Body and Mind Inc. Archives - Green Market Report

StaffJune 21, 2023


The Daily Hit is a recap of the top financial news stories for June 21, 2023.

On the Site

TerrAscend Gets Green Light for TSX Listing, $15M Offering

A top North American cannabis operator, TerrAscend Corp., has received conditional approval to list its common shares on the Toronto Stock Exchange (TSX), the company said Wednesday. The move, which is still subject to meeting certain customary conditions, marks a significant milestone for the cannabis industry. Read more here.

Viola Entering the Chicago Cannabis Market

A familiar name in the cannabis world is coming to Chicago, where a Viola retail store is set to open in the next week. It’s the latest among the roughly two dozen new pot shops to open since the state of Illinois awarded 192 licenses last year after lengthy legal delays. Read more here.

Body and Mind Stays Bullish on Expansion Despite Revenue Slump

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) posted $7.3 million in revenue for the third quarter of fiscal year 2023, which ended on April 30, 2023. The results represented a slight slump from the company’s previous quarter revenues of $7.7 million. Read more here.

Oregon’s Cannabis Retailers Must Comply with New Tax Rules or Forfeit Licenses, State Says

Oregon is now mandating marijuana retailers to establish good standing with state tax collectors before renewing their business licenses — or risk losing the permit altogether. The rule is a temporary measure set to last until December 12, but will be revisited later this year for permanent rulemaking, the Oregon Liquor and Cannabis Commission’s Recreational Marijuana Program said in a June 16 statement. Read more here.

Maryland Cannabis Company Headed to Auction Block

Maryland-based Temescal Wellness Maryland, better known as Evermore Cannabis is headed to the auction block on Monday June 26, 2023. The company apparently defaulted on a loan from the lenders Ascend Maryland 2 LLC. The assets are being sold as they were used to secure the loan. Read more here.

In Other News

Statehouse Holdings Corp.

StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF), a California-focused, vertically integrated cannabis enterprise, continues to engage in discussions related to potential future financing options. In addition, the company’s Series A debtholders have granted StateHouse a further extension to July 3, on repayment of the company’s outstanding debt obligations owing to the Series A Debtholders. Read more here.

New York

The Coalition for Access to Regulated & Safe Cannabis (CARSC), which represents licensed registered medical cannabis operators and equity applicants excluded from New York’s nascent adult-use market, released a report detailing the severe degree to which the State’s adult-use cannabis program is failing to meet tax revenue targets. Coming into 2023, NYS projected it would generate $56 million in state cannabis tax revenues in the first year of legal adult-use sales with most of the money — $40 million — coming from licensing fees paid by growers and sellers. Read more here.

New Jersey

The New Jersey Cannabis Regulatory Commission approved several additional legal marijuana stores to open while underscoring sales from both recreational and medical cannabis has brought in roughly $180 million. Read more here.

StaffJune 19, 2023


The Daily Hit is a recap of the top financial news stories for June 19, 2023.

On the Site

On Juneteenth, Two Black Industry Leaders Say Social Equity Falls Short

In the run-up to the national Juneteenth holiday, which marks the date in 1865 when Black Americans in Texas learned they’d been freed by the Emancipation Proclamation, Green Market Report reached out to a pair of Black women cannabis industry leaders to get their thoughts on how far the marijuana industry has yet to go on racial equity. The answer was simple: It’s so far that it’s hard to even put into words. Read more here.

Six Years, Six CFOs at MedMen as Bowman Departs

After the markets closed on Friday, MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced the resignation of Ana Bowman as chief financial officer, effective June 29. Bowman has served as CFO since 2022. MedMen has begun a formal search for a new CFO. Read more here.

Alabama’s Medical Marijuana Rollout Stalls After Commission Freezes Licensing

In a surprising reversal, the Alabama Medical Cannabis Commission indefinitely suspended the licensing for cultivators, dispensaries, and other participants in the state’s newly initiated medical marijuana program. Read more here.

Body and Mind Sells Michigan Dispensary

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) received all necessary regulatory approvals to divest its Muskegon, Michigan, dispensary. DEP Nevada Inc., a wholly owned subsidiary of Body and Mind, sold all of its issued and outstanding common stock of NMG MI 1 Inc. to Big Bhang Events LLC for a cash payment of $1. Read more here.

Northeast Philadelphia Could Miss Out on Recreational Marijuana Market

A local councilman wants to prevent a pocket of Northeast Philadelphia from participating in Pennsylvania’s future recreational cannabis market. The proposal, introduced by Philadelphia City Councilmember Brian O’Neill, would affect three existing medical marijuana dispensaries in the region. Read more here.

In Other News


Vermont Gov. Phil Scott has allowed some quite significant medical cannabis reform legislation (HB 270) to become law – but without his signature. The law expands medical cannabis access to patients with post-traumatic stress disorder. It also repeals the sunset of the Cannabis Control Board – and this appears to be what triggered the governor to withhold his signature – which is responsible for implementing and regulating a safe legal market for adult-use of cannabis in the state. Read more here.

Rhode Island

Rhode Island Gov. Daniel McKee has signed into law legislation (2023-S 1009, 2023-H 5829) sponsored that would allow the state’s recreational cannabis dispensaries to advertise their products. Currently, Rhode Island’s cannabis businesses cannot advertise by law, although dispensaries in other states, such as Massachusetts, can advertise within Rhode Island. Read more here.

Humble & Fume

Green Acre Capital Distribution Corp. invested a further cash amount of $1,995,961.46 in HC Solutions Holdings Inc., a joint venture it has with Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF). Humble has invested a further US$1,895,961.46 in HCI, through the forgiveness of an equivalent amount owing by HCI directly or indirectly to Humble. Read more here.

William SumnerMay 21, 2019


It’s time for your Daily Hit of cannabis financial news for May 21, 2019.

On the Site

New Regime Will Impact Aphria Stock

No one who follows Aphria Inc. (NYSE: APHA ) stock should have been surprised that the company’s president, Jakob Ripshtein, resigned on May 14. Ever since interim CEO Irwin Simon was appointed Independent Chair of Aphria’s board in December,  it was only a matter of time before Simon, the entrepreneurial founder and former CEO of Hain Celestial (NASDAQ: HAIN), would play a more prominent role at the Canadian cannabis company.

Australis Capital

Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) entered into an asset purchase agreement with Green Therapeutics, LLC and affiliated companies, to acquire its Tsunami, Provisions, and GT Flowers cannabis brands in a deal valued at $8 million. The deal is expected to close in late 2019.

In Other News

Innovative Industrial Properties

Innovative Industrial Properties, Inc. (NYSE: IIPR) announced that it had closed the acquisition of a property containing two buildings totaling approximately 266,000 square feet of industrial space for $13 million. IIP has also entered into a long-term, triple-net lease agreement with a subsidiary of Green Leaf Medical, LLC (Green Leaf Medical). Green Leaf Medical has already redeveloped roughly 103,000 square feet of the space for medical cannabis cultivation and processing.

Body and Mind

Body and Mind Inc. (CSE: BAMM) (OTC Pink: BMMJ) has closed a previously announced private placement offering. M Partners Inc. acted as lead agent on behalf of a syndicate of underwriters, which included PI Financial Corp. Body and Mind sold 11,780,904 units of the company at a price of C$1.25 per unit for gross proceeds of C$14.72 million. “The financing was originally planned for gross proceeds of up to CAD$10 million and we are extremely pleased with the increased interest which will allow us to accelerate our growth as a multi-state operator,” commented Body and Mind Director Robert Hasman.


After the markets closed yesterday, 48North Cannabis Corp. (TSXV: NRTH) released its financial results for the three and nine month period on March 31, 2019. Revenue for the quarter was C$689,000 and C$4.3 million for the nine months period. EBITDA was C$78,000 for the quarter and C$696,000 for the nine month period. The net loss for the nine month period was C$3.3 million.

Medicine Man Technologies

Medicine Man Technologies, Inc. (OTCQX: MDCL) today announced the release of their financial results for the first quarter of 2019. Year-over-year, revenue grew by 63% to approximately $2 million. Driving much of this growth was an increase in product sales, which rose from $459,335 to $1.5 million. The net loss for the quarter was $2.9 million. “With the recent progress of HB19-1090 and the strong overall momentum within the cannabis industry, we came in this quarter with record revenues and strong sales from our products division,” said Andy Williams, Co-Founder and CEO of Medicine Man Technologies. “Looking ahead, we have several significant events that include our pending acquisitions of Medicine Man Denver and MedPharm Holdings, LLC, which will put us on a major growth trajectory and create compelling value add for our shareholders.”

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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