Daily Hit Archives - Green Market Report

StaffMay 25, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

7min2220

The Daily Hit is a recap of the top cannabis business stories for May 25, 2022.

ON THE SITE

Live Blog from WEF 2022 in Davos Switzerland

Green Market Report editor-in-chief Debra Borchardt blogs live from the Medical Psychedelics Series, at the World Economic Forum being held in Davos Switzerland. Read more here.

Ayr Wellness Inc. Approved in New Jersey

Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) announced that the New Jersey Cannabis Regulatory Commission approved the Company for adult-use cannabis sales in the Garden State. “We are thrilled to be approved for adult-use sales in New Jersey and to have all three dispensaries cleared simultaneously to open for adult-use,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “To date, Central Jersey has the lowest number of dispensaries per capita, leaving its population under-served compared with the rest of the state. Read more here.

Verano Holdings Corp.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its financial results for the first quarter ending March 31, 2022, with revenue increasing 67% to $202 million versus last year. Revenue for Verano fell  from the fourth quarter’s $211 million. The net loss in the first quarter 2022 was $7 million, compared to a loss of $2 million in the first quarter 2021. Read more here.

Jushi Holdings Inc.

Jushi Holdings Inc.  (CSE: JUSH) (OTCQX: JUSHF) released its financial results for the first quarter of 2022 ending March 31, 2022, with revenue increasing 48% over last year to $61.9 million. Jushi said sales fell 6% from the fourth quarter’s revenue of $65.9 million. The company delivered a net loss of $14.3 million, which was trimmed from last year’s net loss of $26 million. Read more here.

IN OTHER NEWS

Rhode Island Legislature Approves Marijuana Legalization Proposal

Following floor debates in both chambers of the General Assembly earlier today, a majority of Rhode Island legislators have approved legislation to legalize, regulate, and tax cannabis for adults. The bill will be transmitted to Gov. Dan McKee who has previously indicated he will likely sign the measure. With the governor’s approval, Rhode Island will become the 19th state to end marijuana prohibition. Read more here.

The Valens Company Inc.

The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS), a manufacturer of branded cannabis products, provided an update on its recent recreational market share in Canada. Tyler Robson, Chief Executive Officer of The Valens Company, said, “We continue to expand our recreational market share as we develop strength within our brand portfolio through products that continue to resonate with consumers.” Read more here.

Item 9 Labs Corp.

Item 9 Labs Corp. (OTCQX: INLB), a vertically integrated cannabis dispensary franchisor and operator announced today that it has signed a definitive agreement to acquire Sessions Cannabis, one of Canada’s largest cannabis retail franchisors. “This is a transformative acquisition that fast-tracks our entry into the Canadian market and brings tremendous value to our shareholders,” said Item 9 Labs Corp. CEO Andrew Bowden. Read more here.

Lowell Farms Inc.

Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF), a California cannabis cultivation company and maker of brand Lowell Smokes, is announcing the acquisition of advanced pre-roll production equipment and capabilities from Canadian cannabis brand All Good Collective. The acquisition will accelerate Lowell Farms’ ability to offer end-to-end automation of large-scale pre-roll production. Read more here.

Ayr Wellness Inc., Herbal Remedies Dispensaries, LLC

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a vertically integrated U.S. multi-state cannabis operator, today announced it has closed the definitive agreement to acquire Herbal Remedies Dispensaries, LLC, an operator of two licensed retail dispensaries in Quincy, Illinois. Read more here.

Decibel Cannabis Company Inc.

Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF), a cannabis producer, announced its first quarter financial results for the three month period ending March 31, 2022. “Decibel remains on track to achieve its previously communicated targets, which is a testament to the focus on our strategic plan, and particularly our New, Unique and Innovative products and dedication to our customers”, said Paul Wilson, CEO of Decibel. Read more here.

TILT Holdings Inc., Innovative Industrial Properties, Inc.

 TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, has signed an amendment to its previously announced definitive agreement to sell its White Haven, Pennsylvania facility. The Amendment allows TILT and Innovative Industrial Properties, Inc. to extend the end of the investigational period of the transaction contemplated to a date that is on or before June 17, 2022. Read more here.


StaffMay 24, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

8min5140

The Daily Hit is a recap of the top cannabis business stories for May 24, 2022.

ON THE SITE

Live Blog from WEF 2022 in Davos Switzerland

Green Market Report editor-in-chief Debra Borchardt blogs live from the Medical Psychedelics Series, at the World Economic Forum being held in Davos Switzerland. Read more here.

MedMen Wins Suit Against Whitestar

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) won its lawsuit against Arizona-based Whitestar Solutions, LLC. According to a statement,  Whitestar filed a lawsuit in March 2020, related to a Membership Interest Purchase and Sale Agreement governing the purchase of EBA Holdings, Inc. dba MedMen Scottsdale. Whitestar alleged fraudulent inducement and breach of contract, among other claims, and sought rescission of the underlying transaction or $60 million in alleged monetary damages. Read more here.

Illegal Cannabis Lounges in NYC

These consumption lounges are operating without licenses and it seems the city and state don’t care. Since the adult-use license program hasn’t been written and approved, these operations are technically violating the law. No law means no violations. So there really isn’t anything law enforcement can do. These lounges range from the first to market Happy Munkey to pop-up neighborhood lounges that are often located next to illicit street sellers. Read more here.

Psychedelics Companies

As the industry matures, there are clear leaders in the pack of psychedelics companies who are positioned to continue driving industry development. Compass Pathways, Atai Life Sciences, and Cybin are generally considered the top three companies in the industry, asserting their dominance in the market, with Field Trip Health and Seelos Therapeutics as psychedelics companies to watch. Read more here.

IN OTHER NEWS

Aleafia Health Inc.

Aleafia Health Inc. (TSX: AH, OTCQX: ALEAF) is pleased to announce that its upward trend in market share, purchase orders, and new SKU launches has continued in 2022’s first four months, following on from the growth in the quarter ended December 31, 2021. The Company has seen strong advances in its largest adult-use categories: flower, pre-rolls and vapes. Read more here.

Curaleaf Holdings, Inc.

Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), an international provider of consumer products in cannabis, will begin adult-use sales at its Edgewater Park, New Jersey dispensary on May 25. Located at 4237 US-130, Curaleaf Edgewater Park is now the Company’s second location to sell adult-use cannabis in the Garden State. Read more here.

Rubicon Organics Inc.

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), a licensed producer focused on cultivating and selling organic certified, premium cannabis, today reported its financial results for the first quarter ended March 31, 2022. “Rubicon Organics is at a turning point in 2022, with higher yields and increased quality coming from our Delta Facility, whilst remaining cost-conscious we are driving to being profitable in 2022.” Read more here.

RIV Capital Inc., Etain LLC

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) today announced that it had received notice of an Ontario Superior Court of Justice application by JW Asset Management in connection with the Company’s process regarding its acquisition of ownership and control of Etain, LLC and Etain IP LLC, owners and operators of legally licensed cannabis cultivation and retail dispensaries in the state of New York. JWAM, an investment firm focused on the pharmaceutical and cannabis industries, is the holder of approximately 20.4% of the Company’s issued and outstanding Class A common shares. Read more here.

Pharmagreen Biotech, Inc., Long Valley Farms

Pharmagreen Biotech, Inc., (OTCQB: PHBI), which provides starter plantlets utilizing a proprietary tissue culture process, “Chibafreen,” to licensed cannabis cultivators and CBD/CBG hemp farmers, announced that it has completed another significant milestone in the business development with Long Valley Farms. Pharmagreen has advanced the next tranche of funds, whereby the use of proceeds is for the continuous application process for the LVF micro-business license and its nursery licenses in addition to the current cultivation license. PHBI anticipates having the permits in place within the following few months, depending on the regulator’s schedule. Read more here.

Avicanna Inc.

 Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that, through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S., SMGH has completed its first commercial export of high concentration THC and high concentration CBD full spectrum psychoactive cannabis extracts to Portugal. Read more here.

Eden Empire Inc.

Eden Empire Inc. (CSE: EDEN) announced the signing of a non-binding letter of intent agreement with Plantvida located in Colombia. The agreement dated May 20th, 2022, is made by and between Eden Empire Inc. and Plantvida. The Plantvida SAS project located in north-western Cundinamarca, Colombia, is dedicated to implementing strategic social business, bringing safe, natural and ecologically friendly wellness products to the emerging cannabis business with the goal of providing work and social benefits to the community, such as education, unemployment, health, housing and security. Read more here.

Abaca

Arkansas-based cannabis financial technology firm Abaca has expanded coverage bringing digital-first banking, payment and treasury management solutions to Mississippi’s cannabis industry. Integral in banking 95 percent of Arkansas’s cannabis industry since day one and hundreds of cannabis clients across the country, Abaca is uniquely positioned to support Mississippi. Read more here.


StaffMay 23, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

5min4690

The Daily Hit is a recap of the top cannabis business stories for May 23, 2022.

ON THE SITE

Live Blog from WEF 2022 in Davos Switzerland

Green Market Report editor-in-chief Debra Borchardt blogs live from the Medical Psychedelics Series, at the World Economic Forum being held in Davos Switzerland. Read more here.

Medical Psychedelics Series in Davos

Every year world leaders come together to discuss the global economy at the World Economic Forum’s annual gathering in Davos Switzerland. This small town in the Alps has become the place where the smartest people on the planet come together to discuss solutions to the world’s economic problems and issues. It is not uncommon for various industries to establish a meeting place for people to come together for conversations. Read more here.

Hawthorne and the Hydroponics Market

When we look at what’s happening in the hydroponics market, it’s really not just a Hawthorne issue, it’s across the board. All these companies were saying things had slowed down, but that the market was going to get better at the end of the year. We weren’t getting a whole lot of color on what was happening. Is it that certain states were slow to get going? Is it that there was just truly oversupply? There are so many reasons why this slowdown could have happened. What’s happening here? Read more here.

Decriminalizing Psychedelics

There has been an accelerating movement to decriminalize psychedelics, especially psilocybin, since May 2019, when Denver, Colorado became the first city in the country to decriminalize psilocybin through an initiative, in essence handing a small but significant defeat to the operatives running the War on Drugs. Read more here.

NY Approves 146 Cannabis Farmers

The New York Cannabis Control Board announced on Thursday that an additional 58 farmers for adult-use cannabis have been approved. This brings the total of approved farmers to 146. The NYCCB initially approved 52 farmers in April and then gave the green light to another 36 at the May 5 meeting. People hoping to get these licenses were able to begin applying on March 15 and the opportunity will end on June 30. Read more here.

GMR Women’s Summit (VIDEO)

On April 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This successful sold-out event was the first in-person Summit for GMR since before the pandemic. More here.

IN OTHER NEWS

Boston Beer Company

The Boston Beer Company, Inc. (NYSE: SAM), maker of iconic, high-quality brands such as Samuel Adams, Truly Hard Seltzer and Twisted Tea, today announced the launch of TeaPot, a new line of cannabis-infused iced teas. TeaPot is the company’s first infused beverage offering and will be available in select Canadian provinces beginning in July. Read more here.

4Front Ventures Corp.

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF), a vertically integrated, multi-state cannabis operator and retailer, today announced its financial results for the first quarter ended March 31, 2022. All financial information is presented in U.S. dollars unless otherwise indicated.

“Our business inflected during the first quarter of 2022 as a result of the investments and efficiencies we made over the last 18 months to meet our long-term strategic goals,” said Leo Gontmakher, Chief Executive Officer of 4Front. Read more here.


StaffMay 19, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

5min6590

The Daily Hit is a recap of the top cannabis business stories for May 19, 2022.

ON THE SITE

Harborside Owns Urbn Leaf Seaside Store

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) now fully owns the Seaside, California store also known as Urbn Leaf. Harborside had initially purchased a 50% ownership in the dispensary, but with the new transaction, it will own all of the issued and outstanding securities of 680 Broadway Master, LLC which owns the Seaside Store, bringing the company’s interest in the Seaside Store to 100%. Read more here.

Psychedelics and Institutional Investors

When looking at the data coming out of psychedelics research, there is tantalizing evidence that the promise of psychedelics is becoming more of a reality every day. Companies and organizations such as Compass Pathways NASDAQ: (CMPS) the Multidisciplinary Association for Psychedelic Studies (MAPS) and Awakn Life Sciences are either planning or working on phase 3 clinical trials, one of the last steps before U.S. Food and Drug Administration (FDA) approval. Read more here.

IN OTHER NEWS

Medical Marijuana, Inc.

Medical Marijuana, Inc. (OTC: MJNA), a publicly traded cannabis company in the United States, announced today its financial results for the quarter ending March 31, 2022, and provided an overview of recent operational highlights. Generated $7.8 million in net revenue in the first quarter of 2022, a 24% increase when compared to the previous quarter. Read more here.

New Frontier Partners with Treez

New Frontier Data, a data, analytics and technology firm specializing in the global cannabis industry, announces a broad, sophisticated data partnership with Treez,  an enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market. The partnership provides new solutions designed to bring speed, accuracy and transparency to cannabis retail, brand and product performance. Read more here.

ADC Partners with Alt Magic

ADC, a cannabis distribution company, announced a partnership with Alt Magic to present the first ever WebXR cannabis store. The store allows users to talk with like-minded people in the Metaverse using their VR headset even if they don’t have a VR headset they can use their smartphone, tablet or computer to enjoy the WebXR experience. It’s the first time that people on all major devices will be able to enter a cannabis store, pick up products, review ingredients and make purchases from the Metaverse. Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a cannabis company in the United States, today announced the grand opening of its third and fourth medical dispensaries in West Virginia. Located at 4701 MacCorkle Ave. SW in South Charleston and 152 Park Shopping Center in Parkersburg, both dispensaries will open at 10 a.m. on Saturday, May 21, 2022. Read more here.

Isracann Biosciences

Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) a multi-faceted organization with a natural health medicine division in Canada and holdings in Israel, is pleased to announce that its wholly owned subsidiary Praesidio Health has completed the natural product number (NPN) submissions to Health Canada for its first formulations. Read more here.

Indiva Limited

Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF), a Canadian producer of cannabis edibles and other cannabis products, announced its financial and operating results for the first fiscal quarter ended March 31, 2022. “We are pleased to report very strong year-over-year revenue growth in the first quarter of 2022, and continued gross margin improvement compared to fiscal 2021. According to data from Hifyre Inc., Indiva continues as the dominant national market share leader in edibles,” said Niel Marotta, President and Chief Executive Officer of Indiva. Read more here.


StaffMay 18, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

9min7450

The Daily Hit is a recap of the top cannabis business stories for May 18, 2022.

ON THE SITE

Canopy Growth Acquires Jetty Extracts for $69 Million

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) is buying Lemurian, Inc. better known as Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, contingent upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty. Read more here.

Bright Green Listed on NASDAQ

Bright Green (NASDAQ: BGXX) is a cannabis company with no revenue that just began trading on the NASDAQ, despite the exchange’s insistence that it won’t list U.S. cannabis companies due to the product being federally illegal. Bright Green plans to produce cannabis for research purposes with the Drug Enforcement Agency‘s (DEA) blessing, which seems to be the reason why the NASDAQ has allowed the company to trade. It would be considered federally legal cannabis. The stock is trading at $26. Read more here.

Cresco Revenues Fall

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF)  released its financial results for the three months ended March 31, 2022, as revenue fell from the fourth quarter’s $217 million to the first quarter’s $214 million. Cresco Labs did note that the revenue increased 20% over last year’s $178 million for the same time period. This also beat the Yahoo Finance average analyst estimate for sales of $213 million. Read more here.

GMR Women’s Leadership Awards: Ralina Shaw

Ralina is the founder of House of Tyne and on the leadership team of 4thMVMT,  a leading social impact organization based in Los Angeles with a mission to support those who have been adversely affected by onerous Cannabis laws. They do this by educating, empowering, and training those adversely affected to run/operate their BIPOC-led “Sixty Four & Hope” retail dispensaries in Los Angeles (2 recently opened locations and counting). Read more here.

 Psychedelics on the World Stage

Every year world leaders come together to discuss the global economy at the World Economic Forum’s annual gathering in Davos Switzerland. This small town in the Alps has become the place where the smartest people on the planet come together to discuss solutions to the world’s economic problems and issues. It is not uncommon for various industries to establish a meeting place for people to come together for conversations. In 2019, the Canada Cannabis House hosted a three-day event for people in the cannabis industry to introduce themselves and talk about business with people who were unfamiliar with the industry. Read more here.

 Women Creating Cannabis Brands (VIDEO)

On April 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Women Creating Cannabis Brands.” These savvy and accomplished women have created truly unique and original products and companies. Their products are unlike others in their categories. This panel explores what it takes to create a company and product that stands out in a sea of sameness. Read more here.

IN OTHER NEWS

Ayr Wellness Inc.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a leading vertically integrated U.S. multi-state cannabis operator (MSO), today announced that it has launched first sales from its Phoenix, Arizona cultivation facility. Concurrently, the company announced the launch of its national pre-roll brand, STiX Pre-Roll Co. in Arizona. Read more here.

American Green, Inc.

American Green, Inc. (ERBB:OTC) has purchased the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. Phoenix, AZ. 85009.  The building sits on a 62,000 square foot site and was previously leased by ERBB in August 2021 with an option to buy. American Green has exercised its option to buy the building and now owns it. The purchase price was set at $3.75 million at the time of the signing of the lease last year. Recently, the building was professionally appraised for $5.3 million, giving American Green $1.55 million of additional equity, at the time of closing. When added to the down payment of $1.123 million, there is now a total of $2.673 million of equity in the new “Cypress Chill” cannabis grow building. Read more here.

MariMed Inc.

MariMed Inc. (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, announced today it had been awarded a provisional dispensary license by the Ohio Board of Pharmacy. MariMed won this license in the Ohio lottery process. The license allows the Company to develop a medical dispensary in Tiffin, Ohio, located south of Toledo and home to the University of Bucharest and Tiffin University. Read more here.

Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, is pleased to announce that it has closed on $36.5M of additional funding under the increase option of its existing term loan credit facility. In August 2021, the Company announced it had closed on a US$210 million Senior Secured Term Loan credit facility with Seaport Global Securities LLC as lead manager.

Steep Hill Michigan

Steep Hill is pleased to announce that the Company’s licensee partner, Steep Hill Michigan, a Cannabis Regulatory Agency (CRA) licensed medical and adult-use/recreational cannabis safety compliance testing facility, has earned ISO/IEC 17025:2017 accreditation, an International Standard recognized by governments and industry participants as the standard of excellence for the technical requirements and operational competence of a quality laboratory management system. The accreditation was validated by Perry Johnson Laboratory Accreditation (PJLA), the Michigan-based world-wide leader in ISO assessment and validation. Read more here.

First Columbia Gold Corp., Green Diamond Farm

First Columbia Gold Corp (FCGD), operating as FineCannabisGoods.com, is pleased to announce an agreement to acquire Green Diamond Farms LLC of southwest Michigan. Green Diamond Farms is currently working on licensing and setting up growing facilities in different areas of the state where permitted in partnership with FCGD. Each location should gross up to $2.5 mil year 1 and $6 mil by year 2. Read more here.


StaffMay 17, 2022
daily-hit.jpg?fit=700%2C394&ssl=1

6min4420

The Daily Hit is a recap of the top cannabis business stories for May 17, 2022.

On the Site

Halo

Halo Collective Inc.  (NEO: HALO) (OTCQB: HCANF) announced its financial results for the first quarter ending March 31, 2022, as revenue declined 23% to $7.6 million versus revenue of $9.9 million for the same time period in 2021. Halo said that sales were impacted by a significant downturn in both the California and Oregon markets. The company also said that the flower category, which is a leading indicator, sharply declined, with sales falling by 23% in California and 26% in Oregon year over year. Halo also reported a net loss of $13 million in the quarter, which increased over last year’s net loss of $9 million. Read more here.

Greenlane

Greenlane Holdings, Inc. (NASDAQ: GNLN) reported financial results for the first quarter ending March 31, 2022 as revenue increased 37% to $46.5 million versus last year’s $34.0 million for the same quarter. However, it was a dramatic fall from the fourth quarter’s revenue of $56 million and it missed the Yahoo Finance average analyst estimate for sales of $51 million. Read more here.

Akerna

After several lackluster quarters, cannabis software company Akerna (Nasdaq: KERN) announced that it has hired JMP Securities to assist in evaluating strategic alternatives as the company and the board seeks to maximize stakeholder value. Akerna also reported that CFO John Fowle is leaving to pursue other interests, effective May 17. The Board has appointed Dean Ditto as Akerna’s interim CFO. Read more here.

Green Goddess

Green Goddess Supply, a “cultivation to consumption” cannabis technology lifestyle brand offering a line of high-quality products to grow, store, prep and consume hemp flower and cannabis products has launched a crowdfunding campaign. The company was initially funded by management and “friends and family.” With this offering, the company will gain access to over 750,000 investors via the StartEngine Regulation CF platform, to showcase its patented cannabis home grow system. Read more here.

In Other News

InterCure

 InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) announced its financial results for the first quarter of 2022 and is pleased to provide shareholders with a business update. The company had quarterly revenue of $34 million (NIS 87 million), almost three times greater than Q1 2021 ($13 million or NIS 33 million) and up 9% sequentially compared to the prior quarter. Net income of $6 million (NIS 15 million) for the Q1 of 2022 compared to $2 million (NIS 4 million) in Q1 of 2021 Seventh consecutive quarter of positive cash flow from operations. Read more here.

iPower Inc.

iPower Inc. (Nasdaq:IPW) announced financial results for its fiscal third quarter ended March 31, 2022. Total revenue increased 74% to $22.8 million. Net income increased significantly to $1.2 million or $0.04 per share as compared to $(0.01) per share for Q3 2021. Total revenue in the fiscal third quarter of 2022 increased 74% to $22.8 million compared to $13.1 million for the same period in fiscal 2021. The increase was driven by greater product sales to the Company’s largest channel partner as well as strong demand for iPower’s ventilation products, commercial fans and shelving products. Read more here.


StaffMay 16, 2022
daily-hit.jpg?fit=700%2C394&ssl=1

10min5380

The Daily Hit is a recap of the top cannabis business stories on May 16, 2022.

On The Site

Charlotte’s Web

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) reported financial results for the first quarter ending March 31, 2022 as net revenue fell 17% to $19.4 million versus $23.4 million for the same time period in 2021. Sales also fell sequentially from the fourth quarter’s revenues of $24.8 million and greatly missed the estimates from Yahoo Finance for sales of $27 million. Charlotte’s Web said the decrease was partly due to a temporary closure of its production and shipping terminal in January after a local wildfire in Boulder County. Read more here.

Tilt

TILT Holdings Inc.  (NEO: TILT) (OTCQX: TLLTF) reported its financial and operating results for the three months ended March 31, 2022. Tilt’s revenue was $42.4 million compared to $46.8 million in the year-ago period. However, revenue fell dramatically from the fourth quarter which was $54 million. Tilt said the decrease was primarily driven by lower sales volume in its inhalation business related to the timing of purchases by certain large customers, as well as price compression for the company’s bulk and house-branded wholesale cannabis products. Read more here.

Planet 13

Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the three-month period ended March 31, 2022, with revenues rising 8% to $25.7 million from last year’s $23.8 million. However, Planet 13’s revenue fell sequentially from the fourth quarter’s $29 million. According to Yahoo Finance, three analysts cover the company and the average estimate for revenues was $46 million, so the company missed that by a mile. Read more here.

Arcview

Arcview Capital today announced the launch of its equity crowdfunding platform which is expected to go live by the end of the second quarter. The platform is currently accepting applications and will focus on cannabis and other adaptogenic plant-based businesses like psychedelic plant medicines. Read more here.

Auxly

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF) released its financial results for the three months ended March 31, 2022. Auxly reported net revenues rose 147% to $22.6 million versus $9.2 million during the same period in 2021. Revenues fell sequentially from the fourth quarter’s revenue of $29 million. Auxly admitted it had lower winter yields at Auxly Leamington and hardware and packaging shortages due to supply chain disruptions. The company said believes that those challenges are largely behind it, and is very encouraged by yield and overall product quality improvements that it has seen at Auxly Leamington, which it believes will better equip Auxly to meet the demand for its flower and pre-roll products. Read more here.

Col-Care

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF)  reported financial results for the first quarter ended March 31, 2022. Revenue for Columbia Care fell sequentially by 11% to $123 million from $139 million in the fourth quarter. It was a 43% increase over last year’s revenue of $86 million for the same time period. It missed the Yahoo Finance average analyst estimates for revenue of $138 million. Read more here.

Flower Power

In the cannabis market, Flower continues to reign supreme as the dominant category in every market, though according to a recent Headset report, market share is declining in both the US and Canada. Be that as it may, cannabis flower is likely to hold its top spot as the consumer favorite for some time to come as the least processed and most versatile (albeit also the most susceptible to commoditization and price compression) of all categories. Headset’s report looks at changes in market share over time, segments, pricing, demographics, and other metrics of performance in the Flower category. Data was collected from real-time sales reporting by participating cannabis retailers via their point-of-sale systems. Read more here.

In Other News

The Parent Company

TPCO Holding Corp. (NEO: GRAM.U) (OTCQX: GRAMF) announced its financial results for the quarter ended March 31, 2022. Net sales fell 17% to $33.2 million and the net loss and comprehensive loss were $33.5 million. Sales also fell from the fourth quarter’s $39 million. The company said it would cut costs by 20% over the year. Conference call in the morning. Read more here.

Sundial

Sundial Growers Inc. (NASDAQ: SNDL) reported its financial and operational results for the first quarter ended March 31, 2022. Net revenue for the first quarter of 2022 of $17.6 million, including one day of revenue on the acquisition of Alcanna, an increase of 78% over the first quarter of 2021. Net loss was improved to $38.0 million for the first quarter of 2022 compared to a $134.4 million net loss in the first quarter of 2021, an improvement of 72%. Read more here.

CV Sciences

CV Sciences, Inc. (OTCQB:CVSI)  announced its financial results for the quarter ended March 31, 2022. Revenue of $4.4 million for the first quarter of 2022, compared to $4.8 million for the first quarter of 2021. Read more here.


StaffMay 12, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

9min6710

The Daily Hit is a recap of the top cannabis business stories for May 12, 2022.

ON THE SITE

Trulieve Cannabis Corp. on Track to do a Billion

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced its results for the first quarter ending March 31, 2022, with revenue increasing 64% year over year to $318.3 million from $193.8 million and 4% sequentially. This beat the Yahoo Finance average analyst estimates for revenues of $307 million. It was also a nice increase sequentially from the fourth quarter’s revenue of $305 million, especially at a time when many cannabis companies have seen sales in the first quarter of 2022 struggle to top the fourth. Read more here.

Talladega, Parallel Lawsuit

Talladega wants out of the Parallel cannabis lawsuit. This is the lawsuit that disgruntled Surterra Wellness (now known as Parallel) investors filed against the company’s leader beau Wrigley and Surterra Holdings, along with a family office and Talladega LP and Talladega Inc. The company filed a motion earlier this week to dismiss its involvement and outlined why it should not be a part of the lawsuit. Talladega was not initially named in the case, instead, it was Canadian hedge fund SAF Group, but they were replaced by Talladega. Read more here.

Glass House Brands, Inc. Expands Retail

Glass House Brands Inc. (OTCQX: GLASF) (OTCQX: GHBWF) has announced it will buy three retail assets: two operating retail dispensaries and one retail dispensary slated to open in the third quarter of 2022. Glass House also said that with these acquisitions and its other moves, it could do over $200 million in revenue in the next year. Read more here.

GMR Women’s Leadership Awards: Chanda Macias

Chanda Macias, PhD, is a true cannabis pioneer: having spent years in biomedical research and developing her knowledge of medical marijuana, in 2015 she became the country’s first Black woman medical cannabis operator as CEO of National Holistic™ Healing Center (NHHC), the leading medical marijuana dispensary in Washington DC. Read more here.

Keeping it Legal (VIDEO)

On April, 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Keeping It Legal” and featured a stellar lineup of successful women including Kristin Jordan Co-founder of Park-Jordan, Rochelle Boas of LeafLink, Nichole West of LB Atlantis and moderated by Longview Strategies Founder Ellie Seigel. More here.

IN OTHER NEWS

Eden Empire Inc., WeCannCA

Eden Empire Inc. (CSE: EDEN) announced signing a strategic consulting agreement partnership with WeCannCA located out of California. WeCannCA is a full-service cannabis consulting firm committed to resourcing, supporting and advancing the cannabis industry in California and other blooming states. WeCannCA strives to provide a solution to the burgeoning and complex cannabis industry by providing services and solving all its major hurdles regarding licensure under one roof. Read more here.

Skye Bioscience, Inc., Emerald Health Therapeutics, Inc.

Skye Bioscience, Inc. (OTCQB: SKYE) and Emerald Health Therapeutics, Inc. (CSE: EMH; OTCQB: EMHTF) announced today that the companies have entered into a definitive agreement with respect to a transaction to be completed by way of a Plan of Arrangement whereby Skye would acquire all of the issued and outstanding shares of Emerald in a share-for-share-transaction. Skye is a San Diego-based pharmaceutical company developing proprietary, synthetic cannabinoid derivatives to treat glaucoma and other diseases with significant unmet needs. Emerald possesses cash and non-cash assets that Skye would acquire. Read more here.

Ketamine Wellness Centers, Veterans Administration

Ketamine Wellness Centers (KWC), the largest ketamine therapy provider in the U.S. and a subsidiary of Delic Holdings Corp (CSE: DELC) (OTCQB: DELCF) (FRA: 6X0), today announced a new partnership with the Veterans Administration (VA) in Arizona. Veterans suffering from treatment-resistant depression, PTSD and anxiety will have access to ketamine therapy at the KWC Arizona clinics in Phoenix, Tucson and Mesa-Gilbert at no out-of-pocket cost with prior authorization from the VA. This new VA partnership is in addition to the one established with the KWC located in Burnsville, Minnesota. Read more here.

Green Goddess Supply

Today, Green Goddess Supply announced the launch of their SEC-approved Regulation Crowdfunding raise on the StartEngine.com platform. The Massachusetts-based business empowers anyone to grow their own legal herbs at home. “We are incredibly excited to launch this initiative,” said founder and CEO, Eric Robichaud. “What’s impressive to me is management’s ability to build, ship and deliver almost 600 systems during the global pandemic that has been riddled with supply chain obstacles and seemingly never ending “red tape” including, but not limited to, price gouging for ocean freight, new hidden costs such as ‘port congestion,’ scarce and expensive domestic LTL shipping, supply chain and materials delays, and more.” Read more here.

Segra International Corp., Node Labs, LLC, Compound Genetics

Segra International Corp., an agriculture technology company is pleased to announce a new partnership with the renowned cannabis brand Compound Genetics. Under the agreement Segra will partner with San Francisco-based Node Labs LLC to introduce a variety of forward-thinking cultivars from Compound Genetics, and other top genetics brands, to Canadian and International growers via Segra’s plant tissue culture production nursery. Cultivar menu development is underway with releases anticipated in early 2023. Read more here.

Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI), a commercial real estate finance company, today announced its results for the first quarter ended March 31, 2022. John Mazarakis, Executive Chairman of Chicago Atlantic, noted, “The cannabis industry is one of the few sectors today that presents returns more correlated to regulatory milestones than the overall economic or interest rate environment. With a pipeline of $911 million in potential fundings, we continue to benefit from cannabis operators in our targeted limited-license states that are seeking debt capital to invest in accretive expansion plans to meet accelerating demand.” Read more here.

Aleafia Health Inc.

Aleafia Health Inc. (TSX: AH, OTCQX: ALEAF) announced that it has reached an agreement in principle with the convertible debenture holder-nominated steering committee to amend certain key commercial terms of its unsecured convertible debentures (TSX: AH.DB), set to mature on June 27, 2022. The company has also entered into subscription agreements for units, comprising common shares and warrants, representing aggregate gross proceeds of $5.6 million on a private placement basis. Read more here.


StaffMay 11, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

6min5690

The Daily Hit is a recap of the top cannabis business stories for May 11, 2022.

ON THE SITE

Ascend Wellness Holdings

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported its financial results for the first quarter ending March 31, 2022. Total revenue of $101.2 million decreased 0.8% quarter-over-quarter and increased 33.4% year-over-year. Ascend stock jumped over 5% in trading to close at $3.20. Ascend also reported that it had a net loss of $27.8 million or a loss of $0.16 per basic and diluted common share during the quarter, compared to a net loss of $16.5 million in the fourth quarter of 2021. Read more here.

MedMen Surrenders Assets to Ascend Wellness

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) finally agreed to close the deal to sell its New York assets to Ascend Wellness (OTC: AAWH). The two companies had initially agreed to the transaction, but then MedMen was accused of having “buyer’s remorse” by Ascend when it tried to pull out of the deal. The two companies then engaged in a nasty legal battle with MedMen accusing Ascend of greasing politicians‘ hands in the state. Read more here.

Harborside Inc. and Pelorus Equity Group

Pelorus Equity Group completed the second and final tranche of its previously announced $77.3M non-dilutive real estate debt financing with Harborside Inc. (CSE: HBOR) (OTCQX: HBORF). The initial funding included three individual loans to Harborside, Urbn Leaf Holdings Inc., and Loudpack JV Corporation with a second tranche made available upon the final closing of the three-way merger. The proceeds were used primarily to retire certain existing loans and provide additional working capital. Read more here.

Agrify Beats Revenue Estimates

Agrify Corporation (Nasdaq: AGFY)  announced financial results for the first quarter ended March 31, 2022, as revenue increased 271% to $26 million for the first quarter versus $7 million for the prior-year period. This was also higher than Agrify’s fourth-quarter revenue of $25.3 million and beat the Yahoo Finance average analyst estimate for revenues of $25..3 million. The stock price was up by over 6% in early trading to lately sell at $2.60. Read more here.

Goodness Growth

Goodness Growth Holdings, Inc. (CSE: GDNS) (OTCQX: GDNSF) reported financial results for its first quarter ended March 31, 2022. Goodness Growth had total revenue in the first quarter of $15.6 million, an increase of 18.2% as compared to the same time period in 2021. The net loss in the quarter was $14.6 million versus a net loss of $6.9 million in the first quarter of 2021. Read more here.

GMR Women’s Leadership Awards: Narim Jarrous

Narmin Jarrous manages operational planning and positioning for all developmental strategies within the Exclusive Brands organization, while also leading the teams’ Social Equity efforts, determined to lift up communities that have been disproportionately impacted by the prohibition of marijuana. Read more here.

Psychedelic Medicine Patents

One of the most important aspects of the psychedelics business—and one that is becoming more contentious—is about securing and protecting the patent for the specific molecule or synthetic that a psychedelics company is banking on because it can essentially protect the investment of millions of dollars a startup spends on setting up and running clinical trials, hiring expensive medical staff and other business development expenses. Read more here.

Targeting Female Cannabis Brands (VIDEO)

On April, 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Targeting Female Brands” and featured a stellar lineup of successful women including Cannaclusive Founder Mary Pryor, Humble Boom Founder Solanje Burnett, CMO of Trube Tokes Kymberly Byrnes and moderated by Politico’s Mona Zhang. More here.

IN OTHER NEWS

Harborside Inc.

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today announced it opened two new retail stores in California, bringing its total retail store count to 13, with a new Harborside-branded store in San Francisco, and a new Urbn Leaf-branded store in La Mesa, located in San Diego County. Read more here.

FSD Pharma Inc.

FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9A), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, has closed the sale of non-core assets for $16.4 million. The company has sold its former cannabis processing facility, located in Coburg, Ontario, which it acquired for $5.5 million in November 2017. The property includes a 26.1-hectare parcel of land and a 50,800 square meter building. Read more here.

 

 

 


StaffMay 10, 2022
daily-hit.jpg?fit=700%2C394&ssl=1

9min5530

The Daily Hit is a recap of the top business stories from the cannabis industry for May 10, 2022.

On The Site

Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) delivered its 2022 first-quarter business results as revenue jumped by 99% to $25 million versus last year’s $12 million for the same time period. Cronos attributed the increase to its segment in the Israeli medical market and the Canadian adult-use market. Cronos beat the Yahoo Finance average analyst estimate for revenue of $23 million. Read more here.

Urban-Gro

Urban-gro, Inc. (Nasdaq: UGRO) reported first-quarter financial results with revenue rising to $21.1 million versus $12.0 million in the prior-year period, representing an increase of $9.1 million, or 76%. This beat the Yahoo Finance average analyst estimate for revenue of $19 million.  Urban-gro attributed the growth to an increase in the specification, procurement, and integration of cultivation equipment tied to the growth of new and existing project contracts, as well as $3.4 million of incremental services revenue from acquisitions. Organic revenue growth was 48%, excluding the contribution from the 2WR+ acquisition. Read more here.

Hydrofarm

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) announced financial results for its first quarter ended March 31, 2022, with net sales remaining flat at $111.4 million, which missed the Yahoo Finance average analyst estimates for revenues of $129 million. The net loss was ($23.3) million, or a loss of ($0.52) per diluted share, compared to a net income of $4.9 million, or $0.13 per diluted share. This also missed the estimates for earnings of ($0.06). Hydrofarm gave a 2022 forecast for net sales of approximately $480 million to $520 million. Read more here.

AFC Gamma

AFC Gamma, Inc. (NASDAQ: AFCG)  announced its results for the first quarter of 2022 with a net income of $10.2 million or $0.53 per basic weighted average share of common stock. The total net interest income was $16.9 million, an increase of $12.3 million, or 261%, compared to last year. This just beat the Yahoo Finance average analyst estimate for revenues of $16 million. The distributable earnings were $11.9 million in the first quarter or $0.62 per basic weighted average share of common stock, beating the estimates for earnings of $0.57. AFC paid a dividend of $0.55 per common share on April 15, 2022, for the quarter representing a 10% increase from the prior quarter. The distributable earnings significantly exceeded the declared dividend for the fourth consecutive quarter. Read more here.

Flora Growth

Flora Growth Corp. (NASDAQ: FLGC)  reported its financial results for the fiscal year ended December 31, 2021 with total revenue of approximately $9.0 million. The net loss for the year was $21 million, which increased over the previous year’s net loss of $14 million. Revenue for the period was significantly higher when compared to the prior year, primarily reflecting that 2021 was Flora’s first full year as a revenue-generating company, which included the company’s initial public offering on the Nasdaq Capital Market in May 2021. Read more here.

Village Farms

Village Farms International, Inc.  (NASDAQ: VFF) (TSX: VFF)  announced its financial results for the first quarter ended March 31, 2022, as revenue rose 32% to $32 million over last year’s $24 million for the same time period. the company also delivered a net income of $1 million versus last year’s net loss of $2.8 million. Read more here.

In Other News

GrowGeneration

GrowGeneration Corp. (NASDAQ: GRWG) the largest chain of specialty hydroponic and organic garden centers with 63 locations across 13 states reported financial results for the first quarter ended March 31, 2022.  Net sales declined 9.2% to $81.8 million driven by softer industry demand. Comparable store sales for the quarter decreased 35.5%. Net loss of $5.2 million compared to net income of $6.1 million last year. Loss per share of $0.09 in the quarter. Read more here.

MariMed

MariMed, Inc. (OTCQX: MRMD) announced its financial results for the first quarter ended March 31, 2022 with revenue growing 27% to $31 million. The Company maintained its previous financial guidance for the fiscal year 2022, including revenue of $145 million to $150 million. Read more here.

Corbus

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) an immunology company provided a corporate update and reported financial results for the first quarter of 2022. The Company reported a net loss of approximately $9.4 million, or a net loss per diluted share of $0.08, for the three months ended March 31, 2022, compared to a net loss of approximately $16 million, or a net loss per diluted share of $0.14, for the same period in 2021. Read more here.


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.


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


READ MORE



Recent Tweets

@GreenMarketRpt – 13 hours

Verano Says New Jersey Generates Significant Growth

@GreenMarketRpt – 14 hours

Jushi Trims Losses As Revenues Rise Over Last Year

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.