Marijuana Money: December 3, 2021

Green Wednesday 2021 was a big one for the cannabis industry, while Black Friday fizzled in comparison. Green Wednesday saw cannabis sales increase across the U.S. Black Friday did not have the sales growth seen in previous years, though some data (Flowhub) showed larger order values and bigger discounts than Green Wednesday. 

 Harborside Inc.  (CSE: HBOR), (OTCQX: HBORF) announced it was buying California retailer UL Holdings Inc. also known as Urbn Leaf and  Loudpack. Loudpack is a manufacturer, cultivator and distributor of award-winning cannabis brands in California.  The newly combined company will be renamed StateHouse Holdings. The company said that it expects to trade the new company on the Canadian Securities Exchange under a new symbol (CSE: STHZ) and the deal is expected to close in the first half of 2022. In addition to announcing the big transaction, Harborside also delivered some sobering news to investors. The company said it was withdrawing its previous revenue guidance for 2021 and said it would revisit the forecast after the deal closes. A variety of reasons were given including a decline in wholesale pricing for bulk products in the California market and a decline in retail revenue which was primarily due to a decrease in retail store foot traffic.  

Red White & Bloom Brands Inc. (OTCQX: RWBYF) reported third quarter revenue increasing 93% to C$11.8 million and a net loss of C$5.5 million, RWB though is still facing a huge debt problem that it warned investors about last quarter. The company said this time that it is in advanced discussions with a number of funds to restructure the current debt of $115 million due in 2022 into a more advantageous long-term debt solution. 

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced third-quarter revenue increased 9% to $15.6 million compared to $14.3 million. The company is revising its 2021 outlook for revenue and now expects it to range between $63-$66 million.

Gage Growth Corp.  (CSE: GAGE) (OTCQX: GAEGF) reported its third-quarter revenue rose to $27.2 million and the company had a net loss of $3.7 million. Gage said it is in active discussions with multiple retail operators in Michigan to potentially acquire over 10 retail locations in the coming months. 

Chicago Atlantic Real Estate Finance, Inc. is a newly formed commercial real estate finance company or REIT. The current portfolio is mostly first mortgage loans to state-licensed operators in the cannabis industry. The company expects the IPO to be priced between $16.00 and $18.00 per share and could raise as much as $129 million. It has applied to list the common stock on the Nasdaq Global Market under the symbol “REFI”.

The newest cannabis SPAC (special purpose acquisition corp.) Canna-Global Acquisition Corp. (NASDAQ: CNGLU) priced its initial public offering of $200 million and began trading on the Nasdaq Global Market on Tuesday using the ticker symbol “CNGLU”. The SPAC said it has not selected a business combination target 

Emerald Health Therapeutics, Inc. (CSE: EMH) (OTCQX: EMHTF) announced that it is leaving the cannabis industry and pivoting to a pharmaceutical development focus. Emerald said it is looking for buyers for its cannabis assets to further strengthen its already strong capital position.

 

 

 

Video Staff


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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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