Adam JacksonNovember 7, 2023
The results beat analysts' estimates by 33%.
Ascend Wellness Archives - Green Market Report
Adam JacksonNovember 7, 2023
StaffOctober 25, 2023
The Daily Hit is a recap of the top financial news stories for Oct. 25, 2023.
On the Site
New Mexico Pursues Unpaid Taxes From Cannabis Companies
More than 100 marijuana license holders in New Mexico were delinquent on their state taxes, leading to an enforcement push, the state Department of Taxation and Revenue announced Wednesday. Read more here.
Ascend Wellness Posts Strong Q3 Results, Leadership Changes
New York-based Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) reported promising preliminary financial results for the third quarter ending Sept. 30, touting another period of growth and a reshuffling of some top brass. Read more here.
Midwest Women in Cannabis to Shine at Upcoming Summit
In the heart of the Windy City, an event of innovation and empowerment is about to unfold. The Midwest Women in Cannabis Summit, hosted by the Green Market Report, promises to be a transformative gathering for women seeking to make their mark in the booming cannabis industry. Read more here.
California’s Marijuana Market Remains Mired in Challenges
Many cannabis operators in California have continued to struggle, but some areas have been showing growth. Throughout the course of 2023, roughly 40 retailers have closed down, estimated Los Angeles consultant Hirsh Jain, with even more “just barely hanging on.” Read more here.
Cybin Gets More DMT Patents
Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) announced that the United States Patent and Trademark Office has issued two patent grants that offer protection for its deuterated N, N-dimethyltryptamine (DMT) program. Read more here.
In Other News
Lifeist Wellness
Lifeist Wellness Inc. terminated the share purchase agreement entered into on Sept. 17 with Flora Growth Corp. to divest and sell Australian Vaporizers Pty Limited, its wholly owned Australian subsidiary, to Flora. Read more here.
Skye Bioscience
Skye Bioscience reported successful results from its Phase 1 clinical trial assessing the safety and pharmacokinetics of SBI-100 Ophthalmic Emulsion. This first-in-class cannabinoid type 1 receptor (CB1) agonist, is a prodrug uniquely formulated as an eye drop, and is being developed as a potential new mechanism to address unmet needs in the treatment of glaucoma. Read more here.
4Front Ventures Corp.
4Front Ventures Corp. announced that, in connection with its $10 million senior secured credit facility agreement, the company intends to enter into a restricted stock unit agreement with ALT Debt II LP, an affiliate of Altmore Capital, to issue a total of 15,900,000 Restricted Share Units to the lender. Read more here.
Adam JacksonOctober 25, 2023Revenue have been steadily growing over the past six quarters.
John SchroyerOctober 10, 2023
The reliance on debt could cause issues for several multistate operators in a few years.
StaffAugust 24, 2023
The Daily Hit is a recap of the top financial news stories for Aug. 24, 2023.
On The Site
High Times Names Fifth CEO in 5 Years
Despite a looming deadline with its lender ExWorks, High Times named Shaun Jarvis as interim chief executive officer. The financially troubled cannabis media company saw the departure of CEO Paul Henderson, who was also the interim chief financial officer and a director of Hightimes Holding Corp. on August 15. Read more here.
POSaBIT Records $1.8 Million Loss Despite Spike in Revenue
Cannabis payment provider POSaBIT Systems Corp. (CSE: PBIT) (OTC: POSAF) posted a $1.8 million loss for the second quarter of 2023, despite increasing its revenue by 64% year-over-year to $13.4 million. Read more here.
Big Plan Holdings Buys PA Retail Spot from Ascend for $3.25M
Big Plan Holdings teamed up with Evelyn Capital to purchase a cannabis tenant retail building in Monaca, Pennsylvania, from Ascend Wellness Holdings for $3.25 million. Read more here.
Incannex Seeks FDA Approval for Psilocybin-Assisted Psychotherapy Program
Clinical-stage pharmaceutical Incannex Healthcare Ltd. (Nasdaq: IXHL) is moving forward with a new psychotherapy treatment program using psilocybin, the company announced Thursday. Read more here.
TGOD Merger Boosts BZAM Q2 Revenues Amid Losses
BZAM Ltd. (OTC: BZAMF) reported its financial results ending June 30, showing rises in revenue but much higher losses. Read more here.
Green Market Report Finance Awards: Top CEO Sundie Seefried
On August 3, Green Market Report hosted its 2023 Finance Summit. At the Summit, the winners of the 2023 GMR Cannabis Finance Awards were announced. The winner of the Top Chief Executive Officer was Sundie Seefried of Safe Harbor Financial (Nasdaq: SHFS), who has helmed the company since its debut in 2015. Read more here.
In Other News
CBD of Denver Reports Q2 Financials
Revenue increased 155% to $729,453 for Q2 2023, but the company still posted a $9,701 loss for the quarter. Read more here.
Michigan
The Michigan agency that regulates the marijuana industry has taken up to two years to complete its disciplinary process against businesses that violated state policies, according to the results of an audit released Thursday. Read more here.
Maine
Maine’s Congressional Delegation is urging the Department of Justice to shut down foreign-owned, illegally operated marijuana businesses in Maine. Some of these reports identify Chinese ownership. Read more here.
Adam JacksonAugust 24, 2023
The family office operates at the intersection of music, fashion, and sports, which it said includes the cannabis industry.
Debra BorchardtJune 20, 2023
At least five cannabis companies have recently announced equity deals.
John SchroyerJune 9, 2023
Dozens of complaints have been filed with the NLRB against cannabis companies.
StaffMay 30, 2023The Daily Hit is a recap of the top financial news stories for May 30, 2023.
On The Site
Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year
Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.
New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing
New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.
Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins
Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.
Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana
Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.
YourWay Cannabis Can’t Find An Auditor For Filings
YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.
In Other News
Minnesota
Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.
Ohio
Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.
North Carolina
A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.
John SchroyerMay 30, 2023
Many companies dealt with significant one-time writedowns in 2022.
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