cannabis Archives - Page 2 of 14 - Green Market Report

Adam JacksonAugust 4, 2022


Innovative Industrial Properties, Inc. (NYSE: IIPR) posted positive results as it continues to inject capital into the cannabis real estate landscape. The real estate trust released results for the second quarter ending June 30, 2022.

The company saw $70.5 million in total revenue this quarter, a 44% gain from $48.9 million for the same quarter last year. The increase was mostly due to the acquisition and leasing of new properties, additional improvement allowances and construction funding at existing properties resulting in adjustments to base rent as well as contractual rental escalations at certain properties.

Last quarter, the company missed expectations as it delivered total revenues of approximately $64.5 million during the period — missing Yahoo Finance Average analyst estimate for revenues of $67 million.

IIP posted net income of $39.9 million for the quarter at $1.42 per diluted share. The company also posted an AFFO of $60.1 million. IIP paid a quarterly dividend of $1.75 per common share on July 15 to stockholders — a 25% increase from last year’s second quarter dividend — equal to an annualized dividend of $7 per share.

The company made four property acquisitions in Arizona, Maryland, Massachusetts and Texas while also executing five lease amendments to provide reimbursement for additional improvements at properties in Illinois, Michigan, New York and Pennsylvania.

On the balance sheet, the company posted 12% debt to total gross assets with approximately $2.5 billion in total gross assets. This represents a total annual fixed cash interest obligation of around $16.7 million with no debt maturing until 2026.

The company said it collected 99% of rent and property management fees over the first two quarters this year.

IIP now owns 110 properties located across the country, representing approximately 8.6 million rentable square feet including 2.2 million under development. The average remaining lease term is around 16 years. The company invested around $2.1 billion across its portfolio and committed an additional $209.6 million to fund draws by certain tenants and sellers related to construction and improvement at company properties. That does not include an $18.5 million loan commitment to a developer for construction of a regulated cannabis cultivation and processing facility in California.

IIP’s stock was trading at $100.27 in pre-trading Thursday morning, a 3.19% gain from $97.17 in the previous day.

StaffAugust 3, 2022


The Daily Hit is a recap of cannabis business news for August 3, 2022.


Scott’s Miracle Grow Misses Estimates, Lowers Guidance As Hawthorne Business Dives

The Scotts Miracle-Gro Company (NYSE: SMG) saw its shares pop in early trading despite the gardening company’s downbeat earnings. The lawn care and hydroponic company released its results for the third quarter ending July 2, 2022, with sales falling by 26 % on declines in both major business segments to $1.19 billion. This missed the Yahoo Finance average analyst estimate for sales of $1.23 billion. Read more here.

Garden State Delivers For Green Thumb Industries

Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF) reported its financial results for the second quarter ending June 30, 2022. Revenue increased 4.8% sequentially and 14.6% year-over-year to $254.3 million from last year’s $221.9 million in the same time period. This easily beat the Yahoo Finance average analyst estimate for sales of $248 million. GTI said that revenue growth was primarily driven by increased retail sales in New Jersey, reflecting the legalization of adult-use cannabis; increased retail sales in Illinois; 19 additional retail locations versus the second quarter last year, and increased traffic in the Company’s 77 open and operating retail stores. Read more here.

Audacious Outlines Northeast Strategy As Revenues Rise

Australis Capital Inc. (CSE:AUSA) (OTCQB: AUSAF) also known as Audacious reported its unaudited results for its fiscal year ending March 31, 2022 on Tuesday. Australis said that revenues increased by over 1,200% to nearly $9.5 million. the company attributed the increase to a full year of ALPS revenue consolidated (51% of ALPS acquired on March 8, 2021), as well as growth in the ALPS business throughout the year, along with management fee income starting in Fiscal ’22 related to the Green Therapeutics business. Read more here.

Red White & Bloom Ekes Out of Debt, Tightens Spending

Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) delivered its fourth-quarter and full-year earnings report, as well as its first-quarter report. The news comes after the company postponed the release in May due to multiple delays in their year-end audit. All figures are in Canadian dollars. Read more here.

Hydrofarm Stock Plunges Along With Sales

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) stock plunged by 28% in early trading to lately sell at roughly $2.35 after the hydroponic company reported declining sales following the market close on Tuesday. Hydrofarm said it is looking to shave down its costs and restructure as deflated earnings continue to tap its pockets. Read more here.


The Valens Company Inc.

The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) a manufacturer of cannabis products, today announced the voting results from its annual general meeting of shareholders, held by way of live audio webcast on August 2, 2022. Six of the director nominees that were put forward by the company were elected by shareholders at the meeting to hold office until the next annual meeting of shareholders or until their successors are elected or appointed. Read more here.

Green Monké, Cookies

Green Monké maker of happy sodas for happy hour, today announced its global beverage partnership with Cookies, the most globally recognized cannabis brand. As part of the agreement, Green Monké and Cookies will co-create and co-brand cannabis infused drinks for sale at Cookies retail locations and anywhere Cookies products are sold. Additionally, Green Monké cannabis infused sodas are now available at Cookies stores in California with expansion later this year throughout the US, Canada and in Europe. Read more here.

Isracann Biosciences Inc.

Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) announced that it has closed the first tranche of its previously announced non-brokered private placement. The company issued 4,679,600 units at a price of $0.05 per unit for aggregate gross proceeds of $233,980. Read more here.

Cannara Biotech Inc., Exotic Genetix Ltd.

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products, today announced an exclusive brand partnership with 50-time award-winning US-based cannabis breeder, cultivator and hash maker, Exotic Genetix Ltd. This agreement will bring one of the most influential cannabis breeders and his brands from the US to Canada. Read more here.

TrufflezNFT, Elite/AB Hospitality Group

Trufflez, a vertically integrated cannabis company and droppLabs, a subsidiary of Dropp Group, today announced the world’s first NFT membership cannabis consumption lounge in New York. The companies partnered in March this year to launch TrufflezNFT, an NFT project that democratizes ownership of cannabis-related IP while providing a strong community focus on cannabis industry education. As an expansion of the project, TrufflezNFT project is announcing the launch of the world’s first NFT membership cannabis lounge in partnership with New York-based Elite/AB Hospitality Group. The Trufflez Lounge will open in Williamsburg in November, 2022 and will be accessible only to TrufflezNFT members. Read more here.

Small Pharma Inc.

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that as of July 19, 2022, it has been granted patent no. 3104072 by the Canadian Intellectual Property Office. Read more here.

Braxia Scientific Corp.

Braxia Scientific Corp., (CSE: BRAX) (OTC: BRAXF) (FSE: 4960), a company in the treatment and research of mental health conditions, announced it has acquired 100% of the issued and outstanding stock of KetaMD, Inc. KetaMD is a U.S. based, privately-held telemedicine company, with a mission to address mental health challenges via access to technology-facilitated ketamine-based treatments. Read more here.

Adam JacksonAugust 3, 2022


Red White & Bloom Brands Inc. (CSE: RWB)(OTC: RWBYF) delivered its fourth-quarter and full-year earnings report, as well as its first-quarter report. The news comes after the company postponed the release in May due to multiple delays in their year-end audit. All figures are in Canadian dollars.

First Quarter

RWB said that revenue for the first quarter this year was $28 million, a record gain for the company, who saw revenues rise up from $10.7 million in the fourth quarter. RWB has not released an earnings report since last November’s third-quarter results. The company attributed the increase to vape product sales by Platinum Vape (PV) California, revenue generated by PV Michigan, sales by RWB operations in Florida and revenue from the acquiring PharmaCo in February.

RWB posted a net loss of $11.3 million for the period with an adjusted EBITDA gain of $360,000. The company has around $5 million in working capital and $5 million cash on hand in the first quarter.

RWB said that its gross profits for the first quarter were $9.2 million, a sequential increase of 44% from gross profits of $6.4 million in the same quarter last year. The increase was reduced by $2.45 million on biological assets and a gain of $270,000 in sold inventory.

“With full operational control and a clear road map, Florida closed and certainty of our ability to complete the closing of the Michigan acquisition, we turned our attention to completing a multi-stage restructuring and “right-sizing” of the business to leverage our strategy long term,” CEO Brad Rogers said. “This included exiting Illinois and the sale of our assets in that state, which enabled the company to pay off over $55 million of liabilities in Q2 of 2022 and reduce our operational and interest expenses by over $20 million per year. These reductions of liabilities and expenses will positively impact our results for fiscal 2022 commencing in late Q2 of this year.”

Going Concern Remains

Despite the improvements in revenue, RWB continues to tell investors in its filings that it remains a going concern. It stated, “As at March 31, 2022, the company has accumulated losses of $128,303,346 (December 31, 2021 – $116,877,562) since inception, and for the three months ended March 31, 2022, the company incurred a net loss of $ 11,757,188 (March 31, 2021 – $56,887,862), and had a working capital deficiency of $144,735,705 (December 31, 2021 – working capital deficiency of $55,219,691).” The company has said it may need additional funding.

Full Year Results

The company reported revenue from continuing operations for the year ending December 2021 of $37.3 million. This increased by $17.9 million over the $19.3 million in 2020. The jump in sales was related to vape product sales generated by PV California, packaging revenue generated by PV Michigan and cannabis product sales generated by RWB operations in Florida. The company also delivered a comprehensive loss of $84 million for 2021 versus a loss of $20 million in 2020.

“On the finance front, we have made significant changes to reduce our overall operational costs and reduce debt servicing payments,” Rogers said. “Some of the savings are a result of exiting the state of Illinois, but we have also seen a reduction of operational expenses and as a result, we are no longer incurring the start-up costs associated with scaling initial operations in Florida, one-time expenses associated with the M&A and divestitures we have completed over the last two years and overall greater attention to reduced spend across the organization. With the first half of 2022 now behind us, we are committed to driving profitable growth throughout the organization as we set our eyes to achieving positive EBITDA by the end of this fiscal year.”


StaffAugust 2, 2022


The Daily Hit is a recap of cannabis business news for August 2, 2022.


Cantor UpGrades Clever Leaves Amid International Expansion

Clever Leaves (NASDAQ: CLVR) could become one of the world’s top five cannabinoid exporters by the end of this year, according to a new report by Cantor Fitzgerald analyst Pablo Zuanic. The findings come a week ahead of the company’s second-quarter earnings release and half a year since CEO Andres Fajardo was tapped to lead the company out of a desperate cash burn and into new, more profitable markets overseas. Read more here.

TransCanna Get $16 Million Loan With Pelorus Equity Group

Pelorus Equity Group closed on a $15.8 million debt financing agreement with TransCanna Holdings Inc. The company said in a statement that the proceeds would be used to refinance and develop TransCanna’s California facility, as well as for construction costs, and the payment of interest on existing debt. Read more here.

Psychedelic Drug Stigma Is Starting To Dissolve

As psychedelics make their way into mainstream medicine, step by careful step, there are still difficult questions people (and potential patients) want to have answered that amount to multiple elephants in the room. What exactly are they? Who is saying that they are “medicine”, and why? Aren’t they all still illegal drugs that can seriously hurt people? Isn’t this “medicine” thing just a ploy to legitimize a banned recreational drug, like ecstasy (which was granted breakthrough therapy designation by the FDA)? Read more here.

Germany Clears Cannabinoid Medication For Insomnia

Zelira Therapeutics Ltd (ASX: ZLD,OTC-QB: ZLDAF), received formal approval from German regulatory authority BfArM to launch in the German medical cannabis market for its new insomnia medication Zenivol. Zenivol is the first clinically validated, pharmaceutical-grade, cannabis-based sleep medication. Read more here.

Lollapalooza Gives Downtown Chicago Cannabis Stores A Contact High

Lollapalooza delivered another summer pick-me-up to marijuana shops downtown. PharmaCann and Cresco Labs (OTC: CURLF) report record sales at their River North stores during the four-day music festival that ended Sunday. David Chiovetti, chief commercial officer of PharmaCann, which operates a store near Clark and Superior streets, said sales were up “double digits over last year. More people came in, and people spent more.” Read more here.



Cookies Co-Founder and CEO Gilbert Anthony Milam Jr., also known as Berner, is featured on the August/September 2022 issue of Forbes. The editorial decision to spotlight the 38-year-old rapper and cannabis entrepreneur by one of the world’s most respected business publications represents yet another powerful milestone for the $72 billion cannabis industry. Read more here.

Flora Growth Corp., Pharma Indigena Misak Manasr Sas

Flora Growth Corp. (NASDAQ: FLGC), an all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today a joint venture agreement with Pharma Indigena Misak Manasr Sas, the largest indigenous tribe in Colombia, on the development of cultivation best practices, manufacturing, export, and marketing of cannabis and cannabis containing products. Read more here.

Red White & Bloom Brands Inc.

Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) reported it has filed its 2021 audited financial statements, its 2022 first quarter financial statements and related 2021 and 2022 first quarter Management’s Discussion and Analysis and is providing certain full year 2021 and Q1, 2022 financial results and select subsequent events. Read more here.

Captor Capital Corp.

Captor Capital Corp. (CSE: CPTR; FRANKFURT: NMVA; STUTTGART: NMVA), announced today the release of its Audited Annual Financial Statements and MD&A for the year ended March 31, 2022. For the twelve months from April 1, 2021 to March 31, 2022 revenues from the sale of cannabis at the Company’s California dispensary network were $32,737,461, with the Company recording a gross profit of $12,307,212. Revenues from cannabis sales were up $16,520,051 (102%) from the previous fiscal year, while gross profit was up $7,010,238 (132%), in the face of a competitive and challenging retail cannabis environment. Read more here.

NewLake Capital Partners, Inc.

NewLake Capital Partners, Inc. (OTCQX: NLCP), a provider of real estate capital to state-licensed cannabis operators, today announced that it has added two lenders to its existing five-year revolving credit facility and upsized the aggregate commitment under the facility from $30 million to $90 million. The credit facility matures in May 2027, and has a fixed interest rate of 5.65% for the first three years and a floating rate thereafter. The Credit Facility allows for further expansion as additional lenders are added, or the commitments of existing lenders are increased. Read more here.

Incannex Healthcare Limited, Curia Global, Inc.

Incannex Healthcare Limited (Nasdaq: IXHL) (ASX: IHL), a clinical-stage pharmaceutical company developing unique medicinal cannabinoid pharmaceutical products and psychedelic medicine therapies for unmet medical needs, announced that it has engaged Curia Global, Inc. to further develop and manufacture GMP-grade IHL-216A, Incannex’s proprietary inhaled drug product for the treatment of concussion and traumatic brain injury. Read more here.

Hydrofarm Holdings Group, Inc.

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM), a manufacturer and distributor of hydroponics equipment and supplies for controlled environment agriculture, announced preliminary unaudited financial results for its second quarter ended June 30, 2022. Read more here.

Adam JacksonAugust 2, 2022


Zelira Therapeutics Ltd (ASX: ZLD,OTC-QB: ZLDAF), recieved formal approval from German regulatory authority BfArM to launch in the German medical cannabis market for its new insomnia medication Zenivol.

Zenivol is the first clinically validated, pharmaceutical-grade, cannabis-based sleep medication. Zenivol’s clinical research achieved the highest level of scientific review when it was peer reviewed in the Journal of Sleep — available by prescription in Australia under the country’s legal cannabis regulations.

“The formal approval of Zenivol by BfArM in Germany marks a major milestone for Zelira,” said Zelira CEO Dr. Oludare Odumosu. “Germany is one of the largest global markets for cannabinoid-based medicines, and also one of the highest quality global regulatory markets for pharmaceuticals. We look forward to working with our partner, Adjupharm, in launching Zenivol in Germany and supporting patients and physicians in treating chronic insomnia in a safe and effective manner. With formal regulatory approval for Zenivol now received in Germany, we continue to progress activities to license Zenivol into other global markets.”

Zelira is a leading global therapeutic medical cannabinoid company with access to the world’s largest and fastest-growing cannabinoid medicine markets. The company owns a portfolio of proprietary revenue-generating products and a pipeline of candidates undergoing clinical development that are positioned to enter global markets.

The company is focused on developing branded cannabinoid-based medicines for the treatment of a variety of medical conditions in its Rx business, including insomnia, autism and chronic non-cancer pain.

The company has two proprietary formulations under the HOPE brand that are generating revenues in Australia, and Pennsylvania and have been licensed in Louisiana and Washington D.C. — with other states in the U.S. expected to follow. Zelira is also generating revenue in Australia from its proprietary and patented Zenivol, which had successfully completed the world’s first Phase 1b clinical trial for chronic insomnia where it was found to be a safe and effective treatment.

The company conducts its work in partnership with world-leading researchers and organizations including Curtin University in PerthWestern Australia; the Telethon Kids Institute in Perth; the University of Western Australia, in Perth; St. Vincent’s Hospital in Melbourne, Australia; and the Children’s Hospital of Philadelphia (CHOP) in the United States.

Adam JacksonAugust 2, 2022


Clever Leaves (NASDAQ: CLVR) could become one of the world’s top five cannabinoid exporters by the end of this year, according to a new report by Cantor Fitzgerald analyst Pablo Zuanic. The findings come a week ahead of the company’s second-quarter earnings release and half a year since CEO Andres Fajardo was tapped to lead the company out of a desperate cash burn and into new, more profitable markets overseas.

Clever Leaves’ plan so far seems to be good on schedule. It has inked lucrative deals with players in overseas markets such as Portugal, Germany, Australia, Brazil, Colombia and Israel.

While the outlook is still a “show me” story, it said, the new distribution partnerships add value with the assumption that continued medical market growth in those overseas markets will work to Clever Leaves’ advantage long-term. The estimates do not account for recreational cannabis legalization in Germany or elsewhere.

“Still, while we are positive on the company’s top-line growth outlook, profitability and cash burn are key investment risks,” the report said. “In fact, although the cost base has been rationalized, capex lowered, and debt mostly paid down, cash burn remains an issue.”

Cantor Fitzgerald assigned Clever Leaves an “Overweight” rating and a 12-month price target of $4.50. The stock was lately selling at 94 cents, but its 52-week high was $12.40. Zuanic wrote, “From a purely trading perspective, positive news flow about regulatory changes, especially in Colombia and Germany, could favorably impact sentiment,” as a reason the price could jump.

“In relative terms, the stock offers better “pure-play” exposure to growth in overseas medical cannabis markets,” the report said, “and eventually to (recreational) legalization in those markets.”

Global Business

With Clever Leaves focused on markets outside North America, the key for the company is to capture downstream margins. In general, these markets enjoy better economics due to higher barriers to entry such as EU certification and high start-up costs, as well as fewer licensed growers. Cantor estimates that retail prices in Europe’s medical markets, especially Germany, are three times those seen in Canada. U.S. prices in Israel and Australia are also well above the North American average. As part of its rescoped strategy, the company is now focused on exports to Australia, Germany, Brazil, and Israel.

“Yes, the company is also targeting the U.S., but we see that as more long-term optionality for CLVR’s cannabinoids exports,” the report said.

This year, the company used the bulk of the $23 million equity raise executed in the first quarter — in which the share count increased 45% — to pay down all the convertible debt, as well as borrowings related to the Herbal Brands deal. Additional shareholder dilution remains a risk, “in our view, given ongoing cash burn,” it said, though capex needs are now much lower and inventory levels are expected to come down.

“The main issue is for the company to scale up the top-line (profitably) and minimize cash burn,” the report said. “The company has less than $27 million left in an equity facility, and this could be tapped depending on the timing of overseas market growth.”

StaffAugust 1, 2022


The Daily Hit is a recap of the top cannabis business stories for August 1, 2022.


Downbeat Earnings Outlook For Scotts, GrowGen and Canopy Growth

Cannabis companies are just starting to roll out the earnings season and with some big names on deck this week, Stifel analysts Andrew Carter and Christopher Growe published an earnings preview report. Once darlings of the cannabis industry, hydroponics are fading fast as the market for Scotts Miracle-Gro (NYSE: SMG) and GrowGeneration (NASDAQ: GRWG) have slowed to a crawl. Read more here.

SOL Sees Hefty Losses, Shrinks Cannabis Holdings

After the markets closed on Friday, SOL Global Investments Corp. (CSE: SOL) (OTCPK: SOLCF) posted colossal losses as it continues to search for stability amid new changes in leadership. The company released the findings in its unaudited financial report card for the second quarter ending May 31, 2022. Read more here.

D.C. Lawmakers Talk Hemp Ahead of 2023 Farm Bill

Lawmakers in Washington D.C. heard testimonies from a slate of hemp advocates and stakeholders in the industry looking to provide input on the commercial production and processing of the crop. The hearing, titled, “An Examination of the USDA Hemp Production Program” was held last Thursday by the Subcommittee on Biotechnology, Horticulture, and Research (Committee on Agriculture). Read more here.

Alexandria Ocasio-Cortez Gets Behind Psychedelic Treatments For Vets

In yet another indication that lawmakers are continuing to step up their interest in psychedelics, Miriam Delphin-Rittmon, the assistant secretary for Mental Health and Substance Use, sent a letter to U.S. Rep. Madeleine Dean (D-PA) in May, saying that the Substance Abuse and Mental Health Services Administration (SAMHSA), a branch of the U.S. Department of Health and Human Services, will be exploring the prospect of setting up a federal task force to address and oversee functions of a private-public partnership focusing on “complex issues” with psychedelics. Read more here.


CURE Pharmaceuticals Holding Corp.

CURE Pharmaceutical Holding Corp. (OTC: CURR) (“CURE”), a proprietary platform technology company, today announced that the company will be hosting a teleconference with management on Wednesday, August 3, 2022, at 5:00 pm Eastern Time to discuss the recent $20 million non-dilutive sale of a small portion of its product and intellectual property portfolio and to provide a business update. Read more here.

Jerry Garcia Wellness

Jerry Garcia Wellness, the CBD-centric business that evokes the vision and values of Jerry Garcia, announced today the launch of its CBD wellness brand and products. Known as the founder of The Grateful Dead, one of the most successful touring bands in rock and roll history, Jerry Garcia was an early proponent of cannabis legalization and believed in its natural benefits decades before it became widely recognized as an effective aid to health and wellness. Read more here.

Braxia Scientific Corp.

Braxia Scientific Corp., (CSE: BRAX) (OTC: BRAXF) (FWB: 4960), a medical research company with clinics providing ketamine and psilocybin treatments for depression and related disorders, today announced the filing of its audited financial statements and management discussion and analysis for the year ended March 31, 2022. Read more here.

Adam JacksonAugust 1, 2022


After the markets closed on Friday, SOL Global Investments Corp. (CSE: SOL) (OTCPK: SOLCF) posted colossal losses as it continues to search for stability amid new changes in leadership. The company released the findings in its unaudited financial report card for the second quarter ending May 31, 2022.

The company recorded a net loss of $128.7 million versus the same period last year, in which the company saw net income of $60.7 million.

During the first and second quarter this year, the company reduced its exposure to the cannabis sector as a percentage of its NAV from 24% to 18% as it continued to diversify into other areas such as clean technology, electric vehicles and the Miami real estate market.

“Despite immediate market headwinds, our Core investments continue to show strength and present tremendous shareholder opportunity both mid and long term”, its newly-minted Chairman and CEO Kevin Taylor said in the release. “Our team remains focused on supporting SOL’s core holdings, divesting non-core assets, right sizing operations and continuing to de-leverage our balance sheet through debt repayment and restructuring”.

Sol Global saw Jones Soda revenue increase 58% to $4.5 million versus $2.9 million in the first quarter last year. Gross profit as a percentage of revenue increased 40 basis points to 27.3% compared to 26.9% in the first quarter last year. The company saw growth across all major sales channels for its core bottled soda business, Jones Soda, and launched its Mary Jones cannabis-infused soda line, with 10mg Cannabis-Infused Sodas now available in the California market. Jones Soda Co. announced the findings in the first quarter ending May 11, 2022.

The company also saw some advances in their compliance cloud software company, Fyllo, which offers tools to access cannabis and CBD purchasing data — inking a bought deal with marketing firm Semasio in April. Fyllo also beefed up it’s regulatory database with a new “Jurisdiction Dashboard,” which will track and update jurisdiction-level cannabis activity and history to help users spot data-driven trends.

Sol Global also said that Michigan-based Common Citizen, which it owns, recently launched a cultivation partnership with boxing legend Mike Tyson’s premium cannabis line, California-based Tyson 2.0 — which Common Citizen also holds a minority stake in. Common Citizen said it will grow Tyson’s cannabis at its state-of-the-art hybrid greenhouse in Michigan, and will first yield “Knockout OG” and “Pound for Pound Cake”— both favorite strains of Tyson’s. The cannabis will be sold at Common Citizen retail partners in prepackaged eighths (3.5 grams) and 1-gram pre-rolls.

The company posted losses from investments totaling $97.9 million over the second quarter versus $83.3 million in gains during the same time last year. The unaudited Net Asset Value per share is equal to $3.43 in the second quarter versus $7.43 in the same quarter last year.

Sol Global made $26.1 million worth of payments towards its $50 million credit facility over the first two quarters this year, reducing the outstanding principal to $21.4 million as of May 31, 2022. The company said it made additional payments after the end of the quarter, resulting in a remaining principal balance of $7.835 million as of July 29, 2022.

StaffJuly 28, 2022


The Daily Hit is a recap of the top cannabis business stories for July 28, 2022.


Tilray Delivers $457 Million New Loss For Fourth Quarter

Tilray Brands, Inc.  (Nasdaq: TLRY) reported financial results for the fourth quarter and full fiscal year ending May 31, 2022, with net revenue growing 8% to $153.3 million during the fourth quarter from $142.2 million for the same period last year. This dramatically missed the Yahoo Finance average analyst estimate for revenues of $247 million and only barely grew over the third quarter’s revenue of $152 million. Read more here.

New Jersey Juices 2nd Quarter For Some Lucky Cannabis Companies

Get ready for some cannabis companies to report boosted earnings as revenues got juiced from New Jersey adult-use sales. Cantor Fitzgerald analyst Pablo Zuanic thinks that the addition of this market could drive growth in second-quarter sales for several companies in a report he issued on Thursday. While there hasn’t been any official data from New Jersey on the number of sales, which began April 21, Zuanic thinks it could be as high as $60 million in the second quarter. Read more here.

Lifeist Sees More Setbacks After Floods Jeopardize Production

Lifeist Wellness Inc. (OTCMKTS: NXTTF) is still reeling from a natural disaster that threatened profits in the second quarter. The company announced its third-quarter financial and operating results for the three and nine-month periods ending May 31, 2022. Net revenue decreased 15% to $4.1 million in the second quarter versus $4.9 million posted the same time last year. The $800,000 loss in net revenue in the second quarter was due to a $1 million decrease in Australian Vaporizers hardware revenue caused by a flood-related operational shutdown in March and April. Read more here.

Psychedelic Drug Co’s Looking For Ways To Speed Up FDA Process

Among the four Food and Drug Administration (FDA) pathways for developing new drugs faster are Fast Track, created in 1997, designed to expedite the review of drugs to treat serious conditions and fill an unmet medical need; and Breakthrough Therapy, created by the FDA in July 2012, a process designed to expedite the development and review of drugs that are intended to treat a serious condition, where “preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over available therapy on a clinically significant endpoint(s).” Read more here.

Ice T and Charis B Win License To Open Jersey City Dispensary

Actor and musician Ice T is opening a recreational dispensary with Charis Burrett, founder of The Medicine Woman, in Jersey City, New Jersey after the city board granted approval for the shop. The approval came from the Jersey City Cannabis Control Board, which establishes and enforces the rules and regulations governing the licensing, cultivation, testing and selling of the plant. The shop will be named The Medicine Woman Jersey City and will include 5,000 square feet of retail space. Read more here.


StateHouse Holdings Inc. (formerly Harborside Inc.)

StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF), a California-focused, vertically integrated cannabis enterprise, is announced that it has reached a partial payment installment agreement with the Internal Revenue Service related to the federal tax returns of its wholly owned subsidiary Patients Mutual Assistance Collective Corporation for the 2007 to 2012 fiscal years and the 2020 fiscal year. Read more here.

Pineapple, Inc.

Pineapple, Inc. (OTC Pink: PNPL), is a public reporting company in the legal cannabis industry with assets including operational management, technology, IP licensing, cannabis property rentals, and equity ownership in cannabis retail and production facilities. The company today announced that having attained current standing with the reporting requirements of the United States Securities and Exchange Commission and applied for quotation on the OTC Markets platform, it has entered the anticipated final stages to become publicly quoted on the OTC Markets platform. Read more here.

Cogent Bank, Green Check Verified

Cogent Bank, a full-service financial institution in the southeastern U.S. region, today announced a partnership with Green Check Verified, the leading fintech provider of compliant cannabis banking solutions and services. Through this partnership, Cogent plans to offer their full suite of products and services to the entire supply chain of businesses within the cannabis banking ecosystem. Read more here.

Irwin Naturals Inc.

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) completed the acquisition of the assets of New England Ketamine, which is located in Salem, New Hampshire and serves clients in six different states in the Northeast. This is the third acquisition that Irwin Naturals Emergence has completed in the past five months as it builds a national chain of mental-health clinics providing psychedelic treatment using ketamine. Additionally, Irwin Naturals Emergence has reached binding agreements to acquire facilities in Georgia and in Vermont. Read more here.

COMPASS Pathways plc

COMPASS Pathways plc (Nasdaq: CMPS), a mental health care company, today announced it has launched a multi-center, double-blind randomized controlled phase II clinical trial investigating the efficacy of COMP360 psilocybin, administered with psychological support, in people with anorexia nervosa. Read more here.

Linneo Health, Alcaliber

Linneo Health, a global company in the research, cultivation and supply of cannabis, and Alcaliber, a leading independent supplier of intermediates and active pharmaceutical ingredients (APIs) to the global pharmaceutical industry, today announce an expanded medicinal cannabis offering by Linneo Health to include industrial derivatives. This follows the issuance of Good Manufacturing Practice (EU-GMP) certification for the industrial processing of cannabis derivatives to Alcaliber, by the Spanish Agency of Medicines and Medical Products (Agencia Española de Medicamentos y Productos Sanitarios – AEMPS). Read more here.

Rise Rock Creek Dispensary, Teamsters Local 777

Workers at the Rise Rock Creek Dispensary in Joliet, Ill. have voted overwhelmingly to join Teamsters Local 777. The facility is the third Rise location to affiliate with Local 777 in less than four months. “We’re making monumental progress in a short period of time because Illinois cannabis workers recognize that we’re the strongest union out there,” said Peter Finn, Teamsters Food Processing Division Director. “To all of the other Rise workers out there – join our movement! you’ll be glad that you did.” Read more here.

StaffJuly 27, 2022


The Daily Hit is a recap of the top cannabis business stories for July 27, 2022.


Halo Kills PhytoCann Deal, Gives Back High Tide Stores

Halo Collective Inc. (NEO: HALO) (OTCQX: HCANF) has decided to not buy PhytoCann Holdings SA and cited market conditions as the driving factor for not pursuing the proposed acquisition. In addition to killing the PhytoCann deal, Halo also said it essentially gave back the stores it had planned to buy from High Tide. Read more here.

Cannara’s Rising Profits Show Canadian Demand Remains Strong

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) posted positive third-quarter results – showing the resilience of the Québec mega-producer amid waning profits for many throughout the sector. The company announced its third-quarter financial and operating results for the three and nine-month periods ending May 31, 2022. Read more here.

Turning Point Misses Estimates, Lowers Outlook

Turning Point Brands, Inc. (NYSE: TPB) announced disappointing financial results for the second quarter ending June 30, 2022, as net sales dropped by 16.1% to $102.9 million. This missed the yahoo Finance average analyst estimate for revenue of $105 million, but it was higher than the first quarter’s net income of $100 million.   Turning Point reported that combined net sales for Zig-Zag and Stoker’s Products only declined by 0.9% for the quarter. NewGen net sales, which is the vape category, declined by 45.1% and dropped 2.1% sequentially. Read more here.

Horizon Consolidates Cannabis ETFs, Bearish On Outlook

Canadian-based Horizons ETFs Management Inc. is beefing up its cannabis index funds for investors, with consolidation moves set to kick in a week from now. The news comes as marijuana companies continue to post declining profits amid a tightening economic landscape that finds most asset classes and equity indices in the negative. Read more here.


Verano Holdings Corp.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), a multi-state cannabis company, today announced as a result of internal compensation and tax reviews, certain accounting errors were uncovered and it will be required to restate each of the previously issued financial statements set forth below, all of which, together with all related disclosures, previously furnished or filed reports, earnings releases, investor presentations or similar communications, should therefore no longer be relied upon. Read more here.

HEXO Corp.

HEXO Corp. (TSX: HEXO; NASDAQ: HEXO), announced today it received an extension of 180 calendar days from the Nasdaq Stock Market LLC to regain compliance with the Nasdaq’s minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market, following the expiration of the initial 180 calendar days period to regain compliance on July 25, 2022. Read more here.

Willow Industries Inc.

Willow Industries Inc., a company in cannabis kill-step and decontamination technology, is pleased to announce the appointment of Scott Daly as Chief Commercial Officer. In this role, Scott will oversee the development and execution of the go to market commercial strategy to accelerate Willow’s exponential growth across new and existing markets. Read more here.

The Flowr Corporation

The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) herein announces the closing of the previously announced sale of the Kelowna Research Station R&D Facility to Hawthorne Canada Limited for an aggregate purchase price of $15.9 million. The Company is using the proceeds from the sale of this non-core asset to reduce the outstanding principal debt under its ATB led credit facility to $1 million. Read more here.

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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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