Aurora Cannabis Archives - Green Market Report

StaffAugust 10, 2023
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BusinessDaily Hit

The Daily Hit: August 10, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Aug. 10, 2023.

On the Site

Investor Lawsuits Target Montana Cannabis Business Residency Requirement

Two lawsuits seek to overturn Montana’s residency requirement, which mandates that all of its licensed marijuana businesses be majority-owned by in-state locals. The suits were filed in both state and federal courts by a father-and-son team, Tom and Jerry Reed, who sought to buy a company they had already invested in. Read more here.

Connecticut Marijuana Sales Dip Slightly in July

Total marijuana sales in Connecticut dipped a notch in July, to $23.6 million from $23.8 million in June, according to new state data released Thursday. While there was an uptick in adult-use sales, medical marijuana sales decreased a small percentage. Read more here.

Leafly Boosted by Cost-Cutting Measures Despite Sales Slump

Online cannabis discovery platform Leafly Holdings Inc. (Nasdaq: LFLY) reported revenue of $10.7 million for the second quarter ended June 30, reflecting an 11% slump from the same period last year, which slightly beat Yahoo analyst average expectations of $10.27 million. Read more here.

Aurora Cannabis Revenues Skyrocket But Still a Losing Quarter

Canada-based Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) reported a huge revenue boost in its first quarter of its 2024 fiscal year, which closed June 30, but it still posted a C$28.3 million loss. However, that was a major improvement from a year prior when the company lost C$619 million. Read more here.

More Earnings:

• Charlotte’s Web Sees More Downturn in Q2
• Flora Growth Posts 140% Revenue Surge Amid Q2 Losses
• Struggling Halo Collective Releases Multiple Quarters Worth of Financials
• NewLake Capital Reports Increasing Revenue With Solid Tenants
• Nova Cannabis Reports Record Revenue, Positive Net Earnings
• TerrAscend Builds in Key Markets to Beat Q2 Analyst Expectations

In Other News

Lowell Farms

Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF) reported net revenue for the second quarter ended June 30 fell 47% to $7 million, as compared to $13.2 million for Q2 2022. Sequentially, net revenue fell 7% from the first quarter. Read more here.

VerifyMe

VerifyMe, Inc. (Nasdaq: VRME) reported quarterly consolidated revenue of $5.3 million for the three months ended June 30, an increase of 19% compared to $4.5 million for the three months ended June 30, 2022, primarily attributable to the acquisition of the PeriShip Global business in April 2022. Read more here.

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StaffJune 14, 2023
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BusinessDaily Hit

Daily Hit: June 14, 2023

4min00

The Daily Hit is a recap of the top financial news stories for June 14, 2023.

On the Site

Hexo Shareholders Greenlight Tilray Deal, Company Warns of Possible Default

Canadian licensed cannabis producer Hexo Corp. (TSX: HEXO) (Nasdaq: HEXO) is set to be acquired by Tilray Brands, following a formal sign-off on Wednesday by Hexo shareholders in a near-unanimous vote. If the deal doesn’t go through as planned by the end of the month, Hexo could wind up in default, the company warned. Read more here.

Maryland Regulators Shut Down Cookies Baltimore Over Advertising, Security Breaches

Cookies Baltimore, formally known as MIMD Operating 1 LLC, opened its doors on May 15 and found itself in hot water less than a month later. The court document obtained from the Maryland Cannabis Administration details alleged breaches of both the Cannabis Reform Act and Code of Maryland Regulations. Read more here.

High Tide Revenue Rises, But Company Still in the Red

Canada-based High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) drastically improved its revenue for its second fiscal quarter, which ended April 30, by a whopping 46%, but the company still fell short of profitability, with a $1.6 million net loss. Read more here.

Aurora Cannabis Revenues Rise as Cash Burn Rages

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) reported total net revenue for its fiscal third quarter was $64 million, which rose sequentially from the second quarter’s revenue of $61.7 million and topping last year’s revenue of $50.4 million. The company attributed the increase to the contribution of $10.8 million from Bevo, which was acquired in August 2022. Read more here.

Aleafia Revenue Increases Slightly Ahead of RWB Acquisition

Aleafia Health Inc. (TSX: AH)(OTCQB: ALEAF) delivered its audited financial results for the quarter and fiscal year ending March 31 in Canadian dollars. During the fourth quarter, total revenue increased 9% to $11.7 million from $10.7 in the 2022 fourth quarter. Read more here.

In Other News

Pineapple

Pineapple Inc. (OTC Pink: PNPL), a legal cannabis industry operator focused on non-plant touching activities, such as leases to licensed cannabis operators, online, and in-store hemp-derived CBD transactions, and cannabis business licensing and consulting services, has acquired Pineapple Wellness Inc. and its e-commerce platform, PineappleWellness.com. Read more here.

PRODUCT RECALL: Kind Care of Colorado & Elevated

Another marijuana recall over mold and yeast concerns has hit Colorado, with the latest safety notice impacting dispensaries in Fort Collins and Longmont. According to a June 14 recall notice from the Colorado Marijuana Enforcement Division, Kind Care of Colorado in Fort Collins and Longmont dispensary Elevated sold potentially unsafe marijuana flower, shake and pre-rolled joints from February 10 to June 6 of this year. Both medical and recreational marijuana harvests were included in the recall. Read more here.

CONTINUE READING
StaffMarch 27, 2023
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BusinessDaily Hit

Daily Hit: March 27, 2023

5min00

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

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.

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StaffMarch 20, 2023
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BusinessDaily Hit

Daily Hit: March 20, 2023

4min00

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

Oregon

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.

CONTINUE READING
StaffFebruary 9, 2023
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BusinessDaily Hit

Daily Hit: February 9, 2023

5min00

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.

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