Columbia Care Archives - Green Market Report

StaffSeptember 19, 2023
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BusinessDaily Hit

The Daily Hit: September 19, 2023

5min00

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

On the Site

Columbia Care Changes Name to The Cannabist Company

Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) is changing its legal name to The Cannabist Company Holdings Inc. as it aligns more closely with its retail store name. The company is rebranding to The Cannabist Company and is also changing its trading symbols on the CBOE Canada to CBST and CBST.WT, respectively, for the common shares and warrants. Read more here.

BZAM Lays Off Over 90 as TGOD Merger, Restructuring Finalized

Canada-based BZAM Ltd. (CSE: BZAM) (OTC: BZAMF) announced another round of layoffs despite the completion of its merger with The Green Organic Dutchman. The company let go more than 90 employees at two of its facilities in British Columbia and Ontario as part of its long-term plan to turn around the fortunes of both businesses. Read more here.

SEC Sues Texas Maker of Hemp CBD Inhalers

In the suit, filed on Sept. 18 in U.S. District Court for the Northern District of Texas, the SEC charges that both Rapid Therapeutic Science Laboratories Inc. and its founder and CEO, Donal Schmidt Jr., were guilty of various securities violations and fraud. Read more here.

Subversive Capital Advisor Launches New Cannabis ETF

Subversive Capital Advisor is launching its sixth exchange-traded fund (ETF) – Subversive Cannabis ETF (Ticker: LGLZ) on Cboe BZX Exchange. LGLZ will be an actively managed ETF that is expected to begin trading on Sept. 19. Christian H. Cooper will act as the ETF’s portfolio manager. Read more here.

Oregon Pauses Pathogenic Mold Testing Requirement

Oregon cannabis authorities changed course on a mold testing requirement for commercial marijuana after a court last month put a 180-day pause on rules established by regulators earlier this year that led to several cannabis product recalls due to testing failures. Read more here.

In Other News

Planet 13 Holdings

Planet 13 Holdings Inc. (CSE: PLTH)(OTC: PLNHF) completed its previously announced plan of arrangement pursuant to which the company was continued from the jurisdiction of the Business Corporations Act (British Columbia) and domesticated under the Nevada Revised Statutes to the State of Nevada. The company’s common stock ticker symbol on the OTCQX U.S. market changed to PLNH. Read more here.

New York State Department of Health

The New York State Department of Health issued a warning on Sept. 19 that synthetic marijuana sold in the Mohawk Valley has been found to contain opioids. The office of Drug User Health’s lab toxicology tests confirmed that two samples of synthetic marijuana, often known as K2 and Spice, were contaminated with five Novel Psychoactive Substances, including two potent synthetic opioids. Read more here.

Vermont

Vermont’s cannabis marketplace is about to mark its first year in operation. Retail sales for the current fiscal year are projected to top $100 million, generating more than $20 million in new state revenue. Read more here.

CONTINUE READING
StaffSeptember 18, 2023
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BusinessDaily Hit

The Daily Hit: September 18, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Sept. 18, 2023.

On the Site

Workers Strike at Curaleaf Arizona Dispensary

Some workers at a Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) dispensary in Phoenix have gone on strike as of Friday, in an attempt they say to force company executives to the bargaining table. Read more here.

Mydecine Attempts to Raise Money With New Prospectus

Psychedelics firm Mydecine Innovations Group Inc. (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA), which is still in the pre-revenue stage, announced a plan to offer 18.75 million additional shares for distribution at 20 cents apiece, in an attempt to raise $3.75 million. Read more here.

Cannabis Regulators Ask Congress to Close Hemp Loopholes in 2023 Farm Bill

The Cannabis Regulators Association (CANNRA), a nonpartisan association representing cannabis and hemp regulatory agencies from 45 member states and U.S. territories, sent a letter on Friday urging Congress to consider changes to the 2023 Farm Bill. The three-page letter was penned in order to close loopholes created by the 2018 Farm Bill. Read more here.

Institutional Investors Open Wallets for Columbia Care, Canopy Growth

It seems investor interest in the cannabis sector is returning. Cannabis heavyweights Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) and Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) both inked large private placements with institutional investors. Read more here.

New York Battling Judge Over Exemptions to Cannabis Retail Licensing Pause

New York marijuana regulators have spent nearly the past month trying to convince a state judge to allow a handful of conditional adult use retail dispensary (CAURD) licensees to open for business, but as of Friday, nothing the state tried had yet worked, which leaves the Empire State with just 23 operational legal cannabis shops for the foreseeable future. Read more here.

In Other News

Massachusetts

Warning that action is “desperately needed” to address upheaval at the Cannabis Control Commission, the Massachusetts Senate’s top Republican and several other lawmakers urged their colleagues Monday to subject the state’s marijuana regulatory agency to new scrutiny. Read more here.

Oregon

Cannabis in Oregon can no longer be recalled over a pathogenic mold, until a court decides if the state’s zero-tolerance policy went too far. Read more here.

Maine

The agency regulating the sale of medical cannabis in Maine is proposing a new set of rules as providers leave the market in record numbers, despite totaling over $300 million in sales last year. The proposed rules are primarily driven by legislative changes, including the adoption of a two-tiered fine system for violations that, depending on the severity of an infraction, could cost up to $7,500. Read more here. 

CONTINUE READING
StaffAugust 14, 2023
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BusinessDaily Hit

The Daily Hit: August 14, 2023

6min00

The Daily Hit is a recap of the top financial news stories for Aug. 14, 2023.

On the Site

SNDL Sees Gains From Vice Segments, Will Ring-Fence Skymint and Parallel

Canadian cannabis and liquor retailer SNDL Inc. (NASDAQ: SNDL) reported earnings that signaled more upward growth through the second quarter ending June 30, with the company hinting at plans to create a new entity that would absorb Skymint and Parallel. Read more here.

Michigan Cannabis Sales Break Another Record in July, Likely to Top $3B in 2023

Michigan’s marijuana market continues its ascent, breaking another sales record in July. The industry sold roughly $276.75 million worth of adult-use recreational and medical marijuana products last month, a 33.5% increase over January’s sales. If sales continue at this pace, they will top $3 billion in 2023. Read more here.

Harmony Biosciences Buys Zynerba Pharmaceuticals in $60M Deal

Harmony Biosciences Holdings Inc. (Nasdaq: HRMY) is buying Zynerba Pharmaceuticals Inc. (Nasdaq: ZYNE) in an all-cash deal valued at $60 million. Harmony will fund the transaction from its existing cash on hand. The deal is expected to close in the fourth quarter. Read more here.

Columbia Care Beats Estimates for Second Quarter Revenue

Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) reported its financial results for the second quarter ended June 30, 2023, as revenue fell slightly to $129.2 million from last year’s $129.5 million, but improved over the previous quarter’s revenue of $124.5 million. However, it beat the Yahoo Finance average analyst estimate for revenues of $124 million. Read more here.

More Earnings:

• 22nd Century Gets Lift From Cannabis Division in Q2
• Auxly Sees Revenues Drop 8% in Second Quarter
• Clever Leaves Revenue Rises, Costs Fall in Q2
• Glass House Shrinks Losses to $25M in Q2 on Revenue Increase
• Goodness Growth in Line with Expectations in Q2, Will Divest in NY
• IM Cannabis’ Revenues Inch Up
• MediPharm Labs Q2 Boosted by VIVO Acquisition
• Safe Harbor Losses Mount Despite Skyrocketing Revenue
• Tilt Revenue Falls as Focus Turns to Jupiter
• Urban-Gro Losses Stable While Revenues Continue Down from 2022

In Other News

AdvisorShares Poseidon Dynamic Cannabis Exchange Traded Fund

The AdvisorShares Poseidon Dynamic Cannabis Exchange Traded Fund (ETF), which is managed by the Paxhia sibling founders of California-based cannabis hedge fund Poseidon Investment Management, is shutting down less than two years after launching. Read more here.

CBD of Denver

CBD of Denver (OTC Pink: CBDD) entered into an agreement to acquire LUXORA Holding AG, a leader in the CBD wholesale market, seamlessly importing and distributing premier North American CBD Flower throughout Europe. Read more here.

Delta 9 Cannabis Inc.

Delta 9 Cannabis Inc. (TSX: DN) (OTC: DLTNF) reported net revenue of $18.3 million for the second quarter ended June 30, an increase of 4%, from $17.5 million for the same quarter last year. Read more here.

CEA Industries

CEA Industries Inc. (Nasdaq: CEAD) reported revenue in the second quarter of 2023 was $1.1 million compared to $3.0 million for the same period in 2022. The decrease was primarily attributed to lower revenue recognition from the company’s backlog and an overall reduction in capital expenditures by cannabis operators. Read more here.

CONTINUE READING
StaffMay 30, 2023
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BusinessDaily Hit

Daily Hit: May 30, 2023

4min00

The Daily Hit is a recap of the top financial news stories for May 30, 2023.

On The Site

Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year

Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.

New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing

New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.

Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins

Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.

Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana

Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.

YourWay Cannabis Can’t Find An Auditor For Filings

YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.

In Other News

Minnesota

Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.

Ohio

Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.

North Carolina

A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.

CONTINUE READING

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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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