand. This panel was taped at the green Market Summit on September 11 in Los Angeles.

In Other News

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced that Health Canada has approved the company’s plan to expand its facility in Mississauga, Ontario from from 17,800 sq. ft. to 51,800 sq. ft. The expansion will include additional cultivation capacity, a commercial kitchen, formulation rooms and increased primary and secondary packaging capacity. “Achieving this approval milestone is a crucial step in our plan to cultivate premium grade cannabis at scale for distribution to the EU and other international markets,” said Michael Nashat, CEO of TerrAscend.

Emerald Health Therapeutics

Emerald Health Therapeutics (TSXV: EMH) (OTCQX: EMHTF) announced that its subsidiary, Verdélite, has a received a license amendment from Health Canada for the complete growing and processing area in its 88,000 square foot indoor facility. This will allow the company to increase its production space from 4 to 21 highly-controlled-environment grow rooms and to a total of 16 processing rooms. “This new license amendment allows Verdélite to transition into its full commercial phase and positions Verdélite as a key growth contributor to Emerald’s financial results in 2020,” said Riaz Bandali, CEO of Emerald Health.


StaffStaffOctober 2, 2019
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6min2050

It’s time for your Daily Hit of cannabis financial news for October 2, 2019.

On The Site

Vape Recovery

Vape products, once considered the rising stars of the legal cannabis marketplace have struggled under the weight of the vaping crisis. Massachusetts banned all vape products for four months in order to err on the side of caution while the issue is investigated. Around the middle of August, vape product sales began dropping according to data from Headset, however, it seems the group may be slowly recovering.

Sales in Nevada and Washington both began to pick back up, while California seems to have stabilized. Most consumers are learning that the issues with vapes stemmed from products purchased outside the regulated channels. 

Canopy Growth

Canopy Growth Corporation  (TSX: WEED) (NYSE: CGC)  has completed an all-cash transaction to purchase a majority stake in sports nutrition company BioSteel Sports Nutrition Inc. The amount of the acquisition was not disclosed. The deal gives Canopy a significant entry into the sports nutrition and hydration category and lays the groundwork for cannabidiol (CBD) products to be sold in the U.S.

Canopy Rivers

Venture capital firm Canopy Rivers Inc.  (TSX: RIV)(OTC: CNPOF) completed a $10 million investment ( in TerrAscend Canada Inc., a subsidiary of its portfolio company TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF). The investment includes the purchase of 13,243 units, with each unit consisting of: (i) one unsecured convertible debenture of TerrAscend Canada with a principal amount of CA $1,000, and (ii) 25.2 common share purchase warrants of TerrAscend exercisable until October 2, 2024.

In Other News

TILT Holdings

TILT Holdings Inc.  (CSE: TILT) (OTCQB: TLLTF) has negotiated an agreement with six of its remaining founders regarding the immediate forfeiture of all 60,217,088 stock options granted at the time of the merger, as well as the final separation of most of these founders from the Company. During the second quarter of fiscal 2019, the company reported stock-based compensation expense of greater than $47 million associated with these now forfeited stock options. Adjusting for the subsequent forfeiture, TILT’s Q2 2019 net loss of $48.9 million would have been almost entirely reduced, bringing the Company close to break-even. The successful forfeiture of these stock options follows the recent announcement of an adjusted EBITDA positive month of July

HeavenlyRx

HeavenlyRx Ltd. Acquired CBD company PureKana. Under the agreement, HeavenlyRx will acquire a majority ownership stake from the Company’s founding members with the acquisition expected to close by the end of 2019. Standing alongside HeavenlyRx’s high ethos and quality standards, PureKana – located in Scottsdale, Arizona – is a rapidly growing CBD brand and company with a large consumer base that leans toward a young and active demographic.

Westleaf

Westleaf Inc. (TSX-V:WL) (OTCQB:WSLFF) signed amendment agreements to two of its existing credit facility commitment letters with ATB Financial resulting in an additional $5.7 million of capital available for use by the Company. Westleaf has increased its term loan on The Plant, its fully completed extraction, manufacturing and product formulation facility, by $2.7 million and has secured a $1.0 million revolving credit facility to assist with working capital provided that any draw downs in relation thereto can only be made after final receipt of a standard processing license for The Plant from Health Canada. In addition, the credit facility related to the construction of Westleaf’s cultivation facility in Battleford, Saskatchewan has been amended to reduce its restricted cash requirement by $2.0 million.


StaffStaffOctober 1, 2019
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4min1420

It’s time for your Daily Hit of cannabis financial news for October 1, 2019.

On The Site

Fire & Flower

Fire & Flower Holdings Corp. (TSX: FAF) its financial results for the second fiscal quarter ending August 3, 2019, with total revenue of $11.1 million versus $9.5 million for the same time period in 2018. The net loss for the quarter was $6.4 million versus last year’s net loss of $4.2 million for the same quarter. The net loss per share remained flat at ($0.06).

Fire & Flower‘s financial and operational results for the quarter demonstrate that the company is continuing to build the infrastructure required to support the rapid growth of our retail network and deliver on our objectives,” shared Trevor Fencott, Fire & Flower’s, Chief Executive Officer. “Our strategic partnership with Alimentation Couche-Tard is transformative for the Company and the Hifyre digital retail platform continues to showcase Fire & Flower as a leading data-driven, ‘retail 2.0’ company.”

New Video from the Green Market Summit

Some customers want the best bang for the buck, while others only want the best. This panel from the Green Market Summit on September 11 in Los Angeles demonstrates what defines a luxury brand and how a company can back up the premium description on the label. Moderating this panel is Alyssa Jank of the Brightfield Group. The panelists include Tracey Mason, CEO House of Saka, Eric Eslao, CEO Défoncé, Yvonne De La Rosa, Founder 99 High Tide, and Estella Perez of the Garden Society.

In Other News

Grown Rogue International Inc. (CSE:GRIN | OTC: GRUSF) has released its financial and operating results for its fiscal third quarter ended July 31, 2019. Third quarter 2019 revenue was $0.8 million, a 14% increase over the comparable quarter from 2018. Adjusted Gross Profit was $0.2 million for the third quarter (31%) and $1.0 million for the year-to-date (29%). The quarterly margin rate represents a 12% improvement over the prior quarter (Q2 2019). Adjusted EBITDA was ($1.2) million for the third quarter, representing a $0.2m improvement over the comparable quarter in 2018. The net loss was $931,000.

TriGrow

Washington-based TriGrow made some key hires. TriGrow Brands is headed up by two very different execs with diverse branding backgrounds – former Coca Cola COO Phil Humphries and DOPE Magazine co-founder Trek Manzoni. TriGrow brought in Phil Humphries as they aim to create a full-service agency allowing cannabis cultivators to grow into consistent and efficient operators that have the capability to expand as much as they like. Like the ingredients that go into making Coca Cola a worldwide-recognized brand, TriGrow argues that the backbone of a brand is its ability to recreate the same product over and over – despite weather conditions or bugs or mold, common destroyers of cannabis crops that can be avoided using TriGrow Systems.

StaffStaffSeptember 30, 2019
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4min1740

It’s time for your Daily Hit of cannabis financial news for September 30, 2019.

On The Site

iAnthus

Gotham Green Partners has invested an additional $20 million in iAnthus Capital Holdings, Inc. (CSE: IAN)(OTCQX: ITHUF) through the purchase of senior secured convertible notes. Green Gotham said it was part of a broader $100 million financing plan to support the buildout of all existing markets in which iAnthus currently operates.

iAnthus has been building its market share at a rapid pace. Over the past 16 months, Chief Operating Officer Pat Tiernan said in a statement that the company currently has 27 open dispensaries, 11 of which have opened in the last ten months and the company is aggressively working to open another 12 in the next six months. Tiernan added, “We are growing in each of our markets and are one of the only MSOs that has meaningful revenue in multiple states, including Arizona, Colorado, Florida, Maryland, Massa

PathogenDX

Arizona-based DNA testing technology company PathogenDx, Inc. announced $7.5 million in Series B funding. This latest investment round was led by Cresco Capital Partners with participation from Altitude Investment Management, Arcadian Investment Partners, Panther Opportunity Fund LLC, Salveo Capital, Flatiron Venture Partners, and other investors. PathogenDx was able to close this round of funding in just under three months.

PathogenDx wants to become the new standard in DNA-based testing through widespread adoption of its advanced microarray testing platform for the cannabis, hemp, agriculture, food, and beverage industries. PathogenDx’s technology can rapidly identify and detect up to 50 pathogens all in a single test, in 6 hours providing triplicate data per analyte for certainty in results with a simple and easy process. This additional capital raise will allow PathogenDx to continue expanding its breakthrough technology into food and agriculture testing while continuing to build on its leadership position with a current portfolio of domestic and international clients in the cannabis industry.

In Other News

High Tide

High Tide Inc. (CSE:HITI) (OTCQB:HITIF) an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, has filed its financial results for the third fiscal quarter of 2019 ending July 31.

Revenue in the third quarter increased by 281%, to C$8 million from C$2 million for the same period in the previous year. Gross margin increased by 160%, to $3 million from $1 million in the same period in 2018, primarily due to an increase in sales volume.

48North

48North Cannabis Corp. (TSXV: NRTH) released its financial and operating results for the fiscal year ended June 30, 2019. The company delivered net revenue of $4,820,000, marking 48North’s first full year of revenue, but a net loss of $8.1 million. In fiscal 2019, the company raised over $48 million and at the end of the year had $52.7 million in cash and cash equivalents on hand. As a result, 48North believes it is well capitalized to execute on its business plan.



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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