Connecticut cannabis Archives - Green Market Report

StaffJanuary 11, 2023
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4min5720

The Daily Hit is a recap of cannabis business news for Jan. 11, 2023.

ON THE SITE

Connecticut Recreational Cannabis Sales Top $250,000 on Day One

According to Biotrack, the cannabis technology platform Connecticut uses to trace marijuana inventory from seed to sale, those seven retailers passed the $250,000 mark by 5 p.m. after just seven hours of sales, bringing crows of victory from state regulators. Read more here.

More from Connecticut’s Adult-Use Cannabis Launch:

Algernon Pharmaceuticals Looks to Advance DMT Stroke Research

Treating stroke with DMT (N, N-Dimethyltryptamine) is a novel idea being pursued by Algernon Pharmaceuticals (CSE: AGN) (FRANKFURT: AGWO) (OTCQB: AGNPF), a Vancouver-based clinical stage drug development company. The opportunity is big, with the global stroke treatment market is expected to reach $15 billion by 2027. Read more here.

REITs on the Downslope?

The REIT trend appears to be cooling down, according to data from Cannabiz Media. In the third quarter of last year, just four deals were solidified for a total value of $90 million, down from a high of nine deals worth $305 million in the fourth quarter of 2019. Read more here.

IN OTHER NEWS

Kaya Group

Kaya Group (OTC: NUGL) announced its Kaya Extracts subsidiary plans to enter the legal psilocybin market in Jamaica where the laws are relaxed, targeting the multibillion-dollar industry for the development, marketing, and distribution of psilocybin mushrooms. Read more here.

Grown Rogue International

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a craft cannabis company operating in Oregon and Michigan, issued a total of 200,000 common shares, at the current market price, to an owner of Golden Harvests LLC. The common shares were issued pursuant to an option agreement relating to the prior acquisition of a 60% controlling interest in Golden Harvests by Canopy Management LLC in May 2021. Read more here.

FarmaceuticalRX

In a Monday bid to dismiss claims that they misclassified drivers as independent contractors in violation of the Fair Labor Standards Act and the Pennsylvania Minimum Wage Act, FarmaceuticalRX and five other companies said that there was no indication that they operated jointly or that any of them employed their accusers. Read more here.


StaffJanuary 10, 2023
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4min5730

The Daily Hit is a recap of cannabis business news for Jan. 10, 2023.

ON THE SITE

Virginia Governor Wants a Cannabis Crackdown

The Republican governor of Virginia is asking state lawmakers to give him more tools to crack down on largely unregulated cannabis products and retailers, particularly hemp-derived goods such as delta-8 or delta-10 edibles. Gov. Glenn Youngkin included several such requests in his 2023 state budget proposal. Read more here.

Michigan Company Faces Class Action Suit Over Unsolicited Texts

Massachusetts-based Aey Holdings, which does business as Gage Cannabis Co., is being sued by a Michigan woman who said the company violated federal telemarketing laws when it sent unsolicited texts about its products. In Thursday’s case filed in the Western District of Michigan, plaintiff Nicole Sapphire said the company ignored her “repeated opt-out demands and continued to send plaintiff further text messages.” Read more here.

Maine Recreational Cannabis Sales Nearly Double in 2022

The New England state sold $159 million in cannabis last year, up from $82 million in 2021, Maine Public Radio reported. The number of licensed retailers increased 20% to more than 110. Read more here.

Connecticut Opens Doors to Adult-Use Cannabis Sales

Dispensaries can sell cannabis products to nonmedical customers – so long as they’ve completed the steps necessary to comply with the new rules. As of Monday, nine retailers had been approved, though not all of them will launch recreational sales on day one. Read more here.

IN OTHER NEWS

Jones Soda Co.

Jones Soda Co. (CSE: JSDA, OTCQB: JSDA) will expand its new Mary Jones cannabis-infused beverage brand to the state of Washington following a successful June launch in California. Washington ranks in the top 10 cannabis markets in the U.S. as well as one of the first with legalization dating back to 2012, making it a priority market for establishing and growing the Mary Jones business. Read more here.

Irwin Naturals Inc. & Braxia Scientific Corp.

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) signed a letter of intent to enter into a partnership with Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF), a medical research company providing ketamine and psilocybin treatments for mental health disorders, to launch clinical research services across Irwin’s growing U.S. based network of clinics, Emergence. Read more here.

Grassdoor

More than 300 drivers and warehouse workers at Grassdoor, a cannabis delivery service, have joined Teamsters Local 630. Read more here.


StaffJanuary 9, 2023
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5min6870

The Daily Hit is a recap of cannabis business news for Jan. 9, 2023.

ON THE SITE

Tilray May Pivot to Fruit, Beer Sales if Cannabis Remains Slow

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) may expand its alcohol industry footprint or begin growing fruits and vegetables to make up for a shortfall in the marijuana trade if cannabis sales remain in a slump, according CEO Irwin Simon. Because Congress has let cannabis remain federally illegal, Tilray’s U.S. distribution network is going largely unused. Read more here.

Tilray’s Revenue Falls As Net Losses Grow

Tilray Brands reported financial results for the second fiscal quarter that ended Nov. 30, 2022, as revenue fell 7% from last year’s $155 million to 2022’s net revenue of $144 million. Revenue also fell sequentially from the previous quarter’s $153 million. On a positive note, the company did record $29.2 million in operating cash flow and $25.4 million in free cash flow in the quarter. Read more here.

Illinois Cannabis Sales Topped $1.5 Billion in 2022 Amid Slowing Growth

Recreational marijuana sales in Illinois finished 2022 with more than $1.5 billion, up 13% from 2021. Total sales in December were the highest of any month at $143.9 million, following a seasonal pattern seen in previous years. But the rate of sales growth, 4% over December 2021, was the slowest this year, reflecting continued pressure on discretionary consumer spending from inflation. Read more here.

Columbia Care Announces Layoffs at Pennsylvania Facility

New York-based multistate operator Columbia Care (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) announced it will lay off 73 workers at one of its Pennsylvania cannabis production facilities, effective Feb. 28, in order to “meet the appropriate supply and demand levels of the market.” The facility in question is run by Green Leaf Medical LLC, a subsidiary of Columbia Care, in Saxton, Pennsylvania. Read more here.

Connecticut Tells Medical Marijuana Patients to Stock up Before Rec Sales Begin

A news release from the Connecticut Department of Consumer Protection urged Connecticut MMJ patients to “avoid lines, traffic” on Tuesday, Jan. 10, when recreational cannabis sales launch. That’s because the retail locations will all be hybrid dispensaries that will sell both medical and recreational marijuana, though some retailers will remain medical-only. Read more here.

IN OTHER NEWS

RIV Capital Inc.

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF), a cannabis packaged goods company, scheduled a special meeting of its shareholders for June 6 at 10 a.m. EDT in response to the previously announced shareholder requisition from funds that are controlled or directed by JW Asset Management LLC. JWAM has requisitioned the Special Meeting to, among other things, elect five new directors to the board of directors of the company. Read more here.

Delta 9 Cannabis Inc.

As a part of its 2023 strategic plan, Delta 9 Cannabis Inc. (TSX: DN) (OTCQX: DLTNF) plans to streamline its cultivation operations and right-size capacity at its Winnipeg-based facilities, as well as various other cost cutting measures including reducing public company and investor relations costs. Cultivation capacity will be cut by roughly 40% at the facility, which will result in the temporary layoff of about 40 staff. Read more here.

AmeriCann Inc.

AmeriCann Inc. (OTCQB: ACAN) released financial and operational results for its fiscal year and quarter ending Sept. 2022. Revenue from operations increased approximately 44% for the year ended September 2022 relative to the year ended September 2021, an increase of $899,268. 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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