Greenlane Holdings, Inc. (NASDAQ: GNLN) is selling its headquarters, announced layoffs, and leadership changes in order for the company to become profitable. The company also said it expects net sales to be between $55.5 million and $56.5 million for the fourth quarter and between approximately $165.5 million and $166.5 million for the full year.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported that its fourth quarter revenue decreased 6.2% sequentially to $88.5 million. The sequential revenue decline was driven by lower prices in the wholesale market. However, it rose 63% over last year. For the full year revenue rose 133% to $332 million.
The Scotts Miracle-Gro Company (NYSE: SMG) lowered its full-year sales guidance for its hydroponic Hawthorne division. In addition, Scotts said the reduction would likely lead to adjusted earnings per share that are lower than previously expected. Scott expects Hawthorne sales to decline 15% to 25%, including acquisitions.
The MedMen and Ascend battle over the New York assets continues to heat up. This week, MedMen dialed back its accusation of influence peddling. While the company said it may have the details wrong, it still believes there was some greasing of the political wheels. Ascend said on its earnings call that it still believes MedMen will have to stick to its agreement to sell the assets and accused the company of trying to shop the properties for a better price.
And finally this week, New York regulators are set to approve a rule making it so people with prior marijuana convictions will get the first round of adult-use marijuana retailer licenses—ahead of existing medical cannabis businesses. The proposal to create the conditional licenses will be taken up by the New York State Cannabis Control Board. OCM director Chris Alexander told the New York times that he expects upwards of 200 “justice involved” applicants to receive the priority licenses under the proposal and sales could begin by the end of the year.
Next week we’re headed to SXSW, so no marijuana money video.