News

StaffStaffApril 15, 2021
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4min1500

It’s time for your Daily Hit of cannabis financial news for April 15, 2021.

On The Site

Tilt

TILT Holdings Inc.  (OTCQB: TLLTF)  reported its financial and operating results for the fourth quarter and year ending December 31. Revenue for the quarter increased 8.1% sequentially to $42.3 million from $39 million and increased 35.4% over last year’s $31 million for the same time period. Tilt beat analyst estimate for revenue and fell within its own forecast. The net loss for the quarter was a whopping $92 million versus last year’s net loss of $32 million. The net losses stemmed from the discontinued operations due to the sale of Blackbird, which closed in November 2020.

Headset

Cannabis data and analytics company, Headset, announced the launch of a report highlighting a long-term forecast into the U.S. and Canadian cannabis markets! Specifically, forecasting the sales, sales volume, and market shares for 2021 and 2022 compared to 2020. The data estimates the U.S. cannabis market to reach $23 billion in sales by 2022. Canada’s market is expected to grow twice as fast as the American market from 2020 to 2021, and nearly three times faster from 2021 to 2022. Headset predicts Canada’s annual sales to grow 54.6% in 2021 and 31.9% in 2022. The United States is predicted to see a 23% growth rate in 2021 and 24.4% growth in 2022. Canada’s cannabis market is expected to hit $4 billion in sales in 2022, so significantly lower than the U.S. market, but nonetheless on an incredibly fast-paced rate of growth.

NEJM

A new study published in the New England Journal of Medicine tested the use of psilocybin for depression treatment. Unfortunately for the psychedelic community, the results weren’t overwhelmingly different for psilocybin.  The goal of the study was to compare the effects of psilocybin with a six-week course of escitalopram, which is a selective serotonin reuptake inhibitor (SSRI), for MDD. The Journal wrote that this trial did not show a significant difference in antidepressant effects between psilocybin and escitalopram in a selected group of patients. On a positive note, secondary outcomes generally favored psilocybin over escitalopram, but the report said that the analyses of these outcomes lacked correction for multiple comparisons.

In Other News

HEXO Corp (TSX: HEXO; NYSE: HEXO) announced it has filed a new preliminary short form base shelf prospectus with securities regulators in each of the provinces and territories of Canada and a corresponding shelf registration statement on Form F–10 with the United States Securities and Exchange Commission. The offering is valued at $1.2 billion.

 

Dr. Jason Dyck has joined Australis Capital as Chief Science Officer and Chairman of the Scientific Advisory Board. Previously, Dr. Dyck led the research and science team at Aurora Cannabis in its formative years, playing a significant role in helping it become the medical cannabis industry leader that it is today. The move signals Australis’ future in new innovative high potency cannabis products.


Kaitlin DomangueKaitlin DomangueApril 15, 2021
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6min2430

Cannabis data and analytics company, Headset, announced the launch of a report highlighting a long-term forecast into the U.S. and Canadian cannabis markets! Specifically, forecasting the sales, sales volume, and market shares for 2021 and 2022 compared to 2020. 

The cannabis industry during 2020

The cannabis industry held their breath last year when COVID-19 hit. We fully expected to see a dramatic impact on businesses, and at our worst: expected to get shut down and deemed non-essential. For the most part, that didn’t happen and many local governments declared cannabis businesses to be essential. We collectively breathed a sigh of relief, but many physical storefronts were damaged in some of the riots over the summer, forcing some stores to close briefly. Despite that, the industry trudged forward and kept it moving, seeing the end of 2020 and welcoming a hopefully very different 2021. 

Headset’s methodology for this report

Headset says: “These forecasts will include all 13 Canadian provinces and territories and 36 US states* with any level of legalization and across all markets (recreational and medical), and the data will be presented in the aggregate for each calendar year. Typically, Headset only forecasts one forward looking month at a time and in this new framework, forward looking forecasts will cover at minimum five quarters (15 months) and at maximum eight quarters (24 months).” The numbers take New Jersey, New Mexico, and New York’s new legalization into account. 

The data estimates the U.S. cannabis market to reach $23 billion in sales by 2022. Canada’s market is expected to grow twice as fast as the American market from 2020 to 2021, and nearly three times faster from 2021 to 2022. Headset predicts Canada’s annual sales to grow 54.6% in 2021 and 31.9% in 2022. The United States is predicted to see a 23% growth rate in 2021 and 24.4% growth in 2022. Canada’s cannabis market is expected to hit $4 billion in sales in 2022, so significantly lower than the U.S. market, but nonetheless on an incredibly fast-paced rate of growth. Check out the predicted (and last year’s) sales volume in both countries: 

2020

U.S.: $18,504 million 

Canada: $2,624 million 

 

2021 

U.S.: $22,751 million

Canada: $4,057 million 

 

2022

U.S.: $28,308 million 

Canada: $5,351

Per usual, flower is expected to dominate future markets and did dominate 2020’s market. 

  • Flower accounts for a majority of total annual sales, reaching $11 billion and $12 billion in 2021 and 2022 respectively. 
  • Despite flower’s consistent popularity in both markets, edibles, vapor pens, and concentrates hold more market shares than flower in 2020, 2021, and 2022
  • Edibles and concentrates are expected to have larger market shares (at the expense of flower and pre-rolls) in 2022
  • Pre-roll sales are expected to contribute to 20% of Canada’s total sales volume growth in 2022, making for a 2% increase from the prior year 

Tinctures, topicals, capsules, and beverages are consistently among the categories with the lowest sales in both markets, but still accumulating millions of dollars each year and in some cases, sharply rising. 

Category shares for both markets

The report also goes into detail about market shares by category, specifically sales and sales volume. Here are the top performing categories (roughly) in order, it changes depending on country and the year, but all five are consistently at the top:

  1. Flower
  2. Pre-rolls
  3. Vape Pens
  4. Edibles
  5. Concentrates 

Download Headset’s report here


Debra BorchardtDebra BorchardtApril 15, 2021
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5min2270

TILT Holdings Inc.  (OTCQB: TLLTF)  reported its financial and operating results for the fourth quarter and year ending December 31. Revenue for the quarter increased 8.1% sequentially to $42.3 million from $39 million and increased 35.4% over last year’s $31 million for the same time period. Tilt beat analyst estimate for revenue and fell within its own forecast.

The company is continuing its efforts to zero its focus on plants and Jupiter vapes. Standard Farms posted record revenue for the quarter, including the two highest sales months in company history. The company also noted that its Jupiter sales in 2021 have also experienced record orders.

The net loss for the quarter was a whopping $92 million versus last year’s net loss of $32 million. The net losses stemmed from the discontinued operations due to the sale of Blackbird, which closed in November 2020.

For the full year 2020, revenue came in at $158 million versus 2019’s revenue of $146 million. The net loss for 2020 was $105 million, while the net loss for 2019 was $133 million.

“The primary focus in 2020 was for TILT to become profitable, putting in place the pieces necessary to achieve scale and engage in a steady and sustainable growth trajectory,” said Gary Santo, President of TILT. “We made a number of key decisions throughout the year that have already started to pay off, allowing the Company to have a strong finish to 2020, producing $16.9 million in Adjusted EBITDA and $16.7 million in cash from operating activities for the year. We look to carry that momentum into 2021 and are already off to a great start across all business units, supporting management’s previously announced full-year 2021 revenue guidance of $205 million to $210 million and Adjusted EBITDA guidance of $30 million to $32 million.”

The company said in a statement that it had positive adjusted EBITDA for the fourth consecutive quarter at $4.5 million. The cash and cash equivalents were $7.4 million, a $3.1 million increase from the previous quarter, and attributed this to robust cash flow from operations. The working capital was $57.4 million, an $8.5 million increase from the previous quarter.

“TILT underwent significant changes in 2020,” added Mark Scatterday, CEO of TILT. “Through the tireless efforts of our team, we were able to stabilize our foundation, solidify our strategy and focus on how best to deploy available resources towards our high-growth plant-touching assets, allowing TILT to provide a differentiated B2B platform capable of supporting independent brands, U.S. MSOs, and Canadian LPs. We expect 2021 to be an exciting year as we continue our transition from being a holding company possessing a disparate collection of subsidiaries to an integrated operating company capable of benefitting from economies of scale and cross-selling opportunities.”

Streamline Efforts Continue

In the company’s annual report, Tilt said it decided not to pursue the expansion and obtaining of license to cultivate and sell cannabis in its British Colombia location. “This is consistent with the Company’s long-term strategy to streamline operations and improve profitability. As a result, the Company derecognized $4,981 of SVT’s property, plant and equipment within the construction in progress category for the year ended December 31, 2020, based on management’s expectations of limited economic benefits from the continuing use of these assets.”

Tilt also stated that it derecognized unoccupied modular units at its Massachusetts facility in order to accelerate acceptance for its final occupancy permit with the local government. As a result, Tilt derecognized $4,302 of the Sea Hunter’s property, plant, and equipment within the greenhouse-agricultural structure category for the year ended December 31, 2020, based on management’s expectations of limited economic benefits from the continuing use of these assets.

 

 


StaffStaffApril 15, 2021
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4min2460

A new study published in the New England Journal of Medicine tested the use of psilocybin for depression treatment. Unfortunately for the psychedelic community, the results weren’t overwhelmingly different for psilocybin.  The goal of the study was to compare the effects of psilocybin with a six-week course of escitalopram, which is a selective serotonin reuptake inhibitor (SSRI), for MDD. The Journal wrote that this trial did not show a significant difference in antidepressant effects between psilocybin and escitalopram in a selected group of patients. On a positive note, secondary outcomes generally favored psilocybin over escitalopram, but the report said that the analyses of these outcomes lacked correction for multiple comparisons.

The study was funded by the Alexander Mosley Charitable Trust and Imperial College London’s Centre for Psychedelic Research; ClinicalTrials.gov number, NCT03429075. opens in new tab. It did suggest that larger and longer trials are required to compare psilocybin with established antidepressants.

“In a field of research where it is very difficult to separate treatments in head-to-head comparative efficacy trials, this study found signals favoring psilocybin therapy over escitalopram. This is an encouraging investigator-initiated study that supports the need for additional clinical investigations in larger, well-powered studies to more accurately determine the efficacy of COMP360 psilocybin in MDD”, said George Goldsmith, CEO, and Co-founder of COMPASS Pathways (NASDAQ: CMPS). “At COMPASS, we are already committed to a full clinical development program of psilocybin therapy in treatment-resistant depression, and we know there is much more work to be done so that we can bring evidence-based innovation to patients who have run out of options in a number of mental health illnesses.”

The Study

A total of 59 patients were enrolled; 30 were assigned to the psilocybin group and 29 to the escitalopram group.  Patients were assigned in a 1:1 ratio to receive two separate doses of 25 mg of psilocybin 3 weeks apart plus 6 weeks of daily placebo (psilocybin group) or two separate doses of 1 mg of psilocybin 3 weeks apart plus 6 weeks of daily oral escitalopram (escitalopram group); all the patients received psychological support. The primary outcome was the change from baseline in the score on the 16-item Quick Inventory of Depressive Symptomatology–Self-Report (QIDS-SR-16; scores range from 0 to 27, with higher scores indicating greater depression) at week 6. There were 16 secondary outcomes, including QIDS-SR-16 response (defined as a reduction in score of >50%) and QIDS-SR-16 remission (defined as a score of ≤5) at week 6.


StaffStaffApril 14, 2021

5min3430

Jushi Holdings Inc.  (OTCMKTS: JUSHF) is buying the 93,000 sq. ft. facility, operated by its wholly-owned subsidiary and Virginia-based pharmaceutical processor, Dalitso LLC , together with approximately nine acres of surrounding land in Prince William County, Virginia, for approximately $22 million. The Acquisition, together with Dalitso’s planned buildout of the Facility, will enable Dalitso to efficiently produce a consistent supply of medical cannabis products as patient access improves and as the medical cannabis program matures and expands. The Acquisition is subject to customary closing conditions and is expected to close in the second quarter of 2021.

In December 2020, Jushi announced it completed the acquisition of the remaining 21% of the issued and outstanding equity of Dalitso, bringing its ownership to 100%. Jushi also announced in December 2020 that Dalitso had commenced operations at the Manassas facility and officially began serving patients at its BEYOND / HELLO Manassas location.

“The Virginia cannabis market is an area of strategic focus for Jushi given Dalitso’s strong position in the most densely populated region in the Commonwealth,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “Through the completion of this acquisition, Dalitso will have the expansion capacity required to scale cultivation and processing to meet the anticipated patient demand of a growing program. Jushi is dedicated to providing patients with best-in-class products and dispensing experiences that go beyond expectations. To that end, we look forward to the continued build out of our Facility so we can best serve registered patients. Separately, we were pleased to see Governor Northam and the General Assembly respond to their constituents by moving the effective date of legal possession date for small amounts of cannabis forward to July 1, 2021. We hope the Governor and General Assembly will act expeditiously and with similar decisiveness to authorize legal procurement so Virginians without a medical certification have access to safe and controlled cannabis products in a regulated market without material delay.”

Virginia

Virginia recently became the 17th state to legalize cannabis for adult use and the fourth state to do so by passing a bill through its state legislature versus going to the voters. Virginia lawmakers approved a bill that would legalize, regulate, and tax cannabis sales for adults 21 and over.   It will probably be another two years before the state sees any retail sales.

Dalitso is one of only five applicants to have received conditional approval for a pharmaceutical processor permit issued by the Virginia Board of Pharmacy, and one of only four to have received final approval and permit issuance in the Commonwealth. Dalitso’s permit allows Dalitso to cultivate, process, dispense, and deliver medical cannabis to registered patients in Virginia. The designated area for Dalitso to operate is Health Service Area II, in Northern Virginia, which includes two of Virginia’s most densely populated counties, Fairfax and Prince William, and has a population of approximately 2.5 million people or nearly 30% of the state’s total population according to the U.S. Census Bureau.


StaffStaffApril 14, 2021
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5min4880

California-based Connected International Inc. also known as Connected Cannabis Co. closed on a $30 million capital raise consisting of debt and equity financing. The round was led by existing investors Navy Capital and One Tower Group with participation from new investors Emerald Park Capital, an affiliate of Bryant Park Capital, and Presidio View Capital. Connected previously raised $25 million in a Series A round of funding in July 2019.

“We’re thrilled to bring Emerald Park Capital and Presidio View Capital into the Connected family and welcome back our long-term partners that have supported our company’s mission from the very beginning,” said Sam Ghods, CEO of Connected. “We are steadfast in our development of new, best-in-class genetics and our production of top-quality flower that has resulted in impressive growth and unwavering customer loyalty. That same commitment and quality that we’ve prided ourselves on from day one will stay with us as we enter additional states. We look forward to bringing our true product and brand to consumers in new markets –  that is our highest priority every time we look at expansion.”

Connected has been building a proprietary genetics portfolio of premium strains and meticulously cultivating cannabis at scale since 2009 and is considered by some to be the pioneer of “designer weed.” Connected is currently EBITDA-positive.

Connected has won several awards for its strains and has experienced monumental 68% year-over-year growth with 75% revenue CAGR through 2021. Connected and its partner brand, Alien Labs, acquired by Connected in 2017, recently took home a total of five top-ten wins across the Indoor Flower and Live Resin Cartridges categories of the 2021 Emerald Cup – Northern California’s premier cannabis destination and the industry’s most prestigious award. Connected led the indoor flower category with their Gelonade strain taking first place while Alien Labs’ Biskante placed third.

“Connected’s product quality is unmatched across the cannabis industry, as exemplified by their dedicated mass following,” said Chetan Gulati, Partner of Navy Capital. “The company’s success is largely due to their proprietary genetics as well as their ability to grow premium cannabis efficiently and at scale without compromising on quality. We look forward to seeing the team bring that same top-shelf quality to more U.S. markets.”

The company currently operates in California and Arizona. By virtue of its organically developed and trusted reputation, Connected’s expansion into Arizona in November 2020 has seen continuously high sales since launching.

With the additional capital, Connected will accelerate its national expansion while maintaining control over its state-of-the-art cultivation techniques. The company plans to focus on states with robust cannabis cultures and promising potential for sustained growth, such as Nevada with its entertainment and cannabis tourism and Michigan with its continued increase in sales.

“Connected is a legacy brand that’s established itself as a market leader based entirely on their unique, premium cannabis strains and flower,” said Joel Magerman, Managing Partner of Emerald Park Capital. “Over the last decade, Connected has built a best-in-class team across departments, from cultivation to marketing. We are eager to see what innovations and additional value the team will bring as they continue on their path to becoming a leading national brand.”

 


StaffStaffApril 14, 2021
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6min2260

Editors Note: This is a guest post. 

It is the 21st Century- a  world where we can get almost anything the heart desires simply by ordering it online and having it delivered straight to the doorstep. And, the cannabis industry is no different today. 

The slow but steady movement of marijuana’s use shows heavy documentation and has gained support from the consumers, especially the medical cannabis users. However, there remains a lot of mystery around the cannabis purchase process. Yes, people engage in regular workarounds for purchasing cannabis. 

But, no longer!

Yes, buying weed is pretty simple, provided you engage in a convenient and straightforward process, as described. Cannabis enthusiasts, can’t wait to know how? Well, let’s get going:

  • Embark on the research process:

When ordering marijuana products, it becomes vital to account for where you reside. After that, get informed and be sure that you aren’t falling under any scams or scrolling through any sketchy website. Ensure that the website you’re ordering CBD Products from looks legitimate and has reviews and publications from different customers. Dwell well on the reviewers and make sure they use different sets of words to express themselves differently. 

After all, you never wish to engage in illicit and fraudulent seller activities.

  • Know that you’re not scammed:

Let’s face it; a gazillion scammers are waiting to entrap you, especially when you buy weed. Thus, here are a few things that you must look for while purchasing weed:

  1. Open all eyes if the service asks you to pay through credit card or in advance.
  2. An online store that’s willing you to ship weed across state lines.
  3. An unlicensed dispensary.
  4. Anyone who offers you to mail weed. 
  5. The social media business is offering you to sell weed. 

Know that the online cannabis marketplace is a budding business model. Thus, with the flexibility of government regulations, the options have been changing and becoming standardized. 

  • Check online for reviews:

It is pretty unlikely for a reputable weed supplier not to have much knowledge of drugs and supplements. Please take note of the product reviews and ensure that they are complete and pretty exhaustive. Attain a clear picture of the correct dosage, symptoms, effects, and anything else that you as a buyer must know. 

The website and product description page will shed sufficient light on the seller’s credibility and trustworthiness. Thus, a single look will be enough to invite you as a customer. Care and efforts will be enough to spot. Also, the bottom line revolves around following your gut feeling. 

  • Cost:

Another good sign that comes as a thumbs up for the product quality is the cost. Thus, closely check the price tag. These should never be too high or too low. 

If you’re ordering in bulk, ensure availing coupons and other vouchers. Thus, it seems like a great incentive for going in for an online dispensary. The best deal for buying top-notch products at pocket-friendly prices involves having attractive options for bulk purchasing. 

Key Takeaways

Ordering weed can be pretty simple as ordering pizzas or groceries. Just make sure you have your ID and cash. Apart from these, take a look at the customer support services that your choicest dispensary offers, in addition to the payment option, and then you’re good to go with weed!

 


Julie AitchesonJulie AitchesonApril 14, 2021
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3min4810

Enterprise software company Akerna (Nasdaq: KERN) just released a Flash Report tracking buying trends related to this year’s 4/20 cannabis consumption holiday, and the news for the industry is favorable. The weekend preceding 4/20, which lands on a Tuesday this year, is pegged by Akerna’s predictive data as the most significant sales weekend of the year. On Friday, April 16, the Flash Report anticipates a 50% growth in daily sales from its 2021 average, with a total industry sales figure of $85,000,000. Saturday through Monday look strong as well, with figures ranging from $50,000,000 (on Sunday, historically the lowest cannabis sales days) to $78,000,000 on Saturday. By the time Tuesday hits, the daily retail sale of legal cannabis is expected to gross $95,000,000 nationally, bringing total 4/20-related sales to $370,000,000 in the U.S. if Akerna’s data proves accurate.

The Flash Report offers a breakdown of category sales and sales percentage by demographics such as gender (using a male and female binary) and age. Flower is forecast to top products sales in the five days of 4/20 spending, constituting 49% of sales (up 4% from the 2021 daily average). Cartridge pens are predicted to come in at 31% while Concentrates and Infused Edibles sit in third and fourth place at 11% and 8%. Men are likely to lead women in purchasing, with 63% of males stocking up to ring “Weed Day” over 38% of females.

According to Akerna’s numbers, 30-40 year-olds will make up 31% of consumers during this period, with under 30’s coming in at 29%, 40-50 year-old’s at 20%, 50-60 year-olds at 12%, and just 8% of folks over 60 hitting the dispensaries, shops and online retailers. The average order total will likely be up about $10, boosting the average spend per customer from $93.48 to around $105.00. The number of products purchased is predicted to go up as well, with a 30% increase from 2021.

The data used to inform Akerna’s Flash Reports is derived from MJ Platform, a provider of cannabis compliance software for the marijuana industry. Sales projections are based on market adjustment calculations and represent the entire US market as an aggregate. In a previous Flash Report, Akerna noted that the St. Patrick’s Day stimulus check drop led to the largest cannabis sales day of the year, which may contribute to the projected boost in 4/20 sales as well. Expanding legalization measures, a competitive retail market, and creative product development to reach a broader demographic of consumers may also contribute to the uptick. Whatever the main drivers may be, Akerna’s sales predictions herald a very happy 4/20 for the cannabis industry.


Debra BorchardtDebra BorchardtApril 14, 2021
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4min4340

 Green Market Report asked these female cannabis executives what advice they could give to other women on the eve of another 420 holiday. These were their answers:

Kimberly Dillion, Founder CEO of Frigg

  • “The key is community. More than ever being connected to other women at all levels is so instrumental for the success of all of us. By having strong networks we can amplify other voices, source deals, tackle wrongs, mentor others, collectively call out bad actors, and let’s not forget also have fun with our favorite plant!”

Amy Cirincione O’Connor, Co-Founder and Head of People Officer at Humboldt Social.

  • A female farmer I work with told me recently, “Surround yourself with people who move the chair.”  Not the people who walk through the room, notice a chair is blocking the doorway, and walk around it; the people who see the chair is a problem, and take the opportunity to solve the problem. I have no patience for meetings in which people complain or talk to just to hear their own voices. I like to work with people who are solution-oriented, who feel invested in creatively solving problems. I like working with people who move chairs.

Karson Humiston, Founder & CEO of Vangst

  • “Surround yourself with women you can learn from. Women are so supportive of each other and genuinely want to help other women succeed; find mentors”

Mary Pryor, Cannaclusive, Co-Founder

  • “Women are clutch and a powerful audience that cannabis often underestimates. We need more voices and diverse strategies that aid in educating and getting people to become fans of the plant. I find that this industry doesn’t open its self to understanding our use cases and issues when it comes to health in the cannabis world. We need to figure out ways to drive our value and reach within in this space when it comes to employment and c-suite as well.”

Lauren Drury, B2B Marketing Director, Greenlane

  • “We’re not following a path, we’re blazing it. In most industries, you can seek out an answer, but in cannabis, you have to create it!”

Azia Weisz, Senior Director of Sales and Marketing, Greenlane

  • “Goals are a moving target in the cannabis industry, it’s important to always be flexible to pivot and patient with process development.”


StaffStaffApril 13, 2021
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6min3550

It’s time for your Daily Hit of cannabis financial news for April 13, 2021.

On The Site

Organigram

Organigram Holdings Inc. (NASDAQ: OGI) shares were falling over 9% in early trading after the company reported that its revenue fell in the second fiscal quarter of 2021 and then et losses ballooned. Organigram reported revenue for the second quarter ending February 28, 2021, fell 29% to $19.2 million from last year’s $27.3 million for the same time period.  The company attributed it to significantly lower wholesale revenue and lower average selling prices. The company said that last year’s better revenue was due to higher wholesale revenues that were opportunistic in nature and primarily to a single licensed producer.

The company went on to say that the net revenue was also lower due to missed sales opportunities, as certain employees tested positive for COVID-19 which resulted in a significant number of facility staff having to isolate. Organigram said it was unable to fulfill certain demands for its products totaling approximately $7 million in the quarter due to production and processing constraints. 

Trulieve

Florida-based Trulieve Cannabis Corp .  (OTCQX: TCNNF) is continuing its expansion efforts and the latest state to plant its flag is West Virginia. Trulieve has acquired Solevo Wellness West Virginia LLC (“Solevo”) and its three West Virginia dispensary permits for $650,000. Solevo was awarded two permits in Morgantown and one in Parkersburg in January 2021 as part of the West Virginia application process.

New Mexico

New Mexico became the 18th state to legalize cannabis for adults 21 and over after Gov. Michelle Lujan Grisham (D) signed the Cannabis Regulation Act (HB 2) into law on Monday.  New Mexico is now the fifth state to adopt a legalization policy by passing a bill through its state legislature, joining Illinois, Vermont, New York, and Virginia. Thirteen additional states have legalized by voter initiative.

In Other News

Scotts

The Scotts Miracle-Gro Company (SMG) recently announced that it now expects to report sales growth in the band of 4-6% in its U.S. Consumer segment for fiscal 2021, which suggests an increase from its earlier sales guidance of flat to -5%. The Hawthorne segment is forecast to witness a sales growth at the top-end of the guidance of 20-30%. Hence, company-wide sales growth of 8-12% is now expected, up from the previous guidance of 1-6%.

Tilt

TILT Holdings Inc. ( OTCQX: TLLTF ) announced the appointments of Darryl K. Henderson, J.D., as senior vice president of human resources and Roseann Valencia-Fernandez as vice president of marketing. Mr. Henderson will deliver HR solutions across the Company’s portfolio and geographic footprint, while Ms. Valencia-Fernandez will oversee the planning, development and execution of TILT’s marketing strategy. Mr. Henderson and Ms. Valencia-Fernandez will both report directly to TILT’s President, Gary Santo .



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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