consumption lounges Archives - Green Market Report

StaffFebruary 7, 2023


The Daily Hit is a recap of the top financial news stories for February 7, 2023.

On the Site

Maryland Could Start Adult-Use Cannabis Sales by July Under New Bill

The start date for Maryland’s upcoming adult-use cannabis market could be as soon as July 1, under the terms of a new legislative bill introduced this week by state lawmakers. Lawmakers said they’re feeling pressure to get the recreational market stood up as soon as possession becomes legal in July in order to avoid a massive gray market. Read more here.

SNDL Saves Superette from Bankruptcy

SNDL Inc. (Nasdaq: SNDL) finalized its purchase of Canadian dispensary chain Superette out of bankruptcy, with plans to support the brand and its stores. SNDL said it will carry on the Superette banner, which “will benefit from SNDL’s shared service model to provide for cost-effective operational support.” Read more here.

California Attempting to Loosen Cannabis Lounge Restrictions

At least one state lawmaker in Sacramento wants to make it easier for licensed cannabis consumption retailers to turn a profit by allowing shops to open new consumption cafes, a la Amsterdam. Under the provisions of Assembly Bill 374 from Assemblyman Matt Haney of San Francisco, legal marijuana shops would be permitted to open cafes where they could sell nonalcoholic drinks and food. Read more here.

New York City Targets Landlords in Push to Close Illegal Cannabis Shops

Landlords who rent to illicit marijuana retailers are facing new legal action from the city, while hundreds of smoke shops suspected of selling cannabis without a license will be threatened with eviction by Manhattan’s top prosecutor, officials said Tuesday. Read more here.

Atlas to Snap up Cannabis Distributing Hub, Pharmacies for Channels to West

International Israeli shop Atlas Global Brands Inc. (CSE: ATL) has acquired a majority stake in a Tel-Aviv cannabis distributing hub and two pharmacies, positioning itself for clear channels west of the Greenwich meridian. The company signed a share purchase agreement to acquire, through a subsidiary, 51% interest in Trading House, which Atlas intends to use as a hub for imports to and distribution within Israel. Read more here.

In Other News

American Green

American Green (OTC: ERBB) signed a nonbinding letter of intent for $12 million from a private equity firm to fund the completion of the build-out at its “Cypress Chill” grow building purchased in May 2022. The company will continue to provide the documentation required by the lender so it can get through the loan application process. Read more here.

IM Cannabis Corp.

IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC), an international medical cannabis company, closed a fourth tranche of its previously announced nonbrokered private placement offering an aggregate of 760,450 units at a price of $1.25 per unit for aggregate proceeds of $950,562.50. Read more here.

Fine Fettle

Connecticut’s first social equity cannabis dispensary is set to open this month, following state approval. Fine Fettle, a Connecticut-based cannabis company with three retail stores in the state, will open Fine Fettle Manchester, on Feb. 17. Read more here.

StaffDecember 14, 2022


The Daily Hit is a recap of cannabis business news for Dec. 14, 2022.


Dutchie Founders Sue the Company for Orchestrating a Coup

The founders of e-commerce cannabis company Dutchie are suing the current leaders and accusing them of orchestrating a coup. Dutchie was founded in 2017 by brothers Ross and Zachary Lipson and was originally called Courier Plus Inc. The two say they were improperly kicked out of the company by the current board and are insisting they are still directors and officers of the company. Read more here.

California Testing Lab Shutters Without Notice, Lays Off All Employees

A longstanding cannabis testing lab in northern California suddenly closed its doors this week with almost no notice to employees or clients, multiple sources confirmed to Green Market Report on Wednesday. Santa Rosa-based Sonoma Lab Works is now effectively shut down, said one former employee who requested anonymity. Read more here.

Report: Georgia Court of Appeals to Rule on Medical Marijuana Licensing Case

The Georgia Court of Appeals will weigh in on a lawsuit that alleges the state’s medical marijuana licensing process – which granted permits to two companies, Florida-based Trulieve and Georgia-based Botanical Sciences to manufacture and sell cannabis oils – was corrupt. Read more here.

Michigan’s November Cannabis Sales Jump 33% Over Last Year

Despite challenges in the cannabis industry, the state of Michigan reported that its November sales jumped by 33.2% over last year to $203.4 million. The Michigan Marijuana Regulatory Agency reports cannabis sales on a monthly basis and separates the data by medical and adult use. Read more here.

New Jersey Consumption Lounges Face Strict Rules

The New Jersey Cannabis Regulatory Commission (NJ-CRC) recently approved proposed rules and regulations for cannabis consumption lounges in the state, but if some things don’t change, it will be difficult for these businesses to be profitable. Read more here.


The Source

The Source, a marijuana shop in Northampton, Massachusetts, that opened only in March, will close Friday. It’s the first marijuana shop in the state to shut down since the first legal adult-use dispensaries opened in 2018. Many in the industry see this as a harbinger of a shakedown in a maturing industry, especially in Northampton, which has 12, soon to be 11, operational stores. Read more here.

New York hemp

As New York prepares for the imminent launch of legal adult-use marijuana sales, the governor has signed a bill aimed at expanding the state’s hemp market by promoting collaborative partnerships to identify more opportunities to utilize the crop and its derivatives for packaging, construction, and other purposes. 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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