Daily Hit Archives - Page 2 of 19 - Green Market Report

Debra BorchardtDebra BorchardtFebruary 27, 2019
daily_hit004-1280x533.png

4min2960

It’s time for your Daily Hit of cannabis financial news for February 27, 2019.

On The Site

Curaleaf

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) signed a definitive deal to buy California-based Eureka Investment Partners, LLC. Eureka operates a cultivation facility in the Salinas Valley and is developing three dispensaries across the state. The deal is valued at $30.5 million, of which $10 million is to be paid in cash, $20.5 million in Curaleaf stock, with a potential added bonus to be paid if certain goals are met. The deal is expected to close in March 2019.

Choom

Canadian-based Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) also announced an acquisition on Wednesday. The company said that it had entered into a deal to buy Clarity Cannabis MD Holdings. The agreement includes 30 retail locations, three of which are licensed with the Alberta Gaming, Liquor & Cannabis Commission (AGLC). Choom will issue 8,867,000 Choom Shares and pay $2.5 million to the principal in connection with the acquisition.

MedMen

MedMen Enterprises Inc.  (CSE: MMEN) (OTCQX: MMNFF) reported its second quarter of fiscal 2019 with revenue of $29.9 million. This represents a 39.1% quarter-over-quarter increase over the first quarter of fiscal 2019 ending September 30, 2018.

California is the main driver of sales. MedMen’s eight retail locations primarily in Southern California reported a combined $23.7 million in revenue. Unfortunately, the company is continuing to post losses. MedMen delivered a total net loss of $64.6 million compared to a net loss of $66.5 million for the first quarter. So, the losses have been trimmed somewhat. The net loss per share in the second quarter was $0.25 versus a net loss of $0.27 for the first quarter.

In Other News

Canopy Rivers reported its third quarter results for the quarter ending December 31, 2018 with net income of C$1.4 million and a total loss of C$79 million. The diluted earnings per share was C$0.01. “With more than $55 million of capital deployed during the quarter, Canopy Rivers continues to position itself as a preeminent investment firm in the cannabis industry,” said Eddie Lucarelli, Chief Financial Officer of Canopy Rivers. In addition the company reported that it has closed its previously announced bought deal financing with a syndicate of underwriters. The Bought Deal consisted of an aggregate of 13,225,000 Subordinated Voting Shares, which reflects the exercise in full of the Underwriters’ over-allotment option, at a price of $4.80 per Subordinated Voting Share for gross proceeds of approximately $63.5 million.

Westleaf Inc. (TSX-V: WL) (OTCQB:WSLFF) has been approved to begin trading on the OTCQB effective immediately. Westleaf begins trading tomorrow under the symbol “WSLFF”.


StaffStaffFebruary 26, 2019
daily_hit004-1280x533.png

6min4720

It’s time for your Daily Hit of cannabis financial news for February 26, 2019.

On The Site

GW Pharmaceutical

GW Pharmaceuticals plc (NASDAQ: GWPH) announced its financial results for the quarter ending December 31, 2018 reflecting the company’s first sales of its cannabis drug Epidiolex. The stock jumped almost 8% in after-hours trading as the biotech company beat analyst estimates. Net sales began on November 1 and between that day and the end of the year, the company logged sales of $4.7 million.

GW Pharmaceuticals changed its fiscal year to begin on January 1, 2019. The revenue for the quarter was $6.7 million versus $4.0 million for the same time period in 2017.  The average estimate for revenues from Yahoo Finance was $5.35 million.

Zynerba

Zynerba Pharmaceuticals, Inc. (ZYNE) stock popped over 8% in early trading to lately trade at $5.45 after the company announced that it had received a patent covering the company’s CBD gel.

The company said in a statement, “The U.S. Patent and Trademark Office has issued US Patent No. 10,213,390, titled “Treatment of Fragile X Syndrome with Cannabidiol” which includes claims directed to methods of treating Fragile X Syndrome by administering a therapeutically effective amount of synthetic or purified cannabidiol. This new patent, which expires in 2038, is part of an expanding intellectual property portfolio covering the Company’s cannabidiol (CBD) product candidate, ZYN002 Transdermal CBD gel.”

In Other News

Purpose Investments Inc. announced the performance of Purpose Marijuana Opportunities Fund (the “Fund”) following the one-year anniversary of its inception. The Fund (NEO: MJJ) returned 53.43% over the period from January 31, 2018 to January 31, 2019, easily outperforming the Solactive North American Marijuana Index during the same period.

“The performance of Purpose Marijuana Opportunities Fund shows exactly why we believe active management is the most optimized way to invest in the cannabis sector,” said Greg Taylor, Chief Investment Officer of Purpose Investments and Portfolio Manager for the Fund. “Passive investing in a new industry, such as marijuana, often means chasing or missing opportunities because the indexes are rebalancing much more slowly than the market itself is moving. On the other hand, active investing allows you to capitalize on all of the opportunities while properly managing risks through a variety of different strategies and tactics.”

Marijuana Company Of America Inc.  (OTCQB: MCOA) announced that the United States Patent and Trademark Office issued the Company a patent for the formulation of its flagship CBD product, hempSMART Brain. hempSMART Brain is a wellness product formulated with a proprietary composition of natural ingredients and cannabidiol (CBD) for the enhancement of brain function. The U.S. Patent Office issued patent number 10,201,553. To view the patent on hempSMART™ Brain visit the link here.

Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) provided an “in-progress” update on the company’s first harvest in Las Vegas, Nevada. Kurt Keating, Director of Operations, reports, that the team has harvested close to 1000 plants to date, producing over 335 lbs of wet weight.  They are on schedule to complete the last two rooms by March 6th. The crop strains are: Bubba Kush, Moonshine Ghost Train Haze, Amherst Sour Diesel, Skywalker and Lemon Skunk.

Green Growth Brands, Inc. (CSE: GGB) (OTCQB: GGBXF) appointed Randy Whitaker as Chief Operating Officer, a new position within GGB. Mr. Whitaker has over 27 years’ experience in real estate, finance, and store operations.  Mr. Whitaker joins GGB from Belk, Inc. a privately held department store with over 293 locations.

Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQX: OGRMF) signed a letter of intent with the Société québécoise du cannabis (SQDC). This agreement solidifies the company’s position as a true national player in Canada’s legal adult use recreational cannabis marketplace. Organigram now has distribution in place for all ten Canadian provinces.


StaffStaffFebruary 25, 2019
daily_hit004-1280x533.png

8min2370

It’s time for your Daily Hit of cannabis financial news for February 25, 2019.

On The Site

SOL Global

SOL Global Investments Corp. (CSE: SOL) (OTCQB: SOLCF)  is forming a new international hemp-focused subsidiary, Heavenly Rx Ltd. Its initial focus will be on hemp cultivation, processing and the manufacturing of a diverse range of traditional CBD products including oils, tinctures, balms, and vape-ready products. The company said it plans on holding a controlling ownership interest in various industry-leading assets in the hemp/CBD and THC-free cannabinoid wellness space.

One of the first strategic assets will be its investment in Knoxville, Tennessee-based Blühen Botanicals LLC. Heavenly Rx is investing $30.6 million in Blühen, which will allow Blühen to expand its research and engineering teams as well as focus on the development and expansion of its retail operations. According to the statement, Blühen is an industry leading and technologically advanced hemp biomass processing and extraction company that will be GMP and EUGMP certified with farming and distribution partners across the southeastern United States.

48North Cannabis Corp.

48North Cannabis Corp. (TSXV: NRTH) released its financial and operating results for the three and six months ended December 31, 2018, with revenue for fiscal second-quarter of C$2.4 million. This was an 88% sequential increase over the first quarter. The company reported a net loss of C$872,628, down from the first quarter loss of $1 million.

James E. Wagner Cultivation Corp.

 James E. Wagner Cultivation Corporation (TSX VENTURE: JWCA) reported its unaudited financial and operational results, for the first quarter of fiscal 2019 ending December 31, 2018. The company reported $549,000 in operating revenue, but a net loss of $2.3 million.

In Other News

CannTrust Holdings Inc. (TSX: TRST) (NYSE: CTST) began trading on the New York Stock Exchange today. CannTrust’s shares will trade on the NYSE under the ticker symbol “CTST”. The company’s common shares will continue to be listed on the Toronto Stock Exchange under the ticker symbol “TRST”. Shareholders that purchased common shares on the OTC Markets Pink Open Market may now trade their shares on the NYSE.

Grown Rogue International Inc. (CSE: GRIN) (OTC: NVSIF) signed a binding agreement which provides the Company the right to acquire operational control of certain cannabis licenses and related assets as part of its expansion into the Michigan cannabis market, pending certain regulatory approvals. Grown Rogue has entered into a binding agreement with Blue Zebra Community LLC.  The Agreement provides for the option to acquire operational control of the following cannabis related assets in Michigan pending Municipal and State regulatory approval:

  • Two strategically located proposed provisioning centers (retail dispensaries) in high demand regions in Midtown Detroit and Hazel Park where limited municipal licenses have been granted.
  • A proposed 19,000 sq ft indoor cultivation and processing facility in Detroit, Michigan capable of producing 1,500,000 grams of dried cannabis flower annually at full production; and
  • An entity that has received multiple municipal cultivation licenses for a 28-acre parcel located in the northern portion of the lower Michigan peninsula.

Cresco Labs (CSE: CL) (OTC: CRLBF) announced the formation of a new wellness subsidiary, Well Beings, that will provide the Company the ability to expand its house of branded products to all 50 states to potentially reach a new customer base outside of the licensed dispensary channel. Well Beings, led by Cresco’s Chief Experience Officer, MINIMAL principal, and former Nike Global Creative Director Scott Wilson will offer a full line of high-quality hemp-based CBD wellness products eligible for national distribution.  The subsidiary will have its own unique product line and produce CBD versions of Cresco Labs’ house of branded products including Cresco, Remedi and Mindy’s Edibles

Helix TCS, Inc. (OTCQB: HLIX has added the former President of Mexico, Mr. Vicente Fox Quesada, to its Board of Directors. Mr. Fox will support the company as a strategic advisor as it continues its growth into the international cannabis market. Mr. Fox was the 55th President of Mexico and prior to that, he was the CEO of Coca Cola’s Latin American operations. He currently serves on the Board of Directors of a leading U.S.-based cannabis publication advocating legalization, as well as on the Board of Directors of Khiron Life Sciences, a leading, vertically integrated Latin American cannabis producer.

Cannex Capital Holdings Inc. (CSE: CNNX) (OTCQX: CNXXF) has signed a binding letter agreement to acquire 100% of San Diego, California based Pure Ratios Holdings, Inc., in a cash and stock transaction. Cannex will pay Pure Ratios’ shareholder’s total consideration of up US$2,000,000 in cash, 3,500,000 shares of Cannex stock, US$2,500,000 of contingent cash consideration and the assumption of US$500,000 of Pure Ratios’ existing debt for total maximum consideration of US$8,000,000. Upon closing of the Transaction Cannex will pay the Pure Ratios’ shareholders US$1,4000,000 in cash with an additional US$100,000 per month for 6 months for total cash consideration of US$2,000,000 and will issue 3,500,000 shares of Cannex.


StaffStaffFebruary 20, 2019
daily_hit004-1280x533.png

6min2040

It’s time for your Daily Hit of cannabis financial news for February 20, 2019

On The Site

FDA

A letter to the (Food & Drug Administration) FDA Commissioner Scott Gottlieb was penned by a group of politicians requesting guidance with regards to CBD (cannabidiol). The letter referred to New York City’s ban on food products containing CBD and enforcement actions happening in the states of Maine and Ohio.

Representative Chellie Pingree posted the letter on her Twitter feed. It acknowledged that the FDA had posted a response with regards to CBD following the passage of the2018 Farm Bill. The letter also noted that there is a “tremendous amount of confusion among product manufacturers, hemp farmers, and consumers.”

The letter said, “We are calling on the FDA to swiftly provide guidance on lawful pathways for food products with CBD.” The group asked that answers to the following questions be provided by Friday, February 22.

In Other News

Tilray

Tilray, Inc. (NASDAQ: TLRY) entered into a definitive agreement pursuant to acquire all of the issued and outstanding securities of FHF Holdings Ltd. from Compass Group Diversified Holdings, LLC (NYSE: CODI) and other shareholders of Manitoba Harvest.  Tilray will acquire Manitoba Harvest on a cash and debt-free basis, for an aggregate purchase price, including cash and class 2 Common Stock in the capital of Tilray of up to C$419 million pending the achievement of certain milestones after the closing of the Transaction.

Tilray said it now expects to launch CBD-derived products in the U.S. as early as this summer. Manitoba Harvest Chief Executive Bill Chiasson said the company has been in business for more than 20 years and is the world’s largest hemp food maker. It generated C$94 million in 2018 sales. Manitoba Harvest makes products such as granola, protein powder, and hemp oil, and has 30,000 acres of cultivation contracted for this year.

Ascend

Ascend Wellness Holdings (AWH) secured $37 million in a bridge round of preferred equity and $18 million in a senior secured cultivation note. The $55 million in raised funds will be used to build out market-leading operations in Massachusetts, as well as the continued expansion in limited market-leading markets.

AWH is entering Ohio through an agreement to purchase a tier II cultivation license. It is also in advanced discussions for dispensary licenses. Ohio allowed medical cannabis use in January and marks AWH’s fourth market. AWH will provide care to Ohio residents for different approved medical conditions, solidifying its commitments to limited license markets.

Cannabis Strategic Ventures

Los Angeles-based Cannabis Strategic Ventures, Inc. (OTC: NUGS) today announced it has secured up to a $3 million investment from TRITON FUNDS subsequent to an upcoming S1 registration statement. TRITON FUNDS is a San Diego-based investment fund focused on creating a greater sense of community through investments in local companies, entrepreneurs and philanthropy. The new partnership is led by TRITON FUNDS Advisor, Mr. Robert Hymers III CPA and alumni of California State University Northridge where TRITON FUNDS was founded.

The new financing will allow Cannabis Strategic Ventures to accelerate its business priorities related to cannabis cultivation operations in California and the expansion of existing portfolio brands such as The Asher House Wellness, Fitamins, and LYXR.

GW Pharmaceutical

GW Pharmaceuticals (GWPH -2.8%) slips on below-average volume in apparent response to social media comments about an epileptic patient’s father who has been unable to procure Epidiolex for about a week and the frequency of his daughter’s seizures have increased.

Kona

Kona Gold Solutions, Inc. (OTC: KGKG)  has entered into distribution agreements with three Missouri based Anheuser Busch distributors: River Eagle Distributing, Inc., Bradley Distributing, Inc. and Bob Ralph Dist. Co., Inc.  The partnership between Kona Gold and River Eagle, Bradley, and Bob Ralph Dist., will cover the southeast of the state of Missouri.  All three distributors will distribute the Company’s popular Kona Gold Hemp Energy Drinks and HighDrate CBD Energy Waters.

CannTrust

CannTrust Holdings Inc. (TSX: TRST) has satisfied all the regulatory requirements to list its common shares on the New York Stock Exchange. Trading of the Company’s common shares on the NYSE will begin on Monday, February 25, 2019, under the ticker symbol “CTST”. The Company’s common shares will continue to be listed on the Toronto Stock Exchange under the ticker symbol “TRST”.

 

 

 


Debra BorchardtDebra BorchardtFebruary 18, 2019
daily_hit004-1280x533.png

3min1310

It’s time for your Daily Hit of cannabis financial news for February 18, 2019.

Happy President’s Day. The markets were closed today and so there wasn’t any trading in stocks.

On The Site

New Jersey

Multiple news outlets have reported that Gov. Phil Murphy and state legislative leaders had reached an agreement with regards to legalizing adult use cannabis in the state of New Jersey. The state leaders had been negotiating about taxation for months after the newly elected Governor said he wanted to legalize adult use cannabis.

Legislative sources told the media that the rumored deal involved taxing cannabis by the ounce versus a sales tax, which seemed to be the point of contention.  State Sen. Nicholas Scutari, D-Union, the prime sponsor of the legalization bill, said: “We don’t have a final deal.” Scutari told NJ Advance Media on Friday night. “There still are more details to be worked out, but the two sticking points (taxes and a commission regulating the industry), we are there. But we are not finalized.”

UK

A landmark moment for the UK’s cannabis industry occurred this week when the first bulk shipments of marijuana were imported into Britain since legislation changed in November. Aurora Cannabis Inc. (ACB) announced Monday that it had completed its first commercial export of medical cannabis oil to the United Kingdom from a certified pharmacy.

The Canadian company, which is currently building out its UK operations, said the product was successfully dispensed from Canada under the UK’s new legal framework.

In Other News

Love Shack

Closed since March 2018, the legendary San Francisco cannabis dispensary Love Shack re-opens its doors this week in its original Mission Dolores location with a new name reflecting a new partnership: Love Shack by SPARC. Known for their dedication to customer service, legendary customer appreciation events, and loyal following, the Love Shack by SPARC was originally established by founder Chris Montana in 2002. It was one of the only onsite consumption dispensaries in San Francisco before adult use laws came online in 2018. The Love Shack by SPARC is one of California’s oldest operating cannabis clubs.


StaffStaffFebruary 14, 2019
daily_hit004-1280x533.png

7min2380

It’s time for your Daily Hit of cannabis financial news for February 14, 2019.

Happy Valentine’s Day everyone!

On The Site

TILT Holdings Inc.  (CSE: TILT) (OTC: SVVTF) announced preliminary and unaudited pro forma January 2019 gross revenue of $18.3 million. The company’s pro forma January revenue was driven by continued growth of all companies within TILT, including recent acquisitions.

In just January 2019 TILT said its unaudited gross revenue was $13.8 million versus the $7.6 million for the entire year of 2018. Gross margins for January were 16% given the early stages of business integrations, and full-year 2018 gross margins were 21%.

In Other News

Flow Kana announced the completion of a $125 million round of financing – the nation’s largest private funding round for a private cannabis company to date. Gotham Green Partners, which led Flow Kana’s Series A raise in May 2018, invested in the round along with additional private investors to accelerate the company’s rapid growth. Flow Kana has raised a total of $175 million to date to build and scale the California cannabis supply chain centered around small, decentralized, sustainably operated cannabis farms.

Harvest Health & Recreation, Inc. (CSE: HARVOTCQX: HRVSF), a vertically integrated cannabis company with one of the largest footprints in the U.S., announced a definitive agreement to acquire Falcon International Corp., a California cannabis company and leader in cultivation, manufacturing, wholesale distribution and brand development, for a non-material undisclosed amount of stock.

MPX International Corporation  (CSE:MPXI) intends to raise up to C$20 million (approximately US$15 million) in a non-brokered private placement offering of up to 41,666,666 units of the Company at a price of C$0.48 per Unit.

Flower One Holdings Inc. (CSE: FONE) (OTCQB: FLOOF) announced a new long-term licensing agreement and brand partnership with CannAmerica Brands Corp. (OTCQB: CNNXF) for cannabis-product fulfillment in Nevada. CannAmerica Brands is a Colorado-based, marine-veteran-founded cannabis brand known for its line of top-tier cannabis gummies and edibles currently available in three states. Flower One is now licensed to manufacture, distribute and sell CannAmerica Brands’ signature cannabis Fruit Juice Gummies and Super Soft Gummies to all cannabis retailers in Nevada. This agreement represents Flower One’s official launch into the edibles market.

Liberty Health Sciences Inc.  (OTCQX: LHSIF) announced that on February 19th the Company will open its first dispensary in Broward County, in the city of Dania Beach.


StaffStaffFebruary 13, 2019
daily_hit004-1280x533.png

3min2172

It’s time for your Daily Hit of cannabis financial news for February 13, 2019.

On The Site

Emerald Health

Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) announced that its 50%-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms Corp. has entered into a credit agreement with Bank of Montreal as agent and lead lender and Farm Credit Canada as a lender for C$20 million secured non-revolving term loan. The credit is secured by the greenhouse facility.

Wurk

Cannabis HR firm Wurk announced the raise of $11 million in a funding round led by returning investors Poseidon Asset Management and Arcadian Fund. Existing investors Altitude, Salveo Capital, Phyto Partners, and The Arcview Group also participated in the round.

Wurk plans to use the money to enhance the client experience while expanding its cannabis HCM platform, including the launch of managed services

In Other News

Choom (OTCQB: CHOOF) entered into a letter of intent agreement with one of the 25 Cannabis Retail lottery winners to open a location in Ontario. Choom, an emerging adult use cannabis retailer, is building out one of the largest retail cannabis networks in Canada. The LOI is with a winner of one of the 25 retail opportunities to apply for a license to operate a cannabis retail store granted as a result of the Alcohol and Gaming Commission of Ontario’s Expression of Interest Application Lottery conducted on January 11, 2019.

Sunniva Inc. (OTCQB:SNNVF) completed the previously announced non-brokered offering of convertible debentures.  The originally announced $10 million Financing was over-subscribed with gross proceeds received of CAD $15,042,055. This financing provides additional working capital to enable Sunniva to meet the higher than anticipated near term sales demand for Sunniva branded cannabis products in California and for general corporate purposes. The financing included two insiders of the company subscribing, directly or indirectly, for a total of CAD $2.3 million which demonstrates management and insiders’ commitment to the Company.

Weekend Unlimited Inc. (WKULF) entered into a definitive agreement with R&D Pharma, which is anticipated to close next week. R&D Pharma is a Canadian company building a vertically integrated medical cannabis business in Jamaica.  RDP has secured a Tier-3 Cultivator’s License, which allows for full cultivation of cannabis plants on a land of over 5 acres, which in this case applies to the 98-acre RDP property.


StaffStaffFebruary 12, 2019
daily_hit004-1280x533.png

4min1820

It’s time for your daily hit of cannabis financial news for February 12, 2019.

On The Site

TerrAscend

Yesterday, the San Francisco-based cannabis dispensary chain, The Apothecarium, announced that they had been acquired by TerrAscend Corp. (CSE: TER) for $118.4 million in cash and stock. Including in the purchase agreement are three retail dispensaries in San Francisco; one vertically integrated cannabis operation which includes cultivation, edibles manufacturing, and a retail dispensary location; and the edibles brand Valhalla Confections.

With more than 200 employees and $45 million in combined revenue, Apothecarium made for an attractive buy to TerrAscend, which recently has been making moves to enter the U.S. market.

Supreme Cannabis

The Supreme Cannabis Company, Inc.  (OTCQX: SPRWF) reported a 359% increase in revenue to $7.72 million for the second quarter ending December 31, 2018. This was a 50% sequential increase over the first quarter revenue of $5.14 million.

The company trimmed its losses by delivering a net loss for the quarter of $1.55 million versus a loss of $2.03 million for the same time period last year. The losses dropped sequentially as well from the first quarter net loss of $5.39 million.

Cannaregs

Cannabis tech company Cannaregs, Inc. has completed a $2 million capital raise that the company will use to expand services and features across the country under the company’s umbrella of Regs Technology. Cannaregs is the leading web-based data technology platform providing up-to-date access to comprehensive cannabis-related legal data including rules and regulations from municipal, county, state and federal sources.

In Other News

MassRoots, Inc. (MSRT) entered into a definitive agreement to acquire COWA Science Corporation, a supply-chain as a service company, for common-stock consideration valued at approximately $5.78 million, and dependent on COWA Science achieving annual revenue milestones of $2.5 million and $7.5 million. The closing of the Agreement is subject to the satisfaction of customary closing conditions, including the completion of audited financial statements of COWA Science.

Veritas Pharma Inc. (VRTHF) entered into an agreement with TG Initiatives Ltd., to purchase a commercial processing facility for hemp and cannabis products, that asset is capable of making a variety of hemp and cannabis products including edibles for human and animal use. Additionally, this asset provides the capability to make a variety of natural topical creams for pain relief and other ailments including any product that comes out of the company’s acute pain reduction human trials recently announced in Puerto Rico.

The Colorado Department of Revenue (DOR) released its monthly reports for marijuana sales and tax data today, which include the final sales and tax data figures for 2018. The reports show:
Marijuana Tax, License and Fee Revenue (for both medical and adult-use)

In calendar year 2018, marijuana tax, license and fee revenue topped $266.5 million.

This compares to over $247 million in the calendar year 2017.

To date, marijuana tax, license and fee revenue totals over $927 million since adult-use marijuana sales began on January 1, 2014. This figure includes revenue for January 2019.

Marijuana Sales (for both medical and adult-use)

In the calendar year 2018, marijuana sales once again topped $1.5 billion (specifically over $1.55 billion).

This compares to just over $1.5 billion in the calendar year 2017.

To date, marijuana sales have surpassed $6 billion since January 1, 2014.

 


StaffStaffFebruary 11, 2019
daily_hit004-1280x533.png

6min1830

It’s time for your Daily Hit of cannabis financial news for February 11, 2019.

On The Site

Aurora Cannabis Inc. (ACB) reported that its gross revenue jumped 430% to $62 million over last year’s $11.7 million for the same time period. The net revenue rose 363% to $54.2 million over last year’s $11.7 million.

Losses jumped a whopping 3,179% to $237 million versus last year’s gain of $7.7 million for the same time period. The company said in a statement that “Non-cash expenses including the December 31, 2018 mark-to-market adjustments of approximately $190 million primarily on the company’s derivative investments contributed significantly to a net loss of $240 million.”

Green Growth Brands Inc. or GGB (OTCQB: GGBXF)  entered into an agreement to gain access to 108 prime shop locations in U.S. malls owned and operated by the Simon Property Group, Inc. (NYSE: SPG). GGB will expand its chain of CBD-infused personal care product shops under the Seventh Sense Botanical Therapy.

Simon is the biggest mall operator in the country with high-profile properties including Roosevelt Field in metro New York; The Galleria in Houston, TX; and Woodbury Common Premium Outlets in Central Valley, NY. While there are certainly numerous CBD shops, this is the first company to look at establishing a huge chain right off the bat.

Barney’s New York Inc. is opening a luxury cannabis store on the fifth floor of its Beverly Hills store next month. Bloomberg reported that the luxury store known for its cutting edge fashion will open a department called “The High End.”

Since Barney’s isn’t a licensed dispensary, it will be limited to selling cannabis accessories like pipes, rolling papers, and stash boxes. The company’s partner will be the premium cannabis brands called Beboe and as part of the arrangement, Beboe will educate consumers on its products that they can order online for delivery in the California area.

On Wednesday this week, Congress will hold a hearing on banking services for the cannabis industry. This is the first hearing to be held by the new Congress that will begin tackling the issue of banking for cannabis companies.

Attorney Brady Cobb met with House lawmakers last week and is actively engaged with the legislative process. “With the opposition out of the way, we can finally make some progress,” said Cobb. He was referring to the ouster of Pete Sessions, who continually refused to bring cannabis legislation to the floor for a vote. Cobb said that the committee’s existing members were supportive and expect new members to be positive as well. The hearing will be available on CSPAN.

The National Cannabis Roundtable (NCR) was announced on Friday by the group’s new leader former speaker of the House John Boehner. The group will be lobbying to remove federal restrictions that stand in the way of medical research on cannabis and encourage the development solutions to help patients.

Other agenda items for the group include working to correct the tax code and improve the banking situation for cannabis companies. NCR will also be working to help states enact their own cannabis legislation.

In Other News

Lineage Grow Company Ltd. (CSE:BUDD) and FLRish, Inc. d/b/a Harborside, a private company incorporated under the laws of California have entered into a definitive merger agreement, which will result in the reverse takeover of Lineage by Harborside. The resulting issuer will seek a listing of the Subordinate Voting Shares on the CSE. Lineage intends to effect a change of its name to “Harborside Inc.” and has reserved the new stock symbol “HBOR”.

Geyser Brands Inc. (TSX-V: GYSR) entered into a non-binding letter of intent with Solace Management Group Inc, a company incorporated under the laws of the Province of British Columbia, setting out certain terms and conditions as to the acquisition of all of the issued and outstanding shares of Solace by way of a share purchase, share exchange or similar transaction, following a review of all relevant legal, regulatory and tax matters.

Southern Tier Hemp, a vertically-integrated agriculture technology company that will offer a suite of branded wellness products, just announced its new headquarters will be the largest hemp processing facility in New York State. The company recently disclosed that it reached an agreement to purchase the former Gannett printing plant in Johnson City, New York. The 100,000 square foot facility will become headquarters for Southern Tier Hemp as the company develops, manufactures and sells hemp cannabidiol (CBD) wellness products worldwide.


StaffStaffFebruary 5, 2019
daily_hit004-1280x533.png

6min2140

It’s time for your Daily Hit of cannabis financial news for February 5, 2019.

On The Site

Verano

Illinois-based Verano Holdings, LLC has acquired Four Daughters Compassionate Care Inc. of Sharon, Massachusetts and its provisional medical cannabis licenses for an undisclosed amount. The first cultivation and dispensary facilities in Sharon are expected to open in six to nine months. The company said it would hire 50-75 employees locally and train them for these sites in 2019.

As a result of the acquisition, Verano has begun building a cultivation and production facility in Sharon Massachusetts. The company is also renovating an adjacent building for the dispensary. The acquisition marks Verano’s expansion into an additional adult-use market and its expanding geographic footprint into the Northeast from its current 10 operating facilities in Illinois, Maryland, Nevada and Florida, with 45+ licenses under active development in Florida, Michigan, Ohio, Puerto Rico, and Maryland.

GTI

Green Thumb Industries Inc. (OTCQX: GTBIF) is acquiring For Success Holding Company, the owner of Los Angeles-based Beboe branded cannabis products for an undisclosed amount that will be paid in GTI stock.

Beboe is known as a premium brand for its high-end packaging including its iconic rose gold vaporizer pens. The products are available in more than 125 California and Colorado retail locations and via home delivery across California.

In Other News

Jushi

Sound Wellness LLC, a subsidiary of Jushi Inc. has received approval of its industrial hemp-CBD processor license application as part of the New York State Industrial Hemp Agricultural Research program, administered by the New York State Department of Agriculture and Markets. With this announcement, Jushi is proud to support the Western New York community, New York farmers, and the nation’s premier industrial hemp program. Sound Wellness’ hemp-CBD processor license supports the company’s initiative to create product innovations centered around the untapped potentials of hemp.

By investing over $5 million in a high-tech hemp processing operation on the east side of Buffalo, NY, Jushi expects to create approximately 30-65 jobs in the area. The facility will house a state-of-the-art lab, allowing Sound Wellness to create advanced product formulations using CBD distillate, CBD isolate, and water-soluble CBD.

The Flowr Corp.

The Flowr Corporation (OTC: FLWPF)  has submitted an application to list its common shares on The NASDAQ Capital Market and has filed a Form 40-F Registration Statement with the U.S. Securities and Exchange Commission.

Target Group Inc.

Target Group Inc. (OTCQB: CBDY) entered into an agreement to acquire Massachusetts-based CannaKorp Inc. CannaKorp is the holder of the patent-pending WISP vaporizing system.

The WISP™ is a pod-based, herbal vaporizing system that uses precisely measured, sealed and tested WISP™ Pods containing dried, ground botanicals. The WISP™  vaporizer, used together with WISP™  Pods, gives cannabis users the predictability and assurance to know what they’re inhaling with every use, without the hassle of grinding, measuring, or packing. For the rapidly evolving market of cannabis consumers who prefer vaporization, Wisp™ presents a proven method of delivery with unique bioavailability benefits and avoids the health concerns associated with the combustion of cannabis and other herbs.

Origin House

CannaRoyalty Corp. d/b/a Origin House  (OTCQX: ORHOF) entered into an agreement to provide strategic financing of US$704,000 to Humboldt’s Finest, an alliance of heritage cannabis farms representing Humboldt County. Humboldt’s Finest produces sun-grown cannabis flower on their farms in Humboldt County, California, which is processed into products including jarred flower, pre-roll flower joints, live resin dabs/jars and/or live resin cartr



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

Back to Top

You have Successfully Subscribed!