Videos Archives - Green Market Report

Video StaffSeptember 24, 2021

4min8432

First big news. Green Market Report is being acquired by Crain Communications. We are excited to join the team and expect to grow and expand. I will continue as Executive Editor and we will keep bringing you the quality journalism you’ve come to expect.

And speaking of acquisitions Michigan-based SKYMINT, is buying 3Fifteen Cannabis and also closing its $70 million Senior Secured Term Loan from Tropics LP, an affiliate of SunStream Bancorp, a joint venture sponsored by Sundial Growers and its $8 million equity investment from Merida Capital Holdings. The acquisition will bring Skymint’s workforce to 730 employees and a combined retail portfolio of 27 locations totaling 101,000 square feet, with an additional 18+in the 2021-2022 pipeline.

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) paid $1.35 million for a property in Missouri and entered into a long-term lease with CPC of Missouri – Smithville, LLC (CPC), a subsidiary of Calyx Peak, Inc. (Calyx). CPC is expected to construct approximately 83,000 square feet of industrial space at the property, for which IIP has agreed to provide reimbursement of up to $26.72 million. 

Stem Holdings, Inc., also known as Driven by Stem (OTCQX: STMH) (CSE: STEM), is buying an Oregon-based extraction company called Artifact Extracts and two dispensaries. The deal is valued at $2.9 million 

The (SEC)  filed charges against three individuals and one issuer on a crowdfunding scheme for two cannabis companies that raised $2 million. The money was supposed to be used to buy and invest in cannabis properties, but no money was ever used for those purposes. Instead, the money was siphoned off for personal use. In addition to that, the SEC also charged the registered crowdfunding portal, TruCrowd, and its CEO Vincent Petrescu, who placed the offerings on the portal’s platform.

This week Stifel analysts issued a huge report updating investors on their outlook for the cannabis industry. The group lowered estimates and price targets on several companies. They also noted they have a negative outlook on the Canadian cannabis industry and Canopy Growth in particular. With regards to the U.S. market, the analysts don’t believe the current administration will change the legality of the industry but believe this is actually a positive thing.


Video StaffSeptember 17, 2021

4min10711

On Tuesday, the Food & Drug Administration (FDA) issued a warning about Delta-8 THC noting that the product hasn’t been evaluated or approved by the agency. Granted the FDA’s opinion on anything cannabis-related is received with a healthy dose of skepticism. The FDA still hasn’t made any determination on CBD after years of discussion and research. The notice described 22 hospitalizations from side effects, while the Poison Control Center reported over 600 cases. 

It’s a sign of how difficult it is to be a CBD-only company. This week Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) filed for the Canadian version of bankruptcy. According to Plus’ filing, it has secured court protection from its creditors under the Companies Creditors Arrangement Act or “CCAA”, in order to restructure its business and financial affairs. Plus Products has canceled its Annual General Meeting previously scheduled for September 14, 2021.

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) has closed its previously announced acquisition of Massachusetts-based Nature’s Remedy in a deal valued at $91.2 million. Jushi also noted that the deal was revised resulting in 4.3 million fewer shares issued to Nature’s Remedy.

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced that revenue for the fiscal 2nd quarter rose 51.4% to $43.3 million over last year’s $28.6 million. Fire & Flower delivered a net income of $19 million versus last year’s net loss of $29 million.

High Tide Inc. (NASDAQ: HITI) reported its revenue increased by 99% to $48.1 million for the third fiscal quarter versus $24.1 million in the same quarter last year.

In acquisitions this week,

Acreage Holdings, Inc. (OTC: ACRHF, ACRDF) is selling its four Oregon dispensaries to Chalice Brands Ltd. (CSE:CHAL) (OTCQB:CHALF).  The deal is valued at $6.5 million. Acreage’s four Oregon retail dispensaries are branded as Cannabliss and the sale will end the company’s presence in the state. The company said in a statement that the Oregon stores were negatively affecting the company’s bottom line.

WM Technology, Inc., better known as Weedmaps  (Nasdaq: MAPS) is buying Sprout, a leading, cloud-based CRM & marketing platform for the cannabis industry. Weedmaps did not disclose the valuation of the deal. 

Akerna (Nasdaq: KERN) is buying 365 Cannabis, a cannabis business management software system built on Microsoft’s Dynamics 365 Business Central in a $17 million deal at 2.1x LTM revenue. 


Video StaffSeptember 15, 2021

1min11970

Cannabis has joined NYC Fashion Week with Flower by Edie Parker. Founded by former Director of Public Relations at Gucci, Brett Heyman, the Edie Parker brand brings together fashion and cannabis in a unique line of cannabis products and accessories. The handbags have a retro look and luxury price, while smaller items lend themselves to grab-and-go gifts. The event brought out fashionistas who were eager to check out the products and light up pre-rolls.


Video StaffSeptember 14, 2021

3min9850

Green Thumb Industries (OTC: GTBIF) is breaking ground on a cultivation center in Warwick NY, a town 54 miles north of New York City. The location is unique because the site used to be a prison that at one time held people incarcerated for cannabis. GTI’s CEO Ben Kovler told the Green Market Report that he appreciates the history of the site and notes the location is key for distribution to New York consumers. He is also pleased that the town has shown its appreciation for GTI’s investment into the facility and the jobs that it will bring.

Here are some fast facts:

The former Warwick medium-security prison, which housed about 1,000 inmates, many for drug offenses, closed just a decade ago.

  • There’s a great full-circle story here – building the modern cannabis campus on the site of a prison that was previously used to incarcerate cannabis users.
  • The $150 million investment made by Green Thumb to refurbish and remodel the site will create hundreds of construction jobs and permanent employment in the region.
  • Senator John Martucci and Assemblymember Karl Brabenec were in attendance at the groundbreaking ceremony
  • The area has a rich history. Before being a prison, the site was also home to the Warwick State Training School for Boys, which was founded in the 1920s. Eleanor Roosevelt and then-Senator Franklin Roosevelt were supporters of the school.

Video StaffSeptember 10, 2021

1min9360

Vermont Senator Bernie Sanders tells a town meeting in Iowa that progress has made on the legalization of cannabis front, but does he mean among his fellow Senators or state by state? The largest cannabis convention in the New England area every year is the New England Cannabis Convention or NECANN, now returning to Boston for the first time in two years. PCM Founder Jimmy Young goes One on one with founder Marc Shepard. Plus Cresco Labs with a major acquisition of a legendary Massachusetts dispensary. More state records are set with weed sales over the summer holidays and a research study from Canada gets prime time coverage on major USA TV news networks. A local basketball legend and NBA Hall of Famer Paul Pierce reconnects with a now adult college basketball player thanks to the Truth’s Hub Craft dispensary roll out.


Debra BorchardtSeptember 3, 2021

5min11420

It was the last week of summer and you would think the news cycle would quiet down, but not in the cannabis industry. This week we saw some of the biggest deals happen.

 

But before we get to that, New York’s new Governor Kathy Hochul wasted no time in kickstarting the legal adult use program in the state. She named Chris Alexander as the Executive Director for the Office of Cannabis Management and Tremaine Wright was named the Chair of the Cannabis Board. 

 

The biggest deal announced this week was TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF)  buying Michigan-based Gage Growth Corp.  (CSE: GAGE) in a deal valued at $545 million. Gage’s portfolio includes the city and state approvals for 19 “Class C” cultivation licenses, three processing licenses, and 15 provisioning centers (dispensaries). Once the deal is closed, the combined business will have operations in 5 states and Canada, including 7 cultivation and processing facilities and 23 operating dispensaries serving both medical and adult-use cannabis markets in the U.S. and Canada.

 

Ayr Wellness Inc. (OTCQX: AYRWF) is buying Pennsylvania-based PA Natural Medicine, LLC, which operates three licensed retail dispensaries in the Commonwealth of Pennsylvania. The deal is valued at $80 million but could see an extra $40 million if milestones are met. 

 

Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) is buying a subsidiary of Harvest Health & Recreation Inc. (OTC: HRVSF) in an all-cash deal valued at $55 million. The company will be named Planet 13 Florida Inc

 

The Valens Company Inc.  (OTCQX: VLNCF) is buying  Citizen Stash Cannabis Corp. (formerly Experion Holdings Ltd) (TSXV: CSC) (OTCQB: EXPFF) in an all-stock deal valued at approximately $54.3 million.

 

Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF) has bought Massachusetts-based GreenStar Herbals, Inc. The value of the transaction was not disclosed.

 

Harborside Inc.  (CSE: HBOR) (OTCQX: HBORF) reported its financial results for the second quarter ending June 30, 2021, as revenues were essentially flat year over year, but up sequentially. The revenue for the quarter was $16.19 million versus last year’s $16.14, but an improvement over the first quarter’s total revenue of $12.9 million. 

 

And in psychedelic news, Red Light Holland Corp. (CSE: TRIP) (OTC Pink: TRUFF) and Creso Pharma Limited (ASX: CPH) (OTCQB: COPHF)  have mutually agreed to terminate the previously announced plan to merge

 

Markets will be closed on Monday in celebration of Labor Day.


Video StaffSeptember 1, 2021

1min7880

The Hamptons Cannabis Expo held in New York on August 29 saw over 400 people attending the outdoor covid-friendly event. The weather was perfect for attendees and exhibitors alike. The topics for the panels ranged from social equity concerns to the looming legal adult-use market in the state. Green Market Report was able to attend and speak to many of the people that expressed their gratitude to network with cannabis industry insiders.


Video StaffAugust 23, 2021

1min21950

Jushi’s (OTC: JUSHF) Chief Creative Director Andreas Neumann has gotten raves for his rock & roll photography. He’s worked with the likes of Iggy Pop and the Foo Fighters. His international career in advertising and his ability to present products to various customers in various countries has prepared him to tell the story of Jushi cannabis. The challenge in cannabis is a beautiful puzzle for him to solve. Neumann believes cannabis is the new rock & roll.

PARIS, FRANCE – MAY 14: (L-R) Photographer Andreas Neumann, his wife model Khadija Neumann, singer Iggy Pop, photographer Matt Helders and musician Josh Homme attend Iggy Pop ‘Post Depression’ Art Pictures Exhibition at French Paper Gallery on May 14, 2016 in Paris, France. (Photo by Bertrand Rindoff Petroff/Getty Images)


Video StaffAugust 20, 2021

1min8670

Happy Munkey took over the Immersive Van Gogh Exhibit for a once-in-a-lifetime Cannabis experience!! This historic combination of high-end art met high-end cannabis hospitality in NYC! The Original Immersive Van Gogh Exhibit opened up its gorgeous 70,000 sq. Ft home to the Happy Munkey Tribe for 2 extravagantly smoked-filled nights! Green Market Report was able to attend one of the events which were the “Go To” party of the post-covid cannabis scene.


Video StaffAugust 20, 2021

4min10130

This week  Tilray, Inc. (NASDAQ: TLRY) bought the majority of the outstanding senior secured convertible notes of MedMen  (OTCQX: MMNFF) that were originally held by Gotham Green Partners. The transaction is valued at $165.8 million. Tilray said the purchase sets the company up to own a significant equity position in MedMen. In connection with the sale of the Notes, MedMen and GGP amended the restrictive covenants and extended the debt maturity to 2028 to provide MedMen some flexibility.

In addition to the Tilray purchase, MedMen announced that investors, led by Serruya Private Equity are buying $100 million of units of MedMen at a purchase price of $0.24 (C$0.32) per Unit.

Ayr Wellness Inc. (OTCQX: AYRWF) reported revenue rising 222% to $91.3 million. This was a 56% increase sequentially. Ayr is raising its revenue guidance for 2022 revenue to $800 million, up from $725 million. Ayr’s net losses increased to $24.9 million over last year’s $5.4 million. Also this week Ayr said it was buying beverage company Cultivauna, LLC, the owner of Levia branded cannabis-infused seltzers in a deal valued at potentially $40 million.

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) reported that second-quarter revenues increased 72% to $58.7 million over last year’s $32.4 million. Notably, TerrAscend withdrew its previous 2021 guidance due to temporary yield declines of quality flower in Pennsylvania related to ongoing construction and expansion. In addition to that, the company has decided to increase its allocation of the company’s branded products to its own Apothecarium dispensaries in New Jersey. Last quarter the company raised its full-year guidance to $300 million versus the previous guidance of $290 million.

Greenlane (Nasdaq: GNLN) reported second quarter revenue increasing 7.1% to $34.7 million from last year’s $32.4 million. It was a slight miss for Greenlane. The net loss fell 7.5% to $5.8 million from last year’s $6.3 million net loss. The company said that core revenue (defined as non-nicotine revenue) grew 14.9% to $34.5 million.

Auxly Cannabis (TSX.V – XLY) (OTCQX: CBWTF)  reported total revenue of $29.5 million for the second quarter.

MariMed, Inc. (OTCQX: MRMD) reported its revenue increased 239% to $32.6 million versus last year and the company also increased its revenue guidance in 2021 to $118 million.

 


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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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