Atlas Global Brands Archives - Green Market Report

StaffJune 5, 2023
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BusinessDaily Hit

Daily Hit: June 5, 2023

4min00

The Daily Hit is a recap of the top financial news stories for June 5, 2023.

On the Site

Cannabis Celebrates Gay Pride Month

The cannabis industry owes a debt of gratitude for the early push for legalization. Green Market Report had a chance to speak with the inclusive group Proud Mary, and others, at the recent CWCB Expo in New York City. Watch the video here.

Atlas Global Shutters Alberta Site, Lays Off 50 Workers

Atlas Global Brands Inc. (CSE: ATL), a budding Canadian-Israeli cannabis company, is shutting down its Alberta operations in a bid to slash costs and streamline its operations in the country. In a statement, the company said that it would also liquidate any assets tied to its smaller companies in the region, which includes layoffs impacting “approximately 50 employees.” Read more here.

ICYMI: TPCO Shareholder Blasts Proposed Gold Flora Deal

Geronimo Capital founder and TPCO (OTC: GRAMF) shareholder George Allen sent a letter to the company’s CEO Troy Datcher outlining why he thinks the deal with Gold Flora is terrible. Allen questioned the numbers supporting the transaction and suggested that the board could be doing the deal because it benefits them more than shareholders. Read more here.

Monthly Illinois Cannabis Sales Inch Upward in May, State Reports

Cannabis retailers in the Land of Lincoln sold $132.7 million in marijuana last month, according to the Illinois Department of Financial and Professional Regulation, less than a $1 million increase from the $131.9 million in April sales. Read more here.

LeafLink Partners with Logistics Shop to Optimize California Cannabis Supply Chain

New-York based LeafLink, a major cannabis wholesale platform, is partnering with Leafgistics, a cannabis logistics company, to coordinate and streamline the storage and movement of cannabis products across the California market. Read more here.

In Other News

Greenlane Holdings

Greenlane Holdings Inc. (Nasdaq: GNLN) will effect a one-for-10 reverse stock split of its Class A common stock, par value $0.01 per share, that will become effective on June 5 at 5:01 p.m. Eastern Time. The reverse split is primarily intended to bring Greenlane into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq. Read more here.

Grow Labs Organics

Investors have high expectations for a medicinal cannabis startup based on the Isle of Man, which has secured a £1m seed funding round. Grow Lab Organics – founded by Alex Fray, Charlie Price, and Charlie Lyons – is researching and growing different strains of medicinal cannabis.

Colorado

The governor of Colorado has signed a bill into law that would allow online marijuana sales. It strikes language from existing statute that explicitly prohibits cannabis from being sold on the internet, while adding regulations to provide for online commerce. Read more here.

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StaffMarch 7, 2023
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BusinessDaily Hit

Daily Hit: March 7, 2023

4min00

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

On the Site

Illinois Out-of-State Cannabis Sales Drop as New Missouri Market Proves Itself

Illinois saw its lowest number of out-of-state cannabis purchases since February 2021 – and Missouri’s new adult-use program could be behind the drop. Total recreational cannabis products sales by legal retailers also fell, hitting $120.5 million in February, the lowest since the same month in 2022. Read more here.

Illinois Craft Cannabis Growers Get Major Deadline Extension

The 88 social equity craft cannabis growers awarded permits by Illinois last year were granted a reprieve this past week, when the state Department of Agriculture pushed back a March 1 deadline to be operational by more than a year for many of those licensees. Read more here.

AFC Gamma Credit Losses Increase More Than 300% in 2022

AFC Gamma Inc. (Nasdaq: AFCG) reported an interest income of $21 million and a net income of $2.9 million for the fourth quarter ended Dec. 31, 2022. The company reported $0.14 per basic weighted average common share and distributable earnings of $12.6 million or 62 cents per basic weighted average common share for the fourth quarter of 2022. This beat the Yahoo Finance average analyst estimate for earnings of 58 cents and income of $18.3 million. Read more here.

Atlas Global Expands Retail in Middle East, Inks International Snoop Dogg Brand Deal

Atlas Global Brands Inc. (CSE: ATL) is rapidly moving to acquire valuable cannabis assets for its recent international venture after snapping up two pharmacies in Israel and inking an exclusive licensing agreement for Snoop Dogg’s brands. Read more here.

In Other News

Colorado Cannabis Recall

The Colorado Department of Revenue alongside the Colorado Department of Public Health and Environment issued a health and safety advisory for marijuana sold at several stores in Colorado. DOR identified harvest batches produced by Green Street LLC that passed initial contaminant testing but failed retesting. Read more here.

Scotts Miracle-Gro

Scotts Miracle-Gro (NYSE: SMG) CFO Matthew Garth said the company still sees promise in the struggling $100 billion cannabis market to which it sells indoor growing and hydroponic equipment. In the wake of “shifting tectonic plates” and oversupply issues, Garth said Monday that Scotts is rightsizing its Hawthorne segment that serves the cannabis market. Read more here.

CONTINUE READING
StaffFebruary 27, 2023
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BusinessDaily Hit

Daily Hit: February 27, 2023

4min00

The Daily Hit is a recap of the top financial news stories for February 27, 2023.

On the Site

Cresco Labs, Columbia Care Push Megadeal to Summer 2023

Sunnyside dispensaries’ parent company Cresco Labs (OTCQX: CRLBF) and Cannabist owner Columbia Care Inc. (OTCQX: CCHWF) formally agreed to extend the closing date of their $2 billion, all-stock megadeal to June 30, 2023. Read more here.

Innovative Industrial Properties Stock Jumps on Q4 Earnings

Innovative Industrial Properties Inc. (NYSE: IIPR) saw its stock price jump quickly upon release of its fourth-quarter earnings from 2022, which revealed $70.5 million in revenues, a 20% jump from a year prior. Read more here.

Atlas Global Buys GreenSeal for Roughly C$3.4 Million

Canadian-based cannabis company Atlas Global Brands Inc. (CSE: ATL) is buying privately owned GreenSeal Cannabis Company Ltd. and GreenSeal Nursery Ltd. Atlas said the acquisition is expected to be accretive to its international strategy, adding a GACP and CUMCS-certified facility with a vertical cultivation model. Read more here.

Ayurcann Holdings Reports Rising Growth in Competitive Canadian Market

Canadian extraction company Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) reported solid revenue growth in its Dec. 31, 2022, earnings report, pointing to team and product expansions, as well as new partnerships. Gross revenue rose to C$4.4 million for the quarter, up 37% from last year’s C$3.2 million in the same period. Read more here.

Massachusetts Cannabis Execs Predict ‘Tough Year’ in 2023

Like much of the rest of the U.S. cannabis industry, Massachusetts marijuana executives say they’re expecting a “tough year” in coming months, thanks to increased competition from neighboring states and a broad economic downturn that has customers spending less. Read more here.

In Other News

New York cannabis

New York State’s legislature is well into this year’s legislative session, and members of the Senate and State Assembly have already filed dozens of bills related to the legal cannabis industry. There are bills related to public consumption of cannabis, bills focused on sustainability, bills dealing with workforce issues in the industry. Read more here.

GMI Insurance

Managing general agent GMI Insurance, a specialist in commercial transportation insurance, has announced the launch of a cannabis transport program. The program is unique in that it combines physical damage with motor truck cargo, GMI said. It also covers third-party specialty transporters and courier services. Read more here.

CONTINUE READING
StaffFebruary 7, 2023
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BusinessDaily HitPrivatePublic

Daily Hit: February 7, 2023

5min00

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

On the Site

Maryland Could Start Adult-Use Cannabis Sales by July Under New Bill

The start date for Maryland’s upcoming adult-use cannabis market could be as soon as July 1, under the terms of a new legislative bill introduced this week by state lawmakers. Lawmakers said they’re feeling pressure to get the recreational market stood up as soon as possession becomes legal in July in order to avoid a massive gray market. Read more here.

SNDL Saves Superette from Bankruptcy

SNDL Inc. (Nasdaq: SNDL) finalized its purchase of Canadian dispensary chain Superette out of bankruptcy, with plans to support the brand and its stores. SNDL said it will carry on the Superette banner, which “will benefit from SNDL’s shared service model to provide for cost-effective operational support.” Read more here.

California Attempting to Loosen Cannabis Lounge Restrictions

At least one state lawmaker in Sacramento wants to make it easier for licensed cannabis consumption retailers to turn a profit by allowing shops to open new consumption cafes, a la Amsterdam. Under the provisions of Assembly Bill 374 from Assemblyman Matt Haney of San Francisco, legal marijuana shops would be permitted to open cafes where they could sell nonalcoholic drinks and food. Read more here.

New York City Targets Landlords in Push to Close Illegal Cannabis Shops

Landlords who rent to illicit marijuana retailers are facing new legal action from the city, while hundreds of smoke shops suspected of selling cannabis without a license will be threatened with eviction by Manhattan’s top prosecutor, officials said Tuesday. Read more here.

Atlas to Snap up Cannabis Distributing Hub, Pharmacies for Channels to West

International Israeli shop Atlas Global Brands Inc. (CSE: ATL) has acquired a majority stake in a Tel-Aviv cannabis distributing hub and two pharmacies, positioning itself for clear channels west of the Greenwich meridian. The company signed a share purchase agreement to acquire, through a subsidiary, 51% interest in Trading House, which Atlas intends to use as a hub for imports to and distribution within Israel. Read more here.

In Other News

American Green

American Green (OTC: ERBB) signed a nonbinding letter of intent for $12 million from a private equity firm to fund the completion of the build-out at its “Cypress Chill” grow building purchased in May 2022. The company will continue to provide the documentation required by the lender so it can get through the loan application process. Read more here.

IM Cannabis Corp.

IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC), an international medical cannabis company, closed a fourth tranche of its previously announced nonbrokered private placement offering an aggregate of 760,450 units at a price of $1.25 per unit for aggregate proceeds of $950,562.50. Read more here.

Fine Fettle

Connecticut’s first social equity cannabis dispensary is set to open this month, following state approval. Fine Fettle, a Connecticut-based cannabis company with three retail stores in the state, will open Fine Fettle Manchester, on Feb. 17. Read more here.

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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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