Daily Hit Archives - Green Market Report

StaffStaffJuly 30, 2020


It’s time for your Daily Hit of cannabis financial news for July 30, 2020.

On the Site


FSD Pharma Inc. (Nasdaq: HUGE) (CSE: HUGE.CN)announced that it has notified Health Canada of the company’s decision to forfeit the licenses of its wholly-owned subsidiary, FV Pharma, Inc. and suspend all activities by FV Pharma within 30 days of the notification date. FSD Pharma said it has begun the process of liquidating all FV Pharma assets, including the sale of the company’s cannabis production facility in Cobourg, Ontario.

Shareholders are apparently happy with the move as the stock is up over 60% on the news and was lately selling at $6.04.


Like everything else touched by COVID-19, unexpected trends and shifts have occurred in the cannabis industry. One such shift is towards consumers seeking value products, which are rising in popularity due to a reduction in work and income across many different industries as the COVID-19 crisis wears on. In particular, low price/high THC combinations seem to be the magic bullet for anyone shopping for cannabis on a budget. 

Canndescent, a brand that initially entered the market with a luxury-focus, recently launched the company’s third brand, Baker’s Cannabis Co. The brand offers lower-cost but still decent quality products, like $6 one-gram pre-rolled joints and $55 half-gram pre-ground pouches, which come equipped with rolling papers and crutches. 

Clearing the Smoke

The complexities of the U.S. cannabis industry have been exacerbated by the consequences of states operating within the confines of closed economies defined by their own interpretations of legitimacy under the shadow of existing federal laws. These variations of standards from one state to another carry inherent uncertainties for businesses and investors with respect to how the industry will operate subsequent to the inevitable delisting or reclassification of cannabis.

The general health concerns, heightened levels of anxiety, and financial assault brought upon by the COVID pandemic have arguably enhanced the cannabis legalization debate regardless of any Trump or Biden preference.  To minimize budget shortfalls, it stands to reason that many states that have not heretofore generated tax revenues from cannabis sales will now seek to initiate a discussion addressing legalization.

In Other News

DELTA 9 CANNABIS INC. (OTCQX: VRNDF) provided guidance on select financial results of the Company for the second quarter of 2020 based on preliminary results:

  • The Company anticipates revenues for the three-month period ending June 30, 2020 to be between $12.7 million and $13.2 million, compared with:
    • $8.9 million for the second quarter of 2019.
    • $11.7 million sequentially for the first quarter of 2020.
  • Based on preliminary results, the Company anticipates revenues for the six-month period ending June 30, 2020 to be between $24.3 million and $25.1 million, compared to $14.5 million for the same period last year.
  • The Company anticipates direct cannabis production cost per gram of $0.96 and total cost per gram of $1.08 for the second quarter 2020, compared with:
    • $1.05 and $1.04 respectively for the second quarter of 2019.
    • $0.98 and $1.10 respectively for the first quarter of 2020.

StaffStaffJuly 29, 2020


It’s time for your Daily Hit of cannabis financial news for July 29, 2020.

On The Site

Scotts Miracle-Gro

The Scotts Miracle-Gro Company (NYSE: SMG) reported fiscal third-quarter sales increased 28% to $1.49 billion, beating analyst estimate for $1.3 billion (Yahoo Finance). The stock was popping over 12% on the revenue and earnings beat.

Hawthorne sales increased 72% to $302 million versus $176 million for the same time period a year ago. The U.S. consumer increased by 21% to $1.08 billion from $889.1 million.

The continued strength of the business in fiscal 2020 caused Scotts to increase its guidance for full-year sales, adjusted earnings, and free cash flow. The new sales forecast for fiscal 2020 is for 26-28% growth and is estimating the U.S. consumer segment grows 20-22%. Hawthorne sales are forecast to grow 55-60%. Scotts had said back in June, that it expected U.S. Consumer sales to increase 9-11% in fiscal 2020 and Hawthorne to increase 45 to 50%.


Aphria Inc. (NASDAQ: APHA) stock was falling almost 10% in early trading after the company reported its financial results for the fourth quarter and fiscal year ended May 31, 2020, in Canadian dollars. Aphria delivered net revenue of $152.2 million in the fourth quarter, an increase of 18% from the prior-year quarter, and an increase of 5% from the prior quarter. This number also beat the analyst estimate of $149 million.

However, the stock was getting beaten up after the company also reported a $98.8 million net loss for the fourth quarter, which was much worse than last year’s net income of $15.7 million. The losses were attributed to a non-cash impairment of $64.0 million in the quarter, which was due to “measures taken with respect to certain of the Company’s international businesses in response to the COVID-19 pandemic.”

For the full year, Aphria reported net revenue of $543 million, with a net loss of $84 million. The 2020 revenue increased by 129% from $237.1 million in 2019.


A new study is being conducted to measure the quality of life that medical cannabis patients in Pennsylvania report when using cannabis to address pain relief.  The University of the Sciences and Releaf App have partnered with the Pennsylvania dispensary Keystone Canna Remedies to conduct a second collaborative research study on the effectiveness of Pennsylvania’s medical cannabis program.

An original study by that group found that cannabis products with THC gave the greatest symptom relief in patients. The report said that on a 10-point scale, the pain relief seen in patients taking primarily THC products was nearly two points, a statistically significant difference from one point reduction seen in patients taking primarily CBD based products.

 In Other News

CV Sciences, Inc. (OTCQB:CVSI) maker of hemp derived cannabidiol (CBD) products, today announced a strategic category expansion into condition specific dietary supplements with the launch of CV™ Acute, the first of several products to be launched under its new Immunity product line. This new non-CBD product line will open markets and sales channels for the Company, including major e-commerce retailers not currently accessible by CBD-based products.

StaffStaffJuly 28, 2020


It’s time for your Daily Hit of cannabis financial news for July 28, 2020.


On The Site

Clever Leaves

As announced in early June, Clever Leaves International is expected to be one of a few cannabis companies listed on the NASDAQ making this investment available to a substantially broader base of investors. The company has one of the largest cultivation and extraction operations in Latin America and is among the largest in the world, including Canada’s licensed producers and top extractors.

It is making its way onto the NASDAQ through the Schultze Special Purpose Acquisition Corp. (NASDAQ: SAMA). The deal is expected to close in the fourth quarter and will be known as Clever Leaves Holding Corp. Kyle Detwiler, Chief Executive Officer and Andrés Fajardo, President, will continue to lead the combined company.


The passage of the 2018 Farm Bill legalizing hemp sparked a CBD rush with millions in sales and seemingly everyone starting a company using some form of hemp-derived cannabis oil.  Last year’s BDSA and Arcview Market Research, industry report estimated that CBD sales in the U.S. would surpass $20 billion by 2024. New York-based investment bank Cowen & Co forecast that the market would hit $15 billion by 2025.

A new report from the Brightfield Group,  “US CBD Market July 2020“, warns those numbers will be much lower as a result of the impact of COVID-19 on shoppers. Several reasons are behind the drop in sales from lockdowns causing brick and mortar store closures, to shifts in retailers making deliveries and even the job crisis that is hurting consumers’ wallets. The report stated that in 2020, the US hemp-derived CBD market is projected to reach $4.7 billion in sales, with 14% growth from 2019 sales of $4.1 billion. The market had been expected to grow by over 30%.

In Other News


Orchid Ventures, Inc. (OTC: ORVRF)  reported that for the second month in a row, the company has continued to set purchase order records totaling over $2MM CAD, or over 100% month-over-month growth. On July 23, 2020, through its wholly-owned subsidiary, PurTec Delivery Systems, the company received purchase orders from both its licensee in Oregon and from other substantial PurTec customers. The company also announces that its Chief Operating Officer, Eric Vaughan, has taken a leave of absence. During this time and upon his return, Mr. Vaughan will act as a consultant to the Company.


Megalabs today announced its partnership with Medterra to bring their well-known CBD products to Mexico, Argentina and Brasil. With the populations in these countries showcasing an increased interest in high-quality CBD products, Megalabs will utilize its advanced

StaffStaffJuly 28, 2020


It’s time for your Daily Hit of cannabis financial news for July 27, 2020.

On The Site


PotNetwork Holdings, Inc. (OTC PINK:POTN)  filed its 2019 Annual Report and reported that its revenues fell 41% to $15 million versus $25.5 million in 2018. The company attributed the drop in revenue to “distribution contraction as a result of the FDA Warning Letter, along with the paring and streamlining of the product lines in mid-2019.”

The company received an FDA warning letter from the U.S. Food and Drug Administration on March 28, 2019, related to the marketing of CBD products by Diamond CBD, a subsidiary of the company. Diamond CBD removed all claims from the website that were referenced in the Warning Letter. Specifically, claims that included references to clinical studies on CBD demonstrating health benefits for patients with certain diseases, including Alzheimer’s and diabetes. Based on those claims, the FDA considered the products to be unapproved new drugs in violation of the FDCA.

The net loss for 2019 was $(3,367,831) versus 2018’s net profit of $242,634 and was attributable to the decrease in gross profit. The gross profit from the sale of all products in 2019 was $4,816,604, a drop of 46% from 2018’s $8,959,433.


MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF) is buying Biome Grow Inc. (CSE:BIO) (CNSX:BIO.CN) for roughly $12,898,727 (all figures in Canadian dollars). Biome is a Canadian-based company with national and international business interests in the cannabis industry. Its wholly-owned subsidiary Highland Grow Inc. is licensed to cultivate, process, and sell cannabis.

The transaction will include $1.5 million in cash and 42,813,985 common shares in the capital of MYM at a price per share of $0.065 and 132,551,040 newly-created non-voting Class A Special Shares of MYM. Biome will become the largest shareholder of MYM.

In Other News

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced the launch of its new U.S. e-commerce website: ShopCanopy.com. ShopCanopy serves as the online home for Canopy Growth’s growing portfolio of U.S. hemp-derived CBD product lines, and a one-stop shop for over 25 product SKUs from brands such as First & Free, This Works, and BioSteel. The site will continue to feature new brands from Canopy Growth, including the highly anticipated launch of Martha Stewart CBD.

StaffStaffJuly 22, 2020


It’s time for your Daily Hit of cannabis financial news for July 22, 2020.

On The Site


Europe’s largest independent cannabis company EMMAC Life Sciences Limited will become a publicly-traded company on the NASDAQ following a merger with Andina Acquisition Corp. III (NASDAQ: ANDA). The two companies signed a non-binding letter of intent (LOI) to combine with EMMAC’s shareholders rolling over all of their equity in EMMAC into the combined public company and becoming the majority owner of the combined company


Cannabis wholesale marketplace, LeafLink announced that its cannabis supply chain financing arm LeafLink Financial has closed a $250 million senior secured credit facility with a private commercial lender. The company said that the capital will be used to provide liquidity directly to licensed businesses.

“We are excited to announce this milestone – it’s a huge leap forward for the cannabis industry, and marks a major advancement in the way LeafLink is able to serve and support our community,” said Doug Gordon, EVP and Head of LeafLink Financial. “As the cannabis industry’s wholesale marketplace, we are in the ideal position to support our customers with the liquidity they need to efficiently run their businesses, and closing this facility allows us to accomplish just that.”

Keystone Canna Remedies

As the pandemic stretches into more months, dispensaries are realizing that this might not be a temporary situation. Slapping up some plastic sheets isn’t a solution that will work for the long-term and it just doesn’t look nice. One company has incorporated new safety design measures in its dispensaries and it seems that these local level efforts could set a trend nationwide.

Led by the Guadagnino family (a family-owned business), Keystone Canna Remedies (KCR) is an MMJ dispensary chain in Pennsylvania that currently has 3 locations – Allentown, Bethlehem, and Stroudsburg (the Poconos). Its third dispensary in Stroudsburg, PA has included features in its design of the space by architect Ryan Welty of RGW Architecture, LLC to make sure both patients and employees are safe.

In Other News

Willow Biosciences Inc.  (OTCQX: CANSF) is pleased to announce that it has been approved to commence trading on the OTCQX® Best Market, beginning today, July 22, 2020, under the symbol “CANSF”. Willow has upgraded to the OTCQX from the OTCQB® Venture Market.


Sunniva Inc.  (OTCQB:SNNVF) announces that on July 21, 2020, its wholly-owned subsidiary 1167025 B.C. Ltd entered into a Purchase and Sale Agreement with a British Columbia investment company pursuant to which it has agreed to sell the OK Falls Property to the Buyer for gross proceeds of CA$6,800,000. Closing of the Transaction is subject to completion of due diligence and confirmation of the waiver of conditions of the Property by the Buyer, but is not subject to a financing condition.

StaffStaffJuly 21, 2020


On The Site


The FDA issued draft guidance for clinical research related to the development of drugs containing cannabis or cannabis-derived compounds. The FDA is taking comments and suggestions for the next 60 days. The guidance does not address the development of fully synthetic versions of substances that occur in cannabis.

As part of drug development, sponsors may conduct clinical trials under an investigational new drug (IND) application to determine if a drug is safe and effective for a particular intended use. The IND application provides a mechanism for those developing a new drug to conduct studies and ship their proposed drug to clinical trial sites. The data obtained from these studies may later become part of a new drug application (NDA), which is then used to formally propose that FDA approve a new drug for sale in The United States.


Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) reported its third-quarter net revenue fell to $18.0 million from last year’s $24.8 million for the same time period ending in May. The net loss increased 783% to $89.8 million from last year’s net loss of $10 million. The company noted that several things went wrong which led to the drop in revenue. Organigram said in its statement, “Lower flower sales volumes and a lower average net selling price driven by increased competition and as the large format dried flower value segment of the recreational market grew in Q3 2020 while there was a delay launching Organigram’s large-format value product due in part to a reduced workforce from COVID-19 and earlier delays in packaging material and equipment.


Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF)closed on a C$34 million offering that was announced on July 2, 2020. The company said proceeds of the offering will be used to fund Grassroots’ high-return expansion projects, replenish its working capital as well as for general corporate purposes.

Joseph Lusardi, CEO of Curaleaf, said, “Our successful completion of this private placement further strengthens Curaleaf’s balance sheet and provides additional flexibility to support our future expansion initiatives as we look to extend our leadership position in the fast-growing U.S. cannabis market.”

Special K

The psychedelic industry is seeing a boom in the creation and expansion of ketamine clinics. The growth is in this industry has come about as the acceptance of the medical marijuana industry spread across North America. A group of medical professionals believes that this stigmatized substance may offer effective treatment for those suffering from mental health crises.

Known colloquially as special K, super acid, and cat valium, ketamine was added to the U.S. schedule of controlled substances in 1999. A “dissociative anesthetic,” ketamine has a street reputation for its dream-like high.

In Other News

Papa & Barkley, the leading cannabis wellness company in California, best known for its award-winning topicals and tinctures, today announced the launch of its Releaf Gummies, a line of sugar-free, gluten-free, keto-friendly, zero-calorie, full spectrum, and solventless edibles. They come in four fruity flavors: Tart Apple and Berry Burst, which are vegan, and Juicy Orange and Wild Strawberry.

Designed for health-conscious consumers, Releaf Gummies are Papa & Barkley’s first line of edible wellness products. Great for stress, anxiety, relaxation, sleep, and acute pain, each gummy contains 5mg of THC, making it easy for consumers to control and increase their dose as needed.

StaffStaffJuly 20, 2020


It’s time for your Daily Hit of cannabis financial news for July 20, 2020.

On The Site

Columbia Care

Columbia Care (OTCQX: CCHWF) sold two of its properties in New Jersey for $12.4 million to Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR). Columbia Care will then rent the two properties which include an industrial building comprising approximately 50,000 square feet and a retail location comprising approximately 4,000 square feet.

Columbia Care will continue to operate the retail property as a regulated medical-use cannabis dispensary and the industrial property as a regulated medical-use cannabis cultivation and processing facility. Columbia Care is expected to complete improvements to the industrial property and IIP has agreed to provide reimbursement of up to $1.6 million. This brings IIP’s total investment in the two properties to approximately $14.0 million if all the improvement money is reimbursed.


GenCanna, one of Kentucky’s largest hemp companies, filed for voluntary Chapter 11 reorganization with the U.S. Bankruptcy Court in the Eastern District of Kentucky earlier this year in February. One problem with GenCanna’s bankruptcy filing though was that MariMed (OTC:MRMD) was one of the largest shareholders in the company. It had a $34 million claim against the company sparking a battle over control of the company.

Last week, Law360 reported that MariMed lost a round over the efforts to gain control over the company. The website said that U.S. Bankruptcy Judge Gregory Schaaf of Kentucky found MariMed had acted improperly when it attempted to replace members of GenCanna’s board of directors and force out GenCanna’s president and chief executive officer


Zelira Therapeutics Ltd  ZLDAF   has confirmed its phase one dose-escalation trial of ZTL-103 has successfully met its primary and secondary endpoints for safety and efficacy.

The Study:

The recent study was conducted at the St Vincent’s Hospital in Melbourne, Australia, and the Emerald Clinics (EMD) in Perth, suggests cannabis is a safe option for patients to integrate into their current pain treatment. That includes patients who already consume high doses of opioids.

In Other News


NextPoint Acquisition Corp. has filed a preliminary prospectus for an initial public offering as a newly-organized special purpose acquisition corporation formed for the purpose of effecting an acquisition of one or more businesses or assets within a specified period of time.

NAC intends to focus its search for target businesses in the alternative lending and financial services sector; however, it is not limited to a particular industry or geographic region for purposes of completing its qualifying acquisition. NAC intends to focus its search for target businesses on alternative lending and financial services companies with target market capitalizations of between $50 million and $600 million. 

TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF), a business solutions provider to the global cannabis industry, announced today that Gary Santo has joined the Company as Senior Vice President, Head of Capital Markets and Investor Relations.

StaffStaffJuly 15, 2020


It’s time for your Daily Hit of cannabis financial news for July 15, 2020.

On the Site


Cannabis technology company POSaBIT Systems Corporation (CSE: PBIT) reported rising revenue for the first quarter of 2020 and said it expects to meet its prior forecast for revenue of $8 million for the year of 2020. Total revenue for the quarter ending March was $972,000, up 5% compared with $897,000 in the first quarter of 2019.

The net loss for POSaBIT was $792,743, which was slightly higher than last year’s net loss of approximately $774,000 for the same time period. The gross profit was $70,833 an increase of 192% compared with a gross profit of $36,797 in the first quarter of 2019. The company engages in blockchain-enabled payment processing and point-of-sale systems for cash-only businesses.

In Other News

ManifestSeven, California’s first integrated omnichannel platform for legal cannabis, today announced that it has received conditional approval for the listing of its common shares on the Canadian Securities Exchange. Subject to satisfying customary listing obligations, the Company’s common shares will commence trading on the CSE under the ticker symbol “MSVN”

“The CSE is proud to welcome ManifestSeven to our publicly-listed, cannabis sector peer group on the Exchange for Entrepreneurs,” said James Black, The CSE’s Vice President of Listings Development. We are looking forward to collaborating with the company as it deploys its unique supply chain management solutions across the cannabis industry – a foundational segment of the Canadian Securities Exchange.”


CURE Pharmaceutical (OTC: CURR), an innovative drug delivery and development company, today announced that its 25mg cannabidiol (CBD) oral thin film (OTF) showed improved bioavailability of cannabidiol in healthy subjects, compared with 25mg soft gels. Specifically, a pharmacokinetic (PK) study in 14 healthy adults showed a significantly higher serum concentration (Cmax) and significantly faster absorption (Tmax) from CURE’s CBD OTF dose form than from a commercially available CBD soft gel. The study also suggests that the CUREform™ delivery platform, which entails solubilization and encapsulation of the molecule, might deliver better results than solubilization alone, as used in the soft gel product, and may play a synergistic or additive role in bioavailability.


Being Hemp, the makers of THC-free CBD products formulated doctors to specifically address women’s unique health, wellness and beauty needs, today launched a line of products designed to deliver pure, powerful results for female consumers – an anti-aging skin care system, five condition-specific tinctures, and the first-ever apple cider vinegar gummies featuring high-absorption Nano CBD.

All Being Hemp’s products are hemp-derived with higher CBD levels per serving and incorporate patented Nano technology to increase bioavailability, meaning that more CBD is delivered to the needs of the consumer faster and with longer-lasting impact. The Nano CBD feature, combined with key vitamins, minerals, essential fatty acids and time-tested organic botanicals, dramatically increase the products’ ability to deliver natural, targeted and effective results for women.

StaffStaffJuly 14, 2020


It’s time for your Daily Hit of cannabis financial news for July 14, 2020. 

On the Site 


MJardin Group, Inc.  (OTCQX: MJARF) reported first-quarter revenue dropped to $2.2 million versus last year’s revenue of $10.7 million for the same time period in 2019. The company also delivered a net loss of $8.1 million, which was lower than last year’s first-quarter loss of $14.8 million (all figures in Canadian dollars). 

”During the first quarter we remained focused on the completion of our cultivation assets as we continue to push aggressively towards being prepared to penetrate the Canadian recreational market with our products, and ramping up revenues starting in the second half of 2020,” commented Pat Witcher, CEO of MJardin. “I am very encouraged with the progress our team is making with bringing our assets online as well as exploring strategic growth opportunities which could start contributing to our profitability in the foreseeable future.” 


Mydecine Innovations Group Inc. (CSE: MYCO) (OTC: MYCOF) has entered into an agreement to buy Canadian-based NeuroPharm Inc. in a deal valued at roughly $6.3 million. NueroPharm is a  developer of natural psychedelic-based treatments for mental health disorders. Mydecine recently signed an agreement with Applied Pharmaceutical Innovation (API), a translational commercial drug institute at the University of Alberta’s Faculty of Pharmacy and Pharmaceutical Sciences as it makes fast progress in the psilocybin world. 

Colonel (Ret’d) Pucci, CEO of NeuroPharm said, “Our mission is to develop and bring to market treatments addressing the mental health conditions frequently experienced by veterans, including PTSD, depression, and anxiety.  We understand the unique circumstances of the veteran community and are devoted to treating these substantial unmet needs.  Our collaborative partnership with Mydecine will accelerate our ability to address the enormous challenge of restoring the overall wellness in the veteran, EMS and frontline personnel communities.” 

In Other News 

4Front Ventures 

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported First Quarter 2020 Financial Results Highlights with revenue for the first quarter of 2020 at $16.9m. Net losses were $8.1 million. Gross profit for the first quarter was $9.7m. Adjusted EBITDA for the first quarter was a loss of $2.8m. 

Leo Gontmakher, CEO of 4Front, said, “Entering 2020, we have been laser-focused on leaning out and replicating our low-cost cultivation and production model in targeted states. We left the first quarter with a focused business model, streamlined cost structure and fortified balance sheet that has set the stage for us to accelerate growth across our core markets of Washington, Illinois, Massachusetts, Michigan, and California.”

Gontmakher added: “We are ecstatic to have reached a resolution with the Massachusetts Cannabis Control Commission as it clears the way for our long-awaited approvals for adult-use licensing in the state. We continue to execute on our plans to not only flip to cash flow positive this year but to set the stage to exit this year in a position to drive meaningful operating leverage in our business. With funded expansion already underway in Massachusetts and Illinois, we look forward to commencing construction of our Commerce, California facility before the end of the year. We are proving that our success in Washington can be replicated in every state in which we operate and are extremely confident in how the company is positioned as we enter this new season.”

CB2 Insights 

Summary of Q1 2020 Key Milestones and Consolidated Results 

  • Total revenue for Q1 2020 was $2.93 million, up from $2.8 million from the prior year; 
  • Gross profit was $1.9 million in Q1 2020 compared to $2.2 million from the year prior; a decrease of 13.6% due to the addition of the three new acquisitions in 2019 not reflected at the same period last year. Some of these clinics operate with provider hours paid on an hourly basis. With seasonality impact, we see higher cost of delivery during this time but expect that the negative impact on gross margin will be short-term in nature 
  • Adjusted EBITDA loss was $0.6 million in Q1 2020 versus adjusted EBITDA loss of $0.7 million from the prior year due to continued improvements to the operating model and top line growth; 

StaffStaffJuly 13, 2020


It’s time for your Daily Hit of cannabis financial news for July 13, 2020.

On the Site


Jushi Holdings Inc. (OTCQX: JUSHF) announced $15.25 million in debt financing. To date, The company said it has received cash proceeds of $16.325 million and additional binding subscriptions, for a pro forma total issuance of $17.425 million of 10% senior secured notes and warrants to acquire a subordinate voting share. The company also received non-binding indications of interest for up to an additional $10 million of financing.

The money will be used for the cash portion of a previously announced Pennsylvania grower-processor permit holder transaction.  Last month the company said it was planning on buying Vireo Health’s (OTC:VREOF) Pennsylvania Medical Solutions in an effort to strengthen its position in the state’s market. Jushi was to pay Vireo $16.3 million in cash, a $3.8 million seller note, and assume a $17 million facility associated with a long-term lease obligation. The $37 million deal is expected to close by the end of August 20.


According to the state Department of Revenue data, Colorado’s cannabis dispensaries sold almost $192.2 million worth of marijuana products in May. the state reported $42.9 million in medical marijuana sales and $149.1 million adult-use cannabis sales.

Sales shot up 23% over April, which is typically the biggest month for sales due to the 420 holiday. That’s an 11% increase over the all-time high of $173.2 million, set in August of 2019. Denver County alone accounted for $43.9 million in sales.

In Other News

In celebration of National Hemp Month, Uncle Bud’s, the Made in America, mass-market leader in Hemp and CBD, reveals its first campaign imagery with Jane Fonda, the brand’s newest ambassador. Shot by acclaimed photographer John Russo with styling by Cristina Ehrlich, who is named one of the top 25 most powerful stylists by The Hollywood Reporter, the campaign features two-time Academy Award-winning actress, author, activist, and fitness guru Jane Fonda, who was playfully captured with her go-to products from Uncle Bud’s Hemp & CBD.

With the partnership kicking off during the pandemic, Uncle Bud’s, an innovative leader in the Hemp and CBD space was inspired to get creative in working with Fonda to release the collaboration. In lieu of a traditional photoshoot, Fonda was announced as the brand’s newest ambassador in May by way of a lighthearted video created by Fonda and shared on her personal social media accounts. The video was a fun play on TikTok’s viral ‘pass the brush’ challenge, and the partnership has lived on social channels until now.

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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