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StaffFebruary 14, 2023


18% – How many CBD consumers shopped for CBD online in fourth quarter 2022

The most notable change in CBD consumer behavior over the past year has been the sharp decline in online purchases. From fourth quarter 2021 to fourth quarter 2022, consumers buying CBD online dropped 122% from 40% doing so to only 18%.

Source: Brightfield Group, US CBD Consumer Insights, Q4 2022

StaffFebruary 7, 2023


25% – Percentage of Arizona flower consumers who’ve purchased Curaleaf flower in the past 6 months

Curaleaf recently announced it would stop operations in California, Colorado, and Oregon – three saturated markets highly affected by price compression. In most other states the company operates in, it enjoys high consumer awareness, purchasing, and loyalty, like in Arizona.

Source: Brightfield Group, US Cannabis Product Brand Health, Q3 2022

StaffJanuary 24, 2023


22% – How many Maryland flower consumers say Cookies is their favorite brand

When Cookies enters a market, consumers take note. The brand rises to the top of awareness and purchasing quickly. Besides Maryland, Cookies is also at the top of the purchasing funnel in Michigan and Nevada.

Source: Brightfield Group, US Cannabis Product Brand Health, Q3 2022

StaffOctober 11, 2022


There’s always a lot going on in cannabis, and we don’t always know what the next thing will be. That said, here’s a list of some of the things we’ll be watching this week:

  • Inflation, taxes, slumping sales – all of these factors contribute to challenging financial conditions for cannabis operators. But some “solutions” create even more problems for the supply chain and the industry at large.
  • The midterm elections are four weeks away, and a handful of states will be voting on legalization measures.
  • New York hasn’t provided a timeline for announcing license winners, but we’re keeping an eye out for those announcements – and any additional challenges to the process.

What should we be watching? Have a tip? Email us at newstip@greenmarketreport.com.

StaffOctober 10, 2022


There’s always a lot going on in cannabis, and we don’t always know what the next thing will be. That said, here’s a list of some of the things we’ll be watching this week:

  • The third quarter was one to forget for many cannabis companies. But will they start seeing green as we head into the Golden Quarter?
  • New California regulations could create even more problems for product manufacturers.
  • In the wake of Biden’s announcement, the stage is set for dramatic action at the federal level. We’ll continue to keep an eye on the developments.

What should we be watching? Have a tip? Email us at newstip@greenmarketreport.com.

StaffSeptember 30, 2022


Good morning! We’re glad to be in your inbox today!

Welcome to Green Market Report’s The Morning Rise newsletter.

Even if you’re already subscribed to our Daily Hit, we believe you’ll find value in this newest addition to our news and information lineup.

What you can expect from The Morning Rise

Unlike The Daily Hit or the Weekly Stash, which recap the news we’ve already covered, The Morning Rise will provide you with new original content from our team on timely topics in the cannabis industry.

You’ll also see unique features that let you peer behind the GMR curtain to see what we’re up to. For example, Monday’s newsletter will feature “what we’re watching this week” to give you a heads up on the content to come.

In addition, we will provide you with quick-hit data snapshots to keep you up to speed on the industry and insights into what didn’t make the stories last week, including the colorful quotes from industry insiders that just didn’t fit in the final product.

This is a new adventure for us too, so we welcome feedback! What would you like to see more of? What’s not hitting the mark for you? Feel free to reach out to me directly at jenel@greenmarketreport.com to let me know.

Thanks for reading and enjoy The Morning Rise!

Jenel Stelton-Holtmeier, managing editor

StaffSeptember 30, 2022


There’s always a lot going on in cannabis, and we don’t always know what the next thing will be. That said, here’s a list of some of the things we’ll be watching this week:

  • Vermont’s first week of adult-use sales: At least three retailers said they were ready to launch, but will the state’s industry be plagued by some of the same challenges seen as other markets have come online?
  • Maryland looks like it’s getting closer to becoming the 20th state to legalize adult-use cannabis.
  • Tilray Brands (NASDAQ: TLRY) will be reporting earnings on Friday. Piper Sandler analysts have adopted a gloomy outlook on the company by cutting its fiscal year 2023 estimates.

What should we be watching? Have a tip? Email us at newstip@greenmarketreport.com.

Dave HodesJuly 21, 2022


When a psychedelic substance gets to Phase 3 trials, like the one completed by the Multidisciplinary Association for Psychedelic Studies (MAPS) with MDMA in August 2021, there is a general sense of relief. It’s been a long journey from Phase 1 for most substances in a clinical trial process—up to four years for Phase 3 alone in some cases. And only 33 percent of experimental drugs move from Phase 2 to Phase 3.

But getting to Phase 3 signals an extra red alert for any psychedelic company working the process to get Food and Drug Administration (FDA) approval.

According to an investigative article in the Journal of the American Medical Association (JAMA) Internal Medicine, Phase 3 clinical trials provide the highest level of evidence that an experimental treatment is safe and efficacious. But many of these trials for investigational or experimental drugs like psychedelics, which typically involve large numbers of patients, and require substantial investment on the part of participants, investigators, and sponsors, fail at this stage. 

Only 25 to 30 percent of experimental drugs are approved by the FDA at this stage, and move out of Phase 3 to Phase 4 trials.

Using public sources and commercial databases covering drugs and biologics that started trials between 1998 and 2008, the investigative article reported that roughly half of investigational drugs entering late-stage clinical development fail during or after pivotal Phase 3 clinical trials, primarily because of concerns about safety, efficacy, or both. Results for the majority of studies of investigational drugs that fail are not published in peer-reviewed journals—just 8 percent, according to the JAMA investigative article, demonstrating a lack of information sharing that could cause other trials to waste time and resources if their trials use similar methodologies.

For psychedelics specifically, there is historical context for problematic clinical trials. Research on psychedelic drugs in psychiatry in the 1950s and 1960s was abandoned for a number of reasons, according to a research paper published by the National Institutes of Health (NIH). 

A major factor was that clinical research on psychedelic drugs was caught up in the tighter regulation of pharmaceutical research after the Thalidomide disaster in 1963. (Thalidomide was used to treat nausea in pregnant women, but was later discovered to create severe birth defects.)

Psychedelic drugs also presented special challenges for randomized, placebo-controlled clinical trials in the 1970s that were not as positive as the claims made by their advocates in the 1950s and 1960s. Clinical research became more difficult after 1965 when Sandoz ceased providing psychedelic drugs for research, and their nonmedical use was prohibited in 1970.

But, contrary to the usual narrative, the demise of psychedelic drug research was not solely due to the “War on Drugs.” The NIH research paper said that the demise of psychedelic research came about in part because of the pharmaceutical industry’s lack of interest in funding clinical trials.

All that changed around 2000, when psychedelic clinical trials started up again and, since then, have gained momentum especially over the last few years.

Now, there are 111 psilocybin clinical trials in some stage of development, the majority of them announced or begun between 2019 and 2022; 117 clinical trials with MDMA, with 17 announced or begun in 2022 alone; and 30 clinical trials of LSD.

But to be sure, there are still clinical trial difficulties. One recently withdrawn psilocybin study was ended because of violations of good clinical practices, or GCP. These could be violations of getting informed consent, adherence to protocol, or reporting of serious adverse events during the trial.

Another psilocybin study was withdrawn because the sponsor of the study changed. The study will be released, managed and registered by another institution who will be acting as a responsible party, according to the trial record.

There are a host of other reasons that a psychedelics clinical trial was terminated, including staff turnover, lack of funds, and insufficient patient population for study enrollment. 

Clinical trials have also failed in general because human subjects not responding to the drug the way that animal models do, or because of an insufficient understanding of how the investigational product interacts with the body.

Unexpected results from clinical trials can be devastating. One example: When Compass Pathways (NASDAQ: CMPS) announced their Phase 2b clinical trial with psilocybin for treatment resistant depression in November, 2021—the largest randomized, controlled, double-blind psilocybin therapy study ever completed.

The main issue? 12 patients out of 233 reported treatment-emergent serious adverse events (TESAE) that included suicidal behavior, intentional self-injury, and suicidal ideation.

The Compass Pathways stock declined significantly—as did some other psychedelic companies as news of the trial results rippled through the industry. Compass Pathways’ stock decline from the results of that September, 2021 trial continued through 2022 (though its showing signs of recovery today).

Psychedelics is helping drive more innovation when it comes to clinical trials. There are new ideas emerging in clinical trial structure for psychedelics. The FDA developed the “fast track” process to facilitate development and expedite review of drugs to fill an unmet need, such as psychedelics for PTSD. 

And there is a fairly new concept from the FDA’s critical path initiative in 2006 called the adaptive design clinical trial, defined as a design that allows modifications to the trial and/or statistical procedures of the trial after its initiation without undermining its validity and integrity.

The purpose is to make clinical trials more flexible, efficient and fast. 

Due to the level of flexibility involved, these trial designs are also termed as “flexible designs.” It is being used now by MAPS in their Phase 2 trials. That kind of design is common for drugs with limited investment (either because they are being developed by nonprofits, because they have limited revenue potential if approved, or for rare conditions).

Recent policymaking aimed at stimulating pharmaceutical innovation has focused on allowing drugs to be approved on the basis of smaller data sets, according to the JAMA investigative article. Some commentators have proposed waiving the need for phase 3 testing, although others

have responded that approval before rigorous study could worsen health outcomes by leading to widespread use of toxic or ineffective drugs that would have otherwise been shown to

have failed. “As many investigational products fail in late stage development because of inadequate efficacy or safety, our findings suggest that additional efforts to promote drug

development should be directed at improving the validity of preclinical models for use in translational research and increasing the number of innovative products entering trials,” the research article concluded. “The timely publication of trial results for all investigational agents,

including those that fail in late-stage clinical development, is imperative.”

Debra BorchardtJune 14, 2022


The Daily Hit is a recap of the top cannabis business stories for June 13, 2022. Due to technical difficulties, we were unable to publish this recap yesterday.


High Times on the Hook for $5M in Back Rent

Harvest Health or rather Trulieve (OTC: TCNNF) since it bought Harvest Health must be heaving a sigh of relief that it’s High Times on the hook for the rent at Geary St. in San Francisco. Before it was acquired Harvest Health had tried to quickly jump into the San Francisco market by signing numerous agreements. One of them was with Alexis Bronson from the Have A Heart 2 CA LLC  as a social equity licensee for a dispensary at a prime shopping spot on the famous Geary Street. Read more here.

Ayr Wellness Kicks Off New Jersey Rec Sales this Week

Ayr Wellness (OTC: AYRWF) will kick off its adult-use sales in New Jersey this Wednesday June 16th at three dispensaries. Ayr’s adult-use dispensaries are in Woodbridge, Union, and Eatontown, all within Central New Jersey, a region of 3.4 million people. Ayr’s adult-use stores represent 3 of 5 adult-use stores in this highly populated region. Ayr currently operates its New Jersey dispensaries under the Garden State Dispensary banner. Read more here.

RIV Capital Preps for New York Adult Use Sales

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) reported its financial results for the fourth quarter and fiscal year ending March 31, 2022. For the fourth quarter Riv Capital reported a net loss of $17 million versus last year’s net loss of $21 million for the same time period. The company had an operating loss in the fourth quarter of $2 million. Riv said the loss was primarily driven by an increase in the provision for expected credit losses on interest and royalty receivables. Read more here. Read more here.

Measuring Psychedelic Investing Risk

Biotechnology is always a dicey business to create, run, and make profitable. Psychedelics add a difficulty factor of 10 to that equation. Currently, there are many psychedelic companies still working their compound through clinical trials—with no actual product to market and sell for years. Much of the real success of any psychedelic business hinges on the completion of clinical trials and Food and Drug Administration (FDA) approval, which takes serious time and money and is never guaranteed. Read more here.


The Scotts Miracle-Gro Company Adds Brian Sandoval to Board

The Scotts Miracle-Gro Company (NYSE: SMG), marketers of branded consumer lawn and garden as well as hydroponic and indoor growing products, announced today that The Honorable Brian Sandoval has been named to its Board of Directors. Governor Sandoval served two terms as the 29th Governor of the State of Nevada, having held office from 2011 to 2019. He is currently the President of the University of Nevada, Reno, a position he has held since 2020. Read more here.

Chemistree Technology Inc.

Chemistree Technology Inc. (CSE: CHM) and (OTCQB: CHMJF), provided Notice of the semi-annual payment of interest on its convertible debentures maturing March 29, 2024.  Pursuant to the Supplemental Indenture entered into with the Debenture Trustee, Odyssey Trust Company, effective January 17, 2022, the Company will pay the interest due on June 30, 2022 – via the issuance of common shares in lieu of payment in cash. Read more here.

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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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