Daily Hit Archives - Page 3 of 59 - Green Market Report

StaffJune 9, 2021
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8min5430

It’s time for your Daily Hit of cannabis financial news for June 9, 2021.

On the Site

Vireo

Vireo Health International, Inc.  (CSE: VREO; OTCQX: VREOF) announced at this week’s investor day event that it is changing its name to Goodness Growth Holdings, Inc. The company is also changing its ticker symbol to “GDNS” on the Canadian Securities Exchange (CSE: GDNS) and on the OTCQX Market in the United States the ticker symbol will be “GDNSF” (OTCQX: GDNSF).

Jushi

Jushi Holdings Inc.  (CSE: JUSH ) (OTCMKTS: JUSHF ) reported its official financial results for the fourth quarter and the full-year ending December 31, 2020, plus the first-quarter 2021 ending March 31, 2021. Jushi had originally released unaudited results in April. Revenue increased 29.0% sequentially in the first quarter of 2021 to $41.7 million from $32.3 million in the fourth quarter. It missed analyst estimates slightly by $650,000.  Jushi said the increase in revenue was due to solid revenue growth at the BEYOND/HELLO stores in Pennsylvania and Illinois, early revenue contributions from its Virginia retail operations, and increased operating activity at its PAMS and Nevada facilities. The first-quarter net loss was $26.8 million, or $0.18 per diluted share, versus a net loss of $156.7 million, or $1.35 per diluted share, in the fourth quarter This missed analyst estimates by $0.14. Jushi said the $129.9 million improvement in net losses was due to a decrease in fair value losses on derivative liabilities, along with higher revenue and gross profit.

In Other News

Connecticut

According to NRML, House members failed to hold a floor vote on Senate Bill 1118, which sought to legalize the marijuana market in Connecticut, prior to the close of the 2021 regular legislative session. Senate lawmakers had approved the measure on Monday, and Democratic Gov. Ned Lamont called the legislation a “national model for regulating the adult-use cannabis marketplace.” However, Republicans in the House expressed opposition to the bill and successfully delayed lawmakers from casting their votes on the issue prior to Wednesday’s midnight deadline. Nonetheless, several lawmakers have indicated that legislators are likely to revisit and pass a similar version of the legislation if a special session is convened in the coming weeks.

Auxly

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF)has entered into an agreement with ATB Capital Markets Inc., as sole bookrunner, and Cantor Fitzgerald Canada Corporation, acting as co-lead underwriters of the Offering, together with a syndicate of underwriters, will purchase 47,620,000 Units of the Company, on a bought-deal basis at a price per Unit of $0.315 for gross proceeds of $15,000,300. A.G.P./Alliance Global Partners is acting as the sole U.S. sub-agent and financial advisor to the Company in connection with the Offering in the United States.


StaffJune 8, 2021
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6min8200

It’s time for your Daily Hit of cannabis financial news for June 8, 2021.

On The Site

Top Magazines

It is truly a labor of love to put out a regular print publication. A combination of writers, artists, printers, and distributors. Not to mention the trying to sell the advertising to pay for all of this. While most of us consume our media on our phones, there is something deeply satisfying when reading a story on paper accompanied by beautiful photographs. The pictures on our phones just don’t have the same impact. Plus, who doesn’t love to see themselves or their company featured in a print publication? So with that said, we put together a list of the top cannabis industry print publications. They are listed in alphabetical order.

Tilray

Tilray, Inc. (NASDAQ: TLRY) is launching a new medical marijuana product called Symbios. The company said that the new brand was developed to provide a broader product at a better price point. Potency will range from 15%-18% and all flower is grown in the same Greenhouse as Aphria-branded flower. Current strains include Nordle, Treasure Island, Sour Kush, Jack Herer, Exodus Cheese, and Grower’s Blend (milled flower).

Mydecine

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) reports that its R&D team has discovered over 40 compounds with pharmacological potential in mushrooms. Mydecine said that it has screened over 25 mushroom species, including various varieties of p. cubensis, and has selected and analyzed over 40 unique compounds found throughout the various species. Of these compounds, a large majority appear to have never been reported before and could be vital to the critical effects of naturally-sourced mushrooms on human health and wellbeing as well as synergistic effects with pure psilocybin.

Brightfield

The cannabis industry’s proof was in 2020’s revenue, but Brightfield’s newest report shows consumer behavior to match exactly what the cannabis industry already knew: people consumed more cannabis during the pandemic than they were before. 

Marley Natural

It is surely a move that Bob Marley never would have dreamed could happen. A dispensary bearing his name, legally selling his beloved herb in his home country of Jamaica. The Marley family and Docklight Brands announced that the Marley Natural will open a new, first-of-its-kind Marley Natural dispensary located at Bob’s former home and recording studio, which is currently the Bob Marley Museum, in Kingston, Jamaica. Privately owned Docklight Brands, Inc. holds the exclusive global rights to Bob Marley cannabinoid products. Docklight was founded by Privateer Holdings.

In Other News

Field Trip Health Ltd. (OTCQX: FTRPF) has applied to list its common shares on the NASDAQ Stock Market. “Psychedelics stand poised to disrupt modern psychiatry, and the NASDAQ is where world class companies whose ambition is disruption list to reach a global audience of investors,” said Ronan Levy , Field Trip’s Executive Chairman. “By applying to list on the NASDAQ, we are declaring to the world that Field Trip is such a world class company.”

HERBL, California’s largest cannabis supply chain solutions company, today announced its acquisition of Blackbird, a premier cannabis distributor and direct-to-consumer software solutions company based in Nevada. The transaction allows HERBL to leverage Blackbird’s ecosystem of national retail and logistics insights to enter the Nevada market and create the most comprehensive supply chain platform in the industry. The acquisition positions HERBL as the leading multi-state supply chain company that serves 98% of California’s and Nevada’s cannabis retailers. BlackbirdGo, Blackbird’s proprietary e-commerce platform, will be seamlessly integrated into HERBL’s retail services offering, providing a new sales channel that connects retailers and consumers to HERBL’s portfolio of best-selling brands. 


StaffJune 7, 2021
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6min5530

It’s time for your Daily Hit of cannabis financial news for June 7, 2021.

On The Site

Planet 13

Planet 13 Holdings Inc. (CSE: PLTH)(OTCQB: PLNHF) reported record sales in May of $11.2 million with gross margins above 50%. The company said that May represents the third consecutive month of record sales as Las Vegas and America return to normal. In a statement, Planet 13 said that hotels across the Las Vegas strip have reported having hotel rooms sold out for the foreseeable future and Planet 13 expects continued strong sales on the back of increased tourist traffic. In May, Planet 13 reported that its first-quarter revenue rose 41% to $23.8 over 2020 before the pandemic had really settled in and lockdowns began. So, there is a great deal of optimism about the second quarter.

Red White & Bloom

Red White & Bloom Brands Inc. (OTC: RWBYF)  closed on a deal raising approximately $36.8 million of new cash and retired $7.7 million of debt. RWB closed on a private placement of 8,445,426 units at a price of C$1.15 per Unit for gross proceeds of C$9,712,239 (or USD $7,769,792). In addition to the statutory 4-month hold, the investors have agreed to a 12-month lock-up of their shares. In addition, RWB completed a private placement to an arm’s length purchaser of a principal amount $6,500,000 unsecured debenture.

Sol Global

Cannabis Law Reports reported that Sol Global (OTC: SOLCF) lost the first round in its lawsuit with investor MMCap. Sol Global had filed a case in the state of New York regarding the repayment of a $50 million loan. At the heart of the lawsuit is a big chunk of Verano shares, which MMCap and the 1235 Fund say belong to them as an option for the repayment of the loan, while Sol Global claims the shares belong to them alone and that all the 1235 Fund gets is a cash repayment. Judge Jennifer Schecter wrote that of all interested parties only one, Verano Blocker 2, specifically agreed to New York as a place of jurisdiction. She also described the group as “sophisticated parties” suggesting all the parties understood what had been agreed to for jurisdiction. MMCap and the 1235 Fund filed their case in Ontario, which Judge Schechter said was consistent with the other clauses in the agreements signed by the parties.

In Other News

Terra Tech Corp. (OTCQX:TRTC) is selling its non-operating N. 4th Street property in Las Vegas, NV. Based on local zoning changes, the property cannot be used for any cannabis-related activities. The sale price of $2.6M results in an approximate $900K balance sheet improvement, after paying off the existing $1.6M mortgage on the property and related sales fees. The sale also eliminates the current monthly burn of carrying the property, including mortgage, taxes, and other associated costs. The closing of the sale is subject to customary conditions and is expected to occur by early August 2021.

GrowGeneration Corp . (NASDAQ: GRWG ) announced that Power Si, a proprietary brand operated and owned by GrowGen, has signed an exclusive distribution agreement with GreenPlanet Wholesale, one of Canada’s oldest and most trusted hydroponic distributors. PowerSi’s original patented formula of mono-silicic acid has consistently proven to improve the yield, strength, and lateral branching of crops and is a must-have for new and experienced growers.  Power Si is widely used in North America and facilitates fast, visible and structured periods of both vegetative and flowering growth.


Kaitlin DomangueJune 3, 2021
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5min9280

It’s time for your Daily Hit of cannabis financial news for June 3rd, 2021. 

On the Site

Executive Spotlight: Kathryn Blackwell

Kathryn Blackwell is the Co-Founder and CEO of The Open Dør, a national cannabis retail franchise headquartered in Scottsdale, Arizona. 

Since establishing The Open Dør in 2020, Kathryn has integrated proven franchise strategies and merchandising practices into the dispensary brand to deliver a modern aesthetic and transform the consumer experience. 

RIV Capital Stays On Path To Crossover To U.S. Cannabis

RIV Capital Inc. (TSX: RIV) (OTC: CNPOF) released its financial results for the fourth quarter and fiscal year ended March 31, 2021, which proved to be a very transitional period for the company. 

Riv sold certain financial assets to Canopy Growth for $118.4 million in cash in February, as well as 3.65 million common shares of Canopy Growth and other aggregate forms of payment. 

Eddie Lucarelli, Chief Financial Officer, said, “With the CGC Transaction complete and the PharmHouse Credit Facility fully settled, our rejuvenated balance sheet puts us in an advantageous position to capitalize on the growing momentum in the U.S. cannabis market.”

Silo To Create Mushroom Stores In Jamaica

Silo Wellness Inc. (CSE: SILO) has signed a letter of intent with Canadian-based mushroom company Mushe Inc. to create the first legal functional and psychedelic mushroom retail outlet based in Jamaica. 

Silo Wellness currently cultivates psilocybin mushrooms, conducts psychedelic wellness retreats, and is testing a proof-of-concept patent-pending nasal spray.

Empower Clinics Adds Diabetes To Clinic Portfolio

Empower Clinics Inc. (CSE: CBDT) (OTCQB: EPWCF) is buying Medi + Sure Canada Inc. also called Medisure, a leading Canadian manufacturer of medical devices for patients managing diabetes in a deal valued at $3.5 million. 

Last year, Empower created a subsidiary company dedicated to the advancement of psilocybin research and patient care, addressing the significant mental health issues of anxiety, depression, post-traumatic stress disorder (PTSD), and addiction.

In Other News

Zynerba Announces Results of Study Exploring Cannabinoid Therapy for Autism Spectrum Disorder

Cannabinoid pharmaceuticals company, Zynerba Pharmaceuticals, announced their presentation of efficacy and safety findings in children and adolescents with Autism Spectrum Disorder. 

“The previously disclosed data from these three studies provide evidence of the potential for Zygel [the cannabinoid product studied) to have a clinically meaningful impact on a variety of endpoints associated with ASD and related disorders,” said Joseph M. Palumbo, M.D., LFAPA, MACPsych, Chief Medical Officer of Zynerba. “Should these findings be confirmed in additional trials, we believe Zygel has the potential of being a new and differentiated therapeutic option for these patient communities.”

Cannabics Pharmaceuticals Launches Program for Cancer Treatment Research 

Gabriel Yariv, Cannabics Pharmaceuticals President and COO, said: “We have successfully completed a series of preclinical experiments in our in-house research facilities and have identified promising antitumor results on Breast Cancer cell lines. Based on these encouraging results, we now plan further research aimed at developing a new drug candidate for the treatment of Breast Cancer.”

This announcement comes shortly after the launch of a similar treatment program for melanoma. 

Jay-Z’s Company Invests in First Black Woman-Owned Speakeasy 

Jay-Z’s company, TPCO Holding Corp., aka The Parent Company, has chosen Josephine & Billie’s to be its first social equity corporate venture fund investment. 

The speakeasy-style storefront will be a private cannabis consumption lounge, exclusive to BIPOC women and allies. 


StaffJune 1, 2021
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7min7542

It’s time for your Daily Hit of cannabis financial news for June 1, 2021.

On The Site

Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC)  announced its financial results for the fourth quarter and fiscal year 2021 ending March 31, 2021. Canopy Growth’s revenue increased 38% to $148 million. The net losses for the quarter were $617 million, an improvement over 2020’s net losses of $710 million. The company blamed the bloated net losses on non-cash fair value changes of $292 million and impairment and restructuring charges of $75 million primarily related to changes to its Canadian operations that were announced on December 9, 2020.

For the full year, net revenue increased 37% to $546 million over the prior year driven by double-digit growth across Canadian cannabis, international cannabis and other consumer products businesses. Total net cannabis revenue of $379 million in the fiscal year 2021, represented an increase of 28% over the prior year.

The reported fiscal year 2021 net loss of $1.7 billion, a $283 million wider loss than fiscal year 2020, was driven primarily by the year-over-year change in other income (expense), net, the reduction in the income tax recovery, and expected credit losses on financial assets and related charges, and partially offset by the year-over-year improvement in gross margin and reductions in selling, general and administrative expenses, share-based compensation expense, and asset impairment and restructuring charges.

Harborside

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) reported its financial results for the first quarter ending March 31, 2021, after the market close on Monday. Harborside reported that its net revenues fell 9% to $12.4 million versus last year’s $13.7 million for the same time period. This missed the Yahoo Finance average analyst estimate for revenues of $13.65 million. The company blamed the decline on decreased store traffic due to COVID-19 restrictions, however, there were also declines in the wholesale business related to lower yields. The net losses for the quarter grew 21.9% to $2.9 million from last year’s $2.3 million.

Following the earnings announcement, Harborside said it was buying California-based Sublimation Inc. also known as Sublime for $43.8 million. The acquisition is expected to close in July 2021. Founded in 2016, Sublime is best known for its expansive line of high-potency, high-quality and affordable, Fuzzies branded pre-rolls, a leading brand of pre-rolls in the state of California, as well as vapes and roll-your-own flower kits.

Hollister Biosciences

Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF)  reported its financial and operating results for the first quarter of 2021 with total revenue in the first quarter of $23.1 million versus $0.95 million in the first quarter of 2020 and up 97% sequentially from $11.7 million in the fourth quarter of 2020. The net income for Hollister in the first quarter was $2.0 million versus a net loss of $2.2 million in the first quarter of 2020. The adjusted EBITDA was $2.80 million in the first quarter compared to a loss of $1.1 million in the first quarter of 2020. Investors seemed pleased with the results as the stock was moving higher by almost 20%. U.S. markets were closed on Monday for the Memorial Day holiday.

In Other News

Scotts

The Scotts Miracle-Gro Company (NYSE: SMG) announced increased sales and earnings guidance for fiscal 2021 based on the continued strength of both its U.S. Consumer and Hawthorne segments. For the fiscal year ending September 30, 2021, ScottsMiracle-Gro now expects company-wide sales growth of 17% to 19%. The revision is due mainly to stronger growth in the U.S. Consumer segment, where the Company now expects sales growth of 7 to 9%, compared with its previous range of 4 to 6%. Hawthorne sales also continue to exceed expectations as the Company now expects sales growth of 40 to 45% for the full year, compared with previous guidance of 30 to 40% growth.

As a result, adjusted non-GAAP earnings are expected to be in a range of $9.00 to $9.30 per share. This compares to the previous guidance of $8.60 to $9.00 per share. Adjusted non-GAAP results exclude impairment, restructuring and other one-time expenses.

Emerald

Emerald Health Therapeutics, Inc. (CSE: EMH) (OTCQX: EMHTF) has released its financial results for the three months ended March 31, 2021. Net sales of $2.3M decreased 22% compared to net sales of $2.9M in 1Q20 and decreased 25% from net sales of $3.0M in 4Q20. Volumes sold in 1Q21 were in line with 1Q20, while the average selling price per gram decreased from $4.32 to $3.65 in the adult-use channel. Total SG&A expense of $3.5M, which includes $0.6M of non-cash expenses, decreased $2.4M from $6.0M in 1Q20 and decreased $10.6M from $14.1M in 4Q20. Net loss of $2.9M improved by $2.0M from $4.9M in 1Q20 and improved by $5.2M from $8.1M in 4Q20.


StaffMay 25, 2021
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6min7270

It’s time for your Daily Hit of cannabis financial news for May 25, 2021.

On The Site

TILT

TILT Holdings Inc. ( CSE: TILT ) ( OTCQX: TLLTF ) reported its financial and operating results for the three months ended March 31, 2021. Revenue increased 15% to $46.8 million compared to $40.6 million driven by growth in both cannabis and inhalation and accessory revenue. Cannabis revenue increased 45% to $11.7 million and inhalation and accessory revenue increased 8% to $35.1 million. Net losses dropped sequentially from $45 million in the fourth quarter to $1.5 million in the first quarter.

HempFusion

HempFusion Wellness Inc. (TSX:CBD.U) (OTC:CBDHF) is buying Sagely Enterprises, Inc., a leader in premium CBD products with mass distribution in more than 14,000 retailers nationwide. The deal is valued at $25 million and consists of $2 million in cash and $23 million in common shares of HempFusion at a price per share of roughly $1.021. In addition, the sellers may be entitled to receive an earnout payment of up to $5 million subject to Sagely hitting certain revenue targets within a year.

Chalice

Chalice Brands Ltd., formerly Golden Leaf Holdings Ltd. (CSE:CHAL) (OTCQB:GLDFF) reported its financial and operating results for the first quarter of 2021 with total revenue of $5.5 million versus $4.7 million for the same period in 2020. The 18% year-over-year increase was attributed to the overall improvements in the Oregon retail and wholesale businesses. Net losses increased from last year’s $2.4 million to $4.3 million in the first quarter. The company noted that had it included revenue from its Homegrown acquisition, the first quarter 2021 revenues would have been $8.2 million.

GrowGen

GrowGeneration Corp . (NASDAQ: GRWG) is buying The Harvest Company, a northern California -based hydroponic supply center and cultivation design innovator with stores in Redding and Trinity County. The Harvest Company serves growers in Northern California’s Emerald Triangle, which is the largest cannabis-producing region in the country. GrowGen will now own 20 stores in the state of California – its largest footprint.

Herve

Investors continue to show their desire to invest in edible brands within the cannabis industry. The latest to have no problems raising money is Hervé.  Well-known as the maker of those stunningly beautiful infused macarons, Herve closed on its oversubscribed $3 million Series A round of funding. Hervé said the funds will support its growth and fund new opportunities.

In Other News

Keef Brands, founded in 2010 as one of the original cannabis-infused beverage companies and now ranked by BDS Analytics as the country’s number one cannabis beverage brand, is proud to announce Travis Tharp as the company’s new Chief Executive Officer. Tharp first joined Keef Brands in 2017 as Chief Operating Officer, was named President in 2019, and in 2020 oversaw the company’s largest year over year growth of beverage market share (by dollars sold). The transition of Tharp moving into the CEO role is the result a long-planned succession. Co-Founder and former CEO Erik Knutson, who will remain on the Board of Directors, worked with Tharp and the Board to position the company for this move and expansion. The appointment comes at a pivotal time, as Keef Brands is poised to release cutting-edge new product formulations and introduce their revolutionary wave of social consumption into more recently legalized markets across the country.


StaffMay 24, 2021
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5min6560

It’s time for your Daily Hit of cannabis financial news for May 24, 2021.

On The Site

4Front

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) released its financial results for the first quarter ended March 31, 2021 with total revenues coming in at $22.9 million versus last year’s $12.6 million for the same time period. Net losses increased from $7.7 million in 2020 to $11 million for the first quarter of 2021. 4Front also reiterated its fiscal year guidance for Pro Forma Revenue of $170 -180 million and Adjusted EBITDA of $40 -50 million.

The company noted that pro forma revenue increased 26% to $31.4 million in the first quarter versus $25.0 million in the fourth quarter. 4Front said that retail sales and product adoption exceeded internal expectations. This increase was attributed to higher sales from the two Massachusetts dispensaries following the start of adult-use sales in the second half of 2020, and a very strong launch from the Calumet City dispensary that opened in December 2020.

Enveric

Patient-first biotech company Enveric Biosciences (NASDAQ: ENVB) is buying MagicMed Industries Inc., a privately-held biotechnology company focused on creating a library of novel derivative psychedelic molecules such as psilocybin, N,N-dimethyltryptamine (DMT) and other molecular derivatives with applications across multiple indications, in an all-stock transaction. The deal has an approximate value of $30 million. 

Shareholders of MagicMed will receive 9,946,969 shares of common stock of Enveric, which recently closed at $2.72. Plus, warrants, options, and restricted stock units to acquire an additional 9,039,882 shares of common stock of Enveric. The current Enveric shareholders will own approximately 63.4% of the combined company’s common stock. Additionally, Enveric will receive approximately C$4 million in cash from the MagicMed Treasury. Dr. Joseph Tucker will be appointed Chief Executive Officer and David Johnson, the current Chief Executive Officer, and Chairman will be appointed Executive Chairman.

In Other News

Aurora

Aurora Cannabis Inc. (NASDAQ: ACB)announced that it has completed the transfer of its stock exchange listing to The Nasdaq Global Select Market from the New York Stock Exchange after the market close today. The company’s common stock will begin trading as a Nasdaq-listed security at market open on May 25, 2021 and will continue to be listed under the ticker symbol “ACB.” This transition does not impact the Company’s primary listing on the Toronto Stock Exchange (TSX: ACB). Aurora shareholders DO NOT need to take any further action.

TILT

TILT Holdings (TLLTF) announces the expansion of its partnership with Airo Brands, Airo is one of Jupiter Research’s earliest customers, licensing exclusive Jupiter products since 2016 and collaborating on proprietary inhalation technologies.Through this broader partnership with TILT and its subsidiary Standard Farms PA, Airo will look to enter the Pennsylvania market by early summer.Jupiter will continue to provide its proprietary hardware for Airo’s AiroPro and AiroX devices, as well as AiroPod cartridges, while Standard Farms will produce and fill high-quality cannabis oil for Airo’s AiroPod cartridges to be sold at retailers across Pennsylvania, pending regulatory product approval.The partnership will help meet the state’s demand for quality vape products, which is the second-largest product category in the state with 35% market share.


StaffMay 19, 2021
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5min8420

It’s time for your Daily Hit of cannabis financial news for May 19, 2021.

On The Site

TerrAscend

TerrAscend Corp.  (CSE: TER) (OTCQX: TRSSF) reported financial results for its first quarter ending March 31, 2021 with sales increasing 106% year-over-year to $53.4 million versus last years $25.9 million for the same time period. TerrAscend attributed the increase to cultivation capacity expansions in Pennsylvania, New Jersey, and California as well as five new dispensaries opened during 2020. Sales jumped 8% sequentially as a result of capacity expansion in Pennsylvania and the initial ramp-up of the operations in New Jersey. This slightly missed consensus estimates according to Seeking Alpha which was $54.4 million.

Net losses were cut significantly in the first quarter to $12.7 million from last year’s net loss of $87 million or the same time period. The company said that the net losses were largely impacted by a loss on the fair value of warrants of $5 million and an unrealized foreign exchange loss of $3 million, along with income tax expense of $10 million, financing, and other expenses of $7 million, share-based compensation of $4 million and depreciation and amortization, inclusive of depreciation and amortization in cost of goods sold, of $4 million. The net loss per share increased to ($0.08) from last year’s ($0.07).

In Other News

Golden Leaf

Golden Leaf Holdings Ltd. (CSE:GLH) (OTCQB:GLDFF) operating as Chalice Brands announced the signing of a definitive agreement and concurrent closing of the purchase of 100% ownership in SMS Ventures, LLC, dba Homegrown Oregon, a chain of five retail dispensaries located in Portland, Salem, and Albany, Oregon, for total consideration of approximately $9.75 million or 0.9 times Homegrown’s first quarter 2021 annualized revenue2. The added fact that Homegrown is profitable makes this a highly accretive acquisition for Golden Leaf earnings per share.

High Tide

High Tide Inc. (TSXV: HITI) (OTCQB: HITIF) has entered into an amended agreement with ATB Capital Markets Inc. (“ATB”) and Echelon Wealth Partners Inc., on behalf of a syndicate of underwriters, to increase the size of the previously announced bought deal public offering. The Underwriters have agreed to purchase, on a bought deal basis, pursuant to the filing of a prospectus supplement to the Company’s short form base shelf prospectus dated April 22, 2021 an aggregate of 2,100,000 units at a price of $9.60 per Unit for aggregate gross proceeds to the Company of $20,160,000

IIPR
Innovative Industrial Properties, Inc. (NYSE: IIPR) announced today that its operating partnership, IIP Operating Partnership, LP priced a private offering of $300 million aggregate principal amount of 5.50% Senior Notes due 2026. The notes mature on May 25, 2026. Interest on the notes is payable semiannually on May 15 and November 15 of each year, with the first payment on November 15, 2021. The offering is expected to close on May 25, 2021

Union

Workers at three local cannabis dispensaries have voted to unionize, the first time that has happened at any cannabis business in the region. Labor union leaders and the owners of the affected dispensaries said the contracts ratified Wednesday will set a precedent for future cannabis union contracts across the region. Local 135 of the United Food and Commercial Workers spent two years trying to organize the workers and get a contract approved. More than 140 workers spread across the three dispensaries approved the new contract at a rate of almost 90 percent. The contract, which guarantees wages of at least $17 an hour, includes profit-sharing and a $30,000 annual contribution from March and Ash to cover workers’ childcare and education. March and Ash employees had already been eligible for health care through the company.

 


StaffMay 17, 2021
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7min6430

It’s time for your Daily Hit of cannabis financial news for May 17, 2021.

On The Site

Col-Care

Columbia Care Inc.  (OTCQX: CCHWF) reported financial and operating results for the first quarter ended March 31, 2021, with revenue increasing 220% to $92.5 million year-over-year and growing by 13% over the previous quarter. Columbia Care missed the Yahoo Finance average analyst estimate for revenue of $94.1 million.

The net losses were trimmed to $15.3 million from last year’s $20.6 million for the same time period. The earnings per share also improved to ($0.05) from last year’s ($0.09.), however, it wasn’t enough to meet the average analyst estimate for ($0.04) per share. Analysts give the stock a price target of $11.65 on average. Shares have been in an overall uptrend over the past six months and were lately selling at $6.17.

Curaleaf

Curaleaf Holdings, Inc. (OTCQX: CURLF) is buying the largest outdoor grow in Colorado known as Los Sueños Farms in a deal valued at $67 million. The transaction is a mix of cash and stock. Curaleaf said this will significantly expand its Colorado presence, vertically integrating within the state. The proposed acquisition includes three Pueblo, Colorado outdoor cannabis grow facilities covering 66 acres of cultivation capacity, including land, equipment, and licensed operating entities, 1,800 plant indoor grow and two retail cannabis dispensary locations serving adult-use customers. An additional contingent consideration of up to $8 million in stock will be paid based upon operating cash flow-based targets for 2022.

Hexo

HEXO Corp. (NYSE: HEXO) announced it is buying 48North Cannabis Corp  (TSX-V: NRTH) in an all-stock deal valued at approximately $50 million on an enterprise value basis. 48North is a brand-led, consumer-centric licensed cannabis producer with an expansive portfolio of high-quality, accessibly-priced products available across the country. The company brands include Trail Mix, an accessibly priced brand formulated with taste and aroma-first flavor profiles and Latitude, a next-generation lifestyle platform and premium, natural cannabis collection focused on wellness, beauty, and beyond. 48North operates two indoor-licensed cannabis production sites in Ontario.

In Other News

MediPharm

MediPharm Labs Corp. (OTCQX: MEDIF) announced its financial results for the three months ended March 31, 2021. In total, revenue was $5.5 million, a 9% decrease from Q4 2020, but with a stronger mix of revenue international which offset a decrease to Canadian domestic revenue.  Net loss of $0.07 per share also compares favorably with the past two quarters (Q4 2020 net loss of $0.21 per share, Q3 2020 net loss $0.11 per share) reflecting the absence of inventory adjustments, fixed asset impairments and restructuring expense, as well as tighter expense controls.

IIPR

Innovative Industrial Properties (NYSE: IIPR) has announced that its operating partnership, IIP Operating Partnership, has commenced a private placement of $200M aggregate principal amount of senior notes due 2026. The Operating Partnership also expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $30M aggregate principal amount of the notes. Net proceeds will be used to invest in specialized industrial real estate assets that support the regulated cannabis industry that are consistent with its investment strategy, and for general corporate purposes. 

IIPR also closed on the acquisition of a property in Warren, Michigan, comprising approximately 85,000 square feet of industrial space. The purchase price for the property was approximately $10.3 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with a subsidiary of Sozo Companies, Inc. (Sozo) for continued use as regulated cannabis cultivation, processing and retail facility. 

MedMen

MedMen Enterprises (MMNFF) closed the sale of $10M of units at $0.32/unit; each unit consists of one Class B subordinate voting share and one share purchase warrant. Warrant holder to purchase one share for three years from the issuance date at an exercise price of $0.352/share. “As we accelerate construction for new store openings in our Fenway and two San Francisco locations we are repositioning our narrative from one of turnaround to one of growth,” chairman & CEO Tom Lynch commented. Fenway location is expected to open in late summer or early fall 2021 and its two San Francisco, CA locations in fall 2021.

Mercer Park

Mercer Park Brand Acquisition Corp. (OTCQX: MRCQF), a Special Purpose Acquisition Company  which has entered into a definitive agreement to merge with GH Group, Inc. , California’s leading fully-integrated cannabis business, announced today that it has upsized its previously announced equity private placement to include a US$50 million proposed investment commitment from TPCO Holdings Corp. Including The Parent Company investment, Mercer Park has raised $135 million of private placement capital in connection with the transaction. The commitment is subject to customary approvals and conditions and is expected to close contemporaneously with the closing of the Glass House Group Transaction.


StaffMay 12, 2021
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5min8020

It’s time for your Daily Hit of cannabis financial news for May 12, 2021.

On The Site

GTI

Green Thumb Industries Inc.  (OTCQX: GTBIF) continues to show its strength as an industry leader after reporting solid financial results for the first quarter ended March 31, 2021. GTI delivered total revenue of $194.4 million, up 9.7% sequentially and up 89.5% from $102.6 million in the prior-year period. this beat the Yahoo Finance average analyst estimate for revenue of $187 million. The company also delivered a net income of $10.4 million or $0.05 per basic and diluted share, compared to a net loss of $4.2 million, or a loss of $0.02 per basic and diluted share in the prior year. This was lower than the Yahoo Finance analyst estimates for $0.08 per share.

GrowGen

GrowGeneration Corp. (NASDAQ: GRWG) reported record first-quarter 2021 revenues rose 173% to $90 million, versus $33 million in the same period last year. This beat the analyst estimate for revenues of $87 million. GrowGen said same-store sales at 22 locations open for the same period in 2020 and 2021 were $43.0 million in first-quarter 2021 versus $28.5 million for first quarter 2020, a 51% increase year over year. Net income was $6.1 million, or $0.10 per share based on a fully diluted weighted average share count of 60.3 million. This beat the Yahoo Finance analyst estimate for $0.07.

Zynerba

Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) reported financial results for the first quarter ended March 31, 2021. As an emerging biotech company, Zynerba does not have revenue at this time as it develops drugs. Research and development expenses were $4.6 million for the first quarter of 2021, including stock-based compensation of $0.6 million. General and administrative expenses were $3.3 million in the first quarter of 2021, including stock-based compensation expense of $0.6 million. The net loss for the first quarter of 2021 was $8.0 million with a basic and diluted loss per share of $(0.20). Zynerba beat the Estimize EPS Consensus by $0.01 by reporting a net loss per share of ($0.20).

Col-Care

Columbia Care Inc. (OTCQX: CCHWF) launched its new retail brand, Cannabist. The company said that Cannabist will serve as the intersection for medical and recreational cannabis users to provide a higher experience built on one of the largest customer data repositories, passion, technology innovation, community commitment and product standards.

In Other News

cbdMD, Inc. (NYSE: YCBD) announced its financial results and its business highlights for its second quarter and six months ended March 31, 2021. Net sales of $11.8 million for the second quarter of fiscal 2021 increased by 26% year-over-year from $9.4 million in the second quarter of fiscal 2020 for a record high for the March quarter. Net loss attributable to common shareholders for the second quarter of fiscal 2021 was approximately $13.1 million, or ($0.24) per share, as compared to net income of approximately $14.8 million, or $0.41 per share from the prior year’s second fiscal quarter. Our net loss attributable to common shareholders was principally attributable to an increase of approximately $8.9 million in the non-cash contingent liability which is associated with earnout shares which may be issued under the terms of the December 2018 acquisition of Cure Based Development (which owned the cbdMD brand).


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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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