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Video StaffVideo StaffJune 5, 2020


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.

Video StaffVideo StaffMay 29, 2020


It was a short trading week due to the Memorial holiday on Monday, however, there were still some earnings to report.

MedMen (OTC:MMNFF) warned that COVID had affected its sales beginning at the end of March although the company said that as restrictions begin to lift, sales look to be returning. The company reported revenue of $45 million in the third quarter and a net loss of $76 million. The losses have been trimmed a bit from $96 million in the previous quarter.

Zynerba Pharmaceuticals, Inc. (ZYNE) announced positive top-line results from the exploratory, open-label Phase 2 BRIGHT study The trial was designed to assess the safety, tolerability, and efficacy of the Zynerba drug called Zygel in pediatric and adolescent patients with autism spectrum disorder (ASD)

Organic cannabis company The Green Organic Dutchman Holdings Ltd. (OTC: TGODF) reported revenue of C$3.06 million for the first quarter of 2020 ended March 31, 2020. The company also delivered a net loss of $73.4 million – a staggering amount when the revenues are so small, but it was at least an improvement over the fourth quarter’s net loss of $144 million.

Tilray’s (TLRY) wholly-owned subsidiary High Park Gardens will close its doors over the course of the next six weeks. the company said it expects to realize annualized net savings of approximately C$7.5 million. Tilray acquired Natura Naturals Inc., in a deal valued at C$35 million and has since operated it as High Park Gardens.
We have some stock housekeeping changes.

Aphria Inc.has decided to throw in the towel on its listing at the New York Stock Exchange and is moving to NASDAQ effective Friday, June 5, 2020, after the market close.

Aleafia Health Changes TSX Ticker Symbols from to “AH”. The OTC ticker remains the same.

Video StaffVideo StaffMay 22, 2020


This week, Massachusetts said that recreational sales could begin on May 25th or Memorial Day. Sales can only be curbside and customers won’t be allowed in the stores. Great news for the Massachusetts cannabis companies.

Green Growth Brands filed for insolvency this week. The company was already forced to close its chain of CBDstores called Seventh Sense in March. Then the company faced huge debt payments and defaulted on its debentures this month. Now it has essentially had to throw in the towel. It’s one dispensary asset The+Source in Nevada remains open.

We have a few big earnings to hit upon this week, 

Trulieve Cannabis Corp. (OTCQX: TCNNF) reported that its revenue increased 21% sequentially to $96 million in its first quarter of 2020 ending  March 31, 2020, versus $79 million in the fourth quarter. This beat the Yahoo! Finance average estimate for revenue of $90 million for the quarter. Revenue increased 116% over last year’s first-quarter revenue of $44 million. Trulieve also delivered a net income of $14 million in the first quarter. 

Curaleaf reported revenue increased by 174% to $96.5 million for the first quarter while the net loss for the first quarter was $15.5 million, The net losses declined from the fourth quarter which was $26 million.

Harvest Health & Recreation Inc reported total revenue in the first quarter of $45.0 million, an increase of 134% from $19.2 million in the first quarter of 2019 The net loss was $20.0 million

Acreage Holdings said it expects to record a pre-tax, non-cash charge of $80 to $100 million in the quarter ending March 31, 2020. Its also selling Acreage North Dakota, where it operated one medical marijuana dispensary and selling undeveloped real estate on the island of Nantucket in Massachusetts. 

HEXO stock plunged this week after the company announced a $50 million offering. The units were priced at 90 cents a share, but they quickly sold off to 73 cents a share in Canadian dollars. 

Aurora Cannabis Inc. (NYSE: ACB) is buying U.S. CBD company Reliva, LLC for approximately US$40 million of Aurora common shares.


Video StaffVideo StaffMay 20, 2020


AxisWire, the first newswire distribution service and digital PR tech-suite dedicated solely to the cannabis industry, and Green Market Report (GMR), the cannabis industry’s source for credible in-depth financial reporting, have announced The State of Cannabis Media 2020 virtual conference.

The following people participated:

Jeremy Berke (Business Insider) Will discuss how brands can pitch directly to media if they can’t afford PR on a temporary basis
Terry Stanley (AdWeek) Will discuss the state of advertising and how ad budgets have been cut
Heather Cabot (Forbes & author of The New Chardonnay) Story focus and what readers are looking for during the pandemic
Warren Bobrow (Forbes) Story focus during the pandemic
Javier Hasse (Benzinga & El Planteo) Story focus during the pandemic and pitching writers directly
John Schroyer (MJ Biz Daily) Talking about pitching cannabis media
Rosie Mattio (Mattio Communications) Crisis communications and staying active in the media as other companies go quiet
Gia Moron (GVM Communications) Retaining clients in a challenging atmosphere
Lewis Goldberg (KCSA) The state of public relations among cannabis companies

“Events were the main source of exposure for cannabis brands as advertising remains largely off-limits to our industry,” explained AxisWire & Green Market Report co-founder Cynthia Salarizadeh. “When this pandemic took over, it left our industry and most cannabis brands who do not have the support of a public relations firm without many options. We felt the best way for us to provide some guidance was to create a free virtual event where brands can hear directly from journalists and PR professionals about how to navigate during these times.”

“Online screen time has increased as many of us are in various states of lockdown, which has increased the demand for content. Unfortunately, media companies have been forced to scale back as a result of the pandemic creating huge disruption in the supply and demand for news,” said Green Market Report CEO and Co-founder Debra Borchardt. “We believed that an event like this was needed as we all pivot and adapt to a new normal in the cannabis industry. We are stronger together.”

Video StaffVideo StaffMay 15, 2020


We are in the thick of it for earnings season with a lot of big names reporting this week. Despite the raging pandemic, many of the companies reported that it wasn’t really impacting results, other things were, but not necessarily covid-19.

We’re just going to hit the high points here

GW Pharmaceuticals plc (NASDAQ:GWPH) delivered total revenue of $120.6 million for the first quarter versus last year’s $39.2 million. The net loss for the quarter was $8 million versus last year’s net loss of $50.1 million. New studies are delayed due to the virus.

GrowGeneration Corp. (NASDAQ:GRWG) continued to crush it with record first-quarter sales of $33 million, but then reported a net loss of $2.1 million as it paid out shares in new executive agreements

Charlotte’s Web delivered revenue of $21.5 million, slightly below last year’s revenue of $21.7 million for the same time period in 2019. However, this beat the Yahoo! Finance average analyst estimate of $20.78 million. The company also reported a net loss of $11.5 million versus last year’s net income of $2.3 million for the same time period. B2B sales were down, while DTC was up. 

Covalent Collective raised millions of dollars from cannabis investors and planned to buy a property called the Colorado 16 (CO16). Now the company is asking those investors for more money to fight a lawsuit over the acquisition and is accusing its former director Geoff Thompson of being a co-conspirator with the CO16 sellers. It also comes to light that there is now an FBI investigation.

Aleafia Health Inc. is doing a “bought deal” basis for gross proceeds of $13 million.

Psychedelic medicine company Champignon Brands Inc.   (OTCQB: SHRMF) is acquiring California based ketamine treatment company Wellness Clinic of Orange County Inc. It is a cash and stock deal with Champignon paying  $600,000, plus 1 million common shares of Champignon and 500,000 common shares of Champignon.

StaffStaffMay 10, 2020

The House of Saka had planned for a large luxury brunch in Wine Country (Napa) originally for Mother’s Day but obviously had to cancel. Since the company still wanted to host a tribute of some sort to mothers, especially since that is the largest target demographic for its brand, Saka teamed up with Slay Agency out of San Francisco to create something special that it could share with moms throughout the country tomorrow.
During COVID-19, Moms (and Dads) are being asked to take care of their families on a whole new level and under a tremendous amount of stress… cooking, cleaning, managing mental breakdowns from the confusion from the times, as well as being full-time teachers.
About a month ago House of Saka got on the phone and social media to place out the call that it was seeking mothers who would be ok discussing their experiences parenting during quarantine for a special video the company released for Mother’s Day.
These are the many inspirational stories.

Video StaffVideo StaffMay 8, 2020


The news flow has generally quieted down during the COVID crisis, but this week things ramped right back up.

MassRoots faced industry backlash after the troubled cannabis platform company announced receiving a Payroll Protection loan of $50,000 through a press release. Many pointed out that by receiving plant-touching cannabis company money, MassRoots can’t actually get this loan. While there were social media demands the company return the money, CEO Isaac Dietrich refused to back down. 

Iconic publisher High Times hired its third CEO in a year. Board member Stormy Simon was promoted to CEO in January after Kraig Fox quit after being CEO for 9 months. Simon has now resigned and former Green Growth Brands CEO Peter Horvath is now the CEO. The company just announced a big acquisition of 13 pending and operation licenses from Harvest Health who is flipping the properties it bought from Interurban Capital Group.

Cannabis REIT Innovative Industrial Properties, Inc. reported its results for the first quarter ending March 31with total revenues of approximately $21.1 million. This was a 210% increase from the prior year’s first quarter. Innovative Industrial also delivered a net income of approximately $11.5 million. The company also noted that is deferring rents for some of its tenants and using deposits to pay what is due as a result of the COVID virus.

Multi-state operator Jushi Holdings Inc.  (OTC:JUSHF) delivered its fourth-quarter and full-year earnings. The company’s fourth-quarter revenues increased 68% sequentially to $6.0 million but reported a net loss of $17.1 million. For 2019, the company delivered total revenue of $10.2 million with a net loss of $30.8 million. The company also said its expansion plans would be delayed due to the pandemic. 


Flower One Holdings Inc. closed its previously announced non-brokered private placement. The company said it raised $7.8 million.    

And finally, data analytics firm BDSA said that March sales grew in states like California, Oregon, Colorado, Maryland, and Arizona. But sales dropped in Nevada as tourists stayed away and in Massachusetts after the governor closed adult-use dispensaries.

That’s it for this week. Happy mothers day to all the canna moms out there.

Video StaffVideo StaffMay 1, 2020


iAnthus Capital Holdings Chief Executive Officer Hadley Ford has resigned from his position after an investigation by the board’s special committee. The company’s President and Co-founder Randy Maslow has been appointed as the interim CEO. The company was responding to accusations from an online research company that brought to light some undisclosed loans by Ford. The special committee confirmed some of the accusations were true resulting in the resignation.

High Times is buying 13 planned and operational California dispensaries from Harvest Health & Recreation in a deal valued at $80 million. High Times will pay $5 million in cash and the rest in stock. The deal is planned to close by June and is part of an overall company strategy by High Times to pivot into dispensaries in order to capitalize on the High Times brand name.

Cresco Labs Inc. (OTCQX: CRLBF) reported fourth-quarter 2019 revenue of $41.4 million, up 144% year-over-year and 14% sequentially. The increase in revenue was driven by expansion into new markets and continued growth in the states where the Company operates.  Net loss for the fourth quarter for 2019 was $45.2 million, compared to a net loss of $4.4 million for the prior-year period.

The cannabis e-commerce online vendor BudTrader is going public in a reverse takeover with Lake Victoria Mining, Inc. (OTCPINK:LVCA). The privately held Encinitas, CA-based P5 Systems Inc. has owned and operated the since 2016. LVCA is a control affiliate of Grapefruit (OTCPINK: GPFT), which holds California permits and licenses to both manufacture and distribute cannabis products.

The holding company known for its predilection towards psychedelics, Orthogonal Thinker, Inc. has closed on a total of $6 million in a series of oversubscribed seed rounds. The proceeds will be used for its EI Ventures and to begin Phase 1 Clinical Trials for Psilly, the company’s flagship, psychedelic product.

Canopy Growth said it was laying off another 200 employees. The company has cut 1,000 jobs so far as it restructures the organization. 


Video StaffVideo StaffApril 24, 2020


The week started out with a very different 420 celebration as all events went online as virtual parties or fundraisers for various charities. The early indication seems to show that despite the virus, deliveries were strong and edibles were the big sellers. 

Driven Deliveries Inc. said it reached its third consecutive sales record and noted that during its 420 sales campaigns it exceeded previously set sales records by another 31%.

High Tide Inc. announced  it had approximately $789,000 in systemwide gross revenues from April 18-20, 2020 , which is a 79% increase over last year

Companies are still raising money despite the lockdown

The Flowr Corporation (OTC: FLWPF) raised C$20 million in a non-brokered private placement with the option to upsize the amount to C$25 million. The company said it expects to use the proceeds for general working capital purposes.

Fire & Flower Holdings Corp.  announced that it has entered into a commitment letter to obtain up to an aggregate amount of $10 million (with an option for an additional $5 Million)

Organigram established an at-the-market equity program that allows the Corporation to issue up to C$49 million  of common shares 

There are a couple of acquisitions to note

CB2 Insights (OTCQB: CBIIF) completed the terms of the purchase agreement of Colorado-based Rae of Sunshine Health Services.

Stillcanna Inc. (OTC:SCNNF) has signed a comprehensive Letter of Intent to acquire Sativa Group PLC, one of the United Kingdom’s (UK) first medical Cannabis Companies. 

Mineral Hill Industries Ltd. listed on the TSX Venture Exchange under the trading Symbol MHI, but the company had to unwind the capital it raised and step back form cannabis investments. 

 Neptune Wellness Solutions entered into an exclusive partnership with legendary wildlife conservationist, Dr. Jane Goodall to co-develop natural health and wellness products under the Forest Remedies™ brand, 

 Tetra Bio-Pharma Inc. said it received an (FDA) Orphan Drug Designation for secondary cannabidiol (CBD) formulation of its cannabinoid topical drug PPP004 in the treatment of epidermolysis bullosa.

Medicine Man Technologies Inc. has switched its name to Schwazze (pronounced SHHwahZZ). OTC ticker symbol SHWZ.

That’s it for this week, stay safe out there. 

Video StaffVideo StaffApril 17, 2020


The mighty seem to have fallen this week in the cannabis industry so let’s get the bad news out of the way first. Canopy Growth made major organizational changes this week including its decision to end its New York hemp farming and just use its stockpile of CBD. It is stopping its growing in South Africa, Columbia and is closing another indoor facility in Saskatchewan. 

Aurora Cannabis’ stock fell so low that the company was forced to do a reverse split to jump start the price to  move over a dollar so it would be delisted by the NYSE. This was right after it issued shares. 

Organigram reported that its second-quarter net revenues fell to $23 million from last year’s $26 million. The company also said it was not in compliance with its debt covenants. 

CannTrust gots its cease trade order from the Ontario Securities Commission. The company decided to throw in the towel and quit fighting to get its licenses back. The lawsuits and expenses to ramp back up would have easily eaten up the war chest of $145 million.

It wasn’t all bad.

Aphria delivered a solid quarter with net cannabis revenue of $55.6 million in the third quarter, an increase of 65% from the prior quarter. The total net revenue was $144.4 million and the company beat analyst expectations. But they still pulled previous guidance due to the pandemic.

Despite tight capital conditions some companies managed to raise some money. Software company Greenbits snagged $23 million from Tiger Global and Casa Verde. 

Licensed producer Clever Leaves raised $14 million in a Series E round. 

In psychedelic news Biotech holding company Orthogonal Thinker, Inc. said that it has completed filing a provisional application for the Company’s flagship natural product, Psilly. This is the first step before filing for a patent.

That’s it for this week, stay safe out there. 

About Us

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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