Daily Hit Archives - Page 2 of 46 - Green Market Report

Kaitlin DomangueKaitlin DomangueAugust 20, 2020
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5min2420

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

On the Site

CBD Oil for Anxiety and Depression: Pros and Cons

This article goes into detail to explain the pros and cons of using CBD oil. The pros are that the supplement is easy to use, non-psychoactive, healthy, has fewer side effects than traditional anxiety and depression medications, and relieves pain. The cons of using CBD oil is its limited availability, the fact that it is not FDA approved, and doesn’t have fixed rules, as well as the potential for side effects.

TerrAscend Revenue Rises as Losses Get Trimmed

TerrAscend Corp. (OTCQX: TRSSF) reported that its total revenue increased 36% sequentially and 169% year over year to $47.2 million for its second quarter ending June 30, 2020. The net loss for TerrAscend in the quarter was $13.6 million, which was down from last year’s net loss of $19.1 million for the same time period.

The company also reported an adjusted EBITDA of $11 million, a  131% increase from the last quarter. The gross margin expanded sequentially to 56% from 45%, which shows its solid momentum.

With cash and cash equivalents of $75 million, the strikingly impressive revenue was contributed by the US operations, which generated 90% of consolidated net sales compared to the prior quarter.

Nevada’s Pharmagreen Biotech Files for Bankruptcy

On Wednesday, 12 August 2020, Pharmagreen Biotech Inc. (OTC:PHBI) filed bankruptcy protection in the US Bankruptcy for the District of Nevada due to lender notes, condemning the COVID-19 pandemic for its massive disruption, which has affected its operations.

In Other News

Planet 13 Announces Bought Deal Worth $15 Million

Popular cannabis retailer, Planet 13, has announced their bought deal with a number of underwriters, co-led by Beacon Securities Limited and Canaccord Genuity Corp. The offering is made-up of 4,060,000 units worth $3.70/unit, making the company’s total gross proceeds $15,022,000. The offer is expected to close on or around September 10th of this year. 

Planet 13 operates in Nevada with various retail locations throughout Las Vegas. The cannabis retailer is known for its innovative dispensary layout, as well as the general size of the store. It was recently just named the All-Time Best of Vegas Awards as the best Las Vegas dispensary, beating out four other finalists. The company also has cultivation and production operations. 

Planet 13 Holdings also announced its plans to release its results for Q2 of 2020 on August 31st at 5 PM EDT on their conference call. 

Plus Products Reports Financial Results for the Second Quarter

The cannabis brand reported their revenue to reach $4.3 million in the second quarter of 2020, representing a year-over-year growth of 21%. The brand continues to see its core operations in the California adult-use market, as well as new brand launches, the Nevada adult-use market, and its national hemp CBD product line. Nevada’s sales were hit hard by the coronavirus pandemic.

Plus Products’ gross profits climbed to $1.6 million in the second quarter of 2020, compared to $0.7 million during the same time last year. Their gross profit margin was 36% up from 20% during Q2 last year. They reported an operating loss of $1.4 million in Q2, representing an amazing 71% improvement year-over-year, with last years’ losses clocking in at $4.6 million.


Kaitlin DomangueKaitlin DomangueAugust 19, 2020
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6min2040

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

On the Site

Cannabis E-Commerce Company Dutchie Raises $35 Million in Series B Round

E-commerce cannabis company, Dutchie, just completed a $35 million Series B funding round, bringing its total funding to $53 million to date.

Since it is still a private company, it has managed to fly below the radar but insiders were already jumping on board. Dutchie’s investors include: Snoop Dogg’s Casa Verde Capital, Kevin Durant’s Thirty Five VenturesThrive Capital, Gron Ventures, and Howard Schultz, Founder and Chairman Emeritus of Starbucks Coffee Company. 

A Quick Comparison of Cannabis Tax Revenue by State

This article features an infographic explaining different tax revenues accumulated by various states that have legalized recreational marijuana. 

California, for example, charges a 15% excise tax to cannabis distributors that is marked up by 80% to match the average market value, while Washington charges a 37% excise tax on all sales of marijuana products. The infographic also shows Colorado to have a lifetime marijuana tax revenue of $1.21 billion, with Oregon, Nevada, Alaska and Massachusetts having $275.2 million, $167.1 million, $39 million, and $6.7 million, respectively.

7 Marijuana Growing Tips Every Grower Needs to Know

This article goes into depth to explain the importance of growing quality cannabis and some tips to encourage that. The seven tips recommend strong genetics to start, always grow inside, have proper lighting, have strict bedtimes, take it phase-by-phase, be careful with what you feed your plants, and use high quality water. 

In Other News

Mota Ventures Rebrands

Mota Ventures is a natural health e-commerce company that focuses on CBD and psychedelic medicine. They are rebranding and changing their name to Thoughtful Brands, Inc. The Vancouver-based company recently acquired direct-to-consumer brands Golden Path and Wild Mariposa and expanded into Europe. 

The move reflects the company’s goals and recent milestones. The brand’s hemp e-commerce line, Nature’s Exclusive, generated more than $28 million in sales in 2019. “As our company embarks on a new chapter, the rebranding and new name represent our long-term commitment to success, as well as our multi-faceted expansion and evolution strategies moving forward,” said Thoughtful Brands, Inc. CEO Ryan Dean Hoggan. “The change also reflects our commitment to becoming a global leader in the natural products industry. We are already making pivotal progress in the space through our work in psychedelics research, as well as by making quality hemp-derived CBD products more accessible worldwide through our eCommerce technology platform—and yet we are just starting to scratch the surface.”

TILT Holdings Welcomes Dia Simms to their Board of Directors

The cannabis business solutions company announced Dia Simms as a member of their Board of Directors. Simms will replace Gary Smith, who is resigning from the board effective this month. Simms spent more than a decade serving as President of Combs Enterprises, the company founded by Sean Combs. Her role fueled the growth of CIROC to a retail value of more than $2 billion. 

“Dia is a fantastic addition to our board at a time when TILT is moving into a new phase of growth,” said Mark Scatterday, CEO of TILT Holdings. “Her experience developing and reinvigorating global brands across cannabis, spirits and retail sectors brings a diverse and dynamic perspective to our management team as we seek to scale our products and services and drive shareholder value.”

Simms added, “It’s an honor to join this distinguished board at a leading publicly traded global cannabis company like TILT. I look forward to working with TILT’s board and management team to create value for TILT’s customers and shareholders while amplifying the Company’s impact on our industry.”


Kaitlin DomangueKaitlin DomangueAugust 18, 2020
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7min1720

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

On the Site

How to Incorporate CBD Oils in Your Daily Routine

CBD has been a trending item since it became accepted and legalized in 2018. The many health claims and benefits associated with CBD have intrigued people around the world who want to try the product for themselves. This article talks about different ways to take CBD, such as edibles, oils, and salves. 

Curaleaf Gives Robust Guidance During Earnings Call

Despite the challenges of COVID-19 in Massachusetts and Nevada, Curaleaf (OTC:CURLF) reported an impressive quarter and gave an even sunnier forecast. CEO Joe Lusardi said on the company’s earnings call that it took a $25 million hit to revenue in the quarter as a result of the pandemic.

Chief Financial Officer Mike Carlotti said on the call, “Based on current trends in our business and the ongoing recovery in Massachusetts and somewhat challenged recovery in Nevada due to COVID-19, pro forma Q3 revenue is expected to be approximately $205 million to $215 million. We expect to generate Q3 managed revenue of approximately $190 million to $200 million, which includes the partial Q3 benefit of the recently acquired Grassroots assets from the period of July 23 to September 30.”

Former Senior Executive of Altria Group, Inc. Joins CannaDips CBD as CEO

In another move away from tobacco and toward the healthier alternative of hemp CBD,  Boldt Runners Corp. (the “Company”), the exclusive licensee of Cannadips CBD, the Original Smokeless Dip Pouch with CBD, announced the appointment of former Altria senior executive, Peter Diatelevi, as Chief Executive Officer.  

Mydecine Launches World’s First Natural-Sourced cGMP Psilocybin Extraction Program

Under the coverage of a Health Canada Schedule 1 Controlled Drugs and Substances Dealer’s License, Mydecine Innovations Group, Inc., (CSE:MYCO) (OTC:MYCOF) (FSE:0NFA) (“Mydecine™” or the “Company”) announced that it is the first organization to exercise its cGMP capabilities under a special license to legally produce, transfer, sell, and export pharmaceutical-grade psilocybin, naturally derived from whole-mushroom extraction.

Mydecine™ has the full range of capabilities to extract fungi’s natural psychedelic compounds, such as psilocybin and psilocin from certain species of fruiting body mushrooms all the way through to distribution.

In Other News

Sundial Growers Announces Closing of Underwritten Registered Offering of $20 Million

The Canadian cannabis cultivation company announced today their closing of a best efforts underwritten offering. The Series A units each consisted of one common share and a single Series A warrant to purchase one common share. Series B contained 14,280,000 units each consisting of one pre-funded Series B warrant and a Series A warrant to purchase one common share. 

Each individual Series A will be sold at a price of $0.50 per unit and each Series B unit will be sold at a price of $0.50 per unit. The gross proceeds of this closing were approximately $20 million before deductions and other related expenses. 

Golden Leaf Holdings Announces Q2 Results

Golden Leaf Holdings is a vertically integrated cannabis company focused on all aspects of the industry. Their brands include Chalice Farms, Golden, Jackpot, Elysium Fields, and RXO. They have seven dispensaries in Oregon and serve other areas of the United States, as well. The MSO announced their second quarter results and reported a revenue of $5.5 million for the second quarter. This is an impressive 40% increase over the same period last year, with a 16% growth over the first quarter of 2020. Their retail presence is quickly growing, with a 16% increase in total tickets as well as a 16% increase in ticket sizes compared to the second quarter of 2019. This increase was led by Chalice Farms retail revenues of $3.7 million. 

The cannabis company reported a record year-to-date revenue of $10.2 million, presenting a 40% increase from the first half of 2019, supported primarily by Chalice Farms’ retail revenues and Oregon’s wholesale revenues. Oregon’s wholesale revenue is up 96% year over year and clocked out at $0.5 million. 

The gross profit before fair value items was $1.5 million.  

Avicanna Closes Private Placement Raising Over $2 Million

Canadian biopharmaceutical cannabis company, Avicanna, announced the closing of a $2.7 million private placement. The company is focused on developing, manufacturing, and commercializing organic and plant-derived cannabinoid-based products. Avicanna primarily conducts R&D research in the Johnson & Johnson Innovation Centre. 

The company’s non-brokered private placement issued an offering of 1,952,410 units at a price of CAD$1.40, equalling the aggregate gross proceeds of approximately $2.7 million. 

Setu Purohit, President of Avicanna commented, “We are very grateful for the continued support from our long-term and strategic investors who continue to demonstrate confidence in our business model and management team, especially in this challenging socio-economic environment. With this financing, we are able to strengthen our balance sheet, which coupled with our efforts to lower costs and see increased revenues gives us the bandwidth to continue to execute our business model.”


Kaitlin DomangueKaitlin DomangueAugust 13, 2020
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4min2240

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

On the Site

5 Powerful Uses for Cannabis

This article is discussing the benefits of cannabis and using it for pain relief, stress reduction, epilepsy treatment, fighting addiction, as an alternative to less desirable habits. 

Grow Generation Stock Pops as Company Beats Analyst Estimates

GrowGeneration Corp. (NASDAQ: GRWG) reported revenues of $43.5 million for the second quarter of 2020 and is raising its guidance for 2020 revenue. GrowGeneration‘s new forecasted range for revenue is $170 million–$175 million and the adjusted EBITDA is estimated to be $17.0 million–$18.0million. Revenue guidance for  2021 is $245M–$260M. Adjusted EBITDA guidance for 2021 is $26M–$28M.

C21 Revenue Increases Despite Covid Challenges

C21 Investments Inc. (OTCQB: CXXIF) announced unaudited results for its first quarter ending April 30, 2020, with revenue of $8.15 million, an increase of 5% over the same time period for last year. The revenue jumped 86% over the fourth quarter.

Emerald Health Reports Drop In Pure Sunfarm Sales as Prices Fall

Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) reported preliminary, unaudited financial results for the second quarter of 2020 for its 41.3%-owned joint venture, Pure Sunfarms. Gross sales fell from C$32 million ($24 million) in the second quarter of 2019 to C$19 million ($14 million)  in the second quarter of 2020. The company attributed the 40% decrease to a lower average selling price per gram of dried flower.

In Other News

Icanic Brands Closes $2 Million Private Placement

Cannabis company Icanic Brands has closed the second and final tranche of a $2 million private placement. The company issued 3,710,000 units at a price of $0.25 per Unit for aggregate gross proceeds of $927,500 during the most recent closing phase and 8,000,000 units at $0.25 in total, amounting to gross proceeds of $2,000,000. 

Formerly Medicine Man Technologies, Schwazze, Announces Q2 Results 

The cannabis company’s total revenue for the second quarter was $5,424,329 and represented an increase of 208.6% as compared to last years’ $1,757,819. Schwazze’s product sales increased 263.3%. 


Kaitlin DomangueKaitlin DomangueAugust 12, 2020
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5min1990

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

On the Site

Trulieve’s Revenue Keeps Climbing As Company Increases Guidance

Trulieve Cannabis Corp.  (CSE: TRUL) (OTCQX: TCNNF) reported revenue of $120.8 million, a 26% sequential increase for the second quarter ending June 30, 2020. It was an increase of 109% over last year’s second quarter and beat the average analyst’s estimates of $106 million according to Yahoo Finance.

cbdMD Beats Revenue Estimates, But Misses Earnings Estimates

cbdMD, Inc. (NYSE: YCBD) reported net sales of $10.6 million in its third fiscal 2020 quarter ending June 30, 2020, which beat the Yahoo Finance analyst’s estimates for revenue of $9.57 million. This was a 13% sequential increase over the second quarter and a 33% increase over the same time period for last year.

Why Is the CBD Market Exploding?

These days, CBD products are everywhere. You can’t walk more than a few miles in a major city without finding a shop advertising CBD oil and related products, and if you know where to look online, you can find a variety of CBD products to suit your needs. So why is CBD suddenly becoming popular in the United States? There are several different explanations, each of which likely plays some role in producing this effect; regulatory leniency, research and newfound effects, trends and fashion, product innovation, profitability and new market potential. 

Fyllo Raises $10 Million To Expand Beyond Cannabis

Fyllo has raised $10 million in Series A2 financing from both existing and new investors, bringing total funding to date to $26 million. The Series A2 round was led by existing investors JW Asset Management and K2 & Associates with participation from current investors Arcadian, Salveo Capital, and Phyto Partners. Fyllo said that the new investment would provide the company with resources to advance its market-leading data, media and compliance solutions and accelerate expansion into other highly regulated industries.

In Other News

Aleafia Health Reports 2020 Q2 Results

The company clocked out at $9.8 million in net revenue – a 34% decline over the previous quarter and a 155% increase from the same quarter last year. 

“The second quarter saw several major operational breakthroughs for Aleafia Health as we received regulatory approval and operationalized three major facility expansions. Now, with an industry leading production ecosystem, we will be able to produce a broader portfolio of new, differentiated product formats along with unique cultivars, at large scale,” said Aleafia Health CEO Geoffrey Benic.

Mydecine Innovations Group Provides Corporate Update

Mydecine was acquired by the NewLeaf Brands and closed two back-to-back seed rounds of financings and raised approximately CAD$6 million. The company appointed Damon Michaels as their new Chief Operations Officer, Rob Roscow as the Chief Science Officer, Jim Gunning previously a Red Bull marketing executive as the Chief Marketing Officer, plus more roles were updated. 


Kaitlin DomangueKaitlin DomangueAugust 11, 2020
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2min1670

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

On the Site

Revive Therapeutics First to Bring Oral Psilocybin Strips to the Market

Revive Therapeutics is introducing dissolvable, oral psilocybin film-strips to their portfolio. The move comes by way of a sponsored research partnership agreement with the Reed Research Group out of the University of Wisconsin-Madison. 

MariMed Revenues Rise As Company Continues To Get On Solid Footing

MariMed Inc. (MRMD:OTCQX) reported that its revenues rose 163% to $9.6 million for the second quarter versus $3.7 million for the same time period in 2019. Still, the company delivered a net loss of $1.2 million versus last year’s income of $4.6 million. The net income per share was flat at zero versus last year’s earnings per share of $0.02 for the same time period.

In Other News

Harvest Health and Recreation Releases Financial Results from The Second Quarter of 2020

Harvest Health and Recreation increased their total revenue by 109% from 2019’s second quarter. This year, the company generated $55.7 million as opposed to $26.6 million in Q2 of 2019. Net loss for the second quarter was $18.3 million. 


Kaitlin DomangueKaitlin DomangueAugust 10, 2020
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1min1500

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

On the Site

Canopy Growth Still Reporting Elevated Losses

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) reported first-quarter fiscal 2021 net revenue increased 22% to $110 million. The net loss of $128 million was lower than last year’s net loss by $66 million which the company attributed to the higher revenue and lower SG&A expenses.

In Other News

Terra Tech Reports Lower Gross Margins as it Becomes Vertically-Integrated 

Former retail-only Terra Tech reported a Q2 revenue of $3.5 million. This is down 26% from the same time last year. The company cites the combined impact of COVID-19 and civil unrest, forcing them to close two of their dispensaries for the entire month of June. Terra Tech reported a gross margin of 42.1% compared to 51.4%, with a net loss of $18.18 million. 


StaffStaffJuly 30, 2020
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5min2120

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

On the Site

FSD

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

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

Bargains

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

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

Clearing the Smoke

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

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

In Other News

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

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

StaffStaffJuly 29, 2020
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5min3270

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

On The Site

Scotts Miracle-Gro

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

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

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

Aphria

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

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

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

Pennsylvania

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

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

 In Other News

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


StaffStaffJuly 28, 2020
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4min2080

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

 

On The Site

Clever Leaves

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

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

CBD

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

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

In Other News

Orchid

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

Medterra

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



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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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