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StaffStaffDecember 8, 2020


It’s time for your Daily Hit of cannabis financial news for December 8, 2020.

On The Site


After the market closed on Monday, MedMen Enterprises Inc.(CSE: MMEN) (OTCQX: MMNFF) released its consolidated financial results for its first-quarter fiscal 2021 ended September 26, 2020. The company delivered a sequential growth of 31% on revenue of $35.6 million, however, it declined from $39.7 million for the same time period in 2019. On a positive note, the net losses were trimmed to $21.9 million from last year’s $33.1 million.

The company noted that the increase in revenue was driven by its California footprint, which was up 34% this quarter over the previous quarter. The flagship stores, such as LAX, Beverly Hills, and West Hollywood were up 56%, 39%, and 31%, respectively, during the quarter. The company only recognized partial revenue for its Evanston IL retail store, because of its agreement divest the license to the third-party. MedMen said its pre-announced revenue number for this quarter of $37 million included a full quarter of the Evanston revenue.


The Congressional Budget Office and the staff of the Joint Committee on Taxation estimate in a new report that H.R. 3884, otherwise known as the MORE Act would increase revenues, on net, by about $13.7 billion over the 2021-2030 period by creating business income, compliance, and occupational taxes; those increases would be partially offset by allowing certain deductions for business expenses associated with trafficking controlled substances.

The MORE Act would also federally decriminalize cannabis (marijuana), expunge the records of people convicted of federal cannabis offenses, and require resentencing of some federal prisoners. As a result, CBO estimates, thousands of current inmates would be released earlier than under current law. In the future, decriminalization also would reduce the number of people in federal prisons and the amount of time federal inmates serve. In total the report said that over the 2021-2030 period, CBO estimates that H.R. 3884 would reduce time served by 73,000 person-years, among existing and future inmates. CBO’s analysis accounts for time served by offenders convicted of cannabis-only crimes and by those convicted of another crime in addition to a cannabis offense.


GrowGeneration Corp. (NASDAQ: GRWG) publicly filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed follow-on public offering raising $125 million on Monday. The offering caused shareholders to sell the stock presumably over concerns of dilution. Shares were falling over 5% in early trading to lately sell at $32.50. The company’s 52-week high is roughly $37, so it hasn’t dropped too much from the year’s high.

In Other News


Southern Harvest Health Corp. announced today that it has filed a preliminary prospectus with the securities regulatory authorities in each of the Canadian provinces of Ontario, British Columbia, Alberta, and Saskatchewan in connection with a proposed initial public offering of its common shares for total gross proceeds of up to $1,500,000. Industrial Alliance Securities Inc. is acting as an agent in connection with the Offering. Southern Harvest is a Canadian medical cannabis company with its operational head office located in Lisbon, Portugal, and its main base of operations located in Santarem District, Portugal. The Company’s mission is to provide European medical patients with unparalleled cannabis experiences through the production, marketing, distribution, and sale of premium quality cannabis products.

StaffStaffDecember 7, 2020


It’s time for your Daily Hit of cannabis financial news for December 7, 2020.

On the Site


HEXO Corp. (NYSE:HEXO) wants to change its plan on consolidating its shares to a four to one ratio from eight to one since its share price has risen. Hexo is consolidating its shares in order to meet the compliance standard of $1.00 per share for the New York Stock Exchange.

The company said it believes the original consolidation ratio should be revised downward in light of the recent increase in the trading price of the common shares and in order to maintain a liquid share float and reflect the company’s confidence that it can execute on its growth strategy. It has made an amendment to its notice of meeting dated October 28, 2020, and its management information circular dated October 28, 2020, in respect of its annual and special meeting of shareholders scheduled to be held on December 11, 2020.


Dogma Cannabis is a cannabis company that has a unique mission to raise awareness about animal shelters and help dogs in California get adopted. Dogma Cannabis was launched by cannabis entrepreneur Geoff Doran in September 2020 and is currently in 3 strategic shops, with plans for a fourth in December. Dogma will be launching its “ready to roll” product in January in addition to the half ounces that they currently have in the California market.

The brand, which is part of the Van Doran portfolio, wants to change the way current cannabis consumers use cannabis by introducing outside of the box products for the consumer that is active, on the move and likes to give back to a cause. The company will be donating a portion of its profits to animal shelters in California.

In Other News


Numinus Wellness Inc. (TSXV: NUMI), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies increased the size of its previously announced bought deal financing. The underwriters have agreed to purchase, on a bought deal basis an aggregate of 22,059,000 units at a price of $0.68 per Unit for aggregate gross proceeds to the company of approximately $15 million. The original deal was for $10 million.

The company has granted the underwriters an option to purchase up to an additional 3,308,850 Units at a price of C$0.68 per Unit, exercisable at any time, for a period of 30 days after and including the Closing Date, which would result in additional proceeds of approximately $2.3 million.


Helix BioPharma Corp. (TSX: “HBP”)  announced it has closed a private placement financing for gross proceeds of $1,100,000. The terms of the placement are for the purchase of units at $0.50 per unit. Each unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one common share at an exercise price of $0.70 and have an expiry of five years from the date of issuance.  Helix intends to use the net proceeds of the private placement for working capital and research and development activities.


Kaitlin DomangueKaitlin DomangueDecember 2, 2020


It’s time for your Daily Hit of cannabis financial news for December 2nd, 2020. 

On the Site

Hydrofarm Plans IPO to Pay off Debt

The independent branded hydroponics company with a comprehensive distribution platform, Hydrofarm Holdings Group, Inc. said it was launching an initial public offering of 8,666,667 shares of its common stock. The initial public offering price is expected to be priced between $14.00 and $16.00 per share. The company is hoping to raise $118 million, but the over-allotment option could bring that to $136 million.


2020 Holiday Gift Guide: Cannabis Gift Sets

Green Market Report launched our holiday gift guide this morning, kicking off the series with something easy – gift sets! The guide featured mainly hemp-derived CBD products so you can buy them for your friends anywhere, plus a local-to-California holiday box set for a friend in eligible counties.

Look at products from Nugg Club, Charlotte’s Web, Level Select, Caliva, and the Martha Stewart CBD line. 


Executive Spotlight: Michael Beaudry 

Mike Beaudry is the founder and CEO of HERBL, which has quietly become California’s largest distributor – with dozens of popular brands (Raw Garden, Select, and Garden Society, etc.) and 850+ dispensary customers. 

“I’d love to look back and feel we have lived up to our core principles of demonstrated passion, unrelenting integrity, flawless execution, and to have honored the legacy of California cannabis while helping create its future,” says Beaudry of HERBL. 


SprinJene And Zelira Deliver CBD Oral Care Line

SprinJene and its partner Zelira Therapeutics (ASX: ZLD, OTCQB: ZLDAF) today officially launched their new CBD oral care line. In September, we reported on their partnership announcement and the future launch of their new hemp-derived CBD oral care line.

In Other News

Columbia Care Officially Acquires Project Cannabis

Leading cannabis product developer and retailer, Columbia Care (CCHWF) has officially completed the acquisition of Project Cannabis, LA-based dispensary and cannabis delivery service. The total transaction includes roughly $52.5 million in Columbia Care stock, as well as an additional $16.5 million expected to come from selling some of Project Cannabis’ real estate assets. 

“The transaction is immediately accretive to adj. EBITDA and cash flow, and California is now one of our top five markets by both revenue and profitability. We look forward to driving additional operational and financial synergies with Project Cannabis as we leverage their adult-use and wholesaling expertise across the rest of our U.S. markets,” CEO Nicholas Vita commented.

Kaitlin DomangueKaitlin DomangueDecember 1, 2020


It’s time for your Daily Hit of cannabis financial news for December 1st, 2020.

In Other News

Choom Announces Results from Q1

Canadian-based retail cannabis store, Choom, has announced their first quarter results from 2021. The company reported a record revenue of $6.1 million. This is up 50%, by $2 million, from Q4 2020’s $4.1 million revenue. 

In addition to increasing their revenue, Choom reported a 3.06% increase in their gross margins. Q1 2021’s gross margin totaled 36.33%, while Q4 2020 reached 33.26%. The press release reads: “Choom continues to make strides in our strategic path to profitability, increasing sales while right sizing expenditures, improving margins, and inventory efficiency through our centralized product team resulting in a positive adjusted EBITDA for the quarter of $35k.”

In addition to their financial success, Choom proudly reopened one of their stores in Q1 that closed down due to COVID-19. They also opened another one during Q2, bringing the company’s open and operating store count to 14. 

Kaitlin DomangueKaitlin DomangueNovember 30, 2020


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

On the Site

Measure to Legalize Marijuana in Mexico Falls Short in Big Ways

This article explains how Mexico’s lack of free home cultivation makes it appear that the country is legalizing cannabis solely for capital gain. “In Rivera’s words, the government is simply “changing the address of prohibition”–and this simply isn’t enough.” 


Auxly Sees 732% Growth in Total Revenue

The company reported a total net revenue of $13.4 million for the three months that ended on September 30th. Before excise taxes and research contacts, this figure is $15.2 million. Their reported net revenue represents an 85% increase from the previous quarter, and a 732% increase from the same period last year.

In Other News 

Veritas Farms Reports Q3 Earnings 

Veritas Farms reported a total revenue of $1,466,824 for Q3. This is up 21% from the same time last year, with 2019’s third quarter capping out at $1,215,810. 

Alexander M. Salgado, CEO, and co-founder of Veritas Farms, commented, “E-commerce has continued its strong growth during COVID-19 both with Q3-2020 vs. Q3-2019 growth of 78% and 2020 YTD vs. 2019 YTD growth of 96%. This growth has helped counterbalance BTB retail, which remains sluggish, though we are seeing signs of improvement. Large chains are adding more retail doors that carry Veritas Farms ™ products, expanding our footprint particularly with our Veritas Pet™ and Veritas Beauty™ product lines.” 


4Front Ventures Announces Third-Quarter Revenue 

The company’s revenue for the third quarter increased by 18% quarter over quarter. Third quarter revenue was reported at $22.3 million. 

Leo Gontmakher , CEO of 4Front, said, “We are incredibly pleased with our third quarter 2020 results that reflect the Company’s laser focus on execution.  We have big plans for our platform, but it all starts with operational excellence and delivering to shareholders what we say we are going to deliver.  While we have much more to accomplish, the hard work of our team has set the table for what I expect to be an exciting year for our company in 2021. With 4Front’s constant operational improvements and an expected strong year for the cannabis industry overall, we are pleased to provide Covid-qualified initial 2021 guidance of $170 – $180 million in Pro Forma Systemwide Revenue and $40 – $50 million in Adjusted EBITDA, with the longer-term opportunity in our current geographical footprint upwards of $650 million in revenue and $250 million in EBITDA.”

StaffStaffNovember 25, 2020


It’s time for your Daily Hit of cannabis financial news for November 25, 2020.

On The Site

Predictions for Green Wednesday 2020


Headset forecasts an even larger than usual uptick in recreational cannabis sales on Green Wednesday this year for several reasons:

–  In all adult use cannabis states tracked by Headset, the total market has grown by at least 20% in total revenue over last year (when comparing October 2019 to October 2020).


“On average, Thanksgiving tends to be one of the Top 5 sales holidays of the year, and we expect that trend to continue this year,” said James Ahrendt, Business Intelligence Architect, Akerna (NASDAQ: KERN). “In the past, we’ve seen huge spikes in sales on Wednesday and Friday since most dispensaries are closed on Thursdays.”

Akerna anticipates that the average order total will be around $82.30 for adult-use customers and $128.46 for medical consumers, representing an increase of approximately $13 compared to the average order total on any other given day of the year.

Planet 13

Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) reported that revenues rose 36.5% to $$22.8 million for the third-quarter ending September 30, 2020, versus last year’s $16.7 million. The company also delivered a net income of $0.2 million as compared to a net loss of $1.7 million in 2019. The net income before taxes was $3.4 million as compared to a net income of $0.3 million last year for the same time period. The operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $7.2 million in the quarter versus $6.7 million in 2019, an increase of 7.9%.  The third-quarter 2020 adjusted EBITDA of $6.2 million was higher than the 2019 Adjusted EBITDA of $3.4 million.

Vireo Health

Vireo Health International, Inc. (OTCQX: VREOF) reported that its revenue rose 67% to $11.9 million for its third quarter ended September 30, 2020 versus $7.1 million for the same time period in 2019. Net income in the third quarter was $122,252 versus a net loss of $14.6 million in the 2019 third quarter.  Vireo said the favorable improvement in net income was primarily driven by the one-time gain of $16.4 million on the divestiture of the company’s former PAMS subsidiary.

In Other News

Driven Deliveries, Inc.  (OTCQB: DRVD), one of California’s fastest-growing online cannabis retailers and direct-to-consumer logistics companies, today announced its financial results for the three months ended September 30, 2020.

  • Gross Revenue for the third quarter ended September 30, 2020 totaled record sales of $7.2 million.
  • Net Revenue for the same period was $6.0 million, +393% Y/Y.
  • Gross Revenue Fiscal YTD totaled record sales of $16.6 million, +1,193% Y/Y.
  • Net Revenue Fiscal YTD was $13.8 million, +998% YTD Y/Y.
  • The company announced its pending acquisition by Stem Holdings, Inc. (OTCQX: STMH CSE: STEM) is expected to close in CY20/Q4.


Kaitlin DomangueKaitlin DomangueNovember 24, 2020


It’s time for your Daily Hit of cannabis financial news for November 24th, 2020. 

On the Site

Subversive SPAC Forms The Parent Company With Jay-Z, Roc Nation

Special purpose acquisition company (SPAC) Subversive Capital Acquisition Corp. (OTCQX: SBVCF) or SCAC entered into definitive agreements with global icon, entrepreneur and MONOGRAM founder, Shawn “JAY-Z” Carter, entertainment powerhouse Roc Nation, California cannabis company CMG Partners Inc. (Caliva) and Left Coast Ventures, Inc. to form TPCO Holding Corp. (The Parent Company). The deal is expected to close in January 2021.

Caliva and Left Coast Ventures expect combined pro forma revenues of $185 million in 2020 and $334 million in 2021. 


Plus Products Trims Losses As Revenues Rise

Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF)  released its unaudited financial and operational results for the third-quarter ending September 30, 2020, with revenues growing slightly to $3.7 million versus net revenues of $3.5 million for the same time period in 2019. Plus also trimmed its losses to $(1.5M) in the quarter versus ($9.5) million for the same quarter in 2019 representing an 84% improvement.


Jushi Reports Rising Revenue, Increases Guidance

Jushi Holdings Inc. (CSE: JUSH) (OTCMKTS: JUSHF) delivered revenue of $24.9 million for the third quarter ending September 30, 2020, which was an increase of 67% over the second quarter. Still, the company reported a net loss of $30 million or $0.31 per diluted share, compared to a net loss of $9.3 million, or $0.10 per diluted share, in the second quarter. 


COVID Not Expected To Hurt Holiday Cannabis Sales

Cannabis compliance technology company Akerna (NASDAQ: KERN) anticipates a 78% increase over average daily sales for 2020 during this Thanksgiving weekend, hitting $270 million between November 25 and November 28.

In Other News

MJardin Terminates MSAs in Colorado

Leading cannabis production company, MJardin, announced today that they are terminating certain management services agreements and consulting agreements with parties located in Denver. This is effective immediately, and the company claims this is a response to their “ongoing review, evaluation, and turnaround process. The MSAs between the company and companies 3BVentures and TwoG Ventures will be terminated immediately. This will not impact the promissory notes, intellectual property agreements, and lease obligations currently in place between the parties.

Kaitlin DomangueKaitlin DomangueNovember 23, 2020


It’s time for your Daily Hit of cannabis financial news for November 23rd, 2020. 

On the Site

Dispensaries Pivot As Regions In Ontario Start New Lockdown Orders

The number of cases of COVID-19 has spiked in the province of Ontario causing new lockdown orders. On Sunday, Ontario Regulation 654/20 was made allowing cannabis retail stores located in the lockdown regions to operate through e-commerce, curbside pickup, and home delivery services causing cannabis stores to once again pivot to online orders.


Jushi Plans $50 Million Expansion In Scranton, PA

Jushi Holdings Inc.  (OTCMKTS: JUSHF) said it is planning a $50 million expansion project in Scranton, Pennsylvania which is expected to create more than 100 more new jobs in the Scranton area


Cansortium Says Revenue Rose 94% In Third Quarter

Cansortium Inc. (OTCQB: CNTMF) delivered revenue of $14.3 million for its third-quarter ending September 30, 2020. This was a 94% increase over last year’s $6.9 million for the same time period


KIND Creates Closed-Loop Payment System 

Tech company KindPay has created a closed-loop payment system, which means that it is able to be used only with specific merchants. The mobile app will be able to be used by specific people in the cannabis industry, including dispensaries, growers, and consumers.

In Other News 

Ayr Strategies Announces Short-Term Incentive for Shareholders 

The company announced today incentive exercise rights available on a short-term basis to the company’s shareholders. The company will be offering a C$0.50 incentive for the purchase of up to 3 million warrants, purchases being made in cash only. If all 3 million warrants are exercised, the proceeds will result in US$25 million. 

We are pleased to be able to offer our warrant holders this opportunity at a very exciting time for both our Company and our industry. Ayr has incredible growth ahead driven by the great progress our team has made operationally in Massachusetts and Nevada, as well as our exciting expansions into Pennsylvania, Arizona and Ohio. The continued mainstreaming of cannabis is expected to provide new opportunities for growth, and we expect our business to continue to expand, solidly funded based on projected cash proceeds from our warrant holders and the anticipated debt financing we have previously mentioned in our investor calls. We appreciate the support of all our stakeholders immensely,” said Jonathan Sandelman, Ayr Chairman and CEO.


4Front Ventures Announces Closing of C$17.25 million Offerings 

Vertically integrated MSO, 4Front Ventures, announced today their closing of a bought deal public offering. The units sold total an aggregate amount of C$17,251,150. The company issued 24,644,500 units at a price of C$0.70 per unit. 4Front Ventures plans to use the proceeds from this deal to fund a state of the art, 185,000 sq ft, highly automated facility located in Commerce, California. They anticipate the construction to be completed in April 2021, with the first sales taking place in May. 

Kaitlin DomangueKaitlin DomangueNovember 19, 2020


It’s time for your Daily Hit of cannabis financial news for November 19th, 2020. 

On the Site 

Slang Reports Revenue Rose 73% In Third Quarter

Slang Worldwide Inc. (OTCQB: SLGWF) reported preliminary, unaudited financial results for the third quarter ending September 30, 2020. with revenue rising 73% to $7.9 million.

TerrAscend Delivers Rising revenue, Increases Guidance

TerrAscend Corp.  (OTCQX: TRSSF) reported financial results for its third quarter ending September 30, 2020, with net sales of $50.9 million versus $47 million in the second quarter. It was almost double last year’s $26.8 in sales for the same time period in 2019. The company delivered a net loss of $17.5 million, which was slightly higher than last year’s third-quarter net loss of $17.3 million.

Tilt Sells Tech Platform Blackbird, Puts Focus On Jupiter

Tilt Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) reported a decline in revenue to $40.4 million for the second quarter of 2020, which was a drop of 12% from the prior-year period.  The net loss was $4.6 million versus a net loss of $9 million in the previous quarter. The company also told investors that it sold its technology platform Blackbird.

Tripping Goes High-Tech, Field Trip Partners with WHOOP

The two companies announced that they will be using WHOOP’s Strap 3.0 to measure the biometric effects of ketamine-assisted therapies produced by Field Trip.

In Other News

C21 Announces Note Restructuring 

Vertically-integrated cannabis company, C21 (CSE:CXXI) (OTCQX: CXXIF) announced today that the remaining principal amount of the company’s senior secured note ($15.2 million), held by the company’s CEO Sonny Newman, has been restructured for repayment over a 30-month term. The loan will have an interest rate of 9.5% with lower monthly principal payments. In addition, C21 has secured a commitment from three major investment managers: Wasatch Global Investors, JW Asset Management, and CB1 Capital Management. 

Kaitlin DomangueKaitlin DomangueNovember 18, 2020


It’s time for your Daily Hit of cannabis financial news for November 18th, 2020. 

On the Site

Gearing Up For Green Wednesday

Though April 20th takes the top prize in cannabis sales year after year, Green Wednesday (Black Friday’s cannabis counterpart) has come in a strong second place since its inception in 2016, and 2020 looks to be no different. As a result of clever moves by retailers to offset pandemic-related impacts on buying behavior, starting deals and discounts earlier in the season than ever before, and tailoring the shopping experience to customer health and safety concerns, Green Wednesday sales for 2020 are poised to hit an all-time high. 

Cresco Labs Delivers Another Blowout Quarter

Cresco Labs Inc.  (OTCQX: CRLBF) released its unaudited financial results for the third quarter ending September 30, 2020, with revenue hitting $153.3 million. This was a 63% sequential increase over the second-quarter revenue of $93 million and an even bigger jump over last year’s revenue of $36 million for the 2019 third quarter

Harborside Continues with Another Strong Quarter, Revenue up 21%

Vertically-integrated cannabis company, Harborside Inc., reported strong third quarter results. The company reported total gross revenues of $19,572,620 for Q3 of this year, up from $16,148,582 in the second quarter. This is a 21% sequential increase quarter over quarter, and a 42% increase year-over-year.

In Other News

Trulieve Launches TruSpectrum 

Cannabis company, Trulieve, launched vaporizer cart brand TruSpectrum in Florida. 

Cannabis is unique because the plant offers so many medicinal benefits and that was the inspiration behind TruSpectrum. We wanted to create a product that offered patients the discretion of traditional vaporizers while still maintaining the integrity, the terpene profile, and the complex cannabinoid profile of the plant itself,” said Valda Coryat , Trulieve chief marketing officer. 

TruSpectrum will be available in one of Trulieve’s 67 dispensaries across Florida. 


Ayr Strategy Reports Q3 Earnings 

Cannabis multi-state operator, Ayr Strategies, reported their third quarter earnings today and revenue was up 61% quarter over quarter. The company reported a revenue of $45.5 million. 

“These past several months have been a transformative period for our business,” said Ayr CEO Jonathan Sandelman. “We had a record quarter with revenues up 42% year-over-year and 61% sequentially and Adjusted EBITDA more than doubled. And our strong annual run-rate through Q3 does not include our new dispensary in Las Vegas set to open in a few weeks, our transition to adult-use retail sales in Massachusetts, nor our recently announced acquisitions in Arizona, Pennsylvania and Ohio, all of which when completed point to an even more robust 2021.”

TILT Holdings Reports Q3 Earnings, Down 12% Year over Year 

Cannabis business solutions company, TILT Holdings, reported their earnings for the third quarter of 2020. The company reported a revenue of $40.4 million, which is a 5% increase from last quarter and down 12% from the same time last year. 

TILT Holdings reported a positive adjusted EBITDA for the third consecutive quarter, totaling $2.8 million.

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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