Videos Archives - Green Market Report

Video StaffVideo StaffApril 3, 2020

4min3560

The pandemic rages on with one CBD company getting a warning letter from the FDA for making unfounded claims. NeuroXPF said it could prevent COVID19 with no science to back up that claim. The FDA quickly responded and told the company to stop or risk legal action.

Despite the pandemic, there were several earnings announcements this week.

HEXO Corp. reported a staggering net loss of C$289 million for fiscal 2020 second-quarter on  net revenue of just $17 million.

Under the cover of darkness Zenabis Global Inc. (TSX:ZENA) delivered its earnings It was 1 am when the company  issued its press release reported that its 2019 net revenue was $66.5 million, while its net loss for the year was $127 million 

 High Tide Inc. reported that Revenue for the quarter increased by 173%, to $13.6 million and The company managed to trim its operating losses to $1.9 million.

MariMed Inc. quarterly revenues increased 50.9% to  $5.19 million, For the full year total revenues grew to approximately $45.6 million.  Net loss for the full year 2019 was $81.2 million due to the bankruptcy of its investment in GenCanna.

In Psychedelic News, MindMed signed a multi-year deal on LSD studies with the laboratory of Professor Dr. Matthias Liechti with the University Hospital Basel in Switzerland.

And Medicinal mushroom company Champignon Brands Inc. (CSE: SHRM) has entered into a definitive agreement to acquire Tassili Life Sciences Corp. in an all-stock deal. Tassili will receive 16 million shares, which is roughly C$7.3 million.

That’s it for this week. Everyone keep up with your physical distancing and stay safe out there.


Video StaffVideo StaffMarch 27, 2020

3min5871

The COVID19 pandemic continues to rage on. Unfortunately for Massachusetts recreational dispensaries, what had been the silver lining in the clouds, meaning increased sales, has been taken away. The state decided to stop all adult use cannabis sales and now only medical marijuana sales can take place.

Despite the virus crisis, companies are still making key decisions.

The Harvest Health and Verano deal is over. The deal which was once valued at $850 million when Harvest stock was trading at roughly $8 has been terminated. Harvest stock is now trading just over a dollar.  

Charlotte’s Web announced an agreement to acquire Abacus and the combined entity is anticipated to represent nearly 35% of U.S. CBD sales withing the Food/Drug/Mass Retail channel. The deal is valued at $99 million.

Curaleaf Holdings, Inc. said it will acquire three Arrow Alternative Care (AAC) dispensaries in the state of Connecticut. AAC operates three out of 18 total stores currently operational in the state. 

Organigram Holdings Inc. gave good news and bad news on Monday morning. The company stated that it had received approval from Health Canada for its expansion, but then also said its workforce would be reduced due to Covid-19. The company noted that not all of the jobs at its Moncton facility can be done remotely and that in order to protect employees it was expecting temporary layoffs. 

Private cannabis company Leafly laid off 91 employees this week amid the COVID-19 pandemic. 

And finally, last week Green Market Report published an exclusive story about Green Growth Brands not paying its laid-off workers. The company said it was able to find the money to pay the workers and noted that the resigning CEO did not collect a severance package.

That’s it for this week, everyone stay safe and healthy.


Video StaffVideo StaffMarch 23, 2020

10min5260

Mental health company Mindbloom provides guided psychedelic therapy treatments using ketamine. The company opened its first location in New York City during the COVID-19 crisis. Mindbloom has quickly pivoted to telemedicine as the demand for its services has risen during the pandemic. Green Market Report was able to speak with Founder Dylan Beynon to discuss the company’s response and its plans for expansion.

Debra Borchardt, Editor, Green Market Report:             Mindbloom is a new company that has a clinic in Manhattan in New York City that is starting ketamine treatments, but they have plans for many more types of treatments using various psychedelic drugs for people with really pressing issues having to do with anxiety, drug-resistant depression. Dyan, tell us how you came up with this idea and what prompted you to start this company.

Dylan Beynon, Founder Mindbloom:                   First super excited to chat with you today, Deb, and to share the incredible work that our psychiatric clinicians are doing in mental health care for people here in New York and soon all across the country. I got the idea for Mindbloom really over the past 10 years. I grew up in a family that had a severe mental illness, both my mother and my sister and throughout my development, getting through some of the turbulence that I grew up with, I turned to psychedelic medicine 10 years ago and it was one of the most transformational events of my life and it’s been a big part of my life for the last 10 years. 18 months ago I became a ketamine patient in a clinical setting and saw that there was an opportunity to take this profound transformational medicine and help bring it to more people and increase access to help people who need it most get the care that they need.

GMR:             And how are you reacting to the current COVID crisis? Because we’ve been hearing that some doctors don’t want to see patients in person right now and with this particular situation, because this virus is so frightening, I would think that your very patients are the ones that really need treatments the most right now, that maybe their anxiety levels have skyrocketed or maybe if they weren’t even an existing patient that, if they weren’t one before, they are one now. How are you guys responding?

Dylan Beynon:                   You nailed it, Deb. We used to say that mental health care is the number one public health crisis in the United States and that’s no longer the case. Coronavirus is without a doubt the number one public health crisis in the United States. We’re in a state of emergency and we’re seeing a demand for treatments for anxiety, depression on Mindbloom a skyrocket since the onset of coronavirus. The way that we’ve responded, and I’m really proud of our clinicians for really feeling the call to service during this time, is we had already begun piloting virtual and remote sessions to help increase access to treatment. So essentially like telepsychedelics. And we had already done through the platform a couple of hundred remote sessions for people who had started their journey in Mindbloom’s nomad center.

Dylan Beynon:                   And so now in response to coronavirus, we are really excited to announce that our clinicians are treating 100% virtually. So remote enabled and guided psychedelic therapy sessions with guided ketamine therapy so that people can stay home and get the treatment that they need for their anxiety and depression without having to come in and keep both our clinicians and clients safe in these tough times.

GMR:             Beyond the inpatient experience, Mindbloom also has special software that you’ve created around the treatment process. Can you dig into that a little bit better? Is that followup software or how does this software relate to the treatment?

Dylan Beynon:                  From day one, we set out to become a technology company, helping use technology to increase access to people and to help our clinicians improve outcomes to help people really get the most out of these treatments. So you can think of it as a teletherapy meets a Headspace platform designed specifically for psychedelic therapy where clients are able to do video consults and video therapy to prepare and integrate their experiences with trained psychiatric clinicians and therapists. Mindbloom also helps people with guided psychedelic therapy content, including audioscapes with guided meditations and music for their sessions and journaling prompts and other content to help them really maximize the experience.

GMR:             One of the things that I know you were planning to do is expand, so right now you mentioned you’re in Manhattan and you’ve got plans to go into other cities. What are those other cities and what are the goals here?

Dylan Beynon:                   In the next 30 days, we’re already going to expand into states that have, in the state of emergency dropped their in-state licensure requirements for physicians and clinicians to need a license in that state to practice. And so that’s an effort to respond to the coronavirus crisis by helping to increase access to behavioral health and mental healthcare treatments. And then we’re going to continue to expand across the country over the next year or two with both our clinic-based and remote-based approaches.

GMR:             And how are you funded? Because you are a new company and expansion is not cheap. And I was just curious, are you self funded? Have you done a raise? What has gotten you to this point?

Dylan Beynon:                   We’re a venture-backed healthcare technology company. We closed our first round of funding in the summer of last year to begin treating our first cohort of clients through the platform and bringing clinicians on to do that treatment. And so we’ve raised funding from some of the biggest investors in healthcare technology and psychedelic medicine. So some of the same people who funded and backed Zocdoc and Oscar and COMPASS Pathways. So right now we’re laser-focused on helping people during this crisis and helping clinicians on Mindbloom add the tools that they need to create these astounding outcomes for people. And I think as long as we continue to do that, then the next funding for expansion will fall in place.

GMR:             Right now you’re really focused on ketamine because that’s legal, but you have plans for Psilocybin and other products, correct?

Dylan Beynon:                   We don’t think of Mindbloom is either a ketamine therapy company nor even a psychedelic medicine company, but as a next-generation mental health and wellbeing platform who are helping to increase access to the most effective science-backed mental health and wellbeing treatments available. Today based on research, based on my experience, based on the experience of our medical director, Dr. Casey Paleos who’s a principal investigator on the MDMA clinical trials and was an early pioneer in ketamine therapy research and practice, we think that ketamine is the most effective science-backed treatment that is not readily or widely available to people. So that’s our focus today, but we are super excited based on everything I just mentioned plus the research for MDMA assisted therapy, which is in phase three clinical trials, Psilocybin assisted therapy, which is in phase two clinical trials. Both breakthrough therapies designation by the FDA as well as other non-psychedelic medicine treatments that we think can be really powerful to help people with anxiety, depression, and other conditions that we begin helping people with.

GMR:             Thank you so much for joining us and good luck with that. And really, I think it’s super that you’re out there helping people, helping them through this crisis and helping them so that they can be functioning adults.


Video StaffVideo StaffMarch 20, 2020

2min3880

In some towns in California, cannabis was deemed an essential item allowing many dispensaries to remain open. If a dispensary didn’t have a drive-thru, then several got creative with online ordering and curbside service. Delivery companies were reporting they many quarantined people were taking advantage of the service. Sales have been strong at most places as consumers stocked up on cannabis supplies.

 Canopy Growth Corporation made the decision to temporarily close all corporate-owned Tokyo Smoke and Tweed retail locations across Canada. It is e-commerce only for now.

There were some earnings this week.

Hemp CBD company CV Sciences delivered total revenue of $53.7 million for the fiscal year 2019. During the fourth quarter of 2019, sales declined 34% to $9.4 million. CV Sciences said that it expects revenue to drop sequentially to the range of $6-8 million in the first quarter of fiscal 2020.

Aleafia Health Inc. reported a 22% sequential increase in quarterly net cannabis revenue to $6 million but the net loss was $9.8 million. For the fiscal year, net revenue was $16.4 million

And finally,

Acreage Holdings former president George Allen has invested in Indus Holdings. Indus said it received a $2.3 million loan with lenders that included Allen’s Geronimo Capital and Merida Capital Partners. The financing could go up to $14.5 million. It seems one of the plans for the new team is to bring the focus back to California after spreading out to Oregon and Nevada and also reducing the number of products. 


Video StaffVideo StaffMarch 13, 2020

4min3950

Coronavirus is infecting the markets as well as people. Stocks continued to sell off as more cannabis events were canceled. Green Market Report is moving its April 3 event to a virtual conference and we’ll have the details on that shortly.

The virus doesn’t mean that business has ceased operating so here are this week’s stories

Harvest Health & Recreation is buying Interurban Capital Group, Inc. or (ICG) in a deal valued at $85 million The founder Jason Vedadi is resigning from his role as Executive Chairman of the Board of Directors. Current independent Board member Mark Barnard will assume duties as Chairman 

 TerrAscend Corp. and its wholly-owned subsidiary  TerrAscend Canada Inc. has entered into a loan financing arrangement with Canopy Growth Corporation in the amount of C$80.5 million in the form of a secured debenture. TerrAscend is a Canopy Rivers portfolio company. That’s convenient!

We have some earnings this week 

The Green Organic Dutchman Holdings reported its for the fourth quarter and year with quarterly revenue at a paltry $3.25 million and $11.16 million for the year. The company delivered a quarterly net loss of $144.75 million in the quarter and a net loss of $195.75 million for the year 

Columbia Care reported fourth-quarter revenue of $24.5 million and full-year revenue of  $78.8 million The net loss for the quarter was $28 million and the net loss for the year was $106 million

Vireo Health International closed on a non-brokered private placement offering of  $10 million.

Luxury cannabis product company BR Brands LLC has joined forces with long time cannabis beverage company Dixie Brands Inc.with an implied value of $43 million for Dixie. 

Psychedelic medicine company Mindbloom has opened its first location in New York City. The company has plans to expand rapidly, with a new state-of-the-art flagship space set to open in the city later this year. Additional Mindbloom locations are planned for Los Angeles, San Diego, San Francisco, and Austin.

Headset released a new report saying the cannabis shoppers are enjoying bigger and better bargains. Discounts are increasing and prices are falling for shoppers at the dispensaries. 

 


Video StaffVideo StaffMarch 6, 2020

4min3430

Green Market Report’s New York cannabis conference called The Economics of 2020 Cannabis is being held on April 3 this year and this will be our most diverse event yet. Zilera Health is our keynote and we will give you more details as they come. Save the date. With the challenges facing the industry, it is more important than ever to hear from experts in the field.

We also published our first report on Psychedelic Investing Trends and its available for purchase on our website.

This week we had sobering news from Canopy Growth. The cannabis giant said it was closing two indoor grow facilities, laying off 500 employees and taking a charge of between $700 and $800 million dollars. The company said it had made these indoor grow investments before it got cleared for outdoor grows, which are much cheaper. There will certainly be a ripple effect from this move throughout the industry. 

Tilray, Inc.  (Nasdaq:TLRY) stock got slammed after its fourth-quarter earnings of -$0.62 missed by $0.24. Revenue of $46 million increased 202 % over last year but also missed estimates by $8.58 million. The net loss for the quarter was an eye-popping $219 million

Cronos Group said it would be late delivering its earnings

It isn’t all gloom and doom out there.

Ceres Group Acquisition Sponsor and Ceres Acquisition Corp. closed on its initial public offering (IPO) of $120 million SPAC. It began trading on the Neo Exchange Inc. using the symbol “CERE.UN

Bruce Linton is starting a SPAC as well. Collective Growth Corporation intends to trade its units on the NASDAQ with the symbol “CGROU”, The company plans to raise $150 million 

Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF) said it will acquire Colorado-based edibles company BlueKudu for an undisclosed amount.

Halo Labs Inc. is acquiring Cannalift Delivery Inc. in exchange for C$3.41M common shares of Halo at a deemed price of C$0.11 per share. The Cannalift vendor is also helping Halo secure a non-brokered private placement of up to C$700,000. 

 Village Farms International, and Emerald Health Therapeutics said that they have entered into a settlement agreement that will settle their prior disputes over Pure Sunfarms joint venture

 


Video StaffVideo StaffFebruary 28, 2020

5min5810

The broader markets hit the correction zone this week as stocks sold off in a major way over corona virus fears. That certainly didn’t help cannabis companies as this industry begins its earnings season. Some companies actually had good reports, but you wouldn’t know it by the selling we saw.

Here are the good earnings releases:

GW Pharmaceuticals plc reported Total revenues of $109 million for the fourth quarter easily beating the S&P Capital IQ estimate for revenue of $80 million. the company also trimmed its net losses to $24.9 million, but it missed the estimates for losses per share.

 Valens GroWorks delivered a solid fourth quarter and fiscal year earnings report. revenue increased to $58.1 million for the fiscal year 2019. For the fourth quarter of 2019 revenue increased to $30.6 million, an 86.0% increase over the third quarter and above the high-end of the guidance range

Innovative Industrial Properties generated total revenues of approximately $17.7 million in the quarter, representing a 269% increase from the prior year’s quarter. The REIT paid a quarterly dividend of $1.00 per share a 186% increase over last year and a 28% increase sequentially.

Next are the company that had nice revenues, but they were dwarfed by the net losses.

Acreage Holdings, Inc. (ACRG-U.CN) (ACRGF) delivered fourth-quarter revenue of $21.1 million and full-year 2019 revenue of $74.1 million. The net loss was a whopping $65 million for the quarter and a staggering $195 million for the year. The company recently made a new complicated financing deal, but on the earnings call CEO Kevin Murphy said they planned to raise even more money.

MedMen Enterprises Inc. said its revenue increased to $44.1 million for the quarter, up 50% year-over-year and 11% sequentially. Still, The net loss for the quarter was a staggering $96 million versus last year’s $64 million. The company added two new board members and sold off its rights to licenses in Illinois that it received as part of the Pharmacann termination. 

AYR Strategies’ full-year total revenue increased 75% to $124.2 million, but the net loss for the year was another jaw-dropping $164 million. 

Ok, that’s enough earnings, in other news,  

Green Growth Brands Inc. announced that The BRN Group Inc. has agreed to acquire the company’s cannabidiol business.  The company also said in a statement that at least two-thirds of the independent members of the Board have determined that Green Growth Brands is in serious financial difficulty with limited alternatives. The company will just focus on the MSO business. You may recall GGB is made up of retail experts from Victoria’s Secret who said they would teach the cannabis industry how to sell. 

 Eaze said it has raised $35 million in a Series D round and could raise an additional $20 million. The company was said to be running out of money and it now pivoting to becoming a plant-touching business.

That’s it for this week. Stay healthy folks, wash your hands.


Video StaffVideo StaffFebruary 27, 2020

1min3890

Social Club TV is a collaboration between RONIN Content Services CEO Josh Otten and Cookies CEO Berner Milan Jr. Green Market Report was able to talk with Otten about the new venture which features over 17 series and 300 episodes. SCTV can be found on Apple TV, Roku and Pluto. The channel will be hitting Amazon Prime in the second quarter.  Thank you for watching the Green Market Report! Be sure to subscribe to stay up to date on all our videos. The Green Market Report focuses on the financial news of the rapidly growing cannabis industry.


Video StaffVideo StaffFebruary 24, 2020

1min4860

Front Range Biosciences is sending hemp tissue cultures to space. CEO Dr. Jonathan Vaught met with Green Market Report during the Northeast Cannabis Business Conference in Boston to explain why the company was involved with the studies on hemp in space. Thank you for watching the Green Market Report! Be sure to subscribe to stay up to date on all of GMR’s videos.


Video StaffVideo StaffFebruary 21, 2020

3min6641

This was a shortened trading week with President’s day on Monday. So we only have a few days of stories to cover. Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) terminated a proposed merger with Folium Equity Holding. Australis had sent warning signs that the company may not move forward with the deal in corporate meeting notes that surfaced on Google. The company suggested that once it had more data on the company it decided against moving forward. 

Back in October Gibraltar Industries (NASDAQ: ROCK) purchased CO2 extraction company Apeks Supercritical, paying $12.55 million for the Ohio-based company that reported trailing annual revenue through June 2019 of $17.7 million. At the end of last week, the company said it was paying $50 million for California-based ethanol-based extraction systems Delta Separations. Gibraltar disclosed that the acquired company generated 2019 revenue of $46 million. 

NewLake Capital Partners, Inc. closed of its sale-leaseback transactions with affiliates of Grassroots for six of the ten properties within this portfolio located in six states. The Company anticipates the second closing for the four remaining properties to occur within the next forty-five days.

Cannabis testing and analytics firm Digipath, Inc. (OTCQB: DIGP) reported a 26% increase in revenue to $808,930 for the first quarter of 2020. The company was also able to trim its first-quarter net loss to $220,427 versus $462,174 for the same time period in 2018.

SOL Global Investments Corp. (CSE: SOL) (OTCPK: SOLCF) portfolio company CannCure Investments has entered into a definitive business combination agreement with Goldstream Minerals Inc.  The deal was previously announced in January and the companies are planning a reverse takeover of Goldstream by CannCure.

TILT Holdings has appointed interim CEO Mark Scatterday as the permanent CEO of the company. Tim Condor has been appointed as Chief Operating Officer, adding the title of President.

GL Brands uplisted to the OTCQB Venture Market, the ticker will remain GRLB.



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