Daily Hit Archives - Page 2 of 17 - Green Market Report

Debra BorchardtDebra BorchardtDecember 18, 2018
daily_hit004-1280x533.png

5min1610

It’s time for your Daily Hit of cannabis financial news for December 18, 2018.

On The Site

Tilray Inc.

Tilray Canada Ltd., a subsidiary of Tilray Inc. (NASDAQ: TLRY) entered into an agreement with Sandoz AG, which is a part of the Novartis group, to increase the availability of high-quality medical cannabis products across the world. In the agreement, Sandoz AG will support the global commercialization of Tilray’s non-smokable/non-combustible medical cannabis products. Tilray and Sandoz AG may co-brand certain non-smokable/non-combustible products. Tilray may supply non-smokable/ non-combustible medical cannabis products and license rights to and from Sandoz AG in relation to such products. Both companies may also partner to leverage best-in-class knowledge to educate pharmacists and physicians about medical cannabis products.

Italy

Competition in Italy is heating up following a slew of major investments from Canadian firms seeking to expand their European cannabis footprint in a burgeoning market.

On December 6, Toronto cannabis investment vehicle Canopy Rivers pumped $17m into CanapaR Italy, an Italy-based organic hemp production and processing platform, taking its total shareholding to 49.9 percent as part of a $25m investment.

TriGrow Systems

MJ is switching its existing, vertically-integrated Denver facilities, as well as enabling its new ones in Las Vegas, to a method powered by TriGrow Systems that will standardize and automate the cultivation process. A combination of custom software and specialized hardware is resulting in consistent results from plants. This customization even extends to proprietary nutrients that are blended for specific strains as well as to optimize plant growth.

In Other News

Terra Tech Corp.

Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF)  said that it has decided not to pursue a potential transaction with Terra Tech Corp. (OTCQX: TRTC). Golden Leaf and Terra had previously announced the signing of their nonbinding letter of intent on November 5, 2018.

This follows the explosive lawsuit filed last week by a  Reno, Nevada woman who is suing Terra Tech (TRTC) and claiming fraud. Loeb Hegerich became a co-owner of a Blum dispensary in midtown Reno. Loeb claims that Terra Tech’s financials weren’t audited as claimed and that funds were commingled with other joint ventures. In addition, there were numerous other claims about financial misdeeds. Loeb said she hasn’t received any money from the investment.

The lawsuit describes various financial mishaps by CEO Derek Peterson and claims that the CFO Michael James has been involved in three companies that resulted in total shareholder wipeouts.

Terra Tech issued a statement that strongly denies these allegations and said it would like to highlight that these are only allegations by a business partner which have not been proven. The company maintains that, after a full vetting of relevant facts, Terra Tech will be fully vindicated.

MJardin Group, Inc.

MJardin Group, Inc. (CSE: MJAR) announced its first medical cannabis research investment to fund two studies on the benefits of cannabinoids on epilepsy and schizophrenia. Beginning in the first quarter of 2019, the studies will be conducted in Salamanca, Spain for a period of one year, in collaboration with Salamanca University and the Institute of Neuroscience of Castilla y León – two of the leading institutions globally for the scientific research of the nervous system and its diseases.

Weekend Unlimited Inc.

Weekend Unlimited Inc. (CSE: YOLO) announced the appointment of Mr. Paul Chu to the role of President and CEO. As an Executive and Entrepreneur, Mr. Chu brings over 25 years of success across a variety of industries including CBD cannabis, technology, hardware/software, food and beverage, energy, telecommunications, hospitality, and real estate.


Debra BorchardtDebra BorchardtDecember 17, 2018
daily_hit004-1280x533.png

4min1480

It’s time for your Daily Hit of cannabis financial news for December 17, 2018.

On The Site

New York Legalization

New York State Governor Andrew Cuomo presented his 2019 agenda on Monday morning to the New York Bar Association and it included his plan to legalize adult use cannabis. “Let’s legalize the adult use of recreational marijuana once and for all,” said Governor Cuomo.

During the midterm elections, the New York State government shifted to a Democratic control and it was expected that the new lawmakers would fully legalize cannabis. There have been estimates that legalizing cannabis could bring in an additional $1.3 billion in annual tax revenues with $336 million for New York City alone.

Tilray

Tilray, Inc. (NASDAQ: TLRY  )  has signed a binding letter of intent (LOI) to purchase hemp-derived CBD isolate from LiveWell Canada Inc. (CSE: LVWL), which will be sourced from the United States and Canada.  Hemp CBD is estimated to be a $22 billion market in the U.S. The product will be used for distribution of Tilray-owned wellness and medical products across North America.

LiveWell will supply Tilray with a minimum of 150 kilograms per month of wholesale CBD isolate cultivated and processed from hemp commencing in February 2019, through to July 2019. The amount then increases to a minimum of 300 kg/month for the remainder of the contract, until December 2019. Tilray has the option to increase the amount of CBD supply purchased to 500 kg/month, and there is an additional 12-month renewable option.

In Other News

Terra Tech

A Reno, Nevada woman is suing Terra Tech (TRTC) and claiming fraud. Loeb Hegerich became a co-owner of a Blum dispensary in midtown Reno. Loeb claims to have contributed $633,156, and Terra Tech has only contributed $513,706, which was as much as they had originally agreed to invest. Loeb also claims that Terra Tech’s financials weren’t audited as claimed and that funds were commingled with other joint ventures. In addition, there were numerous other claims about financial misdeeds. Loeb said she hasn’t received any money from the investment.

The lawsuit describes various financial mishaps by CEO Derek Peterson and claims that the CFO Michael James has been involved in three companies that resulted in total shareholder wipeouts. The lawsuit also detail numerous bankruptcies by Terra Tech executives. Loeb also claims that Terra Tech has tried to oust her from the company.

Terra  Tech issued a statement to News 4 in Reno saying, “We are aware of the allegations made by Ms. Loeb-Hegerich. Terra Tech strongly denies these allegations. We remind the public that the allegations in her complaint are just that – allegations by a business partner which have not been proven. We maintain that, after a full vetting of relevant facts, Terra Tech will by fully vindicated.

New Jersey

The New Jersey Department of Health have selected six businesses to apply for new medical marijuana permits. Two were chosen for three portions of the state to make sure patients had access.


StaffStaffDecember 13, 2018
daily_hit004-1280x533.png

4min1470

It’s time for your Daily Hit of cannabis financial news for December 13, 2018.

On The Site

Harvest Health & Recreation, Inc. (CSE: HARV)  has formed a joint venture with Aina We Would (AWW), LLC for a real estate investment vehicle that plans to provide funding to purchase cannabis-related real estate assets. In addition to a Harvest subsidiary, AWW is made up of two family offices, Aina Advisors LLC and Stadlen Family Holdings, LLC.

Aina and Stadlen have both committed to fund or arrange up to $100 million to fund projects for the joint venture. The statement said that AWW plans to buy, develop and finance new construction projects, engage in land purchases, capital improvements and sale-leasebacks to Harvest and other operators in the cannabis industry.

HEXO Corp. (TSX: HEXO) (OTC: HYYDF) reported its financial results for the first quarter of the 2019 fiscal year with gross revenue of  C$6.7 million versus last year’s C$1.1 million for the same time period. The revenue figure includes C$5.2 million from legal adult-use cannabis sales during the first two weeks of legalization.

Still, the company delivered a net loss of C$14.7 million versus last year’s net loss of C$381,000. Hexo said that the increased loss was mainly due to higher expenses needed for expanding the scale of the operations as it prepared for the legalization of the adult-use market and the realization of stock-based compensation expenses in line with the increased headcount and market share price value of the company.

In Other News

Plus Products Inc. (CSE: PLUS) completed the acquisition of all the assets of California-based cannabis-infused baked goods brand GOOD CO-OP, INC. pursuant to the terms of an asset purchase agreement among the Company, Plus Products Holdings Inc., GOOD and the GOOD security holders’ agent. Under the terms of the agreement, the Company issued 357,464 subordinate voting shares to the shareholders and holders of simple agreements for future equity of GOOD at a valuation of approximately CAD$2,030,000. Of the 357,464 subordinate voting shares issued, 323,451 subordinate voting shares are subject to an earn-out as previously disclosed in the Company’s press release of December 3, 2018.

Treez closed its acquisition of Washington-based traceability software, Mister Kraken, which is used by more than 130 burgeoning cannabis producers and manufacturers in Washington state. Treez will be re-branding the Mr. Kraken product as Grow Treez.

Khiron Life Sciences Corp.  (TSXV: KHRN), (OTCQB: KHRNF) completed its acquisition of the Latin American Institute of Neurology and the Nervous System (“ILANS”). ILANS is one of the most respected, fastest growing, and largest health service network providers in Colombia and Latin America.


William SumnerWilliam SumnerDecember 12, 2018
daily_hit004-1280x533.png

5min1170

It’s time for your Daily Hit of cannabis financial news for December 12, 2018

On the Site

Aphria Continues International Push With Paraguay Despite Criticism

Aphria Inc.  (TSX: APHA) (NYSE: APHA) continues to forge ahead with its international expansion despite coming under fire from a short seller recently. Recently, Hindenburg Investment Research and Quintessential Capital Management released their short report on the company and questioned some of Aphria’s overseas investments causing the stock to plunge and triggering price target reductions by analysts.

Senate Votes To Pass 2018 Farm Bill, Next Stop Is The House

The 2018 Farm Bill has passed in the U.S. Senate with a vote of 87-13. The legislation goes to the House next for a vote and if it passes there, it will head to the President’s desk to be signed. Hemp will be switched for review to the Department of Agriculture and away from the Justice Department.

LeafLink Says Alaska, Maryland Most Expensive Place To Buy Cannabis

Earlier this week, the cannabis technology platform LeafLink released its 2018 Wholesale Cannabis Pricing Guide and the company learned that Alaska and Maryland are the two most expensive states to buy legal cannabis, followed by Nevada and California.

In Other News

GTEC Holdings Ltd.

GTEC Holdings Ltd. (TSXV: GTEC), a vertically integrated cannabis company, announced today that it had been approved for up-listing of trading onto the OTCQB Venture Market. Effective immediately, the company will start trading on the OTCQB under the symbol GGTTF.

mCig Inc.

mCig Inc. (OTCMKTS: MCIG) announced that Cal Acres Inc., a California company with majority ownership by MCIG, has received its Type-11 Distribution Temporary license from the state of California. Though the company has not completed construction on its distribution facility, Cal Acres may use its license to purchase and store product in a rented facility for the time being. Cal Acres expects that it will receive its cultivation and manufacturing licenses over the next several weeks. “Obtaining a temporary distribution license allows us to interact with the thousands of California Cultivators, Manufacturers, and Distributors… It’s a new launching pad for our future brands,” said Paul Rosenberg, CEO of MCIG Inc.

Mary’s Tech CA

Mary’s Tech CA has announced the opening of a 1,500 square foot manufacturing and distribution facility in Grover Beach, California. The climate-controlled facility utilizes proprietary automation equipment and a high-performance liquid chromatography machine for in-house testing. “We are pleased to officially be operating under our own BCC manufacturing and distribution license and to be in full control of the operations pipeline,” said Lynn Honderd, CEO of Mary’s Tech CA, Inc. “Partnering with EVIO Labs, a premier provider of analytical testing and research, as well as utilizing a robust distribution team, will result in improved efficiencies across the board. Ensuring that patients and consumers in California have consistent access to clean, reliable and accurately dosed products is the utmost importance to us.”


StaffStaffDecember 11, 2018
daily_hit004-1280x533.png

4min1910

It’s time for your Daily Hit of cannabis financial news for December 11, 2018.

On The Site

Farm Bill

The 2018 Farm Bill has passed in the U.S. Senate with a vote of 87-13. The legislation goes to the House next for a vote and if it passes there, it will head to the President’s desk to be signed. Hemp will be switched for review to the Department of Agriculture and away from the Justice Department.

Language that would ban people with felony convictions from working in the hemp industry was amended so that the ban would end 10 years after this legislation is passed.

Dispensary Updates

MPX Bioceutical

MPX Bioceutical Corporation  (CSE: MPX; OTC: MPXEF) announced that GreenMart NLV, LLC, a subsidiary of MPX, has been awarded four conditional retail marijuana store licenses in the state of Nevada.

MedMen Enterprises

MedMen (MMEN.CN) (MMNFF) announced that it has closed its previously announced acquisition of a dispensary license in Emeryville, California from B12, LLC. MedMen paid a combination of cash at closing and shares of MedMen in an undisclosed amount. The transaction closed within 90 days of signing.

Liberty Health Sciences Inc.

Liberty Health (CSE: LHS) (OTCQX: LHSIF)  opened its first South Florida dispensary in the heart of Miami. The new dispensary provides customers in Miami-Dade County, the most populous county in Florida, access to premium quality medical marijuana products and educational services.

In Other News

Alternate Health Corp. (CSE: AHG) (OTCQB: AHGIF) closed a non-brokered private placement of 12,739,000  common shares at a price of CAD$0.40 per common share for aggregate gross proceeds of CAD$5,095,000. The common shares are subject to a four month and one day hold period in accordance with Canadian securities laws.

Essence, Las Vegas’ largest marijuana dispensary, and cultivation operation were awarded a record number of new dispensary licenses in the state of Nevada. Essence is about to be acquired by Green Thumb Industries (GTII.CN). Essence applied for and was awarded eight licenses total, giving the Company retail expansion across the State, including Sparks, Carson City, Reno, Clark County (qty. 2), City of Las Vegas, North Las Vegas, and the City of Henderson.

GrowGeneration Corp. (OTCQX: GRWG) announced it signed a lease to open a new 10,000 square foot cultivation equipment warehouse operation and product showroom in Maine, to service the legal cannabis cultivators in the State of Maine. The Company plans to be open for business in early 2019. The Maine store will be the company’s 20th location across 8 states.


StaffStaffDecember 6, 2018
daily_hit004-1280x533.png

6min2580

It’s time for your Daily Hit of cannabis financial news for December 6, 2018.

On The Site

TILT

TILT has begun trading on the Canadian Securities Exchange under the ticker symbol “TILT” and also acquired the cannabis distribution company Blackbird Holdings Corp. for USD $50 million. The company has released further details about its previously announced acquisition of Standard Farms.

Standard Farms is a multi-state medical cannabis company that focuses on extraction and cultivation, and its products are in approximately 95% of Pennsylvania’s dispensaries. TILT has acquired Standard Farms for $12 million in cash and $28 million in securities.

Ascend Wellness

Ascend Wellness has plans to become the leading cannabis operator in the Massachusetts, Michigan and Illinois markets and it just got a big jump on the effort. This vertically-integrated cannabis operator completed its latest equity fundraising round.

Ascend raised $40M with the completion of this round and is developing licenses in three major cannabis states that are just beginning to build their markets: Massachusetts, Michigan, and Illinois. Combined, they create the largest market east of the Mississippi, which is equivalent in size to California or Canada, two of the most profitable Cannabis regions in the world.

In Other News

Acreage Holdings

Acreage Holdings (ACRG.U) is investing $160M in Form Factory, a multi-state manufacturer and distributor of cannabis-based edibles and beverages. Form Factory allows the company to bring the same quality, consistency and innovation to cannabis products and Big Beverage and CPG bring to the products on the shelves on Target, Walmart and Amazon. The acquisition will allow cannabis consumers to receive consistent, quality products anywhere they purchase them, allow regulators to oversee distribution in a way never before manageable and establish Acreage Holdings to be at the forefront of interstate commercial deliveries of cannabis once legalized.

Canopy Growth

Canopy Growth Corporation (WEED.TO) (CGC) has finalized an all-cash transaction to acquire Storz & Bickel GmbH & Co. KG, related entities, and IP for a purchase price of up to approximately €145 million. With a 22-year track record of breakthrough innovations, Storz & Bickel is widely recognized as the global leader in vaporizer design and manufacturing.

Based in Tuttlingen, Germany, Storz & Bickel are designers and manufacturers of medically approved vaporizers, most notably the Volcano® Medic and the Mighty® Medic. Storz & Bickel has spent the last two decades developing an automated and internationally certified factory, achieving ISO 13485 certification in 2009. The company has exported devices to 50 markets around the world.

Young America Capital

Young America Capital, the 55 person licensed investment bank and broker-dealer based in Mamaroneck, NY is pleased to announce the successful sale of 100% of the stock of San Felasco Nurseries, Inc., a holder of an authorization to operate as a Medical Marijuana Treatment Center in the state of Florida that can produce, process and dispense medical marijuana products. Each Medical Marijuana Treatment Center is allowed to operate up to 25 dispensaries in the State of Florida, subject to increase in certain circumstances.

MedMen Enterprises Inc.  (MMEN.CN) (MMNFF)  announced the hiring of Michael W. Kramer, a veteran finance executive with a proven track record at retailers such as Apple Inc., Abercrombie & Fitch and Forever 21, as Chief Financial Officer. Kramer’s three decades of experience include serving as chief financial officer of Apple Retail, where he developed successful brick and mortar retail strategies. He also oversaw 12 quarters of increased year-over-year earnings for Abercrombie & Fitch.

Sproutly Canada

Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) announced the hiring of Bryan Semkuley to the senior leadership team as President of Sproutly to accelerate the Company’s strategic objectives of becoming a leading cannabis formulations company focused on beverages. Bryan Semkuley is a seasoned executive with over 30+ years leading global innovation and marketing teams for Fortune 200 companies including Kimberly-Clark (NYSE:KMB), Anheuser-Busch InBev (NYSE:BUD), and Labatt.

 

 


William SumnerWilliam SumnerDecember 3, 2018
daily_hit004-1280x533.png

6min3460

It’s time for your Daily Hit of cannabis financial news for December 3, 2018

On the Site

Cresco Labs

Chicago-based Cresco Labs is set to begin trading on the Canadian Securities Exchange on Monday using the symbol CL. Cresco is headed by Chief Executive Officer Charles Bachtell who was also a founding member of the Illinois Cannabis Bar Association and the Medical Cannabis Alliance of Illinois. Cresco hits the market with operations in six states (Illinois, Ohio, Pennsylvania, Nevada, California, and Arizona). The company focuses on entering markets with outsized demand potential, significant supply constraints and high barriers to entry.

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (OTCMKTS: HTHHF) today announced its financial results for the third quarter ending on September 30, 2018. The financial results pertain the operations of the Harvest Enterprises Group of Companies, which acquired Harvest Health & Recreation (then known as RockBridge Resources Inc.) in a reverse takeover last month.

Meet The Owner Of A Humboldt County Organic Farm

Green Market Report recently visited Humboldt County and during our time out there, we met Dave Sandomeno. He’s the owner/farmer of Sunrise Mountain Farm. Along with his wife Lorelle, they run an organic cannabis farm that supplies product to leading companies like Papa & Barkley. Check out the 8-foot tall cannabis plants!

In Other News

Cronos Group

The cannabis industry was abuzz with news this morning as news broke that the maker of Marlboro Cigarettes, Altria Group, (NYSE: MO) was in talks to acquire the Canadian Licensed Producer Cronos Group (NASDAQ: CRON). News of the talks caused Cronos’ stock price to jump roughly 10% from $9.25 at the start of trading to $10.17 at the close of the market. At present, details of the deal at not forthcoming and there is no certainty that Cronos will even agree to a deal. The talks are expected to last for several weeks.

Aphria

Aphria Inc. (NYSE: APHA) took a major hit today as stock prices for the company plummeted in the wake of a report where shorth seller Gabriel Grego called the company worthless. Grego, who is the founder of Quintessential Capital Management, worked with Hindenburg Research, a forensic analysis firm. In the report, Grego wrote that the company had redirect company funds towards investments held by company insiders. Both Grego and Hindenburg Research are shorting Aphria. In response, Aphria issued a statement calling the report “malicious and self-serving,” and told investors to “exercise caution in relying on the misrepresentations and distortions contained in the report and recognize that, by their own admission, Hindenburg Research “…stands to realize significant gains in the event that the price of any stock covered herein declines.””

OG DNA Genetics

The cannabis brand OG DNA Genetics announced today that it has successfully closed its first two equity financings, raising $35 million from a group of institutional and strategic investors. Serving as the placement agent for the financings was KES 7 Capital Inc. The company intends to use the proceeds to manufacture, distribute, and sell a variety of cannabis products under the DNA brand label. “I’m excited with our ability to now bridge the gap between real financial markets and real cannabis companies,” said Don Morris, co-founder of DNA. “We have a strong network of great operators and brands across many verticals and applications in the cannabis space, which combined with this capital raise enables us to further develop and refine them, while always staying true to our core strengths, which have positioned us extremely well for our next phase of growth.”


William SumnerWilliam SumnerNovember 29, 2018
daily_hit004-1280x533.png

6min2510

It’s time for your Daily Hit of cannabis financial news for November 29, 2018.

On the Site

MedMen

MedMen Enterprises (MMEN) (MMNFF) reported that its fiscal year 2019 first-quarter revenue grew 1,094% to $21.5 million over last year’s $1.8 million for the same time period. Still, the company reported a net loss of $66.5 million, or a loss of $1.42 per share, a dramatic increase over last year’s loss of $5.7 million for the same time period. This was a slight improvement over the net loss of $78.7 million for the fourth quarter last year.

Acreage Holdings

Today, Acreage Holdings Inc. (CSE: ACRG.U) announced its unaudited financial results for the third quarter, which ended on September 30, 2018.

Acreage reported quarterly revenue of $5.5 million, representing a 160% increase when compared to the same period in the previous year. The company’s year-to-date revenue increased by 92% to $10.6 million. The company’s net loss increased from $0.7 million in the third quarter of 2017 to $4 million. The year-to-date net loss was $2.1 million.

Dixie Brands Begins Trading On CSE Today

Dixie Brands, Inc. began trading on the Canadian Securities Exchange (CSE) on Thursday following the completion of a reverse takeover (RTO) of Canadian public company, Academy Explorations Limited. Dixie shares opened at C$1.05 and the shares traded as high as C$1.18 and as low as C$0.76.

In Other News

Canopy Growth Corporation

Canopy Growth Corporation (TSX: WEED) announced that it has entered into an 18-month strategic supply agreement with MediPharm Labs Inc. (TSX: LABS). MediPharm will supply Canopy and its subsidiaries with 450 kilograms of cannabis extract, with an option to purchase an additional 450 kilograms. “As the industry matures we are seeing exciting businesses like MediPharm establish specialized skill sets that will drive the industry forward. Extraction is now and will continue to be an opportunity to develop expertise and IP,” said Bruce Linton, Chairman & Co-CEO of Canopy Growth.

Xtraction Services

Xtraction Services, a company focused on providing financing for cannabis extraction equipment, announced that it has oversubscribed its Series C financing round and has raised more than $3 million; marking the second time the company has exceeded its financing goal. “Xtraction Services has received substantial attention from both investors and customers for our exclusive position, approach, and product offering within these emerging industries,” said David Kivitz, CEO of Xtraction Services. “This additional funding will allow us to grow and scale our company, as well as expand our leasing options to meet the additional needs of our existing and new customers.”

Body and Mind Inc.

Body and Mind Inc. (CSE: BAMM) and Australis Capital Inc. (CSE: AUSA) announced today a USD $5.2 million investment into Green Light District Holdings, Inc. (GLDH). The investment was made through a senior secured convertible note at a rate equal to 20% per annum. Body and Mind has the option to convert the note into 89.75% of the shares in GLDH. Additionally, the company has agreed to issue roughly USD $6.9 million, payable in shares, to David Barakett. Body and Mind’s investment partially funded by a AUS $4 million secured loan from Australis. “Our gratitude goes to the team at Australis, who worked tirelessly in assisting us in getting this deal completed within a one-week period.  Australis not only provided BaM with a secured credit facility, but also agreed to exercise approximately 3.2 million warrants to allow us to maintain a responsible debt to equity ratio,” commented Body and Mind CEO Leonard Clough.  “This is a demonstration of how the Australis and BaM relationship benefits both our shareholders.  Secondly, I am happy to welcome David to our team and believe that this opportunity is multi-dimensional as it provides a benefit to almost all our business segments.”


StaffStaffNovember 28, 2018
daily_hit004-1280x533.png

5min2690

It’s time for your Daily Hit of cannabis financial news for November 28, 2018.

On The Site

MJardin Group

MJardin Group, Inc. (CSE: MJAR), reported financial results for its third quarter ended September 30, 2018. The company’s revenue increased 65.1% to $7.0 million versus last year’s $4.3 million. The company said that the revenue growth was driven primarily by facility design and build-out fees earned from GrowForce for cultivation centers, interest on notes receivable and rent income earned from Buddy Boy Brands. Still, MJardin delivered a net loss of $0.4 million versus last year’s net income of $0.6 million.

iAnthus

Following the market close on Tuesday, iAnthus  (CSE: IAN, OTCQB: ITHUF) reported its earnings for the third quarter of 2018 ending in September. The sales for the quarter were $939,098 with a gross profit of $2.6 million. The net loss for the three months ended September 30, 2018 was approximately $10.0 million.

Charlotte’s Web

Charlotte’s Web Holdings, Inc. (CSE:CWEB, OTCQX:CWBHF) reported financial results for the third quarter ending September 30, 2018. Organic revenue growth of 57% to $17.7 million versus last year’s $11.3 million for the same time period. Net income fell to $1.8 million from last year’s $2 million for the same time period.

Gross profits increased 54% to $13.8 million over last year’s $9 million for the same time period. Earnings per diluted share fell to two cents from last year’s three cents for the same quarter.

Cura Cannabis Solutions

Portland’s Cura Cannabis Solutions , the maker of the Select brand of cannabis oils, names itself as one of the largest cannabis companies in the world also announced that it has completed a private placement funding round of approximately $75 million.

Cura’s President and Chief Executive Officer Cameron Forni said, “Since our founding in 2015, Cura Partners has now attracted more than $125 million in private capital and we are on pace to generate sales in excess of $120 million in 2018.

In Other News

The High Note

New York based Gotham Green Partners, LLC announced a major $15 million USD investment in vertically-integrated Los Angeles, California-based The High Note Inc. The Gotham Green investment is comprised of funding of $11 million in multiple tranches, along with the rights to fund an additional $4 million based on The High Note Inc. achieving certain performance hurdles.

Founded by Chief Executive Officer, John Jezzini, The High Note Inc. cultivates, extracts, packages, distributes and sells its own, and third-party product, with current operations taking place in its fully-licensed East Los Angeles facility boasting 45,000 square feet of indoor cultivation space.

TILT

TILT Holdings Inc. announced it expects to begin trading on the Canadian Securities Exchange under the ticker symbol “TILT,” at the opening of the market this Tuesday, December 4, 2018.

Sunniva

Sunniva Inc. (CSE:SNN) (OTCQB:SNNVF), released its financial results for the three and nine months for the third quarter of 2018 ended September 30, 2018. Revenue was C$3.8 million, but it decreased by $0.8 million during the quarter. The gross margin was 56%. The net loss for the quarter was C$6.7 million. The company’s cash position is C$11.2 million On October 12, 2018, the company completed an offering for aggregate gross proceeds of $23.0 million.

Surna

Surna Inc. (OTCQB: SRNA) announced today the appointment of Anthony K. McDonald (“Tony”), age 60, as the Company’s new Chief Executive Officer and President.

Mr. McDonald, who joined the Board as an independent director in September 2018, holds an engineering degree from West Point and an MBA degree from the Harvard Business School. A former consultant with KPMG, and with eight years’ private equity and M&A experience, he most recently spent ten years building a manufacturer and marketer of innovative, energy-efficient heating, ventilation and air conditioning (HVAC) systems for commercial, government and military uses.

 

 


StaffStaffNovember 27, 2018
daily_hit004-1280x533.png

5min1770

It’s time for your daily hit of cannabis financial news for November 27, 2018.

On The Site

GTI

Cannabis multi-state operator Green Thumb Industries Inc. or GTI (GTII.CN) (GTBIF) reported that its third-quarter 2018 ending in September revenues increased 344% year-over-year to $17.2 million. Sequentially revenues increased 26%. The company attributed the rise in revenue to increased distribution of branded products, new store openings, and the start of adult use cannabis sales in Nevada.

The company statement said that GTI has operating revenue in five of its eight markets: Nevada, Illinois, Pennsylvania, Massachusetts, and Maryland and has increased capital investments related to the buildout of new markets in Florida, Ohio and New York in preparation for revenue generation in the first half of 2019.

New Jersey

On Monday, the New Jersey Legislature advanced a proposal to legalize and regulate marijuana for adults 21 and older. The Senate Budget and Appropriations Committee approved S2703, sponsored by Senator Nicholas Scutari, (7-2-4), and the Assembly Appropriations Committee approved A4497, sponsored by Assemblywoman Annette Quijano, (6-1-2).

The next step is to send the legislation to the full chambers for a vote. The state’s Governor Phil Murphy has been a big supporter of legalizing and regulating adult use cannabis. Readers can follow the latest in legislative moves on the Green Market Reports Legislation section.

Canopy Rivers

Canopy Rivers (RIV.V) reported net income of C$10.9 million for the quarter ending in September versus last year’s net loss of C$2.1 million. The company has cash on hand of C$105 million versus last year’s C$46 million. Canopy Rivers is the investment arm of Canopy Growth (CGC). Canopy Rivers reported earnings per diluted share of seven cents.

During the quarter, the company completed an oversubscribed private placement of subscription receipts at C$3.50 for gross proceeds of approximately C$101 million, co-led by CIBC Capital Markets, GMP Securities L.P., and Eight Capital, and then followed on with a non-brokered private placement of subscription receipts for gross proceeds of approximately C$3.4 million.

Altitude Investment Management

Altitude Investment Management is closing its Fund I on November 30, 2018, with $30 million raised. Altitude is led by John Brecker, Jon Trauben, Michael Goldberg, and Roderick Stephan. Fund I opened on March 1, 2018, and the company said that it has invested in 16 companies from early-stage to growth companies. The company plans to launch Fund II at the beginning of 2019 and hopes to raise $100 million.

In Other News

GW Pharmaceutical

GW Pharmaceuticals PLC (GWPH) stock dropped over 3% in post-market trading after the company missed revenue expectations in the fiscal fourth quarter. Revenue declined to $2.4 million from $2.5 million last year. Analysts had estimated the company would report revenue of $2.9 million.

The biotech company delivered a fiscal fourth-quarter net loss of $79.9 million, or 23 cents a share versus $53.9 million, or 18 cents a share in the same time period last year. On Monday, the company announced positive results from a Phase 3 trial study.

Sunniva

Sunniva, a North American provider of cannabis products and services, has announced that the Company has acquired LTYR Logistics, a California-based cannabis distribution company headquartered in San Diego, for state-wide dissemination of Sunniva branded cannabis products. LTYR will become Sunniva’s logistics and technology distribution platform to drive sales from Sunniva’s large-scale cannabis production facilities, in preparation for Sunniva’s branded product launches in Q1 2019.



About Us

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


READ MORE



Recent Tweets

@GreenMarketRpt – 13 hours

$TLRY Tilray To Buy Natura Naturals In A Potentially $70 Million Deal

@GreenMarketRpt – 15 hours

RT : Here are the top financial cannabis news stories for the week ending January 18, 2018…

@GreenMarketRpt – 1 day

High Times Buys Spannabis European Cannabis Festival In $7 Million Deal

Back to Top

You have Successfully Subscribed!