Aurora Cannabis Archives - Green Market Report

StaffMarch 27, 2023


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

On the Site

Toys R Us Sues Unlicensed Dispensary in Brooklyn

Last week a lawsuit was filed in a New York Federal court by Toys R Us, also known as Tru Kids, against an unlicensed cannabis dispensary that uses the name Zaza R Us and Nedhal Y. Saleh. oys R Us said in the lawsuit that it sent a letter to the dispensary in January 2023 asking the company to stop using the signage, which copies the Toys R us logo but replaces the star image in the backwards “R” with a cannabis leaf image, and never received a response. Read more here.

New York Moves to Let Medicaid Pay for Medical Marijuana

New York lawmakers got a step closer to authorizing state-funded insurance payments to cover the cost of medical cannabis for patients, with a bill to do so advancing easily out of a state Assembly committee hearing. Read more here.

Nasdaq Gives Aurora September Deadline to Up Share Prices or Risk Delisting

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) has six months to get its share price back above $1 or face the specter of losing its Nasdaq listing, the company was told by the exchange’s management group. Nasdaq Stock Market LLC told the Canadian cannabis giant it hasn’t met its minimum stock price requirement since Feb. 8, as its share price closed below a U.S. dollar for 30 consecutive business days. Read more here.

Planet 13 Sees Opportunity in Competitors’ Distress

As the small get weaker, the big get stronger by gobbling them up. Or they just wait for the weak to die off, and then take over their territory. That’s the simple version of what Nevada-based Planet 13 Holdings’ leadership discussed as a likely strategy for their home state in 2023, since they believe many other retailers are on “life support” and ripe for acquisition. Read more here.

Scenes from the GMR 2023 Women’s Summit

The Green Market Report 2023 Women’s Summit was a rousing success last week in New York City. The well-attended conference featured many leading women in the cannabis industry giving great advice to the audience. Watch highlights from the event here.

In Other News

Ayr Wellness

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) closed under the definitive agreement to sell Blue Camo LLC, which comprises Ayr’s Arizona assets, to AZ Goat AZ LLC, a group consisting primarily of the former owners of Blue Camo, who sold the business to Ayr in 2021. Read more here.


Bhang Inc. (CSE: BHNG) (OTC Pink: BHNGF) entered into a debt settlement agreement with an arm’s length lender relating to an outstanding amount owing of $100,000 plus interest. Bhang has agreed to make cash payments in four installments to the lender and issue subordinate voting shares and share purchase warrants under the agreement. Read more here.

Verano Holdings Corp.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) simplified its capital structure by completing the conversion of all its outstanding Class B proportionate voting shares into Class A subordinate voting shares, resulting in one class of outstanding shares. Read more here.

StaffMarch 20, 2023


The Daily Hit is a recap of the top financial news stories for March 20, 2023.

On the Site

Aurora Seeks to Dilute Shares as Cannabis Capital Raises Remain Scarce

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) asked Canadian regulators on Friday to approve a plan to $650 million worth of stocks, debt, and other financial products over the next two years. Read more here.

Bilzerian’s Ignite Faces More Trouble Over Documents

Instagram celebrity Dan Bilzerian and his cannabis-focused company Ignite International Brands are in hot water with the courts for not turning over documents in a contract dispute case. According to Law360, the company was told on Feb. 28 that it had 10 days to produce 65 documents, which it failed to do. Read more here.

Michigan’s Gage Cannabis Pinches TerrAscend’s Earnings

TerrAscend said it effectively overpaid for both Ferndale-based Gage Cannabis and Morenci-based Pinnacle Emporium as the value in the Michigan market plummeted due to product oversupply and increased competition. The publicly traded company (OTC: TRSSF) recorded a $332.5 million loss in 2022, largely due to $311.1 million in impairment charges tied to the acquisitions. Read more here.

Housing Works Launches Legal Cannabis Delivery in ‘Select NYC Neighborhoods’

The first licensed recreational cannabis retailer in New York has now added home delivery to its options for customers, albeit in only a handful of areas within New York City. Housing Works, the nonprofit that launched adult-use marijuana sales in December, began offering home delivery a “few weeks” ago. Read more here.

Mississippi Legislature Tweaks Medical Marijuana Program

Mississippi lawmakers this week gave final approval to a bill that, on its face, contains a number of business-friendly provisions that may make life easier for the state’s medical cannabis operators. House Bill 1158, which both chambers passed as of last week, heads now to Gov. Tate Reeves for his signature. Read more here.

In Other News


Businesses across the recreational cannabis industry in Oregon are facing some of the worst economic conditions since marijuana was legalized over seven years ago. The average price per gram of marijuana has fallen to $4, a record low according to a recent state budget forecast. Read more here.

IGC Pharma

India Globalization Capital Inc. (NYSE American: IGC) becan operating under the new name IGC Pharma Inc., effective March 30, as part of a rebranding strategy that better reflects IGC Pharma’s strategic focus and vision for the future. Read more here.

StaffFebruary 9, 2023


The Daily Hit is a recap of the top financial news stories for February 9, 2023.

On the Site

Canopy Slashes 800 From Payroll After Revenues Slide

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) reported slumping revenues on Thursday and signaled a new cost-savings era that includes cutbacks on cultivation and 800 layoffs. The stock fell more than 8% in early trading on the news to lately sell at $2.52, a big drop from its year high of $9.61. Read more here.

Aurora Cannabis Revenue Boosted by Strong Euro

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) achieved positive adjusted EBITDA and reduced its debt even though it still recorded a net loss in its latest quarterly earnings. Aurora attributed the rising revenue to “growth across all cannabis business segments” as well as a full-quarter contribution of C$6.6 million from Bevo Farms. Read more here.

How Much Adult-Use Cannabis Has New York Sold? Who Knows?

While many other states quickly release sales figures for new cannabis markets, New York has been conspicuously silent. Inquiries to the New York Office of Cannabis Management and the existing stores regarding sales figures have been met with silence. Read more here.

Ayr Wellness to Exit Arizona, Expand to Ohio

Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) is exiting Arizona and turning its attention to Ohio. The multistate cannabis operator signed a definitive agreement to sell its Arizona assets, Blue Camo LLC, to AZ Goat LLC. Read more here.

Cannabis Dispensary Deals Show How Prices Are Falling

The value of a cannabis dispensary just isn’t what it used to be. Six months ago, Planet 13 (OTC: PLNHF), a Las Vegas-based marijuana company, announced it would pull the trigger on its option to buy out its social-equity partner in an Illinois cannabis dispensary in a $2.9 million transaction. By the time the deal closed yesterday, the value had dropped by $1 million because of the steep downdraft in the stocks of cannabis companies. Read more here.

In Other News

Pineapple Express Cannabis Co.

Minaro Corp. (OTC Pink: MNAO) (the “Company”), a publicly traded company, announced the execution of a share exchange, the change of its name to Pineapple Express Cannabis Company, and an application to change the company’s current ticker symbol. Read more here.

Halo Collective

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) expanded the company’s cannabis genetics and strain portfolio within its Oregon operations. With the expansion, Halo Collective now offers a wide range of unique and rare strains, sourced from some of the top growers and breeders in the state. Read more here.

BioHarvest Sciences

BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) reported sales orders of $6.1 million in 2022 , representing a 160% increase over 2021. Fourth-quarter sales orders of $2.7 million were more than triple the sales orders from the same quarter in 2021. Read more here.

StaffJanuary 4, 2023


The Daily Hit is a recap of cannabis business news for Jan. 4, 2023.


Aurora Cannabis Sells Polaris Greenhouse, Struggles with Cash Burn

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) closed the sale of its Aurora Polaris facility for approximately $15 million. The company has been trimming its expenses over the past two years by selling off and consolidating its various production facilities, while looking overseas for growth opportunities as the U.S. remains in legalization purgatory. Read more here.

Virgin Islands Votes to Legalize Adult-Use Cannabis

The U.S. Virgin Islands Senate voted to legalize adult recreational cannabis use, sending the legislation known as Bill 34-0345 to Gov. Albert Bryan Jr. for signature. Medical cannabis has been legal in the Virgin Islands since 2019. Read more here.

Sunset Island Buys Calamus for Undisclosed Amount

Sunset Island Group Inc. (OTC: SIGO) has purchased Calamus Brands for an undisclosed amount. Sunset Islands said that the acquisition of Calamus Brands would allow it to expand its operation. The company statement said that the expansion, when completed, would include 205,000 square feet of cannabis operations. Read more here.

Illinois Incubator Takes Action for Minority Cannabis

One cannabis group in Illinois has decided to take social equity matters into its own hands. The 1937 Group launched a new social equity incubator to address the very unequal distribution of cannabis licenses in the state. Read more here.


Atlas Global Brands 

Atlas Global Brands Inc. completed its reverse take-over transaction with Atlas Biotechnologies Inc., AgMedica Bioscience Inc., and Cambrosia Ltd., and the concurrent acquisition by Cambrosia of Tlalim Pappo Ltd., Pharmacy Baron Ltd., and R.J. Regavim Ventures Ltd., privately held operating cannabis pharmacies in Israel. The companies will join to form Atlas Global Brands Inc., which expects to begin trading on the Canadian Securities Exchange on Jan. 13 under the ticker symbol ATL. Read more here.


In just seven days, Affinity Health and Wellness medical marijuana dispensary will become one of nine hybrid cannabis dispensaries in Connecticut selling products for general adult use. The move will allow the company to tap into an industry that’s estimated to bring in $73 million in state revenue by 2026. Read more here.

New York Office of Cannabis Management

New York’s Office of Cannabis Management  missed a deadline mandated by the state’s cannabis law to produce a social and economic equity plan, which is meant to guide the rollout of the state’s emerging marijuana industry. The agency said it will submit a report about its “social equity-related activities” by the end of the week. Read more here.

Debra BorchardtNovember 28, 2022


Cantor Fitzgerald analyst Pablo Zuanic wrote an upbeat research report on the major cannabis companies despite the somewhat depressing tone in the industry. Zuanic said he hosted 17 company meetings at MJBiz last week and the overall mood was positive. Despite the sunny optimism, the analyst opted to leave ratings, estimates, and price targets unchanged.


Zuanic wrote that for Trulieve (OTC: TCNNF), “Most of the heavy lifting from the Harvest integration has been completed (AZ store rebrand underway), and management thinks it is ahead of peers on tech (SAP; 24 months into the ERP process).” Legalization of adult use in the state would boost the stock and polling is pointing to 70% support and signature collection is running on track. The next main hurdle is the state supreme court review process in early 2024. Trulieve also outlined what it thinks are the positives in the next year. They include:

  • The Florida patient count growth improving (+2,500/week now)
  • The start of adult-use sales in CT and MD
  • It believes the recent election increases the probability of PA going to adult-use
  • WV and GA (although only oils are allowed for now) should begin to ramp. 

Cresco Labs

Zuanic sees the divestiture plan moving ahead and seems to be secure. The Cresco brands enjoy better market share than the Col-Care brands so the company expects to roll out the Cresco brand portfolio across the Columbia Care footprint. “According to management, there is room to improve margins in the combined company, especially in states in either start-up mode or going through a phase of investment,” wrote the analyst.


  • TRSSF believes in 6-12 months it may be in a position to list in the TSX
  • In MI, given distress in the market, it sees opportunities to expand by acquiring more stores
  • Two NJ stores are “90% of the way to the $40Mn/store annual sales target run rate.

WM Technology

  • The company is removing delinquent accounts
  • Reining in expenses
  • It expects to be cash flow positive by 1H23

Canopy Growth

Zuanic wrote, “With the new structure (US assets more than half of sales), CGC expects to be EBITDA and cash flow positive by late 2023 (capex will be minimal, with investments in BioSteel and negative operating cash flow in the Canadian rec unit, the main drag on cash flow). 


The report stated that Sundial was working on various fronts to unlock value (SNDL trades at almost a 50% discount to management’s estimated book value per share of US$4.77). SNDL has C$250Mn of unrestricted cash (no debt), 820K sq ft of indoor cultivation in Canada, and 350 retail doors (liquor and cannabis). 

Aurora Cannabis

Aurora Cannabis is well-positioned in the German market. The report stated, “ACB expects to be EBITDA positive by end of this calendar year; it is in a net cash position (it continues to chip away at the convertible debt) and says it will use its equity facility for strategic purposes only (or reduce the convertible debt) and to fund operations.”

In Closing

The analyst said that most of the MSO management teams he met with felt the probability of SAFE passage in the lame-duck session has increased post the election. Zuanic added, “Most US companies recognized that M&A has taken a wait-and-see attitude ahead of the potential passage of SAFE, but most agreed that consolidation would accelerate without SAFE as several smaller operators will not be able to refinance their debts.”

StaffNovember 10, 2022


The Daily Hit is a recap of cannabis business news for Nov. 10, 2022.


Tyson 2.0 Creates Parent Company with Ric Flair

TYSON 2.0, legendary boxer, entrepreneur and cannabis advocate Mike Tyson’s premium cannabis brand, and Ric Flair Drip, world-renowned pro-wrestler Ric Flair’s cannabis line, announced  that they are joining forces under a new parent company, Carma Holdings LLC. Additionally, TYSON 2.0’s board of directors will transition to Carma, with the announcement of the addition of attorney Alex Spiro. Read more here.

Aurora Cannabis Flexes Tightened Balance Sheet Even as Sales Fall

Canadian cannabis giant Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) saw fiscal first-quarter net revenue for medical cannabis fall 23% year-over-year to C$36.6 million, and down 14% over the quarter, while adult-use cannabis revenue fell 28% year-over-year to C$13.7 million. Read more here.

Glass House Brands Delivers on Optimistic Q3 Forecast

Glass House Brands Inc. (NEO: GLAS.A.U, GLAS.WT.U) (OTCQX: GLASF, GHBWF) set big expectations for the third quarter – and then promptly delivered. The vertically integrated operator reported revenue of $28.3 million for the quarter, up 72% versus the second quarter and up 65% from the same period a year ago. Read more here.

Leafly Revenue Edges Up, Even After Steep Layoffs

Stock for Leafly Holdings Inc. (Nasdaq: LFLY) was up 6% on Thursday after the bell, when the company reported financial results for the third quarter showing revenue in line with expectations. Revenues totaled $11.8 million, up 8.1% over the third quarter last year, in line with Yahoo Finance’s average analysts’ estimate of $11.75 million. Read more here.

Colorado Green Lights Certain Psychedelics with a Slim Victory

Voters in Colorado passed a ballot initiative that would permit adults 21 and older to possess certain psychedelics and create a framework for state-licensed psilocybin “healing centers.” With 88% of the vote counted, Proposition 122 garnered 51.4% of the votes, a margin it maintained throughout Wednesday. Read more here.

Additional earnings announcements:


Silver Spike Investment Corp.

Silver Spike Investment Corp., a specialty finance company that was formed to invest across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately held cannabis companies, today announced that for the three months ended Sept. 30, total investment income was $1.2 million. Read more here.

Charlotte’s Web Holdings

Charlotte’s Web Holdings Inc., the market leader in cannabidiol hemp extract wellness products, announced a new distribution agreement with Stark Foods International, a distributor of European specialty food and beauty products to grocery and retail. In total, Stark Foods reaches nearly 15,000 doors through its multi-broker network. Read more here.

Columbia Care

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP), a cultivator, manufacturer, and provider of cannabis products in the U.S., opened Cannabist Carytown in Richmond, the company’s 85th active dispensary nationwide and fifth in Virginia. The company plans to open 12 dispensaries in the state. 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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