Daily Hit Archives - Page 3 of 47 - Green Market Report

StaffStaffSeptember 15, 2020
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4min2260

It’s time for your Daily Hit of cannabis financial news for September 15, 2020.

On the Site

Fire & Flower

Fire & Flower Holdings Corp. (OTCQX: FFLWF) stock jumped over 6% on news of the company’s rising revenue in the second quarter. The company delivered revenue of $28.6 million including sales of $23.4 million in the retail channel, $4.3 million in the distribution channel, and sales of $0.9 million in the digital retail and analytics channel.

Still, the company reported a net comprehensive loss of $29.1 million, or net loss per share, and on a fully diluted basis of $0.18. the company attributed the loss on expenses of $12.5 million and other expenses of $26.5 million. Other expenses included losses on the revaluation of derivative liabilities of $18.3 million and finance costs of $8.2 million.

Harvest Health

Arizona-based Fibonacci Brands is buying the cannabis company  Darwin Brands from Harvest Health and Recreation (OTC:HRVSF) for an undisclosed amount. Darwin is part of the Arizona Natural Selections company and its products include Caramel Hard Candies, Seriously Good Gummies and award-winning vapes.

In February 2020, Harvest acquired AZ Natural Selections in a deal valued at approximately $30 million, the issuance of a $6.6 million promissory note and it assumed $3.8 million in debt at closing and paid off another $2.9 million at closing. The acquisition provided Harvest with two operational cultivation facilities: a 55,000 sq. ft. indoor cultivation and production facility in Phoenix and a 322-acre site of which 25 acres are zoned for cannabis with 70,000 square feet of greenhouse in Willcox.

In Other News

iAnthus

iAnthus Capital Holdings, Inc. (OTCQX: ITHUF), announced that, at the meetings of Secured Noteholders, Unsecured Debentureholders and Existing Equityholders (each as defined below and, collectively, the “Securityholders”) held on September 14, 2020, Securityholders voted overwhelmingly in support of the previously announced recapitalization transaction to be implemented by way of a court-approved plan of arrangement under the British Columbia Business Corporations Act.

IIP

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that its board of directors has declared a third quarter 2020 dividend of $1.17 per share of common stock, representing an approximately 10% increase over IIP’s second quarter 2020 dividend of $1.06 per share of common stock, and a 50% increase over IIP’s third quarter 2019 dividend of $0.78 per share of common stock. The dividend is equivalent to an annualized dividend of $4.68 per common share, and is the eighth dividend increase since IIP completed its initial public offering in December 2016.

Hemp Tech

Hemp Technology Inc. (OTCBB: HPTY), (“HPTY”), a vertically integrated, publicly traded holding company operating in the hemp industry, had successfully entered into a purchase and sale agreement dated August 11, 2020, to acquire substantially all of the assets of True Leaf Pet Inc. (“TLP”). “We are pleased to advise that we have closed the bulk asset purchase acquisition effective Friday September 11, 2020.”

CanaQuest

CanaQuest Medical Corporation gets listed on THE OCMX™ CanaQuest Medical Corporation is a Life Science/Pharmaceutical Company developing health products utilizing cannabinoid molecules and other botanical compounds (pharmaceutical
grade). The Company is the industry partner for research and product development with Dr. Steven Laviolette, a professor and neuroscientist, at Western University, London, Ontario Canada


StaffStaffSeptember 10, 2020
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4min2100

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

On The Site

M7

California-based ManifestSeven announced it closed on an aggregate of $10.2 million in gross proceeds raised via three private placements of equity and convertible debt in 2020. In addition to the fundraising, the company said it is close to completing its reverse takeover transaction of P&P Ventures Inc., which is to be renamed ManifestSeven Holdings Corporation. M7 said it expects to begin trading within the coming days on the Canadian Securities Exchange using the ticker symbol “MSVN”.

ManifestSeven is an omnichannel platform for legal cannabis, merging compliant distribution with a retail superhighway. M7, with offices in Commerce and Irvine, California. The company said it has a growing portfolio of owned and operated retail operations located in major metro markets, including brick-and-mortar dispensaries, local on-demand delivery services, e-commerce, and subscription offerings.

HAVN

Havn Life Sciences announced that, on August 31, 2020, its wholly-owned subsidiary, HAVN Research Inc., was granted a Section 56 exemption by Health Canada, meaning it now has the ability to possess certain amounts of pure psilocybin for scientific purposes, specifically for the research and development of quality control methods.

Havn Life said it plans to immediately begin work on experiments with the objective of developing a set of methods for the safe, standardized, quality-controlled production of medical compounds extracted from the Psilocybe spp. mushroom.

Martha

The queen of lifestyle branding Martha Stewart has launched a new line of CBD products with cannabis company Canopy Growth Corporation (NYSE:CGC.) The hemp-derived wellness supplements are inspired by some of Martha’s most popular recipes featuring Meyer lemons and blood oranges. The initial product offering will include a range of human wellness supplements, with a gift box and pet line launching later this year.

In Other News

The Nebraska Supreme Court has ruled that the medical marijuana ballot initiative supported by Nebraskans for Medical Marijuana will not appear on the November 2020 ballot. The decision came in response to a lawsuit filed by opponents arguing that the measure violated the state’s single subject rules.

The Marijuana Policy Project, which has assisted the campaign from its inception and played an important role during the signature drive, expressed its extreme disappointment with the decision while vowing to continue supporting efforts to reform marijuana laws in the state.

Nebraskans for Medical Marijuana submitted over 190,000 signatures in support of the amendment in July. The Court’s decision overturns Secretary of State Bob Evnen’s decision to certify the initiative after a similar legal challenge was submitted by opponents in August.


StaffStaffSeptember 9, 2020
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3min2570

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

On the Site

Columbia Care

Columbia Care Inc.  (OTCQX: CCHWF) has signed an agreement to buy California-based Project Cannabis for approximately $57 million in Columbia Care stock and approximately $12 million in cash from the proceeds of a concurrent sale of Project Cannabis’ real estate assets. The deal is expected to close in the fourth quarter of 2020.

Based, in Los Angeles, Project Cannabis owns the branded products Triple Seven and Classix. It operates a 32,000 ft cultivation facility, along with three adult-use retail dispensaries in prime locations in North Hollywood, Downtown Los Angeles, and Studio City. In San Francisco, it operates one adult-use retail dispensary in the Soma district, close to both professional baseball and basketball stadiums. This location also houses one of the only permitted consumption lounges in San Francisco.

Auxly

Auxly Cannabis Group Inc. (OTCQX: CBWTF) closed on an additional $2 million worth of unsecured convertible debentures under its $25 million unsecured convertible debenture standby facility with an institutional investor as previously announced on April 28, 2020.

The convertible debentures that Auxly issued to the investor have a conversion price of $0.18 per common share of the company, while the stock currently trades at $0.12. The investor received warrants to purchase 6,111,111 common shares until September 8, 2022 at an exercise price of $0.216 per Common Share.

In Other News

Cronos Group Inc. (NASDAQ: CRON) announced that its Board of Directors has appointed Kurt Schmidt President and Chief Executive Officer of the Company, effective today. Kurt brings to Cronos Group more than three decades of experience leading and growing renowned global consumer packaged goods companies and their brands, including at Blue Buffalo Company Ltd., Nestlé S.A., Gerber and Kraft Foods. The Company also announced that Mike Gorenstein has been appointed Executive Chairman. Mike has served as Chairman, President and Chief Executive Officer of Cronos Group since 2016.


StaffStaffSeptember 8, 2020
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6min2110

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

On The Site

Aurora

Aurora Cannabis Inc.  (NYSE: ACB) gave an update on its business in which the company said it would take a $1.8 billion charge as it released unaudited preliminary fiscal fourth-quarter 2020 results. Revenues also fell sequentially. As an aside, the company also named a new CEO Miguel Martin.

Aurora reported that its 2020 fourth-quarter net revenue was expected to be in the range of $70 million and $72 million, versus $75.5 million in the third quarter. The company said that cannabis net revenue is expected to be between $66 million and $68 million, a sequential drop from the third quarter net revenue of $69.6 million. The company said in a statement, “We expect adjusted gross margin before fair value adjustments on cannabis net revenue to be within a range of 46%-50%, with lower gross margins expected from non-cannabis business segments.”

HAVN Life Sciences

Havn Life Sciences has begun trading on the Canadian Securities Exchange using the ticker symbol “HAVN”. Havn Life said it is focused on the standardized, quality-controlled extraction of psychoactive compounds from plants and fungi to develop products for use in research. Havn Life is also developing natural healthcare products designed to unlock human potential, containing novel and natural psychoactive compounds. The company has no revenue as of yet.

USDA

The USDA has decided it wants to hear from those in the industry with regards to proposed regulations now that they have gone through the 2020 growing season. The comment period for the interim final rule published on October 31, 2019, at 84 FR 58522has been reopened. Comments must be received by October 8, 2020. The agency noted that people who were dealt with the regulatory requirements during 2020 could now comment on those requirements.

The Agriculture Marketing Service (AMS) said it received approximately 4,600 comments from stakeholders during the initial ninety-day public comment period. These comments represent the perspectives of various organizations and individuals within the stakeholder community and provided AMS additional context for decision making. AMS is reopening the public comment period for the Interim Final Rule (IFR) to encourage additional input on several topics identified by commenters during the initial ninety-day comment period. The reopening of the public comment period allows stakeholders to provide AMS with further insight gained from the 2020 hemp growing season.

In Other News

Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) has entered into a share purchase agreement with Village Farms International, Inc. (NASDAQ: VFF) to sell its interest in Pure Sunfarms Corp., a joint venture that was established between the company and Village Farms in 2017 in which the company holds a 41.3% interest. Village Farms has agreed to purchase 36,958,500 common shares in the authorized share structure of PSF, representing all the remaining shares of PSF not held by Village Farms, for an aggregate purchase price of $79,900,000. A minimum of $60,000,000 of the purchase price will be paid in cash at closing. The deal is expected to close in October 2020.

Riaz Bandali, CEO, Emerald Health Therapeutics said, “Over the last 12 months, we have worked in a very disciplined and systematic manner to drive Emerald’s own premium organic-certified production operation and its medical and R&D facilities toward operating breakeven and profitability. We also applied our core capability in science-driven innovation to develop and launch our first Cannabis 2.0 product line, our unique nanoemulsion-based cannabis spray. With the anticipated divestment of our Pure Sunfarms and Verdélite assets, we expect that with the approximately $102M in non-dilutive cash garnered from these two sales we will move to a zero debt position and significant cash reserve, while still retaining two attractive operating facilities. We expect that these factors would leave Emerald well-positioned to advance our existing and emerging product portfolio, and/or to acquire in a strategic and targeted manner new value-added science-based products and services with a positive business outlook focused on achieving revenue growth, profitability and value creation for our shareholders.”


StaffStaffAugust 31, 2020
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3min2910

It’s time for your Daily Hit of financial news for August 31, 2020.

On The Site

CLS Holdings USA, Inc. (OTCQB:CLSH)(CSE:CLSH) reported that its fiscal year-end 2020 total revenues were $11,917,629 an increase over fiscal year 2019’s total revenue of $8,459,048. The company also reported a net loss $30 million versus last year’s net loss of $27 million. The loss was attributed to a large non-cash impairment charge on goodwill as a result of the decline in the company’s stock price.

“Because our stock price provides a basis for our enterprise value, this decline meant that we were required to write-down the value of this intangible asset by $25,185,003, a one-time write-down that has not occurred in prior fiscal years. This devaluation is not reflective of any tangible loss of assets, and our working capital remains sound.”

East Coast

As the West Coast matures from the early Green Rush and Midwest markets like Michigan and Illinois hit their stride with recent legalization, all eyes are on the Northeast as the sleeping giant that will radically change the national cannabis landscape for 2021 and beyond. Among the 40 million-plus residing in the tri-state area between New York, New Jersey, and Pennsylvania, the East Coast offers a monumental competitive advantage with substantial opportunities for new players to make their mark as soon as the industry is given the green light to move forward—which is only a matter of time.

“There is no question that a lot of states that were sitting on the fence on adult-use legalization will now turn to it as they look for tax revenues,” says Joe Bayern, President of CuraLeaf (OTC:CURLF).

In Other News

Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) reported the following earnings:

  • Revenues were $10.8 million as compared to $16.5 million, a decrease of 34.9%
  • Gross profit before biological adjustments was $4.7 million or 43.8% as compared to $9.7 million or 58.7%, a decrease of 51.5%
  • Operating expenses, excluding non-cash compensation expense, were $5.8 million as compared to $7.1 million, a decrease of 18.5%
  • Net loss before taxes of $3.3 million as compared to a net income of $1.1 million
  • Net loss of $4.0 million as compared to a net loss of $0.9 million
  • Adjusted EBITDA loss of $0.7 million as compared to Adjusted EBITDA of $2.7 million

Kaitlin DomangueKaitlin DomangueAugust 27, 2020
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4min2580

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

On the Site

Jushi Reports Increasing Revenue, Losses Trimme

Jushi Holdings Inc. (OTCQB: JUSHF) reported that its total revenue increased 73% sequentially to $14.9 million for the second quarter of 2020. The company said in a statement that its annualized revenue run-rate for July 2020 was approximately $89 million, an approximate 80% increase over the March annualized run rate.

Jushi reported a net loss of $9.3 million, or $0.10 per diluted share, compared to a net loss of $15.9 million, or $0.17 per diluted share, in the first quarter. The $6.6 million drop in the net loss in the second quarter was attributed to both higher revenue and gross profits.

COVID Hurts Slang Revenue, But Sales Look to Be Recovering

SLANG Worldwide Inc. (OTC: SLGWF) reported that in Canadian dollars that its revenue decreased by 3% sequentially to $4.6 million in the second quarter from $4.6 million in the first quarter 2020. The drop was attributed to stores that were impacted by COVID lockdowns. Slang said in a statement, “The stay-at-home orders associated with the COVID-19 response also adversely affected certain retail locations that sell the company’s branded products.”

In Other News

AYR Strategies Reports Earnings from Q2 2020

Vertically-integrated, multi-state operating cannabis company AYR Strategies reported their second quarter earnings this morning at about 8:30 eastern time. The call was introduced by CEO and corporate secretary, Jonathan Sandelman. Sandelman said “our business is stronger than ever reflected by significant month over month improvements across our markets since the lows of the pandemic in April.”

The company’s CFO, Brad Asher, then took over the conversation to report a revenue growth from 50% below pre-COVID levels to 10% above pre-COVID levels all within the same quarter. “Our ability to adjust our business plan was a key driver including revenue of $28.3 million for the quarter which represents a decrease of 15% from the prior quarter due to COVID related closures,” said Asher. “Despite the sequential decrease in quarterly revenue, our adjusted EBITDA for the second quarter was $9.1 million which represents an 8% increase from Q1 and an EBITDA margin of over 32%. The increase in adjusted EBITDA was primarily driven by our increasing gross margins before fair value adjustments which improved dramatically to 60% compared to 50% in Q1.”


StaffStaffAugust 25, 2020
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7min3550

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

On The Site

TILT Holdings Inc. (OTCQB: TLLTF) reported that its revenue fell 9% sequentially to $38.6 million and dropped 1% from the last year’s second quarter in 2019. The company blamed the decline on “COVID-19 related headwinds including decreased sales at the Company’s inhalation technology subsidiary, Jupiter Research, as well as lower wholesale demand in the cannabis segment due to the temporary suspension of adult-use sales in Massachusetts from March 24th to May 25th.”

The net loss for TILT grew to $9 million versus the first quarter’s net income of $51,000, but much better than last year’s second-quarter net loss of $48.9 million. The positive adjusted EBITDA for the second consecutive quarter of $1.2 million, down $0.5 million from the quarter ended March 31, 2020, but was an improvement of $5.2 million from the prior-year period.

Cbd

CBD marketplace and brand reviewer, Leafreport, conducted independent lab testing on 22 CBD beverage brands to determine just how much CBD is actually in these products. Their findings were shocking, and showed many of these brands to be entirely misrepresenting their true CBD content, whether intentional or not. Some brands contain far less CBD than advertised, while some actually contain more CBD. The company ordered 22 COAs form these companies in order to accurately compare their findings.

Out of the 22 products that Leafreport tested, 54% (12 products) tested out at less CBD than the brand advertised, while two of the CBD beverage products contained no CBD at all! Additionally, the report reads that 81% of beverages (or 18 products) actually had CBD levels that were 10% higher or lower than advertised, while 14 products, or 64% of all the products tested, contained CBD levels that were 40% higher or lower than advertised.

MindMed

Mind Medicine (MindMed) Inc. (NEO: MMED)(OTCQB: MMEDF)announced that it is working with the University Hospital Basel’s Liechti Lab on a combination MDMA and LSD in Phase 1 clinical trial. The Phase 1 MDMA-LSD trial is scheduled to start in Q4 of this year in Basel, Switzerland.

The company said that combined MDMA-LSD treatments have the potential to create next-generation psychedelic-assisted therapy paradigms. When added to a psychedelic-assisted therapy session, MDMA has the potential to reduce some known rare negative side effects that may occur while using LSD or other classic psychedelics on their own. So it seems the theory here is that the MDMA may work towards lessening a “bad trip.”

Hemp

The Hemp Benchmark recently released its July 2020 report reviewing wholesale prices for the hemp industry. The group found that price assessments in recent months have shown stabilizing rates for numerous wholesale products that are part of the hemp-CBD supply chain. “For example, from April through this month the aggregate price for CBD Biomass and wholesale prices for smokable bulk CBD Flower have both steadied. While the downward trend in CBD product prices has largely subsided in recent months, that for CBG biomass and extracted forms of the cannabinoid has continued.”

In Other News

Democratic Gov. Tom Wolf of Pennsylvania announced today that regulating the adult-use cannabis market and “restoring justice” to those with past marijuana convictions are among his fall legislative priorities.

Wolf said: “I’m calling on the legislature to to legalize recreational marijuana, with the revenue going to: small business grant funding [and] restorative justice programs. At the same time, we must pursue policies that restore justice for individuals convicted of marijuana-related offenses.”

“The inclusion of cannabis legalization in Governor Wolf’s Fall agenda today doubles down on the Wolf Administration’s commitment to encourage and support statewide legalization in Pennsylvania,” Lehigh Valley NORML Executive Director Jeff Riedy said. “Last year’s Marijuana Legalization Listening Tour set the pace in swaying the Governor’s support. NORML Chapters across Pennsylvania endorsed the Fetterman/Wolf ticket back in 2018, and our support has paid some dividends in advancing the conversation in Harrisburg, even while faced with a Republican-controlled legislature. With two robust legalization bills at the ready (HB2050, SB350), lawmakers could act tomorrow.”


Kaitlin DomangueKaitlin DomangueAugust 24, 2020
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6min2290

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

On the Site

Hollister Revenue Grows From Arizona Market

Hollister Biosciences Inc. (CSE: HOLL), (OTC: HSTRF)  reported that its revenue for the second quarter ending June 30th, 2020 was $8.47 million versus $0.2 million for the same time period last year. the company attributed the revenue growth to the sale of concentrates, pre-rolls, and contract manufacturing services. The company also delivered net income for $0.3 million compared to a net loss of $2.1 million in the first quarter of 2020.

The bulk of the company’s revenue comes from Arizona’s total revenue over the last six months of $8.7 million. The state is also turning in positive results with net income for the last six months of $709,239. California generated revenue of $651,862 for the last six months but had a net loss of $856,087.

Inner Spirit Reports 575% Increase in Revenue

Canadian-based Inner Spirit Holdings Ltd. (CSE: ISH) (OTC:INSHF)known for its national network of Spiritleaf retail cannabis stores reported system-wide retail sales of $20.5 million in the second quarter of 2020, an increase of 343% compared with $4.6 million in the second quarter of 2019. This was a 19% increase sequentially from the first quarter’s $17.1 million. Total revenue increased 575% to $5.4 million in the second quarter versus $0.8 million in the second quarter of 2019. This increased 31% sequentially from $4.1 million in the first quarter of 2020.

Inner Spirit delivered a total net loss of $1.2 million in the second quarter of 2020, or $0.01 per share, compared with $2.8 million, or $0.02 per share, in the second quarter of 2019.

Executive Spotlight: Camille Roistacher

Green Market Report highlighted Camille Roistacher, the CEO and co-founder of Voyage Distribution and Wyllow, both brands in the cannabis space. Voyage Distribution is a data-driven cannabis supply chain company and Wyllow is an inclusive cannabis flower brand that is launching in select dispensaries throughout California. 

Camille is a woman of color disrupting the cannabis space. She holds a Bachelor’s Degree in Business Administration with a focus on finance from UC Riverside. She said, “In the next five years, we plan to expand our footprint throughout additional states with a focus on emerging markets that need more representation from female cannabis executives.” 

In Other News

Charlotte’s Web Holdings Inc. to File Business Acquisition Report for Abacus Health Products

The hemp-industry leader said in a press release on March 23rd, 2020 that they intend to acquire topical pain relief company, Abacus Health Products. The company announced that they will be relying on a 45-day extension to the filing deadline granted by the Ontario Securities Commission, due to COVID-19’s impact. This extension is pursuant to Ontario Instrument 51-505, which allows for temporary extensions from certain corporate finance requirements with deadlines. Charlotte’s Web expects to file their business acquisition report in September. 

The original press release from Charlotte’s Web back in March reads, “This acquisition combines Charlotte’s Web, the market leader in hemp-derived CBD wellness products, with Abacus, the market leader in OTC topical products combining active pharmaceutical ingredients with hemp extract, to create the world’s largest vertically integrated hemp-derived CBD company. For Charlotte’s Web the combination benefits from the current U.S. regulatory environment which favors topical- CBD products within the food/drug/mass (“F/D/M”) channel. For Abacus, the acquisition provides the advantages of joining an established and industry leading platform and benefiting from leading CPG management and brand equity with a low-cost vertical supply chain producing “the world’s most trusted hemp extract™”. The combined entity is anticipated to represent approximately 34.7%3 of U.S. CBD sales within the F/D/M channel.”

The company also announced plans to release its second quarter results on September 14th, 2020. 


Kaitlin DomangueKaitlin DomangueAugust 20, 2020
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5min3370

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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6min2730

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.”



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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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