Adam JacksonSeptember 1, 2023
Wall Street's getting back on the bull after a few years of faded optimism.
Ayr Wellness Archives - Green Market Report
Adam JacksonSeptember 1, 2023
John SchroyerAugust 23, 2023
Ayr cut more than 400 positions over the course of the year.
StaffAugust 17, 2023
The Daily Hit is a recap of the top financial news stories for Aug. 17, 2023.
On the Site
Shinnecock Tribe Dispensary Still on Track Despite Tilt Comments
This week, Tilt Holdings (OTC: TLLTF) stunned many in the cannabis community when it decided to cut several social equity brands. During the conference call to discuss the latest earnings, interim CEO Tim Conder said Tilt’s partnership with the Shinnecock tribe was also “undergoing a deep analysis,” with construction of the retail store paused. The tribe says: Not so fast. Read more here.
Canopy Growth Sells Hershey Facility for C$53 Million
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) is selling its Hershey Drive facility in Smiths Falls, Ontario, as part of its move to become a simplified, asset-light operating model. Canopy Growth said it will retain its Smiths Falls-based post-harvest manufacturing facility. The facility will be sold to Hershey Canada Inc. for cash consideration of approximately C$53 million. Read more here.
AYR Wellness Revenue Increases, Expands in Florida and Ohio
Multistate cannabis operator AYR Wellness Inc. (OTCQX: AYRWF) reported a revenue increase of 18% year over year, reaching $116.7 million for the second quarter ending June 30. Read more here.
Adastra Sees Three-fold Rise in Q2 Revenue
Canadian extracts processor Adastra Holdings Ltd. (CSE:XTRX)(FRA:D2EP) reported its second-quarter financial results ending June 30, marking a three-fold rise in revenue from the previous year. During the period, Adastra recorded revenue of C$10.9 million, a 205% hike from the second quarter of 2022. Read more here.
Decibel Maintains Canadian Market Share, Cash Flow Tightens
Decibel Cannabis Company Inc. (TSX: DB) (OTCQB: DBCCF) reported notable gains for its second quarter sending June 30, with net revenue of C$30.9 million, a sequential rise of 14% from the previous period and an impressive year-over-year surge of 66%. Read more here.
In Other News
MTL Cannabis Corp.
MTL Cannabis Corp. (CSE: MTLC) received final approval to list its common shares on the Canadian Securities Exchange under the trading symbol MTLC. It will commence trading on the exchange at the opening of Monday, August 21.
Evogene Ltd.
Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN) reported revenues for the second quarter of 2023 of approximately $654,000, more than double the $312,000 for the same period the previous year. The revenue increase was primarily due to the collaboration agreement of Evogene’s subsidiary AgPlenus with Corteva and from sales of Lavie Bio’s ThrivusTM product. Read more here.
Vertical Peak Holdings
Vertical Peak Holdings Inc. (CSE: MJMJ) (OTC PINK: SPLIF) entered into binding letter of intent dated August 9 to sell all its California operations to Downwind Holdings Inc. Total aggregate net purchase price, including the deposit and assumed obligation, is estimated at CAD $12.3 million. Read more here.
Adam JacksonAugust 17, 2023
AYR's CEO emphasized the company's strides towards "generating meaningful cash flow."
StaffJuly 13, 2023
The Daily Hit is a recap of the top financial news stories for July 13, 2023.
On the Site
AYR Wellness, Trulieve Expand in Ohio Despite Cannabis Oversupply
Multistate cannabis operators continue to look at expansion opportunities in Ohio, despite a clear glut of cannabis products. U.S. cannabis operator, AYR Wellness Inc. (OTCQX: AYRWF), announced Wednesday. Meanwhile, MSO giant Trulieve Cannabis Corp. (OTCQX: TCNNF) opened its first medical marijuana dispensary in Columbus on Tuesday. Read more here.
MariMed Stages 280E Tax Protest in Boston Harbor
As hopes for federal legislative relief for the cannabis industry begin to fade, the focus has returned to the issue of 280e. In that spirit, MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) surprised crowds at Boston Harbor when they boarded the Liberty Star schooner and reenacted the tea party revolution. Read more here.
Illinois Grants 55 New Retail Cannabis Licenses Via Lottery
The state of Illinois added 55 more licenses to sell marijuana, adding to a pool of 192 licenses awarded last year. The new licenses could expand the industry in Illinois, which has suffered from a lack of retail outlets where customers can buy cannabis products. Read more here.
Native American Tribe May Open First Recreational Dispensary in Minnesota
A Native American tribal medical cannabis dispensary may become the first to launch in Minnesota’s recreational marijuana market, following a vote this week by the Red Lake Nation. Read more here.
Trees Corp Merges with 420 Investments in Reverse Takeover
Alberta-based 420 Investments Ltd. will go public via a reverse takeover of Toronto-based Trees Corp. (NEO: TREE), the companies said Wednesday. The merger is subject to the approval of Cboe Canada, which was formerly known as the NEO Exchange. Read more here.
North Carolina Won’t Legalize Medical Marijuana This Year, House Speaker Says
A bill to legalize medical marijuana in North Carolina that won bipartisan support earlier this year in the state Senate has been doomed in the lower chamber, the speaker of the state House of Representatives confirmed this week. Read more here.
In Other News
Grown Rogue International
Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) closed the first tranche of a non-brokered private placement of unsecured convertible debentures with an aggregate principal amount $5 million. Read more here.
BZAM Ltd.
BZAM Ltd. (CSE: BZAM) (US-OTC:BZAMF) agreed to purchased an aggregate of 630,000 class A shares in the capital of BZAM Cannabis Corp., from certain minority shareholders pursuant to share purchase agreements entered into with each of the BCC shareholders. Once approved, the closing of the share purchase will result in the BZAM Ltd. owning 71.2% of BCC, which is a 13.6% increase of its existing ownership stake of BCC. Read more here.
Botanica
Botanica, makers of Mr. Moxey’s and Journeyman cannabis-infused edibles, secured $9 million in Series B funding from a group led by KEY Investment Partners and GreenAxs Capital. Other prominent firms participating in the round include Entourage Effect Capital and AFI Capital Partners. In conjunction with the financing, Tiby Erdely of KEY will be joining Botanica’s board of directors. Read more here.
Adam JacksonJuly 13, 2023
Still, operators are keeping their noses to the grindstone.
Debra BorchardtJuly 7, 2023
CFO: "Growth opportunity in Florida is greater than any other market in the country."
John SchroyerJune 28, 2023
Debt management strategies likely to become more common.
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.
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