Marijuana Money Archives - Page 2 of 11 - Green Market Report

Video StaffVideo StaffMay 31, 2019

5min5210

Even though it was a shorted trading week due to the Memorial holiday, there were a lot of big earnings.

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) reported that revenue rose by 22% to $36.6 million in the third quarter. However, the company still reported a huge net loss of $63.1 million amid all of its legal troubles.

Acreage Holdings, Inc.  (ACRG-U.CN) (ACRGF) reported that its revenue rose 487% to $12.9 million, but the company also delivered a whopping net loss of $31.2 million. Looking at pro forma results, the revenue would have been $33.1 million and the adjusted net loss would have been $15.5 million. On the company’s conference call, Murphy said he wanted the company to become the “Proctor & Gamble of cannabis.” He highlighted the Form Factor acquisition saying it was a prudent use of shareholder money. Suggesting that other companies were paying high prices for fewer returns on their acquisitions.

Charlotte’s Web Holdings, Inc. (CSE:CWEB) (OTCQX:CWBHF) reported Q1 revenue growing 66% to $21.7 million. The net income dropped to $2.3 million from last year’s $3.1 million.

Origin House (CSE: OH) (OTCQX: ORHOF) said its Revenue for the first quarter was $11.2 million,

MJardin Group, Inc.  (CSE: MJAR) (OTCQX: MJARF) reported its financial results for the quarter ending March 31, 2019, in Canadian dollars. The company delivered revenues of $10.9 million versus last year’s $6.7 million for the same time period

Acquired Sales Corp. (OTC Pink: AQSP) signed a letter of intent to acquire 100%  Illinois-based Warrender Enterprise Inc. also known as Lifted Liquids for approximately $7.5 million in cash, plus 4,545,455 shares of Acquired Sales Corp.’s common stock.

MediPharm Labs Corp. (TSXV: LABS) (OTCQX: MEDIF) entered into an agreement with Scotiabank, in which the underwriters have agreed to purchase on a bought deal basis 10,815,000 common shares of the company at a price of $5.55 per Share for gross proceeds of $60 million

FLRish Inc. also known as Harborside, announced that it has closed an approximately C$19.65 million private placement of subscription receipts.

Cannabis Strategies Acquisition Corp. will now be known as AYR Strategies and began trading on the NEO Exchange in Canada under the symbols NEO: AYR.A.


Video StaffVideo StaffMay 24, 2019

2min7490

Organigram is the latest Canadian company to begin trading on the NASDAQ. Using the symbol, OGI the cannabis company said that investor demand pushed them to make the move.

Green Thumb Industries closed on a $105 million secured debt financing.

Gotham Green advanced an additional $80 million to MedMen as part of the previously announced convertible credit facility

It was a super busy week for acquisitions.

Canopy Growth finalized its acquisition of skin care company This Works in an all-cash deal valued at C$73 million.

MPX bought all the share of Swiss CBD company HolyWorld in a deal valued at C$13 million.

Australis Capital is acquiring Green Therapeutics in a deal valued at $8 million.

Northern Swan took a page from the Acreage playbook and named Former Majority Leader Tom Daschle and former Representative Joe Crowley to its board. Crowley lost his seat to Alexandria Ocasio-Cortez.

Horizons ETFs Management launched the BetaPro Marijuana Companies 2x Daily Bull ETF (“HMJU”) and the BetaPro Marijuana Companies Inverse ETF (“HMJI”). The Units of the ETFs will begin trading on May 24, 2019, on the Toronto Stock Exchange.

TerrAscend generated revenue of $14.6 million in the fourth quarter of 2018 and the net loss for the quarter was $11 million.

It’s a three-day weekend. Markets will be closed for trading on Monday in honor of Memorial Day.

 


Video StaffVideo StaffMay 17, 2019

4min6010

It’s been a busy week for acquisitions and earnings as the industry continues to consolidate.

On Thursday, SOL Global said it was acquiring Northern Emeralds for $120 million. The purchase price will be satisfied by the issuance of common shares in CannCure Investments Inc. and the deal is expected to close on or before August 1. Northern Emeralds is located in Humboldt County, California and is a cannabis cultivation, processing, and distribution company that has six licensed dispensary companies in the state that will operate under the nationally recognized “One Plant” brand. SOL Global said it intends to open One Plant-branded dispensaries throughout California (a total of 20 operating and licensed dispensary companies), Florida, and Michigan.

SOL Global plans on expanding on the Northern Emeralds One Plant dispensaries in California, Florida, and Michigan.

Supreme Cannabis is buying Blissco in a deal valued at C$48 million. Supreme also reported third-quarter 2019 net revenue of $10 million this week.

SLANG Worldwide is acquiring  LBA Global Corporation and its Lunchbox Alchemy brand portfolio and subsidiary Hydra Distribution. The proposed transaction will bolster SLANG’s position in the Pacific Northwest

Trulieve is buying the Connecticut dispensary The Healing Corner but did not disclose the size of the deal.

Aurora Cannabis Inc. reported third-quarter net revenue of $65.14 million, up from $54.17 million in the previous quarter. The company delivered a loss of $158.35 million.

Tilray Inc. reported that its net loss for the quarter was $30.3 million. Even though the revenue increased by 195.1% to $23.0 million, versus last year’s $7.8 million – it was less than the net loss.

CannTrust Holdings Inc. (TSX:TRST) (NYSE:CTST) reported that its quarterly revenue rose 115% to $16.9 million versus last year’s $7.8 million

Acreage Holdings Inc. (ACRG.U)  is following in MedMen’s footsteps. The company set up a REIT and is selling its properties to the REIT and then it will lease those properties for its operations. The move is expected to unlock the value of the real estate assets.

1933 Industries Inc. said its subsidiary, Alternative Medicine Association, has completed a sale and leaseback for its cannabis cultivation facility in Las Vegas, Nevada for $10.45 million

Cannara Biotech announced today that it has commenced trading on the OTCQB Venture Market under the symbol “CNBTF”.


Video StaffVideo StaffMay 3, 2019

3min9530

Green Market Report just learned that one of the sponsors at next week’s Green Market Summit is going to be announcing a new product at the conference. This is going to be huge news. We still have some room left, but there is a limited about of seats. Get your tickets before it’s too late.

Curaleaf announced this week that it was acquiring Cura Partners, known for their Select brand in an all-stock deal valued at $948 million. Select ‘s THC products are sold in more than 900 retailers, it is the leading cannabis brand in key Western states. The combination of the two companies will give Curaleaf a leg up on the West Coast due to Select’s brand strength.

Canopy Growth had another busy week. It acquired a German synthetic cannabis company called C3 for $250 million. Which seems a bit odd for a company that prides itself on its plants. But really it’s buying entry into the German market. Canopy also gave an update on its NY hemp plans in which the company plans to begin hiring later this year.

CannTrust priced its previously-announced public offering of 36 million shares at $5.50 per share. The company is selling 30 million shares for total gross proceeds to the Company of approximately US$170 million.

iAnthus raise $25 million selling convertible notes.

KushCo Holdings, Inc. (OTCQB: KSHB) announced that it has entered into a definitive agreement with an institutional investor for a private placement of $21.3 million.

Lots of earnings this week.

Sunniva Inc.  (CSE: SNN) (OTCQB: SNNVF) reported its fiscal 2018 results for the year ending December 2018 in Canadian dollars. The company delivered$18.8 million in revenue versus 2017’s $16.1 million.

Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) has reported its financial results for the 2018 fiscal year. Full-year revenue was $16.5 million, up 43% from $11.5 million in 2017

Plus Products reported that its 2018 full-year revenues increased by 681% to $8.4 million versus the 2017 revenues of $1.1 million.

Indus Holdings Inc. began trading on the Canadian Securities Exchange under the symbol INDS.


Video StaffVideo StaffApril 26, 2019

2min11100

The Green Market Summit in Chicago is on May 7. We have an amazing lineup. You will hear from Peter Miller the CEO of Slang Worldwide as he dives into building top selling brands in the crowded vape space. We’ve got Cresco Labs talking about building a national brand, MMLG Brands brings their consulting secrets to the stage and Cresta Management will be talking about hiring and recruiting for cannabis companies. It wouldn’t be right to come to Chicago and not talk about commodity trading in hemp. We’ve got Jonathan Rubin from Cannabis Benchmarks to talk about wholesale hemp pricing. Buy your tickets now.

This week was fairly quiet compared to last week’s news cycle. We have some earnings to cover.  Cresco Labs reported fourth-quarter revenue of $17 million, a 441% increase and the company reported a profitable year for 2018. How many cannabis companies can say that so early in the game?

Harvest Health & Rec reported $16.9 million in revenue for the fourth quarter an increase of 135% over last year.

CannTrust also reported preliminary earnings of  $17 million in the first quarter and also announced that it has begun a $200 million offering.

SOL Global, the owner of Florida’s 3 Boys Farms, entered into a binding letter of intent with Merida Capital Partners 2019 to acquire Merida’s Michigan subsidiary, MCP Wellness, Inc. in a deal valued at $150 million. Interestingly enough, a separate company that Merida invested in New Frontier Data filed a defamation lawsuit against SOL Global’s CFO Andy Defrancesco. That could certainly get awkward very quickly.

Ionic Brands acquired edibles company Zoots for $855,000.

MedMen got its first tranche of money from Gotham Green and it was $20 million.

Pax Labs said that it raised $420 million – see what they did there? The company says the post-money valuation is now $1.7 billion and the company is expected to go public soon.


Video StaffVideo StaffApril 19, 2019

2min8040

The big news this week was the acquisition of acreage holdings by canopy growth in a deal valued at $3.4 billion. Following approvals from shareholders, acreage will immediately get $300 million and ultimately access to Canopy’s Tweed and Tokyo Smoke brands. Acreage also entered the Nevada market this week with its acquisition of Deep Roots Medical bringing the company’s state footprint up to 20 and making it the largest cannabis company in the U.S.

NASDAQ finally approved a US-based cannabis related company to list on its marketplace. Vape distributor Greenlane Holdings upsized its IPO and priced the shares at $17, above its planned range of $14-$16. The symbol is GNLN. The company reported revenue of $178 million in 2018.

Aphria reported its earnings with a $108 million loss and once again rejected the Green Growth acquisition. Aphria also priced $300 million in convertible debentures this week.

Horizons ETF announced it was launching a US-based ETF that began trading on Thursday using the symbol HMUS

iAnthus will be selling CBD for Life products in Urban Outfitters.

Of course, it’s the big 4/20 celebration this week. This year the April 20 holiday falls on a Saturday for the first time and coincides with Easter Weekend. All of the data providers are projecting big sales on Friday and Saturday as many dispensaries are running promotions and legal states are hosting events.

The Green Market Summit is on May 7 in Chicago. This exciting conference will feature panels on hiring and recruiting in the cannabis industry, a review of hemp pricing in preparation for futures trading and a deep dive into the vape business of Slang Worldwide. Visit www.greenmarketsummit.com for tickets.


Video StaffVideo StaffApril 12, 2019

5min10180

Are you in the Chicago area and interested in working in the cannabis industry? We will have a panel with a top cannabis recruiter at the Green Market Summit on May 7 in Chicago. Buy your tickets here.

Vape distribution company Greenlane Holdings, Inc. filed for an IPO of 5.3 million shares with a price ranging between $14 and $16 per share. The company said that it hopes to list on NASDAQ on  April 18th. The IPO is valued at $80 million and the symbol is expected to GNLN.

In earnings this week, Green Thumb Industries (GTII.CN) or GTI reported its the fourth quarter results with an increase in revenue by 237% to $20.8 million. For the year, GTI made $62.5 million in revenue. The company experienced a net loss of $3.1 million for the quarter and $7.7 million for the whole year.

Trulieve Cannabis Corp. (CSE: TRUL) reported its fourth quarter and 2018 full-year results with revenue rising 172% to $35.9 million from last year’s $28.3 million for the same time period. The company’s net income grew a whopping 3,467% in the fourth quarter to $10.7 million from last year’s $0.3 million for the same time period.

Following the taping of Marijuana Money, KushCo Holdings (OTCQB: KSHB) announced the release of their financial results for the second fiscal quarter of 2019, which ended on February 28, 2019. Quarter-over-quarter, the company’s revenue rose by 39% to $35.2 million. The net loss for the quarter was $8.9 million. Adjusted EBITDA was $5.2 million. As of February 28, the company had $17.9 million in cash. “Our focus remains the build-out of a scalable, sustainable business, as we cement our presence as the primary supply chain partner to the cannabis, CBD and related industries,” said KushCo CEO Nick Kovacevich. “As a result of a strong first half of the year, including the signing of a number of long-term supply arrangements-in-principle with several new large, well-known customers, we are raising our revenue guidance from between $­110 million and $120 million for fiscal year 2019 to between $140 million and $150 million.”

Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF) is acquiring CannaPharmacy, Inc. in a deal with undisclosed value. CannaPharmacy owns or operates cannabis licenses in Pennsylvania, Delaware, New Jersey, and Maryland. Harvest recently announced the private placement of $500 million in convertible debentures to continue to finance acquisitions and corporate growth.

U.S. based investment fund Northern Swan Holdings has completed $58 million in Series D financing, bringing the total amount of capital raised to date to $96 million. The company will be using the funds to expand its existing Latin American operations including Clever Leaves, a licensed producer of medical cannabis in Colombia.

MPX International Corporation  (CSE: MPXI; OTC: MPXOF) entered into a definitive agreement to purchase all outstanding shares of HolyWorld SA for roughly C$13 million.  

Cultivator and producer  1933 Industries Inc. signed a licensing agreement with House of Hawk, which is famous skateboarder Tony Hawk’s company and the company’s subsidiary, Infused MFG for the launch of several co-branded CBD wellness products f

Seattle-based fintech company, POSaBIT began trading on the CSE under the ticker PBIT.  The company that serves cannabis retailers by delivering bitcoin-enabled payment processing and point-of-sale systems, with built-in compliance features customized to the state each retailer operates in.  


Video StaffVideo StaffApril 5, 2019

4min11870

The biggest news this week was the announcement that Cresco Labs is acquiring Origin House, formerly known as CannaRoyalty in a $1.1 billion deal. The combined company would make Cresco one of the largest multi-state operators in the U.S. Cresco would be in 11 states with 23 facilities and licenses to operate 51 dispensaries. Cresco Labs brands will eventually be sold in over 725 dispensaries across the country. The combined company will be one of the largest vertically-integrated multi-state cannabis operators in the U. S.; a leading North American cannabis company, by footprint; and one of the largest cannabis brand distributors.

Aurora Cannabis (ACB) filed a prospectus to raise $750 million although the company stressed that it wasn’t immediately going to tap into using that money. “Although we have no immediate intention of drawing capital against this Shelf Prospectus, we have introduced this option as a prudent and long-term strategic measure to provide us with flexibility in access to growth capital, if or when required, to continue executing on our global expansion and partnering strategy,” said Michael Singer, Executive Chairman.

Earnings season is upon us.

iAnthus (IAN.CN) delivered fourth-quarter revenue of $2.2 million, the pro forma was $14.8 million and the net loss was $15.9 million.  iAnthus reported full-year fiscal 2018 revenue and other income of $4.5 million (an increase of 88% over 2017) and a pro forma revenue* of $49.3 million for the full year fiscal 2018. The full year fiscal 2018 net loss of approximately $62.0 million included $44.1 million of non-cash charges used to derive adjusted EBITDA primarily due to accretion expense, fair market value adjustments, depreciation, and share-based compensation. Adjusted EBITDA loss was $17.9 million for the full year fiscal 2018.

GrowGeneration (GRWG) reported revenue of $29 million an increase of 102% over last year. The company’s same-store sales increased by 12.4% in the fourth quarter. The company delivered a net loss of $5 million for 2018 a big increase over 2017’s net loss of $2.5 million. Gross profits were $6.4 million for 2018, as compared to $3.3 million for 2017, an increase of approximately $3.1 million or 97%.

Nutritional High reported revenue of $6.1 million for the second quarter, but a net loss of $6.8 million. The company also reported a gross profit of $1.5 million, but a net loss of $6.8 million. At the end of January 31, 2019, the company has now recognized a trailing-twelve-month revenue from Cannabis sales of approximately $17.6 million.

1933 Industries delivered revenue of $3.7 million for the second quarter with a net loss of $2.9 million.

Vertical Companies raised $58 million in a Series A round.

Ionic Brands began trading on the Canadian Securities Exchange using the symbol IONC.

Vibe Bioscience Ltd. Announced that its common shares began trading on the CSE as well  under the symbol “VIBE.” Vibe also executed a purchase agreement to acquire all of the membership interests in the outstanding securities of EVR Managers, LLC, which holds a license for an adult use cannabis retail operation located in Redding, California.


Video StaffVideo StaffMarch 22, 2019

3min11050

Tilray Inc. (TLRY) delivered its earnings on Monday with Revenue increasing to $15.5 million, up 203.8% versus the fourth quarter of last year and beating the Yahoo! Finance estimate for $14.15 million. Net loss for the quarter was $31.0 million or $0.33 per share compared to $3.0 million or $0.04 per share for the prior year period. Net loss includes non-cash stock-based compensation charges of $4.1 million compared to $34 thousand in the prior year period.

Curaleaf Holdings, Inc. (CSE: CURA) (OTC: CURLF) reported its results for The fourth quarter with total revenue of $32 million increasing 49% sequentially and 408% over the 2017 fourth quarter. Curaleaf delivered a net loss of $16.5 million, but this was a steep drop from the previous quarter’s loss of $33 million. The company also said it was acquiring Nevada-based Acres Cannabis in a deal valued at $70 million that is expected to close in 2019.

TerrAscend Corp. (CSE: TER; OTCQX: TRSSF) reported its fourth-quarter revenue that increased to C$4.8 million and full-year revenue for 2018 C$6.6 million.

Grassroots launched its convertible note financing round back in December with the plan to raise at least $40 million in proceeds. However, due to strong demand, the financing round was ultimately increased to accommodate $90 million.

California-based  MJIC, Inc. successfully closed a private round of financing resulting in gross proceeds of U.S. $15 million.

Valens GroWorks Corp. (CSE: VGW)  entered into an agreement with AltaCorp Capital Inc. under which AltaCorp has agreed to purchase shares valued at $30 million.

Lots of stock moves this week

Vireo Health International, Inc., a multi-state cannabis company, listed on the Canadian Securities Exchange under the stock symbol.

Aleafia Health Inc. (TSX: ALEF) (OTC: ALEAF)  said that its common shares began trading today on the Toronto Stock Exchange. The common shares will continue to trade under the symbol “ALEF.”

and

Vape distributor Greenlane Holdings, Inc., a filed to go public. The company wants to list its Class A common stock on the Nasdaq Global Market under the symbol “GNLN.” But so far the Nasdaq has turned almost every cannabis company down.


Video StaffVideo StaffMarch 15, 2019

6min9450

It’s time to buy your tickets to the Green Market Summit in Chicago on May 7, head to the website for more details.

Lawmakers and regulators in Alaska have signed off on new regulations explicitly permitting adults to consume cannabis at specially licensed retailers. “When these rules go into effect, Alaska will be the first state to finalize and approve statewide rules for on-site consumption.”

Harvest Health & Recreation, Inc. (CSE: HARVOTCQX: HRVSF) has entered into an agreement to buy  VeranoHoldings, LLC in an all-stock deal valued at approximately USD $850 million based on a share price of C$8.79. Harvest Health stock jumped over 15% on the news to lately trade at C$9.56. The deal is expected to close in the first half of 2019.

We are in the midst of earnings season, so let’s jump in.

Acreage Holdings, Inc. (CSE: ACRG.U) (OTCQX: ACRGF) delivered fourth-quarter revenue of $10.5 million for an increase of 380% over the previous year’s $2.1 million. The fourth-quarter net loss of $217.6 million. The pro forma revenue* for the fourth quarter was $22.9 million and the pro forma adjusted net loss*, was $10.8 million. The company has been on a tear with its expansion During the fourth quarter of 2018, Acreage opened two dispensaries under its The Botanist brand in Buffalo, NY and Worcester, MA, and acquired one dispensary in Thames Valley, CT, ending the year with 19 dispensaries (as of today, Acreage has 24 operational dispensaries).

HEXO Corp (TSX: HEXO; NYSE: HEXO) delivered its financial results for the second quarter of the 2019 fiscal year with gross revenue of $16.2 million an increase of 1,269% versus the same time period for last year. Revenues increased by 114% sequentially. The company reported a net loss for the quarter of $4.3 million, which was a big improvement over last year’s net loss of $8.9 million for the same time period. This week the company also said it was acquiring Newstrike Brands in an all-stock deal valued at approximately $263 million.

Innovative Industrial Properties, Inc. (NYSE: IIPR) announced results for the fourth quarter and year ended December 31, 2018. IIPR generated rental revenues of approximately $4.7 million in the quarter, representing a 111% increase from the prior year’s quarter and in line with the Yahoo! Finance analyst estimate.

Zynerba (ZYNE)  reported a net loss for the fourth quarter of 2018 of $7.8 million with a basic and diluted net loss per share of $(0.44). That beat analyst estimates by $0.21 cents.

CV Sciences, Inc. (OTCQB: CVSI) reported its financial results for 2018. The company delivered revenue of $48.2 million for an increase of 133% over 2017. The company also reported net income of $10.0 million, or $0.09 per fully diluted share.

“The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) has entered into a multi-year extraction services contract with Valens GroWorks Corp. (CSE: VGW) (OTC: VGWCF).

 



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