John SchroyerAugust 7, 2023
Fine Fettle's next market will be Georgia.
Connecticut cannabis Archives - Page 2 of 4 - Green Market Report
John SchroyerAugust 7, 2023John SchroyerAugust 4, 2023
Verano has two non-social equity locations in the state as well.
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
4/20
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
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.
John SchroyerJuly 10, 2023
At the same time, Michigan saw market prices stabilize after record lows in February.
StaffJune 13, 2023The 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.
John SchroyerJune 13, 2023
Cannabis companies will be able to deduct business expenses at the state level.
StaffJune 12, 2023The Daily Hit is a recap of the top financial news stories for June 12, 2023.
On the Site
Nevada Ups Marijuana Purchase Limits, Enacts Pro-Business Reforms
Nevada lawmakers this week gave final approval to a wide-ranging cannabis reform bill that pushed through several changes to how the state industry is allowed to operate. The bill, which was passed by the legislature on June 5, now goes to Gov. Joe Lombardo for his signature. Read more here.
Alabama Names 21 Medical Marijuana License Winners
The Alabama Medical Cannabis Commission on Monday handed out the maximum number of dispensary, processor, and “integrated facility” business permits, but only a third of the possible cultivation licenses, just three secure transporters, and a lone testing lab. Read more here.
Connecticut Recreational Sales Pass Medical for First Time in May
The newly established adult-use cannabis market in Connecticut appears to have found its footing. Recreational sales inched past medical sales numbers last month for the first time since the market launched in January, according to state data. Read more here.
Charlotte’s Web Founders Want Back on the Board
There’s an internal war escalating within the boardroom of Charlotte’s Web (TSX: CWEB) (OTCQX: CWBHF), with its former founders demanding capitulation. Ahead of the company’s annual general meeting, shareholders who represent nearly a quarter of the voting shares are publicly opposing four director nominees. Read more here.
Culta Buys Dispensaries Despite Ongoing Nonpayment of Court Judgment
Culta announced that it would buy two female-owned dispensaries, Growing Ventures (dba Greenhouse Wellness) and K&R Holdings (dba Kannavis) for an undisclosed amount. But, the company is also in trouble for not paying a court judgment with an ex-partner and for not paying taxes. Read more here.
Sublocade Maker Indivior Takes on US Market with Nasdaq Listing
Indivior (LSE: INDV), known for its development of medications to treat substance use disorders and serious mental illnesses, hopes that this additional U.S. listing will raise its profile within its largest market. The company plans to maintain its premium listing on the London Stock Exchange and its position in the FTSE 250 index. Read more here.
In Other News
University of Mississippi
The National Institute of Drug Abuse (NIDA) awarded the University of Mississippi a new five-year contract, as well as a $2 million work order for the cultivation of marijuana and related materials for research. Read more here.
1CM Inc.
1CM Inc. (CSE: EPIC) (OTCQB: MILFF) announced a private placement to issue 3,333,333 common shares at a price of $1.50 per share for total gross proceeds of up to $5 million in a non-brokered private placement to certain “accredited investors.” Read more here.
Delaware
With a little more than a year left in his term, Gov. John Carney announced Monday morning a major shake-up in his cabinet, including naming the state’s first Marijuana Commissioner. As the state’s Marijuana Commissioner, Robert Coupe will be tasked with organizing up an oversight office, outlining regulations and issuing 125 licenses to grow and sell cannabis. Read more here.
John SchroyerJune 12, 2023
The price of adult-use products remains significantly higher than the price for MMJ.
John SchroyerMay 31, 2023
Advocate: "That's corrupting the entire spirit of the social equity approach."
StaffMay 10, 2023The Daily Hit is a recap of the top financial news stories for May 10, 2023.
On the Site
New York Regulators Issue Revised Cannabis Industry Rules
New York’s much-awaited revised marijuana industry rules were issued Wednesday by the Office of Cannabis Management, to the delight of stakeholders who immediately began poring over them for significant changes. The new rules are also on the agenda for Thursday’s Cannabis Control Board meeting. Read more here.
Many New York Stakeholders Skeptical of New Illicit Market Enforcement Push
Following a new push by New York Gov. Kathy Hochul to crack down on unlicensed cannabis sellers across the Empire State last week, few in the legal industry expressed optimism that the policy would have the intended effect, with several predicting that the unregulated market would simply pivot instead of giving up. Read more here.
Missouri Cannabis Sales Pass $1 Billion, Connecticut Sales Down Slightly
Missouri and Connecticut both launched adult-use cannabis markets at the beginning of the year, but they’re seeing very different sales trends. Read more here.
Trulieve Cannabis Records Net Loss Despite High Revenue
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced a net loss despite significant revenue from retail sales for the first quarter ending March 31. The U.S.-based cannabis giant reported a revenue of $289 million for the quarter, with 95% resulting from retail sales. This missed the Yahoo Finance average analyst estimate for sales of $292 million. Read more here.
More Earnings:
• Some AFC Gamma Clients Having Trouble Making Payments
• NewLake Capital Tenant Issues Cloud Yearly Revenue Growth
• Schwazze Turns a Profit in First Quarter, Continues Expansion
• Verano Revenue Up 12%, Adult-Use Sales in Connecticut Bolster Results
• Village Farms’ Canadian Cannabis Sales Grow
In Other News
New York Conditional Adult-Use Retail Dispensary Licenses
A group of Conditional Adult-Use Retail Dispensary (CAURD) licensees have documented in a letter an “alarming and unacceptable” lack of communication and transparency among state cannabis regulators. The group of seven CAURD licensees, along with the Long Island CAURD Coalition and “several others” who signed anonymously, sent the letter late Tuesday night. Read more here.
Synthetic Cannabis
The state of Vermont is cracking down on synthetic cannabis which officials say is creating confusion in the state’s fledgling legal marketplace. This includes delta-8 and delta-10 products. Read more here.
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