Green Market Report's Marijuana Money July 24, 2020

Curaleaf (CURLF) closed on a $34 million offering earlier this week and then announced it was closing the previously announced Grassroots acquisition. That deal was first made public a year ago. With the closing of the Grassroots deal, Curaleaf has quickly risen to the top of the charts for cannabis companies. 

Organigram Holdings Inc. (OGI) reported its third-quarter net revenue fell to $18.0 million from last year’s $24.8 million for the same time period ending in May. The net loss increased 783% to $89.8 million from last year’s net loss of $10 million. The company blamed the drop in sales to customers wanting more value-priced products, which it rolled out late in the quarter. 

The FDA issued draft guidance for clinical research related to the development of drugs containing cannabis or cannabis-derived compounds. The FDA is taking comments and suggestions for the next 60 days. 

Lots of legal stuff this week to cover

 MariMed lost a round over the efforts to gain control over the bankrupt Kentucky hemp company GenCanna. MariMed was one of the largest equity shareholders and tried to assert its weight, but the courts disagreed and said since Gencanna had already sold its assets, MariMed was left with no position of power.

Irth Communications and Andrew Haag may not ring a bell for many cannabis stock shareholders, but the group was hired to promote stocks and they did not disclose that information. The two received a cease and desist order from the SEC and told to pay fines totaling roughly $74,000

In Nevada, the new regulator, the Cannabis Compliance Board, signed off on the agreement with CWNevada LLC, whose majority owner is attorney Brian Padgett this past Tuesday. CWNevada will pay $1.5 million in back taxes, $1.25 million in fines, lose six licenses, and must sell its remaining eight licenses.

In stock moves…

Europe’s largest independent cannabis company EMMAC Life Sciences Limited will become a publicly-traded company on the NASDAQ following a merger with Andina Acquisition Corp. III (NASDAQ: ANDA). 

Willow Biosciences Inc.  (OTCQX: CANSF) is approved to start trading on the OTC under the symbol “CANSF”.

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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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