The Daily Hit: September 18, 2019

It’s time for your Daily Hit of cannabis financial news for September 18, 2019.

On the Site

Overcoming Canada’s Cannabis Shortage

Shortages of Canadian marijuana appeared immediately after recreational sales of cannabis starting from October 2018.  Hence, there is a typical Canadian refrain almost lately.  Because of little inventory remaining, many stores are closed three days a week, and provincial distributors are blaming federal regulations and producers. Some of the giant retailer’s licenses have also frozen and some are limited to 25 stores on the state level.

Supreme Cannabis

The Supreme Cannabis Company, Inc. (FIRE.TO) (SPRWF) reported net revenue of $19 million for the fourth quarter ending June 30, 2019, a 90% increase sequentially. The net loss for the quarter was $421,000. Supreme Cannabis’ core recreational flower brand, 7ACRES, accounted for the company’s marked increase in revenue, growing 443% year-over-year from $3.5 million in Q4 2018 to $19 million in Q4 2019.

In Other News

CannTrust

In a blow to the beleaguered company, CannTrust Holdings Inc. (TSX: TRST) (NYSE: CTST) announced that is has received a Notice of Licence Suspension under section 64(1) of the Cannabis Act, citing noncompliance. The notice is a partial suspension for the company’s license for cultivation and a full suspension of its license for standard processing, medical sales, cannabis drugs and research. CannTrust will still be able to cultivate and harvest existing lots or batches previously propagated, as well as the ancillary such as drying, trimming, and milling. Health Canada will reinstate CannTrust’s license if the reasons for the suspension no longer exist or if CannTrust demonstrates that the suspension was unfounded.

Flower One

Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) has entered a sale-leaseback agreement with Treehouse Real Estate Investment Trust, Inc. for the company’s 25,000 square-foot indoor cultivation and production facility in North Las Vegas, including the adjacent vacant lot. The company is planning to build a commercial kitchen and manufacturing space on the property. Construction is expected to begin by the second quarter of 2020. Treehouse will purchase the property for $20 million. “Flower One is thrilled to form a long-term partnership with Treehouse, enabling us to access significant capital to continue our expansion in Nevada and potentially beyond,” said Kellen O’Keefe, Chief Strategy Officer at Flower One. “Flower One is actively pursuing multi-state opportunities and plans to utilize its partnership with Treehouse in order to do so.”

William Sumner

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.


Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like


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


READ MORE



Recent Tweets

@GreenMarketRpt – 6 hours

$TCNNF $TRUL ⁦@Trulieve⁩ Delivers Another Solid Quarter of

@GreenMarketRpt – 1 day

$ACRG ⁦@AcreageCannabis⁩ Buys New Jersey’s Compassionate Care For Undisclosed Amount. Co trailed competition but ga…

Back to Top

You have Successfully Subscribed!