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.