Biden Archives - Green Market Report

StaffOctober 6, 2022


The Daily Hit is a recap of cannabis business news for October 6, 2022.


Biden To Pardon Marijuana Convictions, Calls For Classification Review

President Joe Biden on Thursday announced a sweeping directive that would alter the laws surrounding cannabis and its classification as a dangerous substance, as well as grant pardons to those who suffered from the War on Drugs. In a statement, the president stated that he plans to pardon all prior federal offenses and begin an administrative review alongside Justice Department to process pardons for simple marijuana possession. Read more here.

Floridians Stocked Up On Cannabis Ahead Of Hurricane Ian

Florida operators that had to temporarily shutter last week amid Hurricane Ian’s wrath are coming back online, though some companies are still reeling from its violent landfall. With the Sept. 30 cutoff date for the fiscal third quarter, some companies could see some additional padding to earnings reports, as patients throughout the state flocked to stores early last week to stock up on medicine ahead of the storm’s arrival. Read more here.

Agrify To Help Three Companies’ Grows Go Vertical

Agrify Corporation (Nasdaq: AGFY) said that three companies have decided to operate their cultivation businesses using the company’s rapid deployment packs (RDPs) — a prepackaged, quick-to-deploy alternative to traditional grow facilities. Prairie State Cannabis LLC in Illinois, LowKey LLC in Massachusetts and MediFlora Cultivation LTD in South Africa have all elected to use the tech, which the company said is able to provide “best-in-class” cultivation capabilities in potentially as little as 60-90 days. Read more here.

Recreational Psychedelics Enters The Conversation

The medical psychedelics decriminalization efforts are growing, with now 20 different states (or cities and counties within states) either decriminalizing or working on decriminalizing psychedelics. There have been pushbacks, with complaints that some decriminalization efforts include making them the “lowest law enforcement priorities,” a ruling that still effectively criminalizes psychedelics. That same ruling applied to the decriminalization of cannabis. Read more here.

Zynerba Gets Patent For Fragile X Drug

Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE), the leader in innovative pharmaceutically-produced transdermal cannabinoid therapies for orphan neuropsychiatric disorders, today announced that the U.S. Patent and Trademark Office has issued Patent No. 11,458,110, titled “Treatment of Fragile X Syndrome With Cannabidiol,” which includes claims directed to methods of treating Fragile X syndrome with cannabidiol. Read more here.

Green Thumb Industries Sees Board Shakeup

Three of four independent board members of Green Thumb Industries (OTC: GTBIF), including Dorri McWhorter, resigned over what the marijuana company said was “a disagreement as to the company’s policies and practices related to personal misconduct.” Read more here.


Agrify Corporation

Agrify Corporation (Nasdaq : AGFY), a provider of cultivation and extraction solutions for the cannabis industry, today issued the following statement relating to the default of its customer Bud & Mary’s Cultivation, Inc. under a construction loan facility extended by Agrify to Bud & Mary’s associated with an Agrify Total Turn-Key Solution project and the lawsuit brought by Bud & Mary’s in response to the default notice. Read more here.

Bespoke Extracts, Inc.

Bespoke Extracts, Inc. (OTCQB: BSPK) today announced that the Colorado Marijuana Enforcement Division (MED) has approved Bespoke’s application for “suitability”. This approval enables Bespoke to acquire, subject to final state and local approval, any business licensed by the MED. Read more here.

Merchants & Marine Bank, CannaFirst Financial

Merchants & Marine Bank, a century-old Mississippi-based banking institution, has launched CannaFirst Financial, the first banking division dedicated to business owners in Mississippi’s quickly emerging cannabis industry. CannaFirst will serve clients in platform integration, online and mobile banking, cash transport, and treasury solutions. It is overseen and staffed by seasoned banking professionals with significant experience and certifications in emerging markets and industries. Read more here.

Neuraxpharm Group, Panaxia

Neuraxpharm Group, a European specialty pharmaceutical company focused on the central nervous system, and Panaxia (TASE: PNAX), a global pharmaceutical company that develops, manufactures and markets advanced medical cannabis products of pharmaceutical quality, today announced the signing of two addendums to their agreement to expand their collaboration into the Czech and Swiss markets. Read more here.

F1SeedTech, NewBreedSeed

F1SeedTech and NewBreedSeed (NBS) announced that they have entered into a definitive agreement, with F1SeedTech acquiring 100% of the shares of NBS. The merger creates the industry leader in F1 hybrid varieties of cannabis, combining the day-neutral breeding activities of NBS and the short-day breeding activities of F1SeedTech in Israel and the Netherlands, respectively. Read more here.

Optimi Health Corp.

Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce and supply natural, EU-GMP grade psilocybin and other psychedelic substances, most notably MDMA, is applauding the government of Alberta’s decision to regulate some psychedelics for therapeutic use in the province. Read more here.

Cybin Inc.

Cybin Inc. (NEO:CYBN) (NYSE AMERICAN:CYBN), a biopharmaceutical company focused on progressing Psychedelics to Therapeutics®, provided an update on its intellectual property progress in support of its research and development strategy. The company continues to prioritize the development of in-house IP and licensing opportunities that support its active development programs and future novel drug candidates. Read more here.

Adam JacksonAugust 9, 2022


The word “inflation” has dominated headlines and earnings calls this year, and a survey from a leading national cannabis accounting and advisory firm solicited feedback to gauge how such rising costs are affecting the sector.

In a month-long survey this year asking operators a series of questions regarding the impacts of inflation on their cannabis operation, GreenGrowth CPAs found that one in four operators reported planning to raise prices in the near or immediate future to combat rising inflation costs.

Based on its findings, the firm believes customers could see as much as a 10% price increase on retail purchases.

Out of the respondents who participated in the inaugural Cannabis CFO Survey, more than 50% believe the cannabis business environment has declined in the last 12 months.

“The cannabis business landscape is ever-changing,” GreenGrowth Founder & CEO Derek Davis said. “And, in order to provide accurate financial data to our clients, we have to consider the economic impacts of rising inflation costs, as well as other factors that can impact the business performance of cannabis companies. Through surveying our customers and cannabis operators in general, we’re able to compile enough data to provide a detailed analysis of how cannabis operators are feeling the economic pressures of today.”

Last year, GreenGrowth CPAs’ findings showed a 76.6% positive or very positive assessment of the current cannabis business environment. This year, only 44% of cannabis leaders reported a positive or very positive assessment of the current business environment — a decrease of more than 30% in the past year.

GreenGrowth CPAs found last year that more than 70% of operators saw some or significant improvements in the cannabis business environment. According to this year’s data, 50% of operators reported some or significant decline in the cannabis business environment in the last 12 months.

In last year’s data set, the firm found that more than 70% of respondents who reported some or significant decline in the cannabis business environment were in western states. The firm’s updated survey showed a similar stance, with 66% of respondents claiming some or significant decline in the cannabis business environment across the west. Only 16% of operators east of the Mississippi rated the business environment in a decline.

Almost two-thirds — 70% — of operators intend to absorb the additional costs and “ride it out” before increasing costs to their customers, versus the other 30% of retailers who reported plans to increase prices to combat rising inflation costs.

The Blame Game

GreenGrowth CPAs allowed respondents to rattle off as many contributing factors they blame for the rising inflation issues currently impacting the economy, “since there are generally various reasons contributing to rising inflation and economic downturns.”

According to last year’s data set, the top two reported issues facing operators were supply chain snarls and difficulty hiring labor.

This year, the difficulties and shortcomings are being attributed to “the challenging political landscape” between “the impacts” of the Biden Administration and the “lingering effects” from the Trump Administration — in addition to supply chain challenges.

In the survey, over 40% blame the Biden Administration for the current inflation issues while more than 30% still blame the Trump Administration.

More than 20% blamed foreign influences such as Russia, China and the full-scale proxy war in Ukraine for rising inflation. Elevated energy prices continue to eat at company margins and consumers’ wallets, too, with nearly 20% of respondents blaming petroleum companies for costs associated with rising inflation — especially as oil giants continue to report raking in record profits this year.

However, supply chain issues take the cake — with more than 40% of respondents attributing rising costs to supply chain challenges.

How sticky?

While cannabis CFOs are indicating to the firm that they plan on raising prices by at least 10% this year, BDSA analyst Andy Seeger does not believe such a move necessarily reflects the limited pricing power operators currently wield.

While price compression “is happening almost everywhere,” the degree to which operators try to squeeze out margins through passing along costs differs among markets. In a saturated legacy market such as California, prices have dropped 25-30% in a year. Other legacy markets such as Colorado, Oregon, and Washington are seeing prices fall as well. Prices in Illinois are still elevated, though.

“I don’t really see cannabis rising as an economic good,” Seeger said in an interview. “The consumers are still price searching. Everything’s still coming down. Rising in price would kind of go against a lot of that movement.”

Consumers in the nascent industry are also still curious, he said, as falling prices have given those the chance to try a range of products rather than establish brand loyalty.

“Blue Dream is not always going to be on the shelf like a Bud Light,” he said. “It’s harder to maintain that consistent shelf set in cannabis, so there’s this constant churn. And because consumers are already highly promiscuous, there’s this idea that the stoners are just trying everything for the first time.”

This is the first time legalized cannabis has faced a recessionary downturn. If it can weather the storm has yet to be seen. Companies have been eating their own margins, and many have pivoted toward crisis mode as a lack of regulatory action and a tightening landscape threatens the sector.

“Is it a sticky good such as beer?” he added. “It’s one of the last ones you put down if you’ve been laid off and one of the first ones you pick up when times get better again. We’re not sure if cannabis is as sticky as alcohol.

People have ingrained alcohol into their daily and natural habitual uses. Cannabis is not as normative. It’s not as ingrained or integrated into consumers life choices yet, except for maybe some who are heavy stoners. So, it might be a little bit easier to put down for the average consumer.”

Gretchen GaileyMarch 2, 2022


President Joe Biden began his first State of the Union Address laying out the numerous ways that he is working to support the people of war-torn Ukraine. He went on to describe his triumphs in turning around the economy post-pandemic and then rattled off several issues that he says need to be dealt with like crime, infrastructure, childcare, opioid abuse, veterans care, even going so far as to cure cancer, but the one element that was sorely lacking from the speech – cannabis.  

Don’t get me wrong, I did not ever expect Biden to announce the legalization of cannabis or even announce his willingness to finally maintain his campaign promises of decriminalizing pot or releasing those in federal prison for non-violent marijuana offenses.  However, I would like President Biden to open his eyes and recognize that cannabis is the one plant that could actually help with all the problems he described.

First, President Biden wants Congress to pass his infrastructure plan to provide us with better roads, bridges, and jobs, who wouldn’t want that?  Why don’t we build the next generation of infrastructure in this country with hemp?  The hemp industry is ready to take its place on our roads, in our textiles, and in job markets with its inclusion in the 2018 Farm Bill.  It’s time for the President to take this industry to the next level, clean up the muddy regulations and provide the industry with the super sites that are necessary to scale up and make it a reality.  Let this booming space provide the materials you seek and put American workers back to work.

Like so many other Americans, President Biden would like to see us finally conquer the crippling epidemic of opioid abuse, however, he continues to ignore the amazing potential of medical cannabis.  According to the Journal of American Medical Association, researchers have seen a 25% drop in opioid abuse where medical marijuana was legalized.  This was not a stat baked up in the back of some hotboxing van, read the report, President Biden, please!!!

Study after study has shown that medical cannabis helps with pain relief and for our warfighters, it has gone a long way to help with PTSD. President Biden needs to look at the research of Dr. Sue Sisley who has dedicated her life to advocating for veterans’ access to cannabis.  Her work is providing relief to our veterans who have not been able to find that care at the VA. But even her hands are tied when it comes to being held back by red tape at the DEA and less than ideal government-issued cannabis for her research.

He rounded out his speech talking about finding the cure for cancer. I can’t claim that cannabis cures cancer, but I know researchers who have done amazing work in the space like Mara Gordon. She has seen tumors in children disappear and others go into remission for years.  We all know friends who have used cannabis to help a loved one with a better quality of life when their time had come. Right now, these stories remain, just stories in the President’s mind.  I would implore the researchers that he turns to take on this inspiring mission of curing cancer to look to cannabis as a possibility.

For the past 7 years, I have had the privilege of being a part of this industry, nay, this community, and every day I learn some new ways that this amazing plant can impact our lives. It is way overdue for the President to step out of his Reefer Madness mindset and learn about what this plant can do or at least do what he promised in his campaign. God Bless America and God Bless Cannabis.

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