Alabama cannabis Archives - Green Market Report

StaffOctober 12, 2023
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The Daily Hit: October 12, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Oct. 12, 2023.

On the Site

Alabama Judge Dismisses Verano Lawsuit Against Marijuana Regulators

An Alabama state judge has thrown out a lawsuit filed by Chicago-based Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), in which the multistate operator tried to claim that it was wronged when the state’s medical marijuana commission rescinded a business permit it initially granted the company. Read more here.

Red White & Bloom Wins Top Bid for Aleafia

Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) confirmed that it has emerged as the top bidder to acquire assets from Aleafia Health Inc., a development approved by the Ontario Superior Court of Justice. Read more here.

Hemp Company Founders Plead Guilty in $1.8M Scandal

CanaFarma’s co-founders pled guilty to charges related to the misappropriation of nearly $1.8 million of investor money, eliminating the need for a trial that was slated for next week. Read more here.

New Mexico Cannabis Industry Rife With Rulebreaking

New Mexico’s cannabis industry has been a bit too freewheeling, insiders and regulators told state lawmakers in the Land of Enchantment this week during a legislative hearing. That’s led to literally thousands of citations for business rule violations in recent months. Read more here.

Colorado Marijuana Sales Pass $15 Billion Since 2014

In August, Colorado’s first-in-the-nation recreational cannabis market and its longstanding medical marijuana industry surpassed a historic milestone, having sold more than $15 billion in cannabis goods since the adult-use market launched on New Year’s Day in 2014. Read more here.

In Other News

Vext Science

Vext Science (CSE: VEXT) (OTCQX: VEXTF) completed its previously announced non-brokered private placement of $11.5 million through the issuance of 67,647,058 common shares of the company at a price of $0.17 each, including the full exercise of a $1.5 million overallotment option. Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. has added another $500,000 to a ballot initiative aimed at legalizing the recreational use of marijuana, bringing its total contributions to $39.55 million, according to a newly filed finance report. Trulieve has contributed all but $124.58 of the money raised by the political committee Smart & Safe Florida, which is leading the initiative. Read more here.

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StaffSeptember 12, 2023
Daily-Hit-Header.png
BusinessDaily Hit

The Daily Hit: September 12, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Sept. 12, 2023.

On the Site

New York Regulators Sign Off on Oct. 4 Licensing Launch During Contentious Hearing

New York regulators formally signed off Tuesday on opening the next round of both recreational and medical marijuana business licensing on Oct. 4, with hopes the move could lead to much-needed market progress. Read more here.

More Licensing Wrinkles in Alabama

Yet another wrinkle has arisen amid Alabama’s attempts to sort out its ongoing and contentious medical marijuana licensing process, with some stakeholders claiming they were now wrongly discredited as having owners with felony convictions. Read more here.

Lucy Scientific Acquires BlueSky Wellness in All-Stock Deal

Lucy Scientific Discovery Inc. (NASDAQ: LSDI) has announced its acquisition of hemp maker BlueSky Wellness in another all-stock deal, hot on the heels of purchasing rights to cannabis brand, High Times. Read more here.

International Star Eyes Cannabis-Themed Entertainment

International Star Inc. (OTC: ILST) announced today its purchase of a 20% stake in a new film production firm, B Studios. The latest foray is part of ILST’s strategy to broaden its presence in the cannabis-themed entertainment sector, according to a news release Monday. Further details regarding the transaction will be provided in subsequent announcements. Read more here.

GMR Hosts First New York Focused Summit on September 13

Green Market Report is hosting its first New York-focused Summit. The program for this event is unique in that it follows the New York supply chain featuring speakers from each level of licensing beginning with cultivators and ending with investors. Read more here.

In Other News

U.S. Virgin Islands

The Office of Cannabis Regulations has released new draft rules, which are open for public comment through Oct. 10. A timeline for approval of the rules has not been finalized, and it remains unclear when Virgin Islanders will be able to apply for licenses to legally grow and sell cannabis. Read more here.

RAMM Pharma Corp.

After an exchange of correspondence with the CSE, RAMM Pharma Corp. (CSE: RAMM) decided not to proceed with its previously announced non-brokered private placement. The CSE had responded to the announcement of intent, saying,  “the Issuer has nearly $6 million in cash with no apparent immediate need for the private placement.” The company will resubmit its intention to commence a normal course issuer bid. Read more here.

The Bettering Co.

The Bettering Company, a new luxury cannabis edibles brand, received $6.7 million in funding, bringing the company’s total funding to date over $11 million. The Bettering Company will launch sales of its branded THC-infused gummies in fall 2023 in dispensaries across Illinois. Read more here.

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StaffSeptember 7, 2023
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BusinessDaily Hit

The Daily Hit: September 7, 2023

4min00

The Daily Hit is a recap of the top cannabis financial news stories for Sept. 7, 2023.

On the Site

Lucy Scientific to Acquire High Times Brand Rights

Lucy Scientific Discovery Inc. (NASDAQ: LSDI) agreed to acquire the intellectual property of High Times. The acquisition will grant Lucy a steady flow of income from licensing and royalties linked to High Times, Cannabis Cup, and 420.com brands. Read more here.

Alabama Cannabis Regulators to Meet with Failed Applicants in Apparent Negotiation

Alabama cannabis regulators are set to negotiate with several would-be medical marijuana companies that have filed suit against state officials, in an apparent attempt to reach a settlement deal. The companies are challenging the haphazard licensing process that has yet to reach any resolution, even after two rounds of permitting. Read more here.

New California Lawsuit Targets Santa Barbara Cannabis Farms Over Odor

A local nonprofit in Santa Barbara County, California, filed a new lawsuit against three marijuana farmers, alleging that the growers refuse to utilize effective odor control and are tantamount to a public nuisance. Read more here.

New York Lawmaker Promises Hearing to Address Rec Market Shortcomings

New York lawmakers will hold a public hearing at the end of October in Albany to give stakeholders a chance to critique the adult-use marijuana market rollout – and perhaps influence legislation coming next year, a key Democratic state senator announced Thursday morning. Read more here.

Cresco Labs Launches Cannabis Ads on Spotify

Music streaming platform Spotify, which claims a subscriber base that exceeds 220 million users, now includes Chicago-based Cresco Labs (CSE: CL) (OTC: CRLBF) among its advertisers. Read more here.

In Other News

Maine Adult-Use Cannabis

t’s a multimillion-dollar industry that doesn’t seem to be slowing down in Maine, but some say new rules for the adult-use marijuana industry could harm businesses and consumers. The proposed changes cover everything from delivery to new packaging requirements. Read more here.

Avextra AG

Germany-based Avextra AG signed distribution agreements with two leading Swiss pharmaceutical partners and one Austrian pharmaceutical distribution partner. Under the terms of the agreements, Avextra will supply its purified API Dronabinol as well as standardized cannabis extracts manufactured in its GMP facility in Germany to both Switzerland and Austria. Read more here.

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StaffAugust 3, 2023
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BusinessDaily Hit

The Daily Hit: August 3, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Aug. 3, 2023.

On The Site

Former FDA Regulator Predicts Cannabis Rescheduling This Year

A former attorney and enforcement czar at the U.S. Food and Drug Administration told Green Market Report in an exclusive interview he believes the Biden administration is poised to reschedule marijuana this year or in early 2024, and that the move won’t squeeze out smaller cannabis companies, contrary to many widespread industry fears. Read more here.

Michigan Cannabis Redevelopment Project Collapses Into Massive Lawsuit With City

A redevelopment plan with the Detroit suburb of Pontiac was slated for a $40 million cannabis-friendly business campus, but a legal battle involving bribery allegations has derailed the project. Read more here.

Military Veterans Sue New York Cannabis Regulators Over Marijuana Licensing

A new lawsuit has been filed against New York cannabis regulators, by a quartet of disabled military veterans who have been thus far shut out of retail marijuana licensing. Read more here.

Study: ‘Vast Majority’ of Hemp Delta-9 Goods Illegally Modified

The “vast majority” of delta-9 hemp goods being sold around the U.S. – upwards of 75% – have been illegally modified or sourced from marijuana, according to a new scientific study released this week by California researchers. Read more here.

Story Cannabis Co. Acquires Four-Dispensary Chain in Arizona

Arizona-based multistate operator Story Cannabis Co. announced the acquisition this week of four vertically-integrated marijuana licenses in the Phoenix metro area, bringing its homestate footprint to 11 retail shops and two cultivation facilities. Read more here.

Innovative Industrial Reports Rising Revenue

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) delivered total revenues of approximately $76.5 million in its second quarter of the year, representing an 8% increase from the prior year’s quarter. The company also reported net income of approximately $40.9 million for the quarter, or $1.44 per diluted share. Read more here.

In Other News

LEEF Brands

LEEF Brands, Inc. (CSE: LEEF) (OTC: LEEEF) has entered escrow on a $7 million purchase of 1,900-acre Salisbury Canyon Ranch in Santa Barbara, California. Read more here.

Alabama

The embattled chairman of the Alabama Medical Cannabis Commission, Dr. Steve Stokes, has resigned. His resignation comes just over a week after a Montgomery attorney asked a judge to issue a writ of quo warranto, removing him from that position. Read more here.

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StaffJune 19, 2023
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BusinessDaily Hit

Daily Hit: June 19, 2023

5min00

The Daily Hit is a recap of the top financial news stories for June 19, 2023.

On the Site

On Juneteenth, Two Black Industry Leaders Say Social Equity Falls Short

In the run-up to the national Juneteenth holiday, which marks the date in 1865 when Black Americans in Texas learned they’d been freed by the Emancipation Proclamation, Green Market Report reached out to a pair of Black women cannabis industry leaders to get their thoughts on how far the marijuana industry has yet to go on racial equity. The answer was simple: It’s so far that it’s hard to even put into words. Read more here.

Six Years, Six CFOs at MedMen as Bowman Departs

After the markets closed on Friday, MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced the resignation of Ana Bowman as chief financial officer, effective June 29. Bowman has served as CFO since 2022. MedMen has begun a formal search for a new CFO. Read more here.

Alabama’s Medical Marijuana Rollout Stalls After Commission Freezes Licensing

In a surprising reversal, the Alabama Medical Cannabis Commission indefinitely suspended the licensing for cultivators, dispensaries, and other participants in the state’s newly initiated medical marijuana program. Read more here.

Body and Mind Sells Michigan Dispensary

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) received all necessary regulatory approvals to divest its Muskegon, Michigan, dispensary. DEP Nevada Inc., a wholly owned subsidiary of Body and Mind, sold all of its issued and outstanding common stock of NMG MI 1 Inc. to Big Bhang Events LLC for a cash payment of $1. Read more here.

Northeast Philadelphia Could Miss Out on Recreational Marijuana Market

A local councilman wants to prevent a pocket of Northeast Philadelphia from participating in Pennsylvania’s future recreational cannabis market. The proposal, introduced by Philadelphia City Councilmember Brian O’Neill, would affect three existing medical marijuana dispensaries in the region. Read more here.

In Other News

Vermont

Vermont Gov. Phil Scott has allowed some quite significant medical cannabis reform legislation (HB 270) to become law – but without his signature. The law expands medical cannabis access to patients with post-traumatic stress disorder. It also repeals the sunset of the Cannabis Control Board – and this appears to be what triggered the governor to withhold his signature – which is responsible for implementing and regulating a safe legal market for adult-use of cannabis in the state. Read more here.

Rhode Island

Rhode Island Gov. Daniel McKee has signed into law legislation (2023-S 1009, 2023-H 5829) sponsored that would allow the state’s recreational cannabis dispensaries to advertise their products. Currently, Rhode Island’s cannabis businesses cannot advertise by law, although dispensaries in other states, such as Massachusetts, can advertise within Rhode Island. Read more here.

Humble & Fume

Green Acre Capital Distribution Corp. invested a further cash amount of $1,995,961.46 in HC Solutions Holdings Inc., a joint venture it has with Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF). Humble has invested a further US$1,895,961.46 in HCI, through the forgiveness of an equivalent amount owing by HCI directly or indirectly to Humble. Read more here.

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