Daily Hit Archives - Green Market Report

StaffAugust 18, 2022
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6min4230

The Daily Hit is a recap of cannabis business news for August 18, 2022.

ON THE SITE

Ayr Wellness Raises Guidance Despite Headwinds

Ayr Wellness Inc. (OTCQX: AYRWF) hiked its outlook for the year on Thursday despite posting results that missed expectations — as sales slip and losses rise. The multi-state operator reported financial results for the first quarter ending June 30, 2022. Read more here.

Decibel Sees Record Revenue, Preps for Exports to Israel

Decibel Cannabis Company Inc. (TSX-V: DB) (OTCQB: DBCCF) posted promising results as it continues to find gains in the Canadian market and overseas. The Alberta-based company delivered its financial report card using Canadian dollars in the period ending June 30, 2022. Read more here.

Medical Marijuana Sales Slip in the Second Quarter

Medical Marijuana Inc. (OTC: MJNA) reported $7.8 million in net revenue in the second quarter of 2022. This fell from last year’s revenue of $9.6 million for the same time period in 2021. The company also reported a net loss of $11 million versus last year’s net income of $7 million. Read more here.

JuicyFields Ponzi Scheme Highlights Many Points of Failure

Like the plot of an improbable fintech thriller, cannabis e-investment conglomerate JuicyFields has imploded into an apparent Ponzi scheme of massive proportions, leaving tens of thousands of online investors wondering who is responsible for the biggest swindle in cannabis. Read more here.

Americans Perception of Psychedelics is Shifting

The science of psychedelics continues to validate what clinicians have known for years about the benefits in treating mental health. Over the last 30 years, the science of psychedelics has accelerated and continues to validate what clinicians have known for years about the benefits of psychedelics in treating mental health and wellness. Read more here.

IN OTHER NEWS

High Tide Inc.

High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that it has entered into a binding commitment letter with Connect First Credit Union Ltd. for a $19 million credit facility with an initial 5-year term, at connectFirst’s floor interest rate. Read more here.

PuraVerde, Inc.

PuraVerde, Inc., a cannabis company and operator, today announced the launch of its streamlined Regulation A, Tier 2 public offering for both un-accredited and accredited investors. Driving innovative research and development, PuraVerde is formulating products for the future of commercial cannabis. Read more here.

TYSON 2.0, Verano Holdings Corp.

TYSON 2.0, legendary boxer, entrepreneur, and cannabis advocate Mike Tyson’s cannabis company today announced the launch of its Ric Flair Drip Cannabis line in partnership with Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), a multi-state cannabis company. Read more here.

Zen Leaf Dispensary

Workers at the Verano/Zen Leaf Dispensary in the neighborhood of Pilsen have voted by a margin of more than 90% to join Teamsters Local 777. The vote in favor of unionization comes in spite of the fact that the company fired union supporters during the campaign. Read more here.

Small Pharma Inc.

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that the TSX Venture Exchange has accepted the company’s application for its normal course issuer bid for up to five million common shares in the capital of the company, representing 1.55% of the issued and outstanding shares, over a 12-month period. Read more here.

Bright Minds Biosciences

Bright Minds Biosciences (Nasdaq: DRUG) (CSE: DRUG), a biotechnology company focused on developing novel drugs for targeted treatment of neuropsychiatric disorders, epilepsy and pain, issued this news release in response to a request by the Investment Industry Regulatory Organization of Canada (IIROC) to comment on recent trading activity of its stock. Read more here.


StaffAugust 17, 2022
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4min4850

The Daily Hit is a recap of cannabis business news for August 17, 2022.

ON THE SITE

Cresco Labs Revenue Rises, Maintains Wholesale Leadership

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) rose in early trading Wednesday morning with the company posting positive second-quarter results — reinforcing its position as the largest wholesale cannabis provider as it shores up its M&A moves. The Chicago-based cannabis operator released its financial results for the three months ended June 3o, 2022. Read more here. Read more here.

Lev Inches Toward $100 Million in Cannabis Capital

Lev, a commercial real estate (CRE) financing platform, said it completed more than $40 million in cannabis CRE loans across five different sponsors, with an additional $50 million in the pipeline. The news comes as cannabis are increasingly struggling to find funds to back their ventures amid a tightening environment – stymied by a lack of federal banking regulation. Read more here.

Cities Not Buy Cannabis Church Beliefs

In the early days of the legalization and decriminalization of cannabis, efforts have been attempted to link cannabis to a church. The move seems to suggest that members of the church should be afforded certain freedoms. If cannabis use was shown to be part of spiritual practice, then the church members argue they should be allowed to do as they please during these ceremonies. That their method of worship should be respected. Read more here.

Psylocibin Company Mydecine Shuts Down

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) is basically shutting down as the company has burned through its cash and is closing its research operations in Denver Colorado. The psilocybin company reported financial results for the six months ending June 30, 2022, with a net loss of $8.09 million or a basic and diluted loss per share of $(1.31). Read more here.

IN OTHER NEWS

Tilray Brands, Inc.

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, today announced that its medical cannabis division, Tilray Medical, has received approval to commercialize its Tilray branded medical cannabis products in Poland expanding its product offering and distribution across pharmacies in Europe. Read more here.

RAMM Pharma Corp.

RAMM Pharma Corp. (CSE: RAMM), announced its intention to commence a normal course issuer bid, under which it may purchase up to 5% of the current number of issued and outstanding common shares of the company. Read more here.

Farmhouse Inc.

Farmhouse Inc. (OTCQB: FMHS) announced today the licensing agreement for Mutant Ape Yacht Club #30000, “Mega Robot,” as the face of a new web3 enabled brand launching in the cannabis industry. The licensing agreement is part of the company’s planned growth strategy into web3 by connecting the Farmhouse network of cannabis brands to exclusive and exciting NFT communities. Since June, the company has grown its NFT licensing portfolio to include Bored Ape Yacht Club, Mutant Ape Yacht Club, CryptoPunks, Meebits, CrypToadz, Doodles, and more. Read more here.


StaffAugust 16, 2022
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10min4900

The Daily Hit is a recap of cannabis business news for August 16, 2022.

ON THE SITE

Verano Revenue Rises But Misses Estimates

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its unaudited financial results for the second quarter ended June 30, 2022, with revenue increasing 12% to $224 million versus the same time period in 2021. The company also trimmed its net losses to $10 million from last year’s net loss of $30 million. Read more here.

Greenlane Revenue Drops, Looks to Sell KushCo

Greenlane Holdings, Inc. (NASDAQ: GNLN) slumped in trading Tuesday morning with company revenue dropping, as it moves to offload its packaging division — KushCo — in order to reinvest in its brand houses and find more profits. The smoking accessory e-commerce platform reported financial results for the first quarter ending June 30, 2022. Read more here.

InterCure Beats on Earnings, Revenues Rise Amid Global Expansion

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) posted positive results despite barely missing revenue expectations, as the company looks to further its international reach and shore up its new-found partnerships. The Israeli-based cannabis company — also known as Canndoc — reported its financial report card for the second quarter ending June 30, 2022. Read more here.

Halo Shores Up Losses as Revenue Rises

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) posted mostly positive results with revenues ticking up over the quarter — illustrating the west-coast operator’s pursuit to shave losses and pay down debt. The company announced its financial results for the first quarter ending June 30, 2022. Read more here.

The Parent Company Revenues Fall as Losses Persist

After the market closed on Monday, TPCO Holding Corp. (OTCQX: GRAMF) posted results that missed expectations as the company restructures and recovers from record losses. The west-coast cannabis company delivered its financial results for the second quarter ending June 30, 2022. Read more here.

Fieldtrip Health is Now Reunion Neuroscience

Field Trip Health has changed its name to Reunion Neuroscience Inc. (TSX: FTRP) (Nasdaq: FTRP) and reported its fiscal first quarter 2023 results for the period ending June 30, 2022. Reunion reported expenses of $5 million and a net loss of $13 million. The increase in net loss from the prior year primarily reflected the company’s focus on investing in RE104 which recently began its Phase 1 clinical trial, as well as increased public company costs. Read more here.

Psychedelic Companies Grapple With Next Steps

The emerging psychedelics industry is stuck with a sort of default business model that goes something like this: build a team of entrepreneurial-minded C-suite people, add a few qualified medical people, get a patented psychedelic molecule or compound to test and develop, build a research and development operation, then begin the clinical trials as quickly as possible while keeping antsy investors believing in the long-term value of the tenuous business journey that you and they have all embarked on. Read more here.

IN OTHER NEWS

Indiva Limited

Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF), a Canadian producer of cannabis edibles and other cannabis products, is pleased to announce its financial and operating results for the second fiscal quarter ended June 30, 2022. Read more here.

Item 9 Labs Corp.

Item 9 Labs Corp. (OTCQX: INLB) —a vertically integrated cannabis dispensary franchisor and operator that produces award-winning products—today reported its fiscal third quarter operating and financial results for the nine months ended June 30, 2022. Read more here.

AmeriCann Inc.

AmeriCann Inc. (OTCMKTS: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, announced the release of financial and operational results for its fiscal quarter ending June 30, 2022. The company achieved a significant increase in year-over-year quarterly net income and revenue, with both being records for the company for the quarter ending June 2022. Revenue increased over 36% for the quarter ended June 2022 relative to the quarter ended June 2021, an increase of $213,188. Quarterly gross margins were 98.5%. Read more here.

Puration, Inc.

Puration, Inc. (OTC Pink: PURA) today announced an agreement remains in the works that is anticipated to result in a cash infusion within the next 90 days. Management expects the cash infusion to fuel a transition of the company’s overall cannabis market strategy. The marijuana cultivation license recently announced by PURA’s sister company, North American Cannabis Holding’s Inc. (OTC Pink: USMJ) has triggered an overall initiative for PURA and USMJ to evolve their respective cannabis market strategies to take advantage of the license and to adapt to the latest market conditions. Read more here.

Optimi Health Corp.

Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce natural, scalable, and accessible psychedelic and functional mushrooms for transformational human experiences, has received permission from Health Canada to manufacture and distribute additional psychedelic substances, most notably MDMA, under the amended terms outlined in its June 20, 2022 application to Health Canada. Read more here.

Psycheceutical Bioscience, Inc., Vici Health Sciences

Psycheceutical Bioscience, Inc. (OTC: BWVI), a bioscience company developing cutting-edge technologies for the next generation of mental health treatment, announced that it has entered into an exclusive option that provides Psycheceutical an opportunity to acquire a majority equity stake in Vici Health Sciences. The total exercise price under the option would be approximately $10.5 million, which would be paid part in cash and part in equity. Read more here.

N2 Packaging Systems LLC

N2 Packaging Systems LLC, a sustainable packaging company which uses engineering and proprietary packaging technologies to protect and preserve CBD and cannabis products, today announced 44.5% year-over-year growth in the first half of 2022. N2’s growth was driven by 16 new business accounts across the United States and around the world, including Israel and Jamaica. Read more here.

The National Association of Cannabis Businesses

The National Association of Cannabis Businesses (NACB), a cannabis industry self-regulatory organization (SRO), has announced that it will convert from a for-profit corporation to a not-for- profit organization later this year. Originally launched in June 2017, as a for-profit corporation, the mission of the NACB has been to support the compliance, transparency, and growth of cannabis businesses in the U.S. Read more here.

International Brotherhood of Teamsters

Teamsters Joint Council 25 and the International Brotherhood of Teamsters announced today that they have entered into a joint agreement that will give Teamsters Local 777 exclusive jurisdiction for organizing cannabis workers in the state of Illinois. The agreement is a huge step forward towards the union’s efforts to organize the rapidly expanding industry. Read more here.

Metrc

Metrc, a provider of cannabis regulatory systems in the U.S., announced a new contract with the State of Alabama to support the regulation of its medical cannabis market. This marks Metrc’s 23rd government contract to date and sixth so far in 2022. Read more here.


StaffAugust 15, 2022
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13min8950

The Daily Hit is a recap of cannabis business news for August 15, 2022.

ON THE SITE

Auxly Revenues Improve, Tries to Cut Costs

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF)  released its financial results for the three months ending June 30, 2022. Total net revenues from the sale of adult-use cannabis in Canada were $27.3 million for the quarter, a 31% increase from the same period last year. The net losses for Auxly in the quarter almost doubled from last year’s $8.6 million to this year’s $14.2 million. Read more here.

Columbia Care Gets Boost From New Jersey Sales

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported financial results for the second quarter ending June 30, 2022, with revenue rising 18% to $129 million over last year’s $109 million. Revenue grew 5% sequentially from the first quarter. The company reported a net loss of $54 million versus last year’s net loss of $18 million, higher than the previous quarter’s net loss of $27 million. This is also expected to be the last quarterly earnings report before the company combines with Cresco Labs. Read more here.

Agrify Reports Losses, Lowers Guidance

Agrify Corporation (Nasdaq: AGFY) up-ticked in early trading Monday despite the company posting results far below analysts’ expectations — showing the waning demand for hydroponics amid the economic slowdown. Red more here.

4Front M&A Strategy Pays Off, Plans for Bloom Farms Bought Deal

After the market closed on Monday, 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) posted positive results — buoyed by growth from lucrative M&A deals over the past year. The vertical multi-state operator announced its financial results for the second quarter ended June 30, 2022. Read more here.

IM Cannabis Revenues Rise as Company Burns Through Cash

IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) reported financial results for its second quarter ended June 30, 2022. IMCC said that revenues rose 114% in the second quarter and were $23.8 million versus the same quarter last year. Total dried flower sold was 3,210 kilograms at an average selling price of $5.72 per gram, compared to 1,842 kilograms for the same period in 2021 at an average selling price of $3.92 per gram. Read more here.

Atai Life Cuts Expenses, Extends Cash Runway

Atai Life Sciences (NASDAQ: ATAI) announced fiscal second-quarter results today for the quarter ending June 30, 2022 with no revenue, but an update on expenses and cash levels. Read more here.

Rubicon Organics Sales Rise as Premium Brand Grows

Rubicon Organics Inc. (OTCQX: ROMJF) delivered mostly positive results on Monday as the company begins to post profits — buoyed by its premium flower and pre-roll line. The Vancouver cultivator released its financial results for the second quarter ending June 30, 2022. Rubicon reported approximately $8.8 million in net revenue during the period, a 92% gain versus the same period last year. Read more here.

Planet 13 Misses on Revenue Despite Quarter Uptick

Planet 13 Holdings (OTC: PLNHF) posted results that missed expectations — showing how waning demand and slimming margins are affecting even the largest operators. The Nevada-based cannabis superstore delivered its financial results for the second quarter ending June 30, 2021. Read more here.

Sundial Sees Record Revenue as Expansion Bid Pays Off

SNDL Inc. (NASDAQ: SNDL) posted positive results as the company reaps record revenue from this year’s M&A bets. The Canadian vice operator — formerly known as Sundial Growers Inc. — delivered its second-quarter results ending June 30, 2022. Read more here.

CV Sciences Misses Expectations as Hemp Demand Stutters

CV Sciences, Inc. (OTCQB: CVSI) sales fell in the quarter as demand for hemp-derived products continues to fade. The hemp operator announced its financial results for the quarter ending June 30, 2022. Read more here.

Psychedelics Aren’t for Everyone

Before any clinical trials for psychedelics are begun, there is a standard but critical vetting process. A hopeful participant can get excluded from a trial because of uncontrolled hypertension; a history of additional risk factors such as heart failure; evidence or history of significant medical disorders; symptomatic liver disease; or because they are abusing illegal drugs. Read more here.

IN OTHER NEWS

Avicanna Inc.

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of cannabinoid-based products, announced the filing of its interim financial statements for the three-month period ending June 30, 2022. Read more here.

TPCO Holding Corp.

TPCO Holding Corp. (NEO: GRAM.U) (OTCQX: GRAMF), a consumer-focused California cannabis company, today announced its financial results for the quarter ended June 30, 2022. All amounts are expressed in U.S. dollars. Read more here.

Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a vertically integrated multi-state cannabis operator, today reported its financial results for the three months ended June 30, 2022. Financial results are reported in accordance with U.S. generally accepted accounting principles and all currency is in U.S. dollars. Read more here.

Flora Growth Corp.

Flora Growth Corp. (NASDAQ: FLGC), a manufacturer and distributor of global cannabis products and brands, reported today its financial and operating results for the six months ended June 30, 2022. All financial information is provided in U.S. dollars unless indicated otherwise. Read more here.

The Flowr Corporation

The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) announced the closing of the previously announced sale of the Flowr Forest property to an arm’s length third party for aggregate proceeds of $3.4 million. The company used a portion of the proceeds from the sale of this non-core asset to repay the outstanding balance of its ATB-led credit facility in full. The company, now bank debt free, intends to the use the remaining proceeds for working capital. Read more here.

InterCure Ltd.

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) announced its financial results for the second quarter of 2022 and provided shareholders with a business update. All amounts are expressed in Canadian dollars or New Israeli Shekels (NIS), unless otherwise noted. Read more here.

Neptune Wellness Solutions Inc.

Neptune Wellness Solutions Inc., (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced its financial and operating results for the three-month period ending June 30, 2022. Read more here.

SpringBig Holdings, Inc.

SpringBig Holdings, Inc. (NASDAQ: SBIG), a provider of SaaS-based marketing solutions, consumer mobile app experiences and omnichannel loyalty programs to the cannabis industry, today announced its financial results for the second quarter ended June 30, 2022. Read more here.

TILT Holdings 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, is reporting its financial and operating results for the three months and six months ended June 30, 2022. Read more here.

LiveWire Ergogenics Inc.

LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring, leasing, licensing, and managing special purpose real estate properties conducive to producing sun-grown cannabis products for medical and recreational adult-use in California, reported financial results for the second quarter 2022. Read more here.

urban-gro, Inc.

urban-gro, Inc. (Nasdaq: UGRO), an integrated professional services and design-build firm offering solutions to the controlled environment agriculture (CEA) and commercial sectors, today reported second quarter financial results. Read more here.

Field Trip Health & Wellness Ltd.

Field Trip Health & Wellness Ltd. announced that it has filed a listing application in connection with the previously announced intention to list its common shares on the TSX Venture Exchange (TSXV). It is anticipated that the shares will commence trading on the TSXV under the ticker symbol “FTHW” at the opening of the market on August 17, 2021. Read more here.

Small Pharma Inc.

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that it has received approval from the U.K. Medicines and Healthcare products Regulatory Authority (MHRA) and the Regional Ethics Committee to initiate a drug interaction clinical trial in the U.K. The study will assess the interaction between serotonin reuptake inhibitors (SSRIs) and SPL026, the company’s lead N, N-dimethyltryptamine (DMT) candidate, in patients with major depressive disorder. Read more here.


StaffAugust 11, 2022
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9min7780

The Daily Hit is a recap of cannabis business news for August 11, 2022.

ON THE SITE

Cannabis Consumption on Track to Beat Alcohol

As talks revolving around the federal legalization of cannabis splinter in Congress, the question of whether cannabis can eat beverage alcohol’s margins remains a growing one. In a report, titled, “Is Cannabis a Threat to Alcohol Sales?” BDSA Consumer Insights contends that while the crop is as popular as ever, any real breakthrough of consumer participation in adult-use and medical markets remains stymied in D.C. – casualties of political animosity and procedural acrobatics aimed at slowing progress. Read more here.

Akerna Misses on Revenue, Bookings Down

Akerna Corp. (Nasdaq: KERN) posted less than positive results as it missed expectations — showing that mixed demand and weaker sales are rippling through the sector. The cannabis tech firm released its second-quarter financial report card ending June 30, 2022. Read more here.

Aleafia Watches Revenues Rise in Canada, Looks Across the Pond

Aleafia Health Inc. (OTCQX: ALEAF) delivered positive results on Thursday as it continues to cut costs and find more profit in the Canadian legal market and overseas. The Canadian cannabis company reported its financial results for the three months ending June 30, 2021. Aleafia Health releases its financial report card on a 15-month fiscal year with five quarters versus a standard 12-month year with four quarters. Read more here.

Goodness Growth Beats on Revenue, Sees Sales in Emerging States

Goodness Growth Holdings, Inc. (CSE: GDNS) (OTCQX: GDNSF) posted positive results on Thursday — driven by new retail store sales and new regulatory changes in nascent state markets. The multi-state cannabis company reported financial results for its second quarter ended June 30, 2022. Read more here.

Why Psychedelic Cannabis is a Thing Now

The idea of a cannabis product creating a sort of psychedelic experience is not a new one. There was a prevailing, fictional description back in the early part of the last century—encouraged by the 1936 film “Reefer Madness”—where people feared that was what all cannabis did. It freaked you out. Caused you to do unspeakable things. Run amok. Destroy property. Read more here.

IN OTHER NEWS

Leafly Holdings, Inc.

Leafly Holdings, Inc. (NASDAQ: LFLY), an online cannabis discovery marketplace and resource for cannabis consumers, today announced financial results for its second quarter ended June 30, 2022. “Revenue in the quarter was $12.1 million, up 13.8% over Q2 last year, and up 5.5% over Q1 as we continue to build on the investments we’ve made in the first half of this year.” Read more here.

Clever Leaves Holdings Inc.

Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW), a multinational operator and licensed producer of pharmaceutical-grade cannabinoids, is reporting financial and operating results for the second quarter ended June 30, 2022. All financial information is provided in US dollars unless otherwise indicated. Read more here.

Forian Inc.

Forian Inc. (Nasdaq: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, today announced results for the quarter ended June 30, 2022. Read more here.

Schwazze

Schwazze, (OTCQX: SHWZ) (NEO: SHWZ), today announced financial results for the second quarter ended June 30, 2022. Revenues of $44.3 million increased 44% compared to $30.7 million in second quarter ended June 30, 2021. Read more here.

CEA Industries Inc.

CEA Industries Inc. (NASDAQ: CEAD, CEADW) a company in controlled environment agriculture (CEA) systems engineering and technologies, is reporting results for the three months ended June 30, 2022. Read more here.

Agra Ventures Ltd.

Agra Ventures Ltd. (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF), a growth-oriented and diversified company focused on the international cannabis industry, announced that its Board of Directors has approved the Company’s issuance of 240,420 common shares at a deemed price of approximately $0.12 per Share as payment of the portion of the quarterly amount of interest due in Shares on a loan entered into in December of 2020. Read more here.

Ayr Wellness Inc.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a vertically integrated U.S. multi-state cannabis operator, announced that the Massachusetts Cannabis Control Commission (CCC) has granted a final license for adult-use cannabis at its Sira Naturals dispensary in Somerville. The company also received approval to open the first phase of its cultivation expansion in Milford, Massachusetts. The CCC voted to approve both measures during its meeting on August 11, 2022. Read more here.

Cookies

Cookies today announced its in Florida’s medical cannabis market with the opening of Cookies Miami, the brand’s 52nd dispensary, in a location convenient to the airport and downtown. The new 3,100 square-foot location will host a unique menu featuring Cookies’ highly sought-after genetics and custom Cookies SF local reserve merchandise. Read more here.

Christina Lake Cannabis Corp.

Christina Lake Cannabis Corp. (CSE: CLC) recapped its second quarter financial results for the six-month period ended May 31, 2022. All amounts are expressed in Canadian dollars unless otherwise noted. Read more here.

Allied Corp.

Allied Corp. (OTCQB: ALID), as a part of the previously announced export approval of 7100kgs of Colombia-grown cannabis, Allied has today shipped 1728kgs to Switzerland. This will be followed by 1500kgs weekly until the 7100kg threshold is met. Read more here.

Pyxus International, Inc.

Pyxus International, Inc. (OTC Pink: PYYX), a global value-added agricultural company, today announced results for its fiscal quarter ended June 30, 2022. Read more here.

Reunion Neuroscience Inc.

Reunion Neuroscience Inc., (formerly, Field Trip Health Ltd.) (TSX: FTRP, Nasdaq: FTRP) and Field Trip Health & Wellness Ltd. announced the closing of the plan of arrangement spinout transaction, including the corporate reorganization effected thereby, effective August 11, 2022. Pursuant to the arrangement, holders of common shares of the company exchanged their company shares for one new common share of the company and received 0.85983356 of a Field Trip H&W common share. Read more here.


StaffAugust 10, 2022
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7min7490

The Daily Hit is a recap of cannabis business news for August 10, 2022.

ON THE SITE

Trulieve Reports Rising Revenue, But Gives Cautious Outlook

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) delivered its results for the quarter ending June 30, 2022, with revenue increasing 49% year over year to $320.3 million from $215.1 million and 1% sequentially. This was in line with the Yahoo Finance average analyst estimates for revenues of $320 million. Read more here.

New Lake Capital Meets Expectations, Looks for ‘Quality Over Quantity’

Cannabis REIT NewLake Capital Partners, Inc. (OCTQX: NLCP) posted positive results on Wednesday as it continues to inject capital into the cannabis real estate landscape. The real estate trust released results for the second quarter ending June 30, 2022. Read more here.

Zynerba Nets Positive Second-Quarter Results, Fortifies Research Goal

Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) posted positive results as the company continues to further its research and development goals — with signs of a FDA approval looming in the distance. The cannabis biotech company reported financial results for the second quarter ending June 30, 2021. Read more here.

Lowell Farms Misses on Revenue, as it Moves Into Eastern Markets

Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF) second-quarter results missed expectations — showing how producers have been eating their own margins by lowering prices, as many have pivoted toward crisis mode amid a lack of regulatory action and a tightening economic landscape. The company released its financial results for the second quarter ending June 30, 2022. Read more here.

Parallel’s Investors Argue Wrigley Doesn’t Have Get Out of Jail Card

Parallel Cannabis, also known as Surterra Wellness, had hoped to get its investor lawsuit dismissed, but the investors say not so fast. The latest chapter in the ongoing case has the defendants TradeInvest Asset Management Company (BVI) Ltd., First Ocean Enterprises SA, and Techview Investments Ltd. understandably opposing the request to dismiss the case. Read more here.

IN OTHER NEWS

Akerna

Akerna (Nasdaq: KERN), an enterprise software company and developer of technology infrastructures, ecosystems, and compliance engines powering the global cannabis industry, today reported its unaudited financial results for the quarter ended June 30, 2022. Read more here.

WM Technology, Inc.

WM Technology, Inc. (Nasdaq: MAPS), a marketplace and technology solutions provider to the cannabis industry, today announced the launch of Weedmaps for Business. Formerly WM Business, the company’s reconfiguration and renaming of its SaaS offerings better reflects the comprehensive B2B and B2C suite of products that affords cannabis retailers and brands of all sizes with fully integrated tools to run their businesses. Read more here.

Auxly Cannabis Group Inc.

Auxly Cannabis Group Inc. (TSX: XLY), a consumer packaged goods company in the cannabis products market, announced today that the company has closed the sale of its Auxly Annapolis OG Inc. outdoor cultivation facility located in Hortonville, Nova Scotia to a private purchaser for total proceeds to the company of $4.1 million. As previously announced by the company, Auxly closed both its cultivation facilities located in Nova Scotia in February 2022 and sold its Auxly Annapolis indoor cultivation facility in July 2022 for total proceeds to the company of $6 million. The company intends to apply the proceeds from both sales to support Auxly’s ongoing operations. Read more here.

Puration, Inc.

Puration, Inc. (OTC Pink: PURA) today announced a new development that creates new opportunity for the company and could alter the course of the company in a new direction. The new development announced today is a provisional cannabis cultivation license in the State of New York announced yesterday by PURA’s sister company, North American Cannabis Holdings, Inc. (OTC Pink: USMJ). Read more here.

Optimi Health Corp.

Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce natural, scalable, and accessible psychedelic and functional mushrooms, as well as synthetic formulations, for transformational human experiences, announced the launch of Blue Serenity, Canada’s first natural therapeutic psilocybin product, in collaboration with psilocybin patient advocate Thomas Hartle. Read more here.

Toronto’s Center for Addiction and Mental Health

Toronto’s Center for Addiction and Mental Health (CAMH) just received the first-ever federal grant to study whether the active component of “magic” mushrooms can be used to treat depression. Researchers will explore whether the psychoactive effects are necessary to relieve treatment-resistant depression in adults. According to CAMH’s lead investigator, clinical trials suggest that psilocybin, combined with psychotherapy, can produce “sustained antidepressant effects” in individuals living with severe depression. Read more here.


StaffAugust 9, 2022
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10min9730

The Daily Hit is a recap of cannabis business news for August 9, 2022.

ON THE SITE

Cronos Makes Gains in The Second Quarter

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) reported its 2022 second-quarter earnings with net revenue of $23.1 million which jumped from last year’s $7.4 million for the same time period. However, total revenue before taxes was $28 million which just beat the Yahoo Finance average analyst estimates for revenues of $27 million. It was also better than the first quarter‘s revenue of $25 million. The stock was dropping by roughly 8% in early trading to lately sell at $3.26. Read more here.

Acreage Holdings Sees Revenues Climb, Pushes Eastward

Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U), (OTCQX: ACRHF, ACRDF) delivered positive results in the second quarter as the company moves away from established western markets in favor of emerging markets east of the Mississippi. The company reported its financial results for the first quarter ending June 30, 2022 after the market closed on Monday. Read more here.

Weedmaps Beats on Earnings, But Gives Cautious Outlook

WM Technology, Inc. (Nasdaq: MAPS) announced its financial results for the second quarter ending June 30, 2022. WeedMaps reported that its revenue increased 24% to $58.3 million over the second quarter of 2021. This slightly missed the Yahoo Finance average analyst estimate for revenues of $62 million. Net income was $19.8 million as compared to net income of $16.8 million from the prior year period. Read more here.

Hydrofarm Stock Craters as Sales Wither

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) slumped in trading on Tuesday as it posted second-quarter results that missed expectations — showing that consumer demand for hydroponics remained flat as a lack of regulatory guidance and recessionary pressures facing the sector persist. The company released its financial results for the second quarter ending June 30, 2022. Read more here.

MariMed Edges Up in Second Quarter Earnings

After the close on Monday, MariMed, Inc.  (CSE: MRMD) (OTCQX: MRMD) delivered its financial results for the second quarter ended June 30, 2022. MariMed’s revenue of $33 million just barely edged out the previous year’s revenue of $32 million and was higher than the first quarter’s revenue of $31 million. However, it missed the Yahoo Finance average analyst estimate for revenues of $36 million. The company reported a net income of $1.9 million versus last year’s net income of $7.6 million. Read more here.

Village Farms Beats on Revenue, as Produce Stays Strong

Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF)  announced its financial results for the second quarter ended June 30, 2022. Total consolidated sales increased 18% year-over-year to $82.9 million from $70.4 million. This beat the Yahoo Finance average analyst estimate for revenues of $70 million. Read more here.

Charlotte’s Web Misses on Revenue, Finds Hope Beyond The U.S.

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) missed expectations as the CBD company continues to struggle amid a patchwork regulatory landscape. The company reported its financial results for the second quarter ending June 30, 2022. Read more here.

Cannabis Operators Plan to Raise Prices, Blaming Inflation

The word “inflation” has dominated headlines and earnings calls this year, and a survey from a leading national cannabis accounting and advisory firm solicited feedback to gauge how such rising costs are affecting the sector. In a month-long survey this year asking operators a series of questions regarding the impacts of inflation on their cannabis operation, GreenGrowth CPAs found that one in four operators reported planning to raise prices in the near or immediate future to combat rising inflation costs. Read more here.

Psychedelics Plays a Role In Metamodernism

There are stories about how psychedelics changed the minds of entrepreneurs not only seeking enlightenment in the San Francisco Bay Area beginning in the late 60s and early 70s but incorporating their psychedelic visions into business models. Read more here.

IN OTHER NEWS

Curaleaf Holdings, Inc., Pharma GmbH

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), a U.S. provider of consumer products in cannabis, today announced that Curaleaf International Holdings Limited, the company’s European holding company, has signed a definitive agreement to acquire a 55% stake in Four 20 Pharma GmbH, a fully EU-GMP & GDP licensed German producer and distributor of medical cannabis with its own product line. Read more here.

Lowell Farms Inc.

Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF), a California-born cannabis cultivation and maker of brand Lowell Smokes, announces unaudited revenue and operating results for the second quarter (ended June 30, 2022). All figures stated are in US Dollars. Read more here.

AFC Gamma, Inc.

AFC Gamma, Inc. (NASDAQ:AFCG) today announced its results for the second quarter of 2022. AFCG issued a presentation of its second quarter 2022 results, titled “Second Quarter 2022 Earnings Presentation,” which can be viewed at www.afcgamma.com under the Investor Resources section. AFCG also filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, with the Securities and Exchange Commission on August 9, 2022. Read more here.

Akanda Corp., Cansativa GmbH

International medical cannabis platform company Akanda Corp. (NASDAQ: AKAN) today announced it has signed a multi-year supply agreement with European medical cannabis leader Cansativa GmbH to supply EU-GMP quality THC dried flower strains cultivated from its Portuguese operations at Holigen. This new supply agreement marks one of the largest for medical cannabis to be exported from Portugal to serve the emerging European medical cannabis market. Read more here.

TRP, Cookies Florida, Inc.

TRP is bringing recognized cannabis brand Cookies to the Florida market through an exclusive partnership. The first Cookies dispensary in the state is opening at 8303 Bird Road in Miami, Florida on August 13, 2022. TRP looks forward to serving South Florida’s patients via its subsidiary and MMTC license holder Cookies Florida, Inc. Read more here.

22nd Century Group, Inc.

22nd Century Group, Inc. (Nasdaq: XXII), a leading agricultural biotechnology company dedicated to improving human health with reduced nicotine tobacco, hemp/cannabis, and hops advanced plant technologies, today reported results for the second quarter ended June 30, 2022, and provided an update on recent business highlights. Read more here.

MediPharm Labs Corp.

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ), a pharmaceutical company specialized in precision-based cannabinoids, announced it has entered into a research support agreement with the Keck School of Medicine of University of Southern California (USC) to conduct a randomized double-blind placebo-controlled Phase 2 trial on the efficacy of THC and CBD to treat hospice-eligible patients diagnosed with dementia and experiencing agitation. Read more here.

Mindset Pharma Inc.

Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF), a drug discovery and development company focused on creating novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, today issued a letter to shareholders from James Lanthier, Chief Executive Officer of Mindset. Read more here.

Cybin Inc.

Cybin Inc. (NEO: CYBN) (NYSE American: CYBN), a biopharmaceutical company focused on progressing “Psychedelics to TherapeuticsTM”, announced that it has established an at-the-market equity program that allows Cybin to issue and sell up to USD $35,000,000 of common shares. Read more here.


StaffAugust 8, 2022
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9min10880

The Daily Hit is a recap of cannabis business news for August 8, 2022.

ON THE SITE

Analyst Thinks Weedmaps Should Spill The T

Cantor Fitzgerald analyst Pablo Zuanic thinks Weedmaps or WM Technology Inc. (NASDAQ MAPS) could use a little more disclosure when it comes to talking about its statistics. While the analyst maintains his Overweight rating on the cannabis platform company, he also lowered his target price from $11.30 to $10.50. The stock was lately trading at $3.43 and the company reports its earnings on Tuesday after the market closes. Read more here.

Agrify Expected To Miss Revenue As Hydroponics Falter

Agrify Corporation (Nasdaq: AGFY) will postpone its earnings call for an additional week as preliminary second-quarter results show that it missed expectations during a time when consumer demand for hydroponics is fading. The company announced the unaudited results for the second quarter ending June 30, 2022. Read more here.

GRN Holdings To Become Marijuana, Inc. In Major Restructure

GRN Holdings Corporation, Inc. (OTC Pink: GRNF) will become known as Marijuana Inc. from now on, pending approval. The company also announced new changes in management and its business model as well as a corporate restructuring. Read more here.

Brittney Griner Case Brightens Spotlight On U.S. Decriminalization Efforts

Decriminalization of psychedelics continues to gain momentum in the U.S. It appears to be mirroring cannabis in how it is spreading, which is still a federally illegal substance now legal in 19 states plus the District of Columbia. Read more here.

Canopy Growth Sees Huge Loss Driven By Cash Burn

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) slid in early trading on Friday after the company said it lost over C$2 billion in the second quarter– as falling margins and weak sales continue to plague the industry. The company announced its financial results for the first quarter ending June 30, 2022. Read more here.

Health Canada Report Paves Legal Pathway For CBD

Health Canada recently published a long-awaited report that experts say provides a regulatory pathway to expand the country’s cannabidiol (CBD) market. CBD — Delta-9 THC’s chemical cousin — is a hemp-derived ingredient that can be converted into products with a variety of types and formats such as oils, gummies, capsules or topicals. Read more here.

Planet 13 Could Buy Out Its Social Equity Partner In Illinois

The Nevada-based cannabis superstore Planet 13 Holdings (OTC: PLNHF) announced that it has signed an option to potentially buy out its social equity partner in Illinois. The company said it has reached a deal with Frank Cowan, who owns 51% of Planet13 Illinois, to gain a controlling interest. Read more here.

IN OTHER NEWS

Curaleaf Holdings, Inc.

Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), a international provider of consumer cannabis products, has announced three new hires joining the company’s executive leadership team this month. Ed Kremer will join as Chief Financial Officer, Camilo Lyon was named Chief Investment Officer, and Mitch Hara will be Chief Strategy Officer, a new role at the company. Mr. Kremer and Mr. Lyon will begin August 8 and Mr. Hara joined effective August 3. Read more here.

Acreage Holdings, Inc

Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), a vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the U.S., today reported its financial results for the second quarter ended June 30, 2022. Read more here.

MariMed, Inc.

MariMed, Inc. (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the second quarter ended June 30, 2022. Read more here. Read more here.

Jushi Holdings Inc.

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced that it entered into a confidential settlement agreement with Curaleaf Holdings, Inc. and with Jushi’s former Chief Financial Officer, Edward Kremer, to resolve claims Jushi asserted in a lawsuit filed on July 15, 2022, including a claim asserted against Mr. Kremer for breach of his employment agreement and a claim asserted against Curaleaf for tortious interference. Read more here.

Icanic Brands Company Inc.

Icanic Brands Company Inc. (CSE: ICAN)(OTCQB: ICNAF), a multi-state brand operator of cannabis brands in California, announces that, at the meeting of Secured Debentureholders held on August 8, 2022, the secured debentureholders voted overwhelmingly in support of the previously announced recapitalization transaction to be implemented by way of a court-approved plan of arrangement under the British Columbia Business Corporations Act. For additional details regarding the Recapitalization Transaction, please see the Company’s news releases dated June 8 and July 13, 2022. Read more here.

Himalaya Technologies, Inc.

Himalaya Technologies, Inc. (OTC: HMLA) is providing a shareholder update on its operating activities, minority investments, and growth plans. The company was brought SEC current in April 2022 after several Form 10 amendments passed regulatory review and is now PCAOB fully audited. Read more here.

Irwin Naturals Inc., Invictus Clinics, LLC

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) completed the acquisition of two ketamine clinics in Georgia through an asset purchase of Invictus Clinics, LLC, which will be brought into the fast-growing national chain of psychedelic mental-health facilities. Read more here.

YourWay Cannabis Brands Inc.

YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) (FSE: HOB) held its annual general and special meeting of shareholders of the company today. The Meeting was terminated prior to any business being conducted as the company’s audited annual financial statements for the year ended December 31, 2021 and the related management’s discussion and analysis as well as the company’s unaudited interim financial statements for the three months ended March 31, 2022 and the related management’s discussion and analysis have not yet been finalized. Read more here.

GreenGrowth CPAs

GreenGrowth CPAs held a month-long survey in the summer of 2022 asking operators a series of questions regarding the impacts of inflation on their cannabis operation. And according to their findings, 1 in 4 operators reported planning to raise prices in the near or immediate future to combat rising inflation costs. Out of the respondents who participated in the survey, more than 50% believe the cannabis business environment has declined in the last 12 months. Read more here.


StaffAugust 4, 2022
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8min17670

The Daily Hit is a recap of cannabis business news for August 4, 2022.

ON THE SITE

Innovative Industrial Beats On Revenue Gains, Bets On Growth

Innovative Industrial Properties, Inc. (NYSE: IIPR) posted positive results as it continues to inject capital into the cannabis real estate landscape. The real estate trust released results for the second quarter ending June 30, 2022. The company saw $70.5 million in total revenue this quarter, a 44% gain from $48.9 million for the same quarter last year. The increase was mostly due to the acquisition and leasing of new properties, additional improvement allowances and construction funding at existing properties resulting in adjustments to base rent as well as contractual rental escalations at certain properties. Read more here.

CBD Company Ordered To Pay Clint Eastwood $2 Million

A California-based CBD company was ordered by a judge to pay actor Clint Eastwood $2,029,245.07 on August 2, 2022, according to a report by Law360. The company Garrapata, LLC filed a Complaint against Norok Innovation, Inc. and Eric Popowicz and others alleging trademark infringement. Garrapata holds all trademarks related to Mr. Eastwood and Mr. Eastwood’s name and persona rights apart from those he grants in connection with the promotion and exploitation of the films he makes. Read more here.

GrowGeneration Posts Quarterly Sales That Fall Short Of Expectations

GrowGeneration Corp. (NASDAQ: GRWG) slumped in late trading on Thursday after second-quarter results missed expectations — showing that consumer demand for hydroponics in the nation remained muted as a lack of regulatory guidance and recessionary pressures in the sector persist. The company released its financial results for the second quarter ending June 30, 2022. Read more here.

Compass Names New CEO, On Track For Phase 3 Study

Psychedelic drug company Compass Pathways plc (Nasdaq: CMPS) reported its financial results for the second quarter 2022 and gave an update on recent progress across its business. Compass delivered a net loss for the quarter of $21.0 million, or $0.50 loss per share (including non-cash share-based compensation expense of $3.2 million), compared with $17.5 million or $0.44 loss per share, during the same period in 2021 (including non-cash-share-based compensation expense of $1.9 million). The stock was trading higher in early trading rising by 3% to sell at roughly $16.65. Read more here.

Brazia Buys KetaMD In Deal Valued At $6.2 Million

Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF), acquired KetaMD, Inc. in a bid to expand ketamine-based psychedelic treatment for depression and other mental health challenges. The overall value of the deal is $6.2 million in a combination of common shares and convertible notes. KetaMD was founded by psychedelic pioneers Zappy Zapolin and Warren Gumpel, along with mindfulness instructor and brand experience expert Kaia Roman and the company’s President and Chief Operating Officer, Leann Taylor. Read more here.

DEA’s Psychedelic ‘To-Do’ List Is Growing

The pressure is ramping up on the U.S. Drug Enforcement Administration (DEA) as more lawyers, clinicians, researchers, investors and business owners working in the psychedelics industry are demanding clear answers about how the DEA should be evolving on its drug scheduling and enforcement strategy. Read more here.

IN OTHER NEWS

Akerna

Akerna (Nasdaq: KERN), an enterprise software company and developer of technology infrastructure, ecosystem, and compliance engine for the global cannabis industry, today announced the release of its annual mid-year review. This report highlights the current state of the cannabis industry. It takes a look at the needs of growing cannabis operators, and how technology drives that growth and supports the maturation of the industry. Read more here.

High Tide Inc.

High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced that further to its press release dated July 7, 2022, the company has completed its acquisition through companies’ creditors arrangement act proceedings, of eight operating retail cannabis stores in British Columbia and Alberta for CAD$4.2 Million. The company intends to complete the acquisition of the ninth store in Niagara, Ontario, pending regulatory approvals. Read more here.

Entourage Health Corp., Irwin Naturals Inc.

Entourage Health Corp. (TSX-V:ENTG) (OTCQX:ETRGF) (FSE:4WE), a Canadian producer and distributor of cannabis products, announced it has entered into an exclusive licensing, manufacturing and distribution agreement with Irwin Naturals Inc. (CSE: IWIN) (FRA: 97X), a nutraceuticals and herbal supplement formulator of branded wellness products sold across North America. The new line of CBD and THC products to be produced under the agreement, curated by Entourage alongside Irwin’s wholly owned subsidiary Irwin Naturals Cannabis, are expected to launch first on Entourage’s Starseed Medicinal channel in Q4, 2022, with eventual expansion into retail markets across Canada. Read more here.

MariMed, Inc., Emack & Bolio®

MariMed, Inc. (CSE: MRMD), (OTCQX: MRMD), a multi-state cannabis operator, today announced the availability of a new cannabis-infused ice cream. MariMed collaborated with the legendary Boston ice cream brand Emack & Bolio’s® to develop and market new and innovative vegan and dairy ice cream in outrageous flavors. The ice cream is an extension of MariMed’s top-selling and award-winning Betty’s Eddies infused fruit chews brand and shares the brand’s commitment to being hand-crafted and using all-natural ingredients. Read more here.

Jones Soda Co.

Jones Soda Co. (CSE: JSDA, OTCQB: JSDA), the original craft soda known for its unconventional flavors and user-submitted photo labels, announced its financial results for the second quarter ended June 30, 2022. Read more here.


StaffAugust 3, 2022
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8min6130

The Daily Hit is a recap of cannabis business news for August 3, 2022.

ON THE SITE

Scott’s Miracle Grow Misses Estimates, Lowers Guidance As Hawthorne Business Dives

The Scotts Miracle-Gro Company (NYSE: SMG) saw its shares pop in early trading despite the gardening company’s downbeat earnings. The lawn care and hydroponic company released its results for the third quarter ending July 2, 2022, with sales falling by 26 % on declines in both major business segments to $1.19 billion. This missed the Yahoo Finance average analyst estimate for sales of $1.23 billion. Read more here.

Garden State Delivers For Green Thumb Industries

Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF) reported its financial results for the second quarter ending June 30, 2022. Revenue increased 4.8% sequentially and 14.6% year-over-year to $254.3 million from last year’s $221.9 million in the same time period. This easily beat the Yahoo Finance average analyst estimate for sales of $248 million. GTI said that revenue growth was primarily driven by increased retail sales in New Jersey, reflecting the legalization of adult-use cannabis; increased retail sales in Illinois; 19 additional retail locations versus the second quarter last year, and increased traffic in the Company’s 77 open and operating retail stores. Read more here.

Audacious Outlines Northeast Strategy As Revenues Rise

Australis Capital Inc. (CSE:AUSA) (OTCQB: AUSAF) also known as Audacious reported its unaudited results for its fiscal year ending March 31, 2022 on Tuesday. Australis said that revenues increased by over 1,200% to nearly $9.5 million. the company attributed the increase to a full year of ALPS revenue consolidated (51% of ALPS acquired on March 8, 2021), as well as growth in the ALPS business throughout the year, along with management fee income starting in Fiscal ’22 related to the Green Therapeutics business. Read more here.

Red White & Bloom Ekes Out of Debt, Tightens Spending

Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) delivered its fourth-quarter and full-year earnings report, as well as its first-quarter report. The news comes after the company postponed the release in May due to multiple delays in their year-end audit. All figures are in Canadian dollars. Read more here.

Hydrofarm Stock Plunges Along With Sales

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) stock plunged by 28% in early trading to lately sell at roughly $2.35 after the hydroponic company reported declining sales following the market close on Tuesday. Hydrofarm said it is looking to shave down its costs and restructure as deflated earnings continue to tap its pockets. Read more here.

IN OTHER NEWS

The Valens Company Inc.

The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) a manufacturer of cannabis products, today announced the voting results from its annual general meeting of shareholders, held by way of live audio webcast on August 2, 2022. Six of the director nominees that were put forward by the company were elected by shareholders at the meeting to hold office until the next annual meeting of shareholders or until their successors are elected or appointed. Read more here.

Green Monké, Cookies

Green Monké maker of happy sodas for happy hour, today announced its global beverage partnership with Cookies, the most globally recognized cannabis brand. As part of the agreement, Green Monké and Cookies will co-create and co-brand cannabis infused drinks for sale at Cookies retail locations and anywhere Cookies products are sold. Additionally, Green Monké cannabis infused sodas are now available at Cookies stores in California with expansion later this year throughout the US, Canada and in Europe. Read more here.

Isracann Biosciences Inc.

Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) announced that it has closed the first tranche of its previously announced non-brokered private placement. The company issued 4,679,600 units at a price of $0.05 per unit for aggregate gross proceeds of $233,980. Read more here.

Cannara Biotech Inc., Exotic Genetix Ltd.

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products, today announced an exclusive brand partnership with 50-time award-winning US-based cannabis breeder, cultivator and hash maker, Exotic Genetix Ltd. This agreement will bring one of the most influential cannabis breeders and his brands from the US to Canada. Read more here.

TrufflezNFT, Elite/AB Hospitality Group

Trufflez, a vertically integrated cannabis company and droppLabs, a subsidiary of Dropp Group, today announced the world’s first NFT membership cannabis consumption lounge in New York. The companies partnered in March this year to launch TrufflezNFT, an NFT project that democratizes ownership of cannabis-related IP while providing a strong community focus on cannabis industry education. As an expansion of the project, TrufflezNFT project is announcing the launch of the world’s first NFT membership cannabis lounge in partnership with New York-based Elite/AB Hospitality Group. The Trufflez Lounge will open in Williamsburg in November, 2022 and will be accessible only to TrufflezNFT members. Read more here.

Small Pharma Inc.

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that as of July 19, 2022, it has been granted patent no. 3104072 by the Canadian Intellectual Property Office. Read more here.

Braxia Scientific Corp.

Braxia Scientific Corp., (CSE: BRAX) (OTC: BRAXF) (FSE: 4960), a company in the treatment and research of mental health conditions, announced it has acquired 100% of the issued and outstanding stock of KetaMD, Inc. KetaMD is a U.S. based, privately-held telemedicine company, with a mission to address mental health challenges via access to technology-facilitated ketamine-based treatments. Read more here.


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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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