Adam JacksonMay 30, 2023
The company has forecasted $80 million in revenue for 2023.
CBD Archives - Green Market Report
Adam JacksonMay 30, 2023Adam JacksonMay 26, 2023
Prosecutors contend that Anderson used much of investors' money for personal expenditures.
Adam JacksonMay 12, 2023
There was a 57.7% improvement in the adjusted EBITDA loss over the year.
Debra BorchardtMay 4, 2023
Company says sales will exceed $80 Million in 2023.
StaffApril 18, 2023
The Daily Hit is a recap of the top financial news stories for April 18, 2023.
On the Site
House Committee Launches Probe into FDA’s Inaction on CBD Regulation
Despite the legalization of cannabis containing less than 0.3% THC by the 2018 farm bill, the FDA has yet to issue regulations for CBD products. For years, hemp companies and trade groups have urged the FDA to regulate CBD as a dietary supplement, a proposal the agency declined earlier this year. Read more here.
Schwazze to Buy Standing Akimbo for $10.5 Million
Medicine Man Technologies, better known as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), will acquire Standing Akimbo LLC, a medical cannabis dispensary in Denver in a deal valued at $10.5 million. The acquisition will paid in a combination of cash and stock. It is expected to close in the third quarter of 2023 assuming approval form regulatory authorities. Read more here.
Pineapple Ventures Accused of Fraud
A new lawsuit accuses cannabis insider Vincent Zadeh of committing a new cannabis fraud scheme. Investor Greg Levin alleges that Vincent Mehdizadeh, who goes by the name Vincent Zadeh, convinced him to invest $290,000 into Pineapple Ventures with promises of a $5,000 monthly dividend payment. The promised payments were never delivered, and Levin was unable to recoup his investment. Read more here.
Indiva’s Profits Tighten as CEO Calls For Higher THC Edibles Potency Limits
Canadian cannabis edibles producer Indiva Limited (TSE: NDVA) generated $10.3 million in gross revenue in the fourth quarter, a 17.1% sequential increase from the third quarter, but slightly lower than 2021’s fourth quarter. Edible product sales dropped versus last year, accounting for 80.6% of net revenue in the fourth quarter. Read more here.
In Other News
Washington state
Washington is ready to enter the interstate marketplace for cannabis products, when and if the federal government decides to legalize marijuana. The Legislature approved Senate Bill 5069 to allow state companies to enter marijuana import/export compacts with other states immediately after Congress makes the move. The bill passed the House on March 1 and the Senate on April 12, both with bipartisan support. Read more here.
Utah
A company’s challenge to Utah’s medical marijuana licensing scheme fell flat in the Tenth Circuit after a three-judge appellate panel ruled Tuesday that a state licensing agency had reasonably denied the company a cultivation license in favor of those with more community ties. Read more here.
New York
New York Gov. Kathy Hochul announced a new public education to encourage cannabis consumers to purchase marijuana from licensed operators. The campaign, “Why Buy Legal New York,” aims to promote “safer, informed, legal purchases of cannabis from licensed dispensaries,” the governor’s office said in a news release. Read more here.
Adam JacksonApril 18, 2023
Hemp was legalized in 2018, but CBD remains in a legal gray area.
Debra BorchardtApril 13, 2023
HIPH has gone through several iterations since its inception.
Adam JacksonApril 6, 2023
British American Tobacco said the investment is another step in moving beyond tobacco and nicotine.
StaffMarch 28, 2023
88% – Percentage of U.S. CBD consumers who desire sleep, physical relief, and/or relaxation from their CBD products
When CBD first came on the scene, there were many different purported use cases – focus, sleep, energy, and even improved libido. With more familiarity with the cannabinoid, consumers are seeking distinct purposes for using CBD.
Source: Brightfield Group, U.S. CBD Consumer Insights, Q4 2022
StaffMarch 23, 2023The Daily Hit is a recap of the top financial news stories for March 23, 2023.
On the Site
Exclusive Interview: Untangling New York’s True Party of Ownership Rule
New York cannabis policy czar Axel Bernabe spoke to Green Market Report to outline exactly what is and isn’t allowed for cannabis businesses under the state’s two-tiered market structure, including controversial “True Party of Interest” regulations. Read more here.
California State Officials Launching Crackdown on Local Cannabis Corruption
California’s state government has had enough of corruption in its marijuana industry at the city and county level, and is launching a new crackdown in at least six yet-to-be-named jurisdictions, to look for evidence of pay to play schemes, bribery, and other instances of wrongdoing. Read more here.
Curaleaf to Close New Jersey Grow, Lay Off Up to 40 Staff
Massachusetts-based cannabis titan Curaleaf (CSE: CURA/OTCQX: CURLF) confirmed this week that it plans to close its marijuana cultivation facility in Bellmawr, New Jersey, which could reportedly result in up to 40 layoffs. Read more here.
Charlotte’s Web Sales Fell in 2022 as CBD Demand Fades
Despite inking major deals, Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) saw falling revenue in 2022 due in part to waning demand in an increasingly saturated cannabidiol (CBD) industry. Read more here.
Emerging East Coast State Markets to Buoy Cannabis Industry as Legalization Stalls
While the most-seasoned legal recreational state markets saw declines in revenues for the first time in 2022, recently legalized states on the East Coast are expected to fuel growth for the time being, according to a report by New Frontier Data. Read more here.
In Other News
Cannabis rescheduling
U.S. Health and Human Services Secretary Xavier Becerra, whose agency was tasked last fall with kicking off a federal review of marijuana’s status as a Schedule 1 controlled substance, said during a TV interview this week that his office is working as quickly as it can, but didn’t provide any details or timeline. The review could ultimately lead to federal marijuana legalization, and Becerra shared a clip on Twitter. Listen to highlights here.
Georgia
Nine companies that applied for medical cannabis business licenses have filed suit against a state commission that was in charge of awarding permits, and the situation has led to a proposed compromise from a state lawmaker. Read more here.
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