Daily Hit Archives - Page 2 of 38 - Green Market Report

StaffStaffMarch 12, 2020


It’s time for your Daily Hit of cannabis financial news for March 12, 2020.

On The Site

Medicine Man

Medicine Man Technologies Inc. (OTCQX: MDCL) become the first publicly-traded company to receive suitability approval by the state of Colorado. The Marijuana Enforcement Division (MED) has approved the company’s application for suitability.

“We are thrilled that Medicine Man Technologies is the first publicly-traded company to receive suitability approval. This is a huge milestone in our march to become the largest cannabis company in Colorado,” said Justin Dye, Chief Executive Officer. “We appreciate the responsibility of running a credible cannabis company and are laser-focused on merging Colorado’s leading cannabis companies into one organization with a true focus on consumers.”

Last year, the Colorado legislature passed, and the Governor signed House Bill 19-1090 which allowed publicly traded companies to own Colorado cannabis licenses. The state has a mandated review designed to ensure that companies are suitable to run an above-board and compliant cannabis company.

In Other News

Veterans’ Affairs

The House Veterans’ Affairs Committee approved bipartisan bills that would increase access to state-legal medical cannabis for military veterans and expand research into the potential medical benefits of cannabis for conditions commonly diagnosed in veterans. The committee approved the Veterans Equal Access Act in a 15-11 vote and approved the VA Medicinal Cannabis Research Act in a voice vote with no opposition.

The Veterans Equal Access Act (H.R. 1647), sponsored by Rep. Earl Blumenauer (D-OR), would allow physicians and other healthcare workers employed by the Department of Veterans Affairs to recommend medical cannabis in compliance with state laws and fill out any forms necessary to certify patients for a state medical cannabis program.

The VA Medicinal Cannabis Research Act (H.R. 712), sponsored by Rep. Lou Correa (D-CA), would require the Department of Veterans Affairs to conduct clinical trials researching the health outcomes of using medical cannabis to treat chronic pain and post-traumatic stress disorder.


GrowGeneration Corp. (NASDAQ: GRWG) has officially opened its 2nd Tulsa operation.  The ribbon-cutting, in order to signify that the store was officially opened for business, took place Saturday, March 7th at 10 a.m. at 5566 S Garnett Rd, Tulsa OK. 74146 This 40,000 square foot retail location will serve as the company’s central division’s hub for its rapidly growing Commercial, Retail and eCommerce business, as well as, the model store for our new Ecommerce pick, pack, and ship fulfillment center program that will be replicated 4 to 6 more times throughout the United States.

StaffStaffMarch 11, 2020


It’s time for your Daily Hit of cannabis financial news for March 11, 2020.

On The Site


 TerrAscend Corp. (CSE:TER)(OTCQX: TRSSF) announced that its wholly-owned subsidiary  TerrAscend Canada Inc. has entered into a loan financing arrangement with Canopy Growth Corporation (TSX:WEED)(NYSE:CGC) in the amount of C$80.5 million in the form of a secured debenture.  In connection with the funding of the Loan, TerrAscend has issued 17,808,975 common share purchase warrants to Canopy Growth.

The net proceeds are expected to be used by TerrAscend Canada for general corporate purposes and the funding of its Canadian operations, its Arise Bioscience U.S. hemp division, international expansion and the repayment of indebtedness. The company can’t use any of the money in the U.S.

Harvest Health

Harvest Health & Recreation Inc. (CSE: HARV)(OTCQX: HRVSF)  announced the execution of a definitive merger agreement of the previously announced acquisition of Interurban Capital Group, Inc. (ICG), the resignation of Jason Vedadi from his role as Executive Chairman of the Board of Directors. Current independent Board member Mark Barnard will assume duties as Chairman of the Board. He brings significant leadership experience gained through executive roles with Diageo PLC and Unilever, among others.

Harvest has said it would acquire ICG for consideration of approximately $85.8 million payable by issuance of 309,452 multiple voting shares, assumption of approximately $19.1 million of debt convertible into 205,594 multiple voting shares and payment of an additional $9.3 million upon exercise of a call option agreement to acquire controlling interests in five Washington cannabis dispensaries or alternatively $12.4 million to acquire substantially all of the assets of these dispensaries. ICG’s assets include direct and indirect licenses and rights to acquire entities with licenses in California, Iowa, and Washington. In addition, ICG is a service provider to these entities.


In the bad old days before legalization, cannabis consumers would buy from dealers and there was no price bargaining. The dealer gave you the price and the amount and you took it, no questions asked. At the beginning of legalization, consumers were just so jazzed to be able to buy weed in a store that they didn’t care how much they paid for it. Fast forward to a maturing retail sector and discounts are the name of the game.

A new report from the cannabis analytics firm Headset found that stiff competition for purchases in dispensaries has led to lower prices. “The raw dollar amount of discounts has climbed very steadily since the legalization wave began, indicating that they’re an integral part of the industry,” read the report. The study found that each year, purchase discounts are growing.

In Other News

Innovative Industrial Properties, Inc. (NYSE:IIPR) closed on the acquisition of a property in Wimauma, Florida, which comprises approximately 373,000 square feet of industrial and greenhouse space, from an affiliate of Parallel, a leading multi-state cannabis company with operations in Florida, Massachusetts, Nevada, and Texas. Parallel is the corporate parent company to Surterra Wellness, a market leader and one of the original licensed vertical operators in Florida, with a rapidly growing footprint that includes 39 retail dispensaries across the state and multiple industrial-scale cultivations, production and research facilities.

Zenabis Global Inc. (TSX: ZENA) announced that it has reduced the workforce at its Vancouver, B.C. head office by 33% its overall workforce by 22%. This restructuring is expected to have no impact on customer service, production, product development, 2.0 initiatives, retail support or overall operations and is the result of increasing efficiencies.

Storz & Bickel, a Canopy Growth subsidiary and leading cannabis vape manufacturer is announcing a new web-based, Bluetooth-enabled app giving iPhone/i0S users a workaround for controlling their vape remotely; it’s the first solution of its kind from any cannabis vape manufacturer in response to Apple’s controversial decision to remove all vape apps from its platform last November.

StaffStaffMarch 10, 2020


It’s time for your Daily Hit of cannabis financial news for March 10, 2020.

On The Site


The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) reported its financial results for the fourth quarter and fiscal year ending December 31, 2019. TGOD’s quarterly revenue was $3.25 million and $11.16 million for the year. This revenue consisted of hemp-derived product sales in Europe of $2.56 million for the quarter and $9.88 million for the year. Sales from cannabis products in Canada were only $0.69 million for the quarter and $1.28 million for the year.

The company delivered a quarterly net loss of $144.75 million in the quarter and a net loss of $195.75 million for the year including non-cash impairment charges of $127.74 million for the quarter.


Psychedelic medicine company Mindbloom has opened its first location in New York City. Located in the NoMad neighborhood of Manhattan, the company is offering. The company has plans to expand rapidly, with a new state-of-the-art flagship space set to open in the city later this year. Additional Mindbloom locations are planned for Los Angeles, San Diego, San Francisco, and Austin.

The treatment at this time offers physician-supervised ketamine treatments. Currently, when it comes to psychedelic medicines, MDMA and psilocybin treatments are still undergoing clinical trials for FDA approval. Ketamine is the only psychedelic medicine that can currently be prescribed in the U.S. The company said that at lower doses, ketamine can induce physical sensations and thought patterns described as psychedelic.


Vireo Health International, Inc. (CNSX: VREO)(OTCQX: VREOF) closed on the first tranche of a non-brokered private placement offering of 13,651,574 units of the company at a price per Unit of C$0.77 for up to a total amount of  $10 million. The stock moved higher by 2% on the news and was lately trading at 53 cents.

“This financing reflects the confidence of the capital markets in the potential growth of sales and margin for Vireo,” said Executive Chairman, Bruce Linton, who is a director and insider at Vireo. “There are significant opportunities across our existing footprint to leverage increasing scale to improve sales growth and operating performance, especially considering that we anticipate as many as seven of our medical-only state markets could enact recreational-use legislation over the near- to mid-term future.”


Cannabis pharmaceutical company  Zynerba Pharmaceuticals, Inc. (ZYNE) stock was moving higher in premarket trading after the company reported financial results for the fourth quarter and full-year ending December 31, 2019.

The company had no revenue for 2019 as it is currently developing drugs. The net loss for the fourth quarter of 2019 was $10.7 million with a basic and diluted net loss per share of $(0.46). The net loss for the full year of 2019 was $32.9 million with a basic and diluted net loss per share of $(1.50).

The company said it has $70.1 million in cash. Zynerba believes that the cash runway is sufficient to fund operations and capital requirements beyond the expected NDA submission and potential approval of Zygel in FXS and into the second half of 2021.

In Other News

Columbia Care Reports Fourth Quarter and Full Year 2019 Financial Results. Fourth quarter and full year 2019 adjusted revenue of $24.5 million and $78.8 million, an increase of 123% and 100%, respectively, from prior year period. The net loss for the quarter was $28 million and the net loss for the year was $106 million.  “2019 was a historic year for Columbia Care. We delivered a third straight quarter of triple-digit revenue growth as well as 100% top line revenue growth for the year.” said Nicholas Vita, chief executive officer at Columbia Care. The company expects to have a total of 14 dispensaries in operation by the end of Q1 2020, with an additional six to eight temporary pickup locations available throughout the state.

CV Sciences, Inc. (OTCQB:CVSI) announced that it will now release financial results for the year ended December 31, 2019, after the stock market closes on Monday, March 16, 2020. The Company will hold a conference call with the investment community at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) that same day. The Company is rescheduling the timing of its full year 2019 financial results conference call to provide additional time to complete the finalization of its fiscal 2019 income tax provision.

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) announced that Khadijah Tribble will become Vice President, Corporate Social Responsibility effective March 16, 2020. Khadijah Tribble is a respected expert on equity and inclusion in the cannabis industry. She has advised cannabis investors, government regulators, entrepreneurs, and businesses on policy, business development, and community impact. In partnership with Chief Marketing Officer Jason White and the marketing team, Tribble will oversee the Company’s efforts to build an eco-system of impact, policy and business that aligns with the greater good of the cannabis industry and the communities in which Curaleaf operates and serves. She will also lead the company’s diversity, equity and inclusion initiatives.

StaffStaffMarch 9, 2020


It’s time for your Daily Hit of cannabis financial news for March 9, 2020.

Today’s Dow Jones Industrial Average dropped just over 2,000 points. The plunged was the largest one-day point loss for the Dow on record and the largest single-session percentage hit since 2008. The S&P 500’s more than 7% drop was also the most since December 2008, led by stunning declines in the Energy and Financial sectors.

On The Site


Luxury cannabis product company BR Brands LLC has joined forces with long time cannabis beverage company Dixie Brands Inc. (CSE: DIXI.U), (OTCQX: DXBRF). A statement about the merger said that BR Brands will combine operations with Dixie via a reverse takeover. The deal is expected to be completed by the third quarter of 2020.

BR Brands will complete a reverse takeover of Dixie at an implied valuation of Dixie of a minimum of $43 million and will convert approximately $6 million of senior secured indebtedness owing by Dixie into subordinate voting shares of the entity resulting from the business combination, such that following completion of the transaction BR Brands and Dixie shareholders will own approximately 80% and 20%, respectively, of the Resulting Issuer.


The FDA provided an update on its efforts at evaluating CBD products over the past year. The agency said that it is taking several new steps in areas of education, research and enforcement with the ultimate goal of continuing to protect the public health and working to provide market clarity.

“We’re seeing CBD being marketed in a number of different products, such as oil drops, capsules, syrups, food products, such as chocolate bars and teas, cosmetics and other topical lotions and creams, as well as products marketed for pets and other animals – and we understand consumers are seeking out these novel products for a variety of perceived health-related or other reasons,” said the FDA’s statement.

In Other News

Planet 13 Holdings

Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF)  announced it served an average of ~2,200 customers per day in February while maintaining an average ticket of ~$100.00. The addition of Phase II – the customer-facing production facility, restaurant, and event space – along with increased awareness of the SuperStore has driven year over year same-store growth of ~48% through the first two months of 2020.

“The customer-facing production facility and restaurant have been a clear driver of customer traffic and have led to our visitors spending more time enjoying all the unique features of the SuperStore complex, increasing average ticket size. Our vision for the SuperStore is coming to fruition. It is a one of a kind complex full of related activities and attractions that improve the cannabis shopping experience, drives cross-promotion, provides entertainment, and increases sales,” said Bob Groesbeck, Co-CEO of Planet 13.

Trait Biosciences

Trait Biosciences Inc., a leading biotechnology research organization providing innovative technology to the hemp and cannabis industry, announced today the promotion of Dr. Rebecca White to the role of Chief Technology Officer. She previously served as Chief Operating Officer of Trait Biosciences.

Dr. White will be responsible for the continued development of Trait Biosciences’ technology roadmap, harnessing her extensive experience in product commercialization strategy and leading a team of world-renowned scientists and technologists.




StaffStaffMarch 5, 2020


It’s time for your Daily Hit of cannabis financial news for March 5, 2020.

On The Site

CBD Unlimited

Nutritional product company CBD Unlimited, Inc. (OTC PINK:EDXC) has acquired Kush Inc. a New York-based branding and development company for an undisclosed amount. Kush, Inc. builds brands through strategic marketing. The company said it will operate Kush as a new wholly-owned subsidiary. Charlie Mohr, the president and founder of Kush, will join CBD Unlimited full time.

Arizona-based CBD Unlimited made the acquisition as it has seen global interest in transitioning to natural products. Kush, Inc., owns kushwear.net and supports labels known for manufacturing, selling and distributing hemp-derived material and other bio-products that are sustainable.

Philly Flower Show

This week marks the annual Philadelphia Flower Show, the oldest and largest horticultural event in the US.  While there won’t be any cannabis plants on display due to Pennsylvania state law, cannabis is still front and center at this year’s show, with a booth and educational sessions being run by the cannabis-focused marketing firm Chronic.

The Philadelphia Flower Show is the nation’s largest and longest-running horticultural event and features stunning displays by the world’s premier floral and landscape designers. Started in 1829 by the Pennsylvania Horticultural Society, the show introduces diverse and sustainable plant varieties and garden and design concepts. Thousands of people have traveled from around the world for this year’s event, as they do every year.


It all started last summer with an idea formed by Heather Diers and Pamela Trapp:


It was a big idea and it definitely got some traction in Indiana, culminating in this Aug 29, 2019 column by Shari Rudavsky for the Indianapolis Star titled Weed 101: Three Indiana women want to teach doctors about medical cannabis.

In Other News


A study published Thursday by the U.S. Centers for Disease Control and prevention confirms that at least some people with a vaping-linked lung injury used illicit marijuana products.

Researchers at the Wisconsin Department of Health Services report that teens who developed EVALI, or e-cigarette product use-associated lung injury, often obtain vaping cartridges through illicit or informal sources, according to a study published in the CDC’s Morbidity and Mortality Weekly Report.

Of the 3,000 or so EVALI cases since last year when the condition emerged across the country, more than 50 were reported in Wisconsin. EVALI is a severe respiratory illness linked with the use of vaping cartridges that contain vitamin E acetate. It can result in significant damage to the lungs, and has led to lung transplant and even death in some cases.


Khiron Life Sciences Corp. (TSXV: KHRN), (OTCQB: KHRNF) announced the Company has entered into an exclusive 2-year agreement with Farmacia Universal S.A.C. of Perú, a leading pharmacy chain and manufacturing laboratory based in Lima, to manufacture and distribute Khiron-branded medical cannabis magistral preparations in Perú.

“Khiron is currently the only Colombian Company with high-THC quotas for export purposes, including into Peru, and considers the country one of the key medical cannabis markets in Latam. Based on our regulatory expertise, Khiron has demonstrated an ability to work with the Peruvian regulatory framework and believes that it will be successful in securing additional permits.” Comments Andres Galofre, Khiron VP, Business Development. “Our clinics, with 120,000 patients, provide a model we can replicate in different jurisdictions, including Peru, subject to their regulatory framework.”


StaffStaffMarch 4, 2020


It’s time for your  Daily Hit of cannabis financial news for March 4, 2020.

On The Site

Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) said that it plans to close two facilities in Aldergrove and Delta, British Columbia, which will result in the loss of approximately 500 jobs. Also, the company said it no longer plans to bring the third greenhouse online in Niagara-on-the-Lake, Ontario.

The bad news continued for the company as Canopy also said it would take estimated pre-tax charges of approximately $700-800 million in the quarter ending March 31, 2020, as a result of the announcement and additional changes related to its organizational and strategic review.


Halo Labs Inc. (NEO: HALO)(OTCQX: AGEEF) is acquiring Cannalift Delivery Inc. in exchange for C$3.41M common shares of Halo at a deemed price of C$0.11 per share. The Cannalift vendor is also helping Halo secure a non-brokered private placement of up to C$700,000. Both the acquisition and private placement are expected to close on or before March 10, 2020.

Cannalift is a software company that is developing an application to introduce a new and convenient method for obtaining cannabis products. The company said in a statement that the application will deliver any products from local dispensaries to consumers through an intuitive application and website, subject to regulatory approvals.


TILT Holdings Inc.  (CSE: TILT) (OTCQB: TLLTF) vape subsidiary Jupiter Research said it was back online following Chinese New Year and minor delays associated with the novel coronavirus COVID-19. The virus caused many parts of the country to impose strict quarantines on its residents. This resulted in several factories having to shut down as employees stayed home.

“We are proud to report that manufacturing lines have been open since February 17, 2020, and can confirm our first post-Chinese New Year ocean and air shipments are en route,” stated Mark Scatterday, CEO of TILT and founder/CEO of Jupiter Research. “Each year, Jupiter strategically forecasts inventory positions for the Chinese New Year holiday and beyond, which aims to navigate our customers’ needs when production is halted for a variety of reasons. With the product on hand stateside, our sales team has been actively receiving orders and fulfilling customer requests, along with our in-house print operations increasing capacity for domestic fulfillment.”

Psychedelic Report

Driven by the leadership of our CEO and founder, Debra Borchardt, Green Market Report is pleased to release the industry’s first psychedelic industry trend report, Trends in Psychedelic Investing, which takes a deep-dive into the emerging movement and the investments and companies to watch behind it.

Our publication had been slowly inching into the emerging psychedelics movement over the last year, profiling various companies such as Orthogonal Thinker and Field Trip Ventures while examining some of the emerging research and perspectives in psychedelics. At the same time, we began creating spaces and occasions for people of the movement to come together to talk about the business of psychedelics, which includes companies that promote and work within the potential of “novel molecules” found in psilocybin (psilocin), DMT, ketamine, MDMA and other substances that are classified as “psychedelic”.

In Other News

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. announced that effective today Paolo De Luca, the company’s current Chief Financial Officer has been appointed Chief Strategy Officer and Derrick West, currently on the Company’s Board of Directors, is joining the Company as its CFO.

Sweet Dirt LLC, a Maine-based cannabis company, today announced the appointment of Jessica Oliver to Vice President Cannabis Operations. Sweet Dirt is a fully vertically integrated cannabis organization with employees, contractors and partners spanning cultivation, distribution, retail, administration, legal, compliance, IT, security and finance.

StaffStaffMarch 3, 2020


It’s time for your Daily Hit of cannabis financial news for March 3, 2020.

On The Site


Ceres Group Acquisition Sponsor and Ceres Acquisition Corp. closed on its initial public offering (IPO) of $120 million of Class A restricted voting units of Ceres. Ceres is a newly organized special purpose acquisition corporation (SPAC) incorporated under the laws of the Province of British Columbia for the purpose of acquiring one or more businesses or assets. The focus will be on cannabis companies, but it is not limited to that specific industry or any geographic location.

The shares will begin trading today on the Neo Exchange Inc. under the symbol “CERE.UN”, and are intended to separate into Class A Restricted Voting Shares and Warrants in 40 days (or, if such date is not an Exchange trading day, the next Exchange trading day), which will trade under the symbols “CERE.U” and “CERE.WT”, respectively.

Village Farms

 Village Farms International, Inc. (TSX: VFF)(NASDAQ:VFF) and Emerald Health Therapeutics (TSXV: EMH)(OTCQX: EMHTF) said that they have entered into a settlement agreement that will settle their prior disputes. The result is that Village Farms will own 53.5% of Pure Sunfarms (PSF) and Emerald will own 46.5% of Pure Sunfarms. Originally this was a 50/50 joint venture, but then the two companies had a falling out.

Emerald’s $5.94 million equity contribution that it opted to not make is now canceled. It is waiving repayment of the $13 million loan and instead will issue a  promissory note to Pure Sunfarms in the amount of C$952,237. Village Farms has made an additional equity contribution to Pure Sunfarms of C$8.0 million in 2020.

In addition, Emerald had the provision to purchase 40% of Pure Sunfarms’ aggregate production in 2018 and 2019 and they are now released from that. Pure Sunfarms and Emerald will release each other from their current supply agreement under which Emerald has the provision to purchase 25% of Pure Sunfarms’ aggregate cannabis production from the Delta facilities in 2020, 2021 and 2022.

Psychedelic Report Issued

The Green Market Report (GMR), the cannabis industry’s leading financial news outlet, releases its first Psychedelic Trend Report.  This nine-page, 3500-word report was created as a result GMR’s first ground-breaking, sold-out event on the emerging psychedelic market it held in NYC in January. This original report looks at the trends and companies that are paving the way for new looks at old treatments. You can download the report at greenmarketreport.com/reports.

As more municipalities and states begin to decriminalize various psychedelic products for medical treatments, the investment world has taken an interest in the emerging industry. Many cannabis industry leaders and investors have begun crossing over into the psychedelic world to start new companies and pursue new medical treatments.It was the interest in this evolving industry that caused the Green Market Report to host its first Psychedelic Investing Summit in New York City.

In Other News

New SPAC Established

On March 2nd, Collective Growth Corporation, which intends to trade its units on the NASDAQ with the symbol “CGROU”, filed an S-1 registration statement to raise $150 million by selling 15 million units that include shares at $10 with $11.50 warrants for 1/2 of a share. 52 days after trading commences, the company expects that the shares will begin trading with the symbol “CGRO” and the warrants with the symbol “CGROW”. Following the offering, the company will have a total of 19.012 million Class A and Class B shares and 9.506 million warrants. Collective Growth sold 4.3 million Founder Shares for $25,000 in December, with up to 562,500 shares subject to forfeiture. Bruce Linton serves as Chairman and CEO of the Austin-based company, and his management team includes several Canopy Growth veterans.

Drug Policy Alliance

The Board of Directors of the Drug Policy Alliance (DPA) has selected the acclaimed drug policy reform activist Kassandra Frederique as its next Executive Director. Frederique, who is now the organization’s Managing Director of Policy Advocacy and Campaigns, will assume the role in September after completing projects to which she is committed to in her current position.

“We could not be more excited that a leader with Kassandra’s strategic vision, integrity, and passion will take the reins at DPA,” said board chair Derek Hodel. “By any measure, Kassandra is a force to reckon with – she has significantly influenced drug policy reform in New York, and has helped to shape the national drug policy conversation. She will be a terrific executive director.”



StaffStaffMarch 2, 2020


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

On The Site


Tilray, Inc.  (Nasdaq:TLRY) stock got slammed in aftermarket trading after the company delivered its financial results for the fourth quarter and full fiscal year ending December 31, 2019. The stock was falling over 11% and was lately trading at $13.54 following a positive day of buying.

The company’s fourth-quarter non-GAAP EPS of -$0.62 missed by $0.24 and the GAAP EPS of -$2.14 missed by $1.80. Revenue of $46.94 million which increased by 202 % over last year also missed estimates by $8.58 million.

The net loss for the quarter was an eye-popping $219.1 million versus a loss of $31.0 million. Adjusted EBITDA was a loss of $35.3 million compared to a loss of $13.3 million in the prior-year period. The increased net loss and Adjusted EBITDA declines were primarily due to increases in operating expenses related to growth initiatives, expansion of international teams, and the addition of Manitoba Harvest and Natura Naturals businesses.


Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF) said it will acquire Colorado-based edibles company BlueKudu for an undisclosed amount.

Founded in 2011, BlueKudu is one of Colorado’s oldest and most experienced edible manufacturers. Known for utilizing high-quality ingredients sourced from Rainforest Alliance Fair Trade Certified Farms, BlueKudu employs culinary experts and an extraction process that provides a cleaner and more natural oil to create artisanal cannabis products with vegan and gluten-free options. The company says it is available in 200 locations.


Not only do cannabis companies face banking challenges, but the employees also face the stigma of the big green leaf. Banks are notoriously conservative when it comes to cannabis and that hurts employees who just want a car loan or a mortgage. The founders of cannabis logistics company  Hardcar, saw first hand the struggles with banking and stepped up with a solution.

This new fintech company PAYZEL said it has secured banks to do home loans and other financial services for employees of cannabis companies. The company said that by shifting banks interest from just mortgages on buildings, which Payzel already does, to add homes was a natural evolution. The company arrived at this solution based on market demand from partners across the United States.

In Other News

Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) has been unable to complete its financial statements for fiscal 2019 due to a continuing review by the Audit Committee of the Company’s Board of Directors, with the assistance of outside counsel and forensic accountants, of several bulk resin purchases and sales of products through the wholesale channel and the appropriateness of the recognition of revenue from those transactions. As previously announced, the Company has delayed its fourth quarter and full year 2019 earnings release and investor conference call, previously scheduled for Thursday, February 27, 2020.

Canopy Rivers

Canopy Rivers Inc. (“Canopy Rivers”) (TSX: RIV)(OTC: CNPOF) announced that PharmHouse Inc., its 49%-owned joint venture in Leamington, Ontario, received a licence amendment from Health Canada allowing for cultivation across its entire greenhouse, which is now fully operational. PharmHouse plans to immediately ramp up production in accordance with its offtake agreements with Canopy Growth Corporation and TerrAscend Canada Inc. PharmHouse has committed 50% of its 2020 output pursuant to these agreements, and currently expects to use the remaining 50% of its capacity for both additional offtake agreements and its own private label brand.

Kaitlin DomangueKaitlin DomangueFebruary 27, 2020


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

On the Site

Top Selling CBD Products on LeafLink

LeafLink broke down the data of their top-selling products at the request of Hemp Market Report, with the top-selling product being Mary’s Medicinals patch priced at $10. The rest of the list is as follows: 

Most purchased products containing CBD (by order volume)

  • 1:1 CBD:THC Patch, 100 mg – Mary’s Medicinals
  • 1:1 CBD/THC Sour Gummies, Strawberry Lemonade – Wana Brands
  • 10:1 CBD/THC CBD Therapy Assorted Pucks, 200 mg  – CannaPunch

Top categories for products containing CBD 

  • Edibles & Ingestibles 
  • Cartridges 
  • Topicals 

Top-selling brands with products containing CBD 

  • Terrapin Pennsylvania 
  • Wana Brands
  • Mary’s Medicinals

Social Club TV Gives Cannabis Content a Home

Green Market Report was able to talk with Josh Otten of Social Club TV. Social Club TV is a collaboration of RONIN Content Services (CEO Josh Otten) and Cookies (CEO Berner Milan Jr.) This is a cannabis network that will be available for streaming on Apple TV, Amazon Prime, Roku, and Pluto. The network features over 17 series and 300 episodes. 

Innovative Industrial Properties Generates $17 Million in Q4 

Innovative Industrial Properties, Inc. (NYSE: IIPR) reported its earnings from the fourth quarter yesterday, exceeding analysts’ expectations. The quarter ended on December 31st, 2019. 

The cannabis real estate company reported total revenue of approximately $17.7 million in Q4, an astonishing 269% increase from the prior year’s quarter. This is an amazing jump from the companies total revenue of just $4.8 million in Q4 of 2018. 

Vermont Takes Another Step Towards Legalization of Recreational Cannabis

On Wednesday, the Vermont House of Representatives voted in favor (90-54) of a bill that would legalize, regulate, and tax cannabis sales for adults 21 and older. 

According to the Marijuana Policy Project, S. 54 will now be scheduled for a final House vote, which is expected tomorrow. If it passes there, it will return to the Senate, which has already approved a different version of the bill in a 23-5 vote. The House and Senate will have to agree on a final version of the bill before it can proceed to Gov. Phil Scott’s desk.

In Other News

Acreage Holdings Stock Falls Due to Q4 Earnings 

Acreage reported a loss of $50.5 million over the 3-month period of Q4, with revenue coming in at $21.1 million. Despite revenue for the full year reaching $155 million, full-year net loss was US$150.3 million, leading to an 8% drop-off in Acreage stock.

StaffStaffFebruary 27, 2020


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

On The Site

Green Growth Brands

Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) announced that The BRN Group Inc. has agreed to acquire the company’s cannabidiol business.  The company and an affiliate of BRN have executed a “stalking horse” asset purchase agreement in respect of the CBD Transaction pursuant to which the Purchaser will acquire all of the assets and assume the current liabilities and certain other obligations of the CBD Business.

The company said in a statement that at least two-thirds of the independent members of the Board have determined that Green Growth Brands is in serious financial difficulty with limited alternatives.

Trump Makes Negative News

The Trump Administration has proposed the removal of a rider provision protecting state-legal cannabis businesses from the federal government’s interference. This comes with the release of his fiscal year 2021 budget plan. The rider in question specifically states the Justice Department can’t use federal funding to prohibit states or territories “from implementing their own laws that authorize the use, distribution, possession, or cultivation of medical marijuana.” Removing this provision would leave a lot of room for government interference, potentially destroying many state-legal businesses.

Glass House Interview

Green Market Report Editor-in-Chief Debra Borchardt:

Tell us about Glass House Group and what’s in your portfolio

Glass House Group President Graham Farrar:

Glass House Group is one of the largest vertically integrated cannabis companies in the state of California, which is the fifth-largest economy, so it’s more like being one of the largest vertically integrated cannabis companies in the country. California is a lot more like a country than it is like a state. We have half a million square feet of licensed, operational and producing greenhouse cultivation. We’ve got four open and operational licensed adult-use, 21 plus dispensaries, one in Santa Ana, one in Los Angeles, the first adult-use dispensary ever in the city of Santa Barbara, and most recently the pharmacy, which is the pharmacy Santa Barbara, and then most recently the pharmacy Berkeley up in the Bay Area.

Cronos Group

Cronos Group’s (NASDAQ: CRON) (TSX: CRON) decision to delay its earnings release makes it the latest cannabis company to unsettle the market just as it is trying to crawl out of a bear market. On Monday the company stated it would delay its 2019 fourth quarter and full-year earnings release and conference call, previously scheduled for Thursday, February 27, 2020. According to the company statement, Cronos “has had a delay in the completion of its financial statements and will make a further announcement in a subsequent press release to schedule the date and time of the earnings conference call.”

Hemp in Space

Front Range Biosciences is sending hemp tissue cultures to space. CEO Dr. Jonathan Vaught met with Green Market Report during the Northeast Cannabis Business Conference in Boston to explain why the company was involved with the studies on hemp in space.

In Other News

Valens GroWorks

Valens GroWorks Corp. (TSXV: VLNS) (OTCQX: VLNCF) reported its financial results for its fourth quarter and fiscal year ended November 30, 2019. Revenue increased to $58.1 million for the fiscal year 2019. For the fourth quarter of 2019 revenue increased to $30.6 million, an 86.0% increase over the third quarter and above the high-end of the guidance range announced on December 16, 2019. The net income was $4.4 million, an increase of 14.6%. The company delivered earnings per share of $0.04.

“In Fiscal 2019 we added significant scale to our operations and became the largest white label product development, manufacturing and third-party extraction company in Canada,” said Tyler Robson, CEO of Valens. “Our multi-year extraction contracts with industry leading players positioned us as the partner of choice in the industry and drove significant revenue, gross profit and adjusted EBITDA growth. In the second half of 2019, we broadened our offering to include white label product development and we now produce a broad portfolio of safe, consistent and innovative products to help our partners build brands and differentiate themselves in the market. These white label product development initiatives contributed to record revenues in the fourth quarter of 2019 as new and existing customers pushed to roll out Cannabis 2.0 oil-based products into the market.

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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