It’s been a rough week for our country as peaceful protests sparked looting in some cities. Many dispensaries were targeted in the mayhem. As many as 43 stores reported looting in California, but retail in Oregon, Illinois, Pennsylvania and New York all experienced the robberies. Most pointed out that these were not protestors, but instead organized professionals taking advantage of a distracted police force.
Green Market Report stands with the protestors and made a donation to the NAACP Legal defense fund.
Ok, on to the news
Smoking accessories e-commerce brand Greenlane Holdings, Inc. (GNLN) reported falling revenue for the first quarter ending March 31, 2020. Net sales fell 32% to $33.9 million in the first quarter of 2020 versus $49.9 million for the same time period in 2019.
Greenlane blamed the drop on the FDA’s restriction on the sale of certain products, primarily mint-flavored JUUL, and the execution of Greenlane’s plan to deliberately move away from low-margin JUUL sales, to focus on higher-margin products. The company also delivered a first-quarter net loss of $16.8 million, slightly better than last year’s net loss of $17.7 million for the same period in 2019.
Cannabis venture capital firm Canopy Rivers Inc. (OTC: CNPOF) reported its fourth-quarter results. Revenue was flat at $2.5 million for the quarter in 2020, while the net losses ballooned to $30 million from 2019’s net income of $3.5 million.
Multi-state operator Acreage Holdings, Inc. (OTCQX: ACRGF) said it has entered into two definitive funding agreements to receive up to $60 million. The announcement comes on the heels of Acreage saying it expects to take an $80-$100 million charge
Acreage wasn’t the only company lining up capital. The Valens Company arranged for up to C$40 million of secured debt financing.
MJardin Group has terminated its previously announced acquisition of edible company Cannabella.
And finally Clever Leaves will be listed on the NASDAQ (NASDAQ:NDAQ) as a result of its agreement with the Schultze Special Purpose Acquisition Corp. (NASDAQ: SAMA)
Stay safe everyone.