Adam JacksonNovember 29, 2023
The company is eyeing product line expansion for growth.
Ayurcann Archives - Green Market Report
Adam JacksonNovember 29, 2023
StaffOctober 31, 2023
The Daily Hit is a recap of the top financial news stories for Oct. 31, 2023.
On the Site
DEA Proposes Increasing Amount of Cannabis, Psychedelics Authorized for Research
The U.S. Drug Enforcement Administration proposed a significant increase to the federal production of cannabis, psilocybin, and a few other narcotics that are currently either Schedule I or II controlled substances, the agency announced in the federal register this week. Read more here.
Connecticut Cannabis Landscape Evolving Quickly, No Shortages Feared
The Connecticut recreational marijuana industry – one of several that launched earlier this year – is quickly coming into its own, with 64 licensed dispensaries and a quartet of grow operations that have been laboring to supply them. Read more here.
Colorado Regulators Weigh Banning Marijuana Businesses at Events
A proposed ban on marijuana businesses in Colorado participating in private events that don’t have their own state permits drew strong pushback from the industry this week, as regulators near the end of a new rulemaking period for cannabis companies. Read more here.
Ayurcann’s Direct-to-Consumer Shift Pays Off
Canadian cannabis extractor Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) reported a meaningful surge in annual revenue and expanded product availability, according to its latest financial statements. For the fiscal year that concluded on June 30, Ayurcann doubled its gross revenue to $22.37 million, up from $11.08 million the previous year. Read more here.
Christina Lake Posts 30% Revenue Jump in Q3 Amid Price Woes
Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) reported a revenue increase of 30% in its third-quarter financial results ending Aug. 31, marking a rise to $8.9 million over the same nine-month period last year, the company announced Tuesday. Read more here.
In Other News
Rep. Earl Blumenauer
Earl Blumenauer, a Democrat who has represented Oregon in the House for nearly 30 years, said Monday that he would not run for another term. Blumenauer has been a staunch supporter of federal cannabis reform during his time in Congress. Read more here.
Chicago zoning lawsuit
Plans to open a marijuana dispensary in the old Rainforest Café restaurant in Chicago’s River North are now the subject of a lawsuit. Illinois state law doesn’t allow dispensaries within 1,500 feet of each other. The owners of an established dispensary nearby claim opening a new one at the Rainforest Café site would violate that law. Read more here.
Minnesota cannabis rulemaking
Building out the infrastructure needed to support a rising cannabis market in Minnesota is no easy task. Before the state’s new Office of Cannabis Management begins its rulemaking process, the department has launched a survey to ask for community input. Read more here.
Adam JacksonOctober 31, 2023
The company has widened consumer reach by growing its product line.
StaffFebruary 27, 2023
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.
Adam JacksonFebruary 27, 2023Revenue for the cannabis extraction company rose 37% in the quarter.
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