Aurora Cannabis Archives - Green Market Report

Debra BorchardtNovember 28, 2022
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6min9900

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.

Trulieve

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.

TerrAscend

  • 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). 

Sundial

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
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6min8840

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

ON THE SITE

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:

IN OTHER NEWS

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.


StaffSeptember 20, 2022
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8min2810

The Daily Hit is a recap of cannabis business news for Sept. 20, 2022.

ON THE SITE

Aurora Cannabis Focuses On Long-Term Value Despite 4Q Loss

Canadian cannabis company Aurora Cannabis (Nasdaq: ACB) (TSX: ACB) reveled in its “long-term value” despite the company stock being at one of its lowest points in the past 12 months after releasing its fourth quarter and fiscal year-end results as of June 30, 2022, on Tuesday. According to a news release, Aurora saw fourth-quarter net revenue for medical cannabis increase 4% year-over-year to $36.6 million, while adult-use cannabis revenue fell 35% year-over-year to $12.6 million. Read more here.

New York Issues More Cannabis Business Licenses, Rules

According to Syracuse.com, the New York Cannabis Control Board awarded conditional business licenses to 19 cultivators and 10 processors, which brings the total number of licensed growers to 261 and the total number of processors to 25. The window for retail license applications opened last month, but thus far no store permits have been granted. Read more here.

Delay for SPAC-Safe Harbor Deal No Reason To Worry, Expert Says

On Monday, Northern Lights Acquisition Corp. revealed that it will need a few extra weeks to deliver the $70 million that it owes Safe Harbor Financial under the terms of a deal signed back in February, with the cash now due on Sept. 28 instead of Aug. 31. But the delay is only due to both parties waiting on approval from the Nasdaq, which is relatively common and doesn’t mean the deal is in danger, Matt Karnes, principal at New York-based GreenWave Advisors, told Green Market Report. Read more here.

Michigan Taps Industry For Suggestions Amid Market Saturation

Michigan cannabis operators’ face shrinking margins amid falling wholesale flower prices and a glut of supply – and the state’s regulatory agency wants to figure out how to help. Between July 2021 and July 2022, the number of active grower licenses has surged by 65%, and the number of active retail licenses has risen 34%. The average retail price for an ounce of flower has fallen 48% in the medical market (from $213.89 to $110.72) and 44% in the adult-use market (from $217.94 to $121.58) in that same span of time. Read more here.

Red White & Bloom Pushes Out Debt To 2024

Red White & Bloom Brands (CSE: RWB)(OTC: RWBYF) is pushing out its debt obligations to get some breathing room and making changes at the top of the company. The most pressing problem is the company’s debt payments, which is has kicked to 2024. RWB restructured the terms of certain outstanding debentures issued by the company $70,040,000 and C$2,120,000 and issued a new convertible debenture in the principal amount of C$17 million. Read more here.

Meet Kim James, The Lawyer Behind Detroit’s Cannabis Regulations

When the Detroit City Council finally codified its recreational marijuana codes, it was Kim James who drafted the language. She’s worked in code enforcement for the city most of her career. Now as the director of the office of marijuana ventures and entrepreneurship, James must stand up those codes and get recreational dispensaries licensed. But the city itself is behind, as most of the state’s industry has been selling weed for nearly three years. Read more here.

Zentrela Honored For Most Innovative Tech At Green Market Report Tech Awards

In 2016, Israel Gasperin and Dr. Dan Bosnyak, a neuroscientist at McMaster University, established the foundations of Zentrela, a neurotechnology company using artificial intelligence to analyze EEG data, to eventually compile the world’s largest database of cannabis psychoactive effects. The Green Market Report Tech Awards were presented following the first-ever Green Market Report Tech Summit on Sept. 8 at The Pearl event space in San Francisco. This week, we’ll be providing a closer look at the honorees. Read more here.

IN OTHER NEWS

Momentum Building For Legalization Of Recreational Marijuana In Hawaii

There’s a huge push underway to allow the recreational use of marijuana, even though the drug is still illegal under federal law. And more lawmakers are supporting legalization than ever before as a way to diversify the economy and bring in more revenue for Hawaii. Read more here.

Medical Marijuana Maker Sues Minnesota Over New THC Edibles Legalization

Vireo Health of Minnesota, one of just two distributors of medical marijuana in Minnesota, is suing the state and local governments over the state’s sudden legalization of hemp-derived THC edibles, arguing that it’s facing unfair regulation over essentially the same product. Read more here.

Aura Risk Management Launches New Cannabis Program

Aura Risk Management, a member of The Liberty Company network of insurance brokers, launched of Indisure, a new insurance program created exclusively for cannabis companies in all 38 legalized U.S. states. Aura’s program offers a complete coverage solution, including general liability, property, products liability and cargo. Read more here.


Debra BorchardtAugust 22, 2022
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10min2620

As markets mature in the U.S., some companies are turning their focus to Germany. Canadian companies have faced tremendous competition causing many business models to break down. Too many licenses and plunging prices have forced several companies to merge or restructure. In the U.S., the California market is in disarray over outrageous taxes and a resurgent illicit market, while Colorado learns that having a first market advantage doesn’t mean it’s lasting. 

New Jersey has undoubtedly given a boost to the lucky licensees that have been the first to sell adult-use cannabis. New York’s adult-use launch has been disappointing to say the least. That’s why some companies have zeroed in on Germany.

Market Start Date

Cantor Fitzgerald issued a report today looking at the German adult-use cannabis market and sizing it up. While the program isn’t even established yet, Analyst Pablo Zuanic believes sales could begin in early 2025. He wrote, “The actual start of sales may be more dependent on whether imports are allowed (a big if) or if only domestic production can supply the German rec market (Canada, the only G-7 rec market, does not allow imports). If imports are allowed (more likely from within the EU only, at first, at least), we think sales could begin as soon as early 2024E (assuming potential exporting countries enact rules that allow the export of rec cannabis).” 

Market Size

As the actual timing for the opening of the market remains a product of guesswork, the size of the market is equally hard to pin down. It’s hard to say how much cannabis the population will want to consume. Zuanic looked at the various U.S. states to try to gauge a number. If California clocks in at $130 per capita spending and Colorado comes in at $350, a conservative assumption would be $150 per capita for Germany. The analyst says that would imply a $3 billion market and if he bumps that up to $200 per capita, it could be a $17 billion market. A big caveat to these numbers is the currently existing medical marijuana in the country. That market, which started in 2017, has been slow to materialize, with only €300 million in sales. Besides Cantor, in 2018, Prohibition Partners had projected a €1Bn MMJ market by 2020 for Germany, and BDS Analytics predicted €800Mn by 2022. Both have been far off those targets leading Cantor to be more conservative.

German doctors have often only prescribed medical cannabis as a last resort. A separate option for cannabis consumers in the country has been the newly created wellness centers. These are typically associated with private prescribers, online pharmacies and out-of-pocket costs. It’s described as a ‘quasi-rec’ market giving medical marijuana access to more people willing to pay. However, it demonstrates the stigma that cannabis continues to face in the country as doctors are reluctant to jump on board without more studies to back up the prescriptions.

Market Players

The companies that have targeted the German market are a mix of well known public players and some private companies. The publicly traded companies are:

  • Aurora Cannabis (NASDAQ: ACB)
  • Canopy Growth (NASDAQ: CGC)
  • Tilray (NASDAQ: TLRY)
  • Clever Leaves (NASDAQ: CLVR)

The privately owned companies include:

  • CannaMedical Pharma 
  • Four20 Pharma
  • Demecan
  • Bedrocan
  • Little Green Pharma

Tilray – Tilray claims it is the market leader both in flower and full-spectrum extracts, and claims the best distribution reach. However, Cantor notes that several other sources question the notion that Tilray is the market leader in flower MMJ. Market data points to Tilray having a 15% market share, while the company suggests the actual number is closer to 20%. The report stated, “Tilray flower is sold to pharmacies at €8.59 per gram, above the market average estimated at €7. Tilray began domestic production last year (one of three licensees, together with Aurora and Demecan), and it also imports from its facilities in Portugal (where we were told by management it can produce up to 20 tons). Based on its current German presence, global scale, and proven expertise, we expect the company to be a relevant player in the future German rec market.”

Aurora Cannabis –  Zuanic wrote that Aurora management says its number two in medical flower with 17% volume share and that Bedrocan is number one (but the Bedrocan product is distributed across various wholesalers, and not always captured by the Insight Health under the Bedrocan brand).  The report said, “Aurora also holds one of the three licenses to produce med cannabis in Germany (combined, the three licenses amount to a 2.6-ton quota), and we were told by management that operations began in July 2022.” Cantor thinks Aurora could snag one of the adult-use licenses and become a key player.

Canopy Growth – Cantor says that Canopy Growth remains a top-five player in the German flower market, with consistent supply from its Canadian facilities, selling under its own brands(although it seems it will need to transfer its Spectrum brand to the new owners of C3). Zuanic wrote, “In our view, if Germany decides to allow only domestic production and imports from only within the EU, Canopy Growth will need to find local partners or build new capacity.”

Clever Leaves – The Cantor report said, “In our view, the company is more in an early-stage phase in Germany compared with its larger peers, but its five-pronged route to market in Germany gives it options depending on the framework that Germany ends up implementing for rec cannabis.” According to Cantor, Clever Leaves supplies two CBD-only extracts to Ethypharm (a small local pharma company); it supplies bulk cannabis extracts to FoliuMed and it ships high THC cannabis flower to wholesale/distributor Cansativa (in which it owns a 9% equity stake). Cantor also said Clever Leaves distributes its own medical flower brand Iqanna; and recently announced an agreement with importer/wholesaler Cantourage to sell a second high potency flower SKU under the Iqanna brand. 

In Closing

While it’s too soon to know who will be the winners or losers in the German market, Aurora and Tilray currently seem to be the best-positioned. Cantor also pointed out that Curaleaf recently acquired Four20 Pharma, one of the top five players. So, the Curaleaf competition can’t be measured just yet. Zuanic thinks as the U.S.legalization situation remains undetermined, some investors may want to shift their focus to Germany and put these names back on the radar.

 


StaffMay 27, 2022
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4min1340

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) shareholders were not pleased with the additional dilution due to the company’s decision to enter into an agreement with a syndicate of underwriters led by Canaccord Genuity and BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 51.1 million units of the company, at a price of $2.45 per Unit for gross proceeds of approximately $125.2 million.

The net proceeds of the offering will be used for general corporate purposes and the closing is expected to take place on or about June 1, 2022.

Previous Financing

In October of 2020, Aurora filed an offering to raise $500 million. At that time, Aurora already had over 120 million shares outstanding and 19% of those shares were shorted – meaning those traders are betting the price per share will fall. As of February only 10% of the shares are shorted. With the completion of the previously filed ATM program, Aurora said it currently has available cash resources of approximately $272 million, in addition to an undrawn revolver capacity of approximately $11 million.

On January 26, 2021Aurora closed its bought deal public offering of units for total gross proceeds of $137.9 million. The company sold 13,200,000 units at a price of US$10.45 per Unit, including 1,200,000 Units sold pursuant to the exercise in full of the underwriters’ over-allotment option. The prices have fallen dramatically with each unit now selling for $2.45.

In October of 2020, Aurora filed an offering to raise $500 million. At that time, Aurora already had over 120 million shares outstanding and 19% of those shares were shorted – meaning those traders are betting the price per share will fall. As of February, only 10% of the shares are shorted. With the completion of the previously filed ATM program, Aurora said it currently has available cash resources of approximately $272 million, in addition to an undrawn revolver capacity of approximately $11 million.

A couple of weeks ago, Aurora announced its financial results for the third quarter of fiscal 2022 ending March 31, 2022, as total cannabis net revenue fell 17% sequentially to $50.4 millionAurora recorded a number of one-time non-cash charges in the quarter of $741.7 million, asset-specific impairments of $176.1 million, and an inventory provision charge of $63.6 million.

 


StaffMay 12, 2022
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5min1200

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) announced its financial results for the third quarter of fiscal 2022 ended March 31, 2022, as total cannabis net revenue fell 17% sequentially to $50.4 million. Aurora recorded a number of one-time non-cash charges in the quarter of $741.7 million, asset-specific impairments of $176.1 million, and an inventory provision charge of $63.6 million.

Aurora has previously identified annualized cash savings of $60 million to $80 million and now expects to surpass the high end of this range with an additional $70 million to $90 million in savings by the end of H1 fiscal 2023, split evenly between costs of goods sold (“COGS”) and SG&A, for a total of up to $170 million in cash savings under this transformation program. Projected COGS savings now include the closure of the Aurora Sky facility in Edmonton (previously announced to be operating at approximately 25% capacity), in keeping with our diversified business portfolio, prudent approach to capital allocation, and our strategy in the Canadian adult-use market to focus on higher margin premium categories. These cash savings will be reflected in our P&L either as they occur within SG&A savings, or as inventory is drawn down for production-related savings.

“We continue to steer our differentiated global cannabis business towards long term shareholder value creation. This is being accomplished through a sole focus on the most profitable growth opportunities, rationalization of our Canadian cost structure and disciplined use of capital. Our plan is working and we remain firmly on track to achieving a positive Adjusted EBITDA run rate by the first half of fiscal 2023. Today, we are announcing further cost savings which will enable us to increase our range of savings under our business transformation plan from $60 to $80 million to $150 to $170 million. Our balance sheet also remains among the strongest in the industry, enabling the repurchase of $141.4 million in convertible debt early, while also providing meaningful working capital to support organic growth and pursue strategic M&A, such as our recent acquisition of Thrive Cannabis,” stated Miguel Martin, Chief Executive Officer of Aurora.

On March 31, 2022, Aurora had $480.6 million of cash, including $50.7 million in restricted cash, no secured term debt, and access to US$887.6 million of capital under its shelf prospectus, including an at-the-market (ATM) facility, of which currently US$187.6 million remains under the program.

“During Q3, we continued focusing on our global medical cannabis business because it is both defensive and stable, with cash gross margins that exceed 60%. We were pleased to have experienced considerable top-line growth in this segment year over year, and with new international markets poised to open, our track record and ability to navigate complex regulatory environments position us ideally for a significant revenue opportunity globally. In terms of the Canadian adult-use market, we continue to adjust to current conditions, are excited for future contributions from the Thrive team, and are committed to a continuous stream of innovation, including advancing our premiumization strategy,” he concluded.


StaffMarch 23, 2022
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7min1710

The Daily Hit is a recap of the day’s top business news for the cannabis industry for March 23, 2022.

On the Site

Cresco Labs

Cresco Labs (OTC: CRLBF) is buying New York-based Columbia Care (OTC: CCHWF) in a $2 billion deal that will make it the largest marijuana company in the U.S. The all-stock purchase would give Cresco a presence in new recreational-marijuana markets, such as New Jersey and Virginia. It’s the largest merger in the marijuana business since Trulieve, based in Quincy, Fla., bought Harvest Health & Recreation for $2.1 billion last year. The deal is the biggest involving a Chicago-based marijuana company since Grassroots was bought by Curaleaf, headquartered in Wakefield, Mass., for $715 million in 2020. Read more here.

While the news of the Columbia Care acquisition was the big news of the morning, Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) also reported its financial results for the fourth quarter and year ending December 31, 2021. Cresco’s fourth-quarter revenue rose 34% over last year to $218 million, this was only a slight increase over the third quarter’s revenue of $215 million. The cash flow from operations was $38 million. Taxes and interest payments pushed the company to report a net loss of $11 million the quarter. Read more here.

Agrify

Agrify Corporation (Nasdaq: AGFY)  announced financial results for the fourth quarter and fiscal year ended December 31, 2021, with revenue rising 481% to $25.3 million for the fourth quarter over last year’s $4.4 million for the same time period. It was also a big jump over the third quarter’s revenue of $15.8 million. Agrify delivered a net loss for the fourth quarter of $13.3 million, or $0.60 per diluted share, compared to a net loss of $13.1 million, or $2.23 per diluted share, in the prior-year period. Read more here.

In Other News

Aurora

 Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) reached an agreement to acquire all of the issued and outstanding shares of TerraFarma Inc. (parent company of Thrive Cannabis) for $38 million payable in cash and Aurora common shares , plus two earnout amounts payable in Aurora Shares or cash, if applicable, based on Thrive achieving certain revenue targets within two years of the closing of the Transaction. Founded in 2018, Thrive is a licensed producer of super-premium cannabis concentrates and craft dried flower, and leverages innovative cultivation and extraction techniques with a singular focus on achieving the highest quality standards. Thrive is most widely known for its award-winning flagship recreational brand, Greybeard Cannabis Co. (“Greybeard”), which amongst other accolades was recognized as the #1 brand recommended by Canadian budtenders in 2021, and was the 2021 winner of Best Concentrate from the Kind Magazine Awards, as voted for by budtenders. Read more here

Metrc

Metrc announced its new contract with the state of South Dakota to support the regulation of the state’s medical cannabis market. This marks Metrc’s 20th government contract to date nationwide for the implementation of its cannabis track-and-trace systems. “As South Dakota continues to ramp up their recently implemented medical cannabis market, we are thrilled to have the opportunity to spearhead the state’s first-ever track-and-trace program,” said Jeff Wells, CEO of Metrc. “Our team at Metrc is looking forward to working closely with the Departments of Health and Revenue, state regulators, and licensed operators to implement a strong regulatory framework that will effectively guide South Dakota’s newly emerging medical market down the path to success.” Read more here.


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