Daily Hit Archives - Green Market Report

StaffStaffMay 6, 2021


It’s time for your Daily Hit of cannabis financial news for April 6, 2021.

On the Site


After the market closed on Wednesday, Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) delivered another quarter of solid results. The real estate investment trust (REIT) reported that its total revenues increased 103% to $42.9 million for the first quarter ending March 31, 2021. This beat the yahoo Finance average analyst estimate for revenues of $42.88 for the quarter.

IIP also recorded net income of approximately $25.6 million for the quarter, or $1.05 per diluted share, and adjusted funds from operations (“AFFO”) of approximately $38.4 million, or $1.47 per diluted share (Note: AFFO per diluted share for the period includes the dilutive impact of the assumed full exchange of IIP’s $143.75 million of exchangeable senior notes for shares of common stock). This also beat the analyst estimate for $0.96. In addition, IIP paid a quarterly dividend of $1.32 per share on April 15, 2021, to common stockholders of record as of March 31, 2021, representing a 32% increase over the first quarter of 2020’s dividend and an approximately 6% increase over the fourth quarter 2020 dividend. 


While millions of Americans are getting ready to enjoy the summer for the first time in over a year, the cannabis industry is already gearing up for the upcoming fall harvest. Taking place between October and early November, the period is called Croptober, and it is a time when roughly 80%-85% of the cannabis industry’s outdoor cannabis is harvested. 

The reason why the industry harvests the majority of outdoor cannabis during this specific period has to do with the plant itself. Cannabis is an annual plant, which means it lives out its entire life cycle in a single growing season. 

In Other News


The Alabama House of Representatives voted in favor (68-34-1) of the Compassion Act (SB 46), a bill that would allow registered patients with qualifying conditions to safely access and use medical cannabis. This marks the first time the Alabama House has considered a medical cannabis bill. A full summary of SB 46 is available here.

While SB 46 was previously passed by the full Senate, the bill was amended in the House. The bill will need to return to the Senate for final consideration before it can be sent to the governor’s desk. 

Karen O’Keefe, director of state policies at the Marijuana Policy Project said, “Passing the Compassion Act will allow seriously ill patients to finally get the relief they deserve. Alabama is one of only 14 states in the country that continues to criminalize the medical use of cannabis, and while this bill is more restrictive than is ideal, it is a dramatic improvement from the status quo and would improve the lives of thousands of Alabamians. We urge the Senate to swiftly concur with the modified bill, and Gov. Ivey to sign it into law.”


Trulieve Cannabis (TCNNF -3.9%) has completed the previously announced acquisition of Mountaineer Holding, expanding the Florida-based company’s presence in West Virginia. The total consideration of the deal at $6M consisted of $3M in cash and the issuance of ~60.3K of Trulieve shares.Commenting on the transaction, Trulieve CEO Kim Rivers said: “The addition of Mountaineer achieves a significant presence for us in West Virginia.” The Mountaineer owns a cultivation permit, and two dispensary permits in the state.“We look forward to serving West Virginia patients, and expect to be operational before the end of 2021,” she added.Trulieve more than doubled its revenue in 2020 to $521.5M, yet like other U.S.-based cannabis stocks are weighed down by federal illegality of marijuana, noted a recent cover story in Barron’s.

StaffStaffMay 5, 2021


It’s time for your Daily Hit of cannabis financial news for April 5, 2021.

On The Site


The Scotts Miracle-Gro Company (NYSE: SMG)  announced company-wide sales increased 32% in its fiscal second quarter to $1.83 billion versus $1.38 billion a year earlier. This beat the analyst estimates on Yahoo Finance which were $1.73 billion. Sales for the hydroponic segment known as Hawthorne increased 66% to $363.8 million. Scotts said that due to its fiscal calendar, the second quarter of 2021 ended six days later than the second quarter of fiscal 2020. The shift had a sales impact of approximately $122.5 million within the lawn and garden business, impacting the U.S. Consumer and Other segments.

The company beat analyst estimates which were $5.42 according to Yahoo Finance by delivering GAAP earnings from continuing operations of $5.44 per share. This also was much higher than last year’s $4.43 per share. Non-GAAP adjusted earnings, which exclude impairment, restructuring, and other non-recurring items, and are the basis of the company’s financial guidance, were $5.64 per share compared with $4.50 a year ago.


Jazz Pharmaceuticals plc (Nasdaq: JAZZ) closed on its acquisition of GW Pharmaceuticals and announced financial results for the first quarter of 2021 and affirmed financial guidance for 2021. On February 3, 2021, the company said it planned to buy GW Pharmaceuticals for $220.00 per American Depositary Share for a total value of approximately $7.2 billion, or $6.7 billion net of GW cash.

Total revenues increased 14% in the first quarter of 2021 to $607 million compared to the same period in 2020 which was $534 million. This was on target the average analyst estimates according to Yahoo Finance but missed the Zacks Consensus Estimate of $613.0 million. GAAP net income for the first quarter of 2021 was $121.8 million, or $2.09 per diluted share, compared to a GAAP net loss of $157.8 million, or $2.82 per diluted share, for the first quarter of 2020. Non-GAAP adjusted net income for the first quarter of 2021 was $228.8 million, or $3.92 per diluted share, compared to $25.8 million, or $0.45 per diluted share, for the first quarter of 2020.


The Multidisciplinary Association of Psychedelic Studies (MAPS) has worked for the last 35 years to shift the perception around psychedelics as a treatment tool for mental health issues. Now, with the release of data from its Phase III trial with the FDA for the use of MDMA (ecstasy) to treat PTSD, MAPS’ work has coalesced into findings that could change the mental health treatment landscape as we know it. 

MDMA is on the cusp of FDA approval to treat PTSD, not just for military veterans, but for an array of people who have suffered from abuse and other trauma-inducing events. In 2017, the FDA granted MDMA “breakthrough therapy status” in anticipation of approving it as a medication for mental health, and the release of MAPS’ latest statistically significant findings constitutes a huge leap towards legalization. 

Sundial Growers Inc. (NASDAQ: SNDL)  is buying Inner Spirit Holdings Ltd. (CSE: ISH) (OTCQB: INSHF) in a deal valued at approximately $131 million. Inner Spirit is better known as the retailer and franchisor of Spiritleaf recreational cannabis stores across Canada. The Spiritleaf network includes 86 franchised and corporate-owned locations, all operated with an entrepreneurial spirit and with the goal of creating deep and lasting ties within local communities. The deal is expected to close in the third quarter of 2021.

In Other News

Innovative Industrial Properties, Inc.  (NYSE: IIPR) announced results for the first quarter ended March 31, 2021.

First Quarter 2021 and Year-to-Date Highlights

Financial Results

  • Generated total revenues of approximately $42.9 million in the quarter, representing a 103% increase from the prior year’s first quarter.
  • Recorded net income attributable to common stockholders of approximately $25.6 million for the quarter, or $1.05 per diluted share, and adjusted funds from operations (“AFFO”) of approximately $38.4 million, or $1.47 per diluted share (Note: AFFO per diluted share for the period includes the dilutive impact of the assumed full exchange of IIP’s $143.75 million of exchangeable senior notes for shares of common stock).
  • Paid a quarterly dividend of $1.32 per share on April 15, 2021 to common stockholders of record as of March 31, 2021, representing a 32% increase over the first quarter 2020’s dividend and an approximately 6% increase over the fourth quarter 2020 dividend.

StaffStaffMay 4, 2021


It’s time for your Daily Hit of cannabis financial news for April 4, 2021.

On the Site


Following the close of the markets on Monday, Cansortium Inc. (OTCQB: CNTMF) released its fourth-quarter and full-year results for 2020. Revenue increased 54% to $14.7 million in the quarter versus $9.5 million for the same time period in 2019. Cansortium also delivered a net loss of $8.4 million in the quarter, an improvement over last year’s net loss of $32.8 million for the same time period.

For the full year of 2020, Cansortium reported its revenue increased 84% to $52.4 million versus last year’s revenue of $28.5 million. This was lower than the company’s forecast of $55 million. Cansortium attributed the difference to the sale of the 2020 Michigan crop that was initially included in its 2020 projection but was delayed to 2021, causing the variance between actual and forecasted. Excluding Michigan operations, revenue was $52 million, which exceeded the company’s projection of $49 million from operations in Florida and Pennsylvania.


Psychedelic clinic companies have been expanding quickly as more patients are seeking alternatives to traditional prescription drug treatments. Both Field Trip Health and Novamind announced news of their expanding clinics across the country.

Field Trip

Field Trip Health Ltd. (OTCQX: FTRPF)  opened its fifth location in the United States in the city of Houston, TX. Located in the River Oaks District, the Houston location is the second Field Trip Health center to open this year. Field Trip also announced that it has entered into leases and has commenced, or will soon commence, construction to build Field Trip Health centers in San Diego, CA, San Carlos, CA, Seattle, WA, Washington DC, and Fredericton, NB.


Novamind Inc. (OTC PINK:NVMDF) reported it would open four new Cedar Psychiatry clinics, doubling its network to eight total locations. The expanded capacity from the New Clinics is forecasted to increase Novamind’s patient volume from 20,000 client visits recorded in 2020 to approximately 65,000 client visits anticipated in 2021.

In Other News


Ascend Wellness Holdings, Inc. closed its previously announced initial public offering of 10,000,000 shares of its Class A common stock at a public offering price per share of $8.00, for total gross proceeds of US$80,000,000. The shares will commence trading today on the Canadian Securities Exchange, under the ticker symbol “AAWH.U”. The company expects its shares to become quoted on the OTCQX® Best Market operated by OTC Markets Group, Inc. (the “OTCQX”) in the days shortly following the closing of the Offering if approved by OTCQX.


Sundial Growers (SNDL) has upped its stake in The Valens Company (VLNCF) to more than 10%, the company said in a statement. Previously, Sundial has owned ~15.5M shares representing ~9.7% of the issued and outstanding common stock on a non-diluted basis as of April 14. Yesterday, the company has spent a total consideration of ~$2.0M to acquire another 538.4K common shares of Valens for $3.663 per share increasing its stake to ~10.1%. The company indicated $2.67 apiece as its average cost base of the common stock at Valens including the new acquisition. Based in Canada, 


 Jushi Holdings Inc.  (OTCMKTS: JUSHF ) has closed on its previously announced acquisition of 100% of the equity of Organic Solutions of the Desert, an operating dispensary located in Palm Springs, California, and approximately 78% of the equity of a retail license holder located in Grover Beach, California with the option to acquire the remaining equity in the future. Jushi will be implementing its best-in-class, customer-focused retail approach that includes the introduction of its online reservation ordering platform and express pick-up options at the Palm Springs dispensary. The Company expects to complete the build out of the BEYOND / HELLO™ Grover Beach location in Q3 2021. The two new locations expand Jushi’s footprint beyond its first California dispensary, BEYOND / HELLO™ Santa Barbara, which opened in October 2020. Jushi also plans to add an additional California location in Culver City, which is expected to open by Q2 2022, subject to state and regulatory approvals.

TerrAscend Corp. (OTCQX: TRSSF), completed its previously announced acquisition of HMS Health, LLC and HMS Processing, LLC, from Curaleaf Holdings, Inc (OTCQX: CURLF) for a total consideration of $27.5 million, comprised of $25.0 million in cash prior to net adjustments and a $2.5 million note which bears 5.0% annual interest, due October 2022. The acquisition is expected to be immediately accretive to TerrAscend on an EBITDA basis.

StaffStaffApril 29, 2021


It’s time for your Daily Hit of cannabis financial news for April 29, 2021.

On The Site


Hydroponic company Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) has had a busy week including reporting its quarterly earnings and announcing a huge offering that intends to raise $269 million. First things first, the earnings for the quarter ending March 31, 2021. Hydrofarm said it expects to deliver net sales in the range of $109 million to $111 million versus $66.9 million for the same time period in 2020. The company attributed the 65% in growth to higher net sales across multiple geographies, product categories, and its brand segments (its proprietary, preferred, and distributed brands).


Michigan-based Gage Growth Corp.  (CSE: GAGE) reported its financial results for the three and twelve months ended December 31, 2020. Gage said revenue increased 615% to $10.5 million in the fourth quarter over last year. Gage also reported that its revenue increased 1,972% for the full year to $39.9 million versus $1.9 million in fiscal year 2019. The company also trimmed its net losses to $29.8 million from 2019’s net loss of $75 million. the company had a stellar 420 holiday and logged revenue of over $505,000 in a single day with average basket size of $171 and 2,956 total transactions.

Sol Global

SOL Global Investments Corp.  (OTCPK: SOLCF) provided its investors with unaudited financials for the first quarter ended February 28, 2021, and a general operational update concerning its assets and investments. Sol Global recorded a positive net income of $208 million versus quarter-end February 29, 2020, of $2.9 million. The increase was due to the company selling Bluma Wellness to Cresco Labs Inc. in an all-stock transaction valued at $213 million. As of February 28, 2021, the company had $18 million in cash.

In Other News


Tryp Therapeutics Inc. (CSE: TRYP) announced its interim financial results for the three and six-month periods ended February 28, 2021. The Company’s total assets as of February 28, 2021 were $7.5 million, including $6.7 million in cash. Net and comprehensive losses for the three and six months ended February 28, 2021 were both $2.4 million. The net loss for the period was partially due to a $956,360 write down to intangible assets, a non-cash expense resulting from a deliberate restructuring of the Company’s intellectual property portfolio. Tryp is prioritizing its intellectual property prosecution activities on a provisional patent filed in March 2021 that describes novel methods for the formulation, delivery, and dosing of psychedelics resulting in a potential reduction in the time spent by patients in the dissociative state. The Company expects to submit additional provisional patents in 2021 related to the manufacturing and formulating of psilocybin, among other innovations.


The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) provided a corporate update on its operations and progress on its strategic business plan. TGOD initiated the process of monetizing underutilized assets, especially at its cultivation and processing facility in Valleyfield, Quebec. In doing so, the Company hopes to increase its financial flexibility in order to reduce its debt and capitalize on future opportunities. The Company continues to review other strategic initiatives to maximize shareholder value. This includes the potential sale or spin-off for an Initial Public Offering of HemPoland, its wholly owned subsidiary, for which TGOD has retained Canaccord Genuity as an advisor, and the potential for mergers and acquisitions in the Canadian cannabis LP sector.


AFC Gamma, Inc. (NASDAQ:AFCG) announced it has provided a credit facility of $13 million to a Missouri medical cannabis operator (the “Borrower”). The credit facility is designed to provide capital to allow the Borrower to build out its cultivation and dispensary operations in the state of Missouri.

StaffStaffApril 28, 2021


It’s time for your Daily Hit of cannabis financial news for April 28, 2021.

On the Site

Turning Point Brands

For a company that mostly sells papers, Turning Point Brands (NYSE: TPB) is turning into a behemoth in the cannabis industry. During its recent earnings results, the company announced that it was increasing its guidance for 2021 net sales to a range of $422 million to $440 million. This is up from the previous guidance of $412 million to $432 million. This increase includes net sales of $103 million to $109 million in the second quarter. Adjusted EBITDA for the full year is now expected to be $103 million to $108 million, up from previous guidance of $99 million to $105 million.


MindMed (NASDAQ: MNMD) shareholders have been taken on quite a trip over the last few days as the company uplisted from the Over The Counter Market to the big time at the NASDAQ. The stock jumped to over $5 a share in its last days at the OTC Markets, only to move to midtown Manhattan and see the shares plunge 29% in its debut. The stock closed at $4.02 on Tuesday. Some buyers look like they are jumping back in as early trading on Wednesday is seeing a 10% increase in price.

In Other News


Namaste Technologies Inc.  (OTCMKTS: NXTTF) reported gross revenue for Q1 2021 was $6.15 million ($5.46 million Q1 2020), representing an increase of 13% while operating expenses decreased by 10.9% over the same period. Cannabis revenue increased by 113% vs the same quarter last year and maintained its strong position at 47% of total net revenues, the second-highest percentage for cannabis revenue out of total net revenue achieved in the last four quarters. The company’s working capital position remains strong at $31 million as at February 28, 2021 bolstered by the closing of a bought deal financing of $23 million.


Akerna (Nasdaq: KERN) reported that Tuesday, April 20, was the highest sales day for retail cannabis ever recorded, with approximately $111,815,824 in medical and adult-use sales. The 5-day period surrounding the holiday (4/16 – 4/20) grossed over $373,787,685.

StaffStaffApril 26, 2021


It’s time for your Daily Hit of cannabis financial news for April 26, 2021.

On the Site


Auxly Cannabis Group Inc. (OTCQX: CBWTF) released its fourth-quarter and full-year 2020 financial results. Auxly reported total revenues for the fourth quarter were $18.8 million versus $3.1 million for the same time period in 2019. Earnings per share were ($0.04) for the quarter versus last year’s ($0.02) for the same time period. All amounts are Canadian dollars.

For the full year of 2020, revenue jumped 508% to $50.7 million versus 2019’s $8.3 million. For the year revenues were $57.2 million as compared to $2.3 million in the same period in 2019, but excise taxes cut that figure by $10 million.


Harborside Inc.  (OTCQX: HBORF)reported its financial results for the fourth quarter and full-year ending December 31, 2020. In the fourth quarter, Harborside delivered total gross revenues of approximately $13.1 million, which was a 12% increase versus 2019’s fourth-quarter revenues of $11.7 million. The company beat the average analyst estimates from Yahoo Finance which was for revenues of $12.4 million. The net loss per share was $0.14 for the fourth quarter, which was worse than the analyst estimate for a loss of $0.09 per share for the quarter. The operating loss in the quarter was approximately $5.4 million versus $43.6 million in 2019 for the same time period.  The net loss was approximately $5.4 million versus $45.0 million in 2019, an approximately 87.8% improvement on a year-over-year basis.

For the full year, 2020 gross revenues increased 29.4% to $63.4 million from approximately $49.0 million in 2019.  The net loss for fiscal year 2020 was $11.9 million versus 2019’s net loss of $49.4 million.

In Other News

MedMen Enterprises Inc. (OTCQX: MMNFF) canceled the warrants to acquire 97,785,140 Class B Subordinate Voting Shares of the company following two consecutive quarters of positive retail cash flow for the periods ended September 26, 2020, and December 26, 2020.

“This is the first time in MedMen’s history that it has had two consecutive quarters of positive retail cash flow. Our future has never been brighter as we continue to execute our turnaround plan and continue to grow our business,” said Tom Lynch, Chairman and CEO of MedMen. “We’re pleased to be able to amplify the benefits of accomplishing multiple quarters of positive retail cash flow to our shareholders by reversing dilution through the cancellation of nearly 100 million in the money warrants.”

StaffStaffApril 20, 2021


It’s time for your Daily Hit of cannabis financial news for April 20, 2021.

Happy 420 everyone!!

On The Site


Cannabis legalization advocates must be feeling a sense a deja vu. Today, the House of Representatives approved legislation (again) that would provide safe harbor for financial service providers to work with cannabis businesses that are in compliance with state laws. Called the SAFE ACT, (Secure and Fair Enforcement) Banking Act, or H.R. 1996, was reintroduced in March by Reps. Ed Perlmutter (D-CO), Steve Stivers (R-OH), Nydia Velazquez (D-NY), and Warren Davidson (R-OH), and had 177 total cosponsors by the time of the vote. The legislation was approved by a vote of 321-101, including a majority of voting Republicans.


GrowGeneration Corp . (NASDAQ: GRWG ) is continuing to expand its universe by buying Downriver Hydroponics, a Michigan -based indoor garden supply center in Wayne County. The company did not disclose the value of the deal, however, it did say  Downriver Hydro is the area’s largest hydroponics store, with annual revenues approaching $10 million. With the acquisition of Downriver Hydro, GrowGen’s portfolio of hydroponic garden centers now includes 53 stores across 12 states, with seven of those locations in Michigan.


Jushi Holdings Inc. (OTCMKTS: JUSHF) is buying OhiGrow, LLC, one of 34 licensed cultivators in Ohio, and Ohio Green Grow LLC collectively known as OhiGrow in a deal valued at $5 million in cash. The acquisition includes an approximately 10,000 sq. ft. facility and 1.35 acres of land. Jushi said that OhiGrow will complement the soon-to-be operational 8,000 sq. ft. state-of-the-art Ohio medical cannabis processing facility, to which Jushi provides operational and consulting services. The deal is expected to close in the third quarter of 2021.

Cresco Study

One in four Americans currently consumes cannabis, reporting they’ve tried some form of cannabis within the past twelve months. That’s a significant increase since 2018* when just 16% of U.S. adults reported current consumption, representing a 56% increase in just two years. What’s more, 23% of current cannabis consumers say they tried cannabis for the first time over the past year, suggesting the COVID-19 pandemic, combined with expanded state legalization, has rapidly accelerated cannabis acceptance and adoption in America.

In Other News

Turning Point Brands, Inc. (NYSE: TPB) announced a $8.7 million strategic investment in Docklight Brands, Inc., a pioneering consumer products company with celebrated brands including Marley Natural cannabis and Marley CBD. In addition, TPB has obtained exclusive U.S. distribution rights for Docklight’s Marley CBD topical products. The investment into Docklight Brands’ Series A offering comes with certain follow-on investment rights.

As a result of this transaction, Turning Point Brands now boasts access to two of the most iconic names in cannabis: Bob Marley and Zig-Zag. The Marley CBD skincare line, which includes after-sun, hand cream, lip balm, balm, and roll-on products, combines tropical botanicals with hemp-derived CBD, and is currently available nationally in over 12,000 stores including select 7-Eleven, Circle K, Safeway and Dollar General locations, with additional availability expected through TPB’s partner network.


StaffStaffApril 15, 2021


It’s time for your Daily Hit of cannabis financial news for April 15, 2021.

On The Site


TILT Holdings Inc.  (OTCQB: TLLTF)  reported its financial and operating results for the fourth quarter and year ending December 31. Revenue for the quarter increased 8.1% sequentially to $42.3 million from $39 million and increased 35.4% over last year’s $31 million for the same time period. Tilt beat analyst estimate for revenue and fell within its own forecast. The net loss for the quarter was a whopping $92 million versus last year’s net loss of $32 million. The net losses stemmed from the discontinued operations due to the sale of Blackbird, which closed in November 2020.


Cannabis data and analytics company, Headset, announced the launch of a report highlighting a long-term forecast into the U.S. and Canadian cannabis markets! Specifically, forecasting the sales, sales volume, and market shares for 2021 and 2022 compared to 2020. The data estimates the U.S. cannabis market to reach $23 billion in sales by 2022. Canada’s market is expected to grow twice as fast as the American market from 2020 to 2021, and nearly three times faster from 2021 to 2022. Headset predicts Canada’s annual sales to grow 54.6% in 2021 and 31.9% in 2022. The United States is predicted to see a 23% growth rate in 2021 and 24.4% growth in 2022. Canada’s cannabis market is expected to hit $4 billion in sales in 2022, so significantly lower than the U.S. market, but nonetheless on an incredibly fast-paced rate of growth.


A new study published in the New England Journal of Medicine tested the use of psilocybin for depression treatment. Unfortunately for the psychedelic community, the results weren’t overwhelmingly different for psilocybin.  The goal of the study was to compare the effects of psilocybin with a six-week course of escitalopram, which is a selective serotonin reuptake inhibitor (SSRI), for MDD. The Journal wrote that this trial did not show a significant difference in antidepressant effects between psilocybin and escitalopram in a selected group of patients. On a positive note, secondary outcomes generally favored psilocybin over escitalopram, but the report said that the analyses of these outcomes lacked correction for multiple comparisons.

In Other News

HEXO Corp (TSX: HEXO; NYSE: HEXO) announced it has filed a new preliminary short form base shelf prospectus with securities regulators in each of the provinces and territories of Canada and a corresponding shelf registration statement on Form F–10 with the United States Securities and Exchange Commission. The offering is valued at $1.2 billion.


Dr. Jason Dyck has joined Australis Capital as Chief Science Officer and Chairman of the Scientific Advisory Board. Previously, Dr. Dyck led the research and science team at Aurora Cannabis in its formative years, playing a significant role in helping it become the medical cannabis industry leader that it is today. The move signals Australis’ future in new innovative high potency cannabis products.

StaffStaffApril 13, 2021


It’s time for your Daily Hit of cannabis financial news for April 13, 2021.

On The Site


Organigram Holdings Inc. (NASDAQ: OGI) shares were falling over 9% in early trading after the company reported that its revenue fell in the second fiscal quarter of 2021 and then et losses ballooned. Organigram reported revenue for the second quarter ending February 28, 2021, fell 29% to $19.2 million from last year’s $27.3 million for the same time period.  The company attributed it to significantly lower wholesale revenue and lower average selling prices. The company said that last year’s better revenue was due to higher wholesale revenues that were opportunistic in nature and primarily to a single licensed producer.

The company went on to say that the net revenue was also lower due to missed sales opportunities, as certain employees tested positive for COVID-19 which resulted in a significant number of facility staff having to isolate. Organigram said it was unable to fulfill certain demands for its products totaling approximately $7 million in the quarter due to production and processing constraints. 


Florida-based Trulieve Cannabis Corp .  (OTCQX: TCNNF) is continuing its expansion efforts and the latest state to plant its flag is West Virginia. Trulieve has acquired Solevo Wellness West Virginia LLC (“Solevo”) and its three West Virginia dispensary permits for $650,000. Solevo was awarded two permits in Morgantown and one in Parkersburg in January 2021 as part of the West Virginia application process.

New Mexico

New Mexico became the 18th state to legalize cannabis for adults 21 and over after Gov. Michelle Lujan Grisham (D) signed the Cannabis Regulation Act (HB 2) into law on Monday.  New Mexico is now the fifth state to adopt a legalization policy by passing a bill through its state legislature, joining Illinois, Vermont, New York, and Virginia. Thirteen additional states have legalized by voter initiative.

In Other News


The Scotts Miracle-Gro Company (SMG) recently announced that it now expects to report sales growth in the band of 4-6% in its U.S. Consumer segment for fiscal 2021, which suggests an increase from its earlier sales guidance of flat to -5%. The Hawthorne segment is forecast to witness a sales growth at the top-end of the guidance of 20-30%. Hence, company-wide sales growth of 8-12% is now expected, up from the previous guidance of 1-6%.


TILT Holdings Inc. ( OTCQX: TLLTF ) announced the appointments of Darryl K. Henderson, J.D., as senior vice president of human resources and Roseann Valencia-Fernandez as vice president of marketing. Mr. Henderson will deliver HR solutions across the Company’s portfolio and geographic footprint, while Ms. Valencia-Fernandez will oversee the planning, development and execution of TILT’s marketing strategy. Mr. Henderson and Ms. Valencia-Fernandez will both report directly to TILT’s President, Gary Santo .

StaffStaffApril 12, 2021


It’s time for your Daily Hit of cannabis financial news for April 12, 2021.

On The Site


Aphria Inc.  (NASDAQ: APHA) stock was getting slammed in early trading after the company reported that revenue dropped versus the last quarter and reported a whopping net loss of $361 million. In addition to that, Aphria missed analysts’ estimates for earnings and revenues. Shares slid over 9% to sell at $14.70.

Aphria delivered its financial results for the third quarter ending February 28, 2021 in Canadian dollars with net revenue increasing 6.4% to $153.6 million versus $144.4 million for the same period last year. However, revenue fell sequentially by 4.3% versus the second-quarter net revenue of $160.5 million. It also missed estimates by roughly $9 million. The company blamed the decline on a decrease in net cannabis and distribution revenue, which was partially offset by an increase in net beverage alcohol revenue from the acquisition of SweetWater.

Real Estate

Real estate is one of the more difficult aspects of the cannabis industry. Securing a license is tough but getting your location is even tougher. Each state has different regulations and restrictions, which combined with unique real estate markets makes finding and securing property essential. It’s an expensive endeavor and one in which traditional mortgages aren’t typically an option. 

This presentation will focus on the New England and New York area cannabis real estate markets. It will cover the following states: Maine, Vermont, New Hampshire, Connecticut, Massachusetts, New York, New Jersey, and Pennsylvania. 


The infamous Rat Pack featured singers like Sammy Davis Jr., Frank Sinatra, and Dean Martin. Others like actor Peter Lawford and comedian Joey Bishop also rounded out the group that was known for its hard-drinking and partying ways. Lawford and Davis were well-known cannabis consumers at the time. So it seems fitting that a premium cannabis company like Monogram would seek to emulate the glamour days of old. The new campaign was shot at the stunning Frank Sinatra House in Palm Springs, where MONOGRAM recreated and paid homage to the photography of Slim Aarons. Aarons became famous for his highly stylized poolside vignettes from the early 1960s and his subjects were often glamourous jet setters, celebrities, and socialites.

In Other News

New Mexico is now the fifth state to adopt a legalization policy by passing a bill through its state legislature, joining Illinois, Vermont, New York, and Virginia. Thirteen additional states have legalized by voter initiative. Notably, more than 43% of Americans now live in a jurisdiction with legal cannabis.

Democratic Governor Michelle Lujan Grisham signed two separate measures into law amending the state’s marijuana policies. The first measure (House Bill 2) legalizes and regulates marijuana possession, production, and sales for adults. The second measure (Senate Bill 2) facilitates the automatic review and expungement of the records of those convicted of low-level marijuana offenses. Lawmakers approved both bills during a special legislative session demanded by Gov. Lujan Grisham, who had been a vocal proponent of the reforms.

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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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