Connecticut cannabis Archives - Green Market Report

StaffSeptember 11, 2023


The Daily Hit is a recap of the top financial news stories for Sept. 11, 2023.

On the Site

Trulieve Files Racketeering Lawsuit Against Former Employees, Vendors in Arizona

Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) filed a civil racketeering lawsuit against two of its former purchasing managers in Arizona, as well as five other Arizona cannabis businesses, alleging they engaged in “kickback schemes” that gave the brands access to valuable shelf space at the company’s 21 Arizona marijuana shops. Read more here.

Federal Judge Blocks Arkansas Hemp Restrictions

Hemp-based product makers won a temporary reprieve last week when a federal judge blocked the state of Arkansas from enforcing newly enacted restrictions on intoxicating goods such as delta-8, delta-9, and delta-10 vape cartridges and edibles. Read more here.

Michigan Dispensary Owner Found Guilty of Evading Over $1M in Taxes

A federal jury last week found a Michigan cannabis dispensary owner guilty on multiple counts including evading federal income taxes and obstructing the Internal Revenue Service. Ryan Richmond, the owner and operator of the now-closed dispensary Relief Choices, LLC in Warren, Michigan, is accused of causing more than $1.15 million in tax loss to the IRS between 2011 and 2014. Read more here.

Connecticut Cannabis Sales Climb to $25M in August, Testing Capacity Questions Arise

The Connecticut marijuana market saw a decent sales bounce in August to almost $25 million, but with one of its two cannabis testing labs shuttered in March, questions abound about whether the state is in need of more labs to keep up with its steadily growing marijuana market. Read more here.

Maine Adult-Use Cannabis Sales Top $21 Million in August

Maine had its hottest month yet in August in the recreational marijuana sector, with sales topping $21.6 million, according to figures from the state Office of Cannabis Policy. That brings Maine’s total for the year in the recreational sector to $140.1 million. Read more here.

In Other News

Leafly Holdings

Leafly Holdings (NASDAQ: LFLY) has effected a 1-for-20 reverse stock split of its common stock, par value $0.0001. Leafly’s common stock will continue trading on The Nasdaq Capital Market under its existing symbol LFLY and will begin trading on a split-adjusted basis when the market opens on Sept. 12. Read more here.

Maryland Adult-Use Cannabis

The Maryland Cannabis Administration announced that the first application round for cannabis business licenses will open on November 13. The Administration also announced the number of licenses, by license type, that will be available in the first application round. Read more here.


Two hemp businesses and a private citizen are challenging a Virginia law that instituted tougher limits on hemp products in Virginia in federal court, saying the new rules cause financial harm to hemp businesses and interfere in interstate commerce. The law, which went into effect July 1, set the maximum amount of THC in hemp products at 0.3% concentration and 2 milligrams per package.  Read more here.

StaffAugust 10, 2023


The Daily Hit is a recap of the top financial news stories for Aug. 10, 2023.

On the Site

Investor Lawsuits Target Montana Cannabis Business Residency Requirement

Two lawsuits seek to overturn Montana’s residency requirement, which mandates that all of its licensed marijuana businesses be majority-owned by in-state locals. The suits were filed in both state and federal courts by a father-and-son team, Tom and Jerry Reed, who sought to buy a company they had already invested in. Read more here.

Connecticut Marijuana Sales Dip Slightly in July

Total marijuana sales in Connecticut dipped a notch in July, to $23.6 million from $23.8 million in June, according to new state data released Thursday. While there was an uptick in adult-use sales, medical marijuana sales decreased a small percentage. Read more here.

Leafly Boosted by Cost-Cutting Measures Despite Sales Slump

Online cannabis discovery platform Leafly Holdings Inc. (Nasdaq: LFLY) reported revenue of $10.7 million for the second quarter ended June 30, reflecting an 11% slump from the same period last year, which slightly beat Yahoo analyst average expectations of $10.27 million. Read more here.

Aurora Cannabis Revenues Skyrocket But Still a Losing Quarter

Canada-based Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) reported a huge revenue boost in its first quarter of its 2024 fiscal year, which closed June 30, but it still posted a C$28.3 million loss. However, that was a major improvement from a year prior when the company lost C$619 million. Read more here.

More Earnings:

Charlotte’s Web Sees More Downturn in Q2
Flora Growth Posts 140% Revenue Surge Amid Q2 Losses
Struggling Halo Collective Releases Multiple Quarters Worth of Financials
NewLake Capital Reports Increasing Revenue With Solid Tenants
Nova Cannabis Reports Record Revenue, Positive Net Earnings
TerrAscend Builds in Key Markets to Beat Q2 Analyst Expectations

In Other News

Lowell Farms

Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF) reported net revenue for the second quarter ended June 30 fell 47% to $7 million, as compared to $13.2 million for Q2 2022. Sequentially, net revenue fell 7% from the first quarter. Read more here.


VerifyMe, Inc. (Nasdaq: VRME) reported quarterly consolidated revenue of $5.3 million for the three months ended June 30, an increase of 19% compared to $4.5 million for the three months ended June 30, 2022, primarily attributable to the acquisition of the PeriShip Global business in April 2022. Read more here.

StaffJuly 10, 2023


The Daily Hit is a recap of the top financial news stories for July 10, 2023.

On the Site

Chicago Atlantic Talks New York’s $150 Million Equity Investment Deal

Chicago Atlantic stepped in with a pledge of up to $150 million to the social equity fund for building out New York dispensaries via small business loans. Managing director Peter Sack spoke with Green Market Report to fill in some of the details on how the investment deal came about. Read more here.

SEC Orders Sol Global Founder Andy DeFrancesco to Pay Millions in Stock Fraud Case

On July 5, the U.S. District Court for the Southern District of New York entered a final judgment on consent against Andrew DeFrancesco, the former chairman of Cool Holdings Inc., for his role in a scheme involving false statements and omissions of material information in filings with the commission, as well as a fraudulent pump-and-dump of Cool Holdings’ stock. Read more here.

Report: Virginia Governor ‘Not Interested’ in Adult-Use Cannabis Market

Both Virginia’s marijuana and hemp markets are in serious disarray, thanks to regulatory uncertainty handed down by the state’s Republican leadership. Now the previously expected launch of recreational marijuana sales in January 2024 is in more serious doubt than ever. Read more here.

Arkansas, Connecticut Cannabis Sales Continue Setting Records

Both Arkansas and Connecticut continued their respective marijuana sales tears in 2023 by setting sales records in June. At the same time, Michigan saw market prices stabilize after record lows in February. Read more here.

Illinois Cannabis Sales Turn Around in June

Monthly marijuana sales in Illinois reached their highest level so far this year in June, increasing 8% year-over-year and shaking off several months of sluggish performance. Read more here.

In Other News


Recreational and medical marijuana sales numbers released in June by the Colorado Department of Revenue showed the lowest marijuana sales in the month of April since 2018. Numbers showed $131 million in marijuana sales for April 2023, the most recent data, down from more than $153 million in sales in April of 2022. Marijuana sales in the month of April haven’t been this low since 2018. Read more here.


Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) unveiled the strategic national rebrand of its Select cannabis lifestyle brand across 15 U.S. states. Read more here.

InterCure Ltd.

InterCure Ltd. (Nasdaq: INCR) (TSX: INCR.U) (TASE: INCR), dba Canndoc, announced that its board of directors approved the voluntarily delisting of the company’s common shares from the Toronto Stock Exchange. The Company has decided to delist from the TSX after concluding that maintaining the listing does not offer substantial benefits to the company and its shareholders. Read more here.

StaffJune 13, 2023


The Daily Hit is a recap of the top financial news stories for June 13, 2023.

On the Site

Would-be Whistleblowers Facing Countersuit from Former Employer

A pair of former employees at a California marijuana company who tried to blow the whistle on millions of dollars worth of cannabis counterfeiting and diversion are now facing a lawsuit from their ex-boss, who denied all wrongdoing and claims instead that the two employees were thieves. Read more here.

Stanley Brothers Accuse Charlotte’s Web of Ignoring Shareholders

Jesse and Joel Stanley, the co-founders of Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF), have accused the company’s board of ignoring shareholders’ demand for change. Rather than engaging with their concerns, the brothers claim that the board has pointed them towards legal counsel. Read more here.

Connecticut Latest in String of States to Enact 280E Relief

Connecticut on Tuesday became the latest in a national trend of states with operational marijuana markets to approve state-level relief from the 280E provision of the federal tax code. The new state budget signed by Gov. Ned Lamont will let cannabis companies claim state tax breaks in the same amount they would have been entitled to from the federal government if 280E did not exist. Read more here.

Founding Director of Cannabis NYC on the Factors Thwarting the Adult-Use Rollout

Dasheeda Dawson talked to Crain’s New York Business about persuading legacy operators to join New York’s legal market, ensuring that the industry is just and equitable as well as profitable, and what we should — and shouldn’t — tell young people about cannabis. Read more here.

In Other News

ZYUS Life Sciences Corp.

Zyus Life Sciences Corp. completed the previously announced reverse takeover transaction with Zyus Life Sciences Inc., in accordance with the terms of an arrangement agreement dated Nov. 15, 2022. Under the arranged Phoenix Canada Oil Company Ltd. and the former Zyus completed a business combination, through which the former Zyus entity is now a wholly owned subsidiary of the company. The combined entity is expected to commence trading on the TSX under the ticker symbol ZYUS on June 19. Read more here.

Humble & Fume

Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) closed on its non-brokered private placement of convertible debenture units of the company in aggregate principal amount of C$1,540,000. Read more here.

Hempsana Holdings Ltd.

Hempsana (CSE: HMPS)entered into an agreement to restructure the previously announced investment in the corporation by Antosh Consulting Inc. into an equity issuance, following consultation with the Canadian Securities Exchange. The investor has agreed to purchase 30 million units of Hempsana at a price of $0.03 per unit, for a total purchase price of $900,000. 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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