Cresco Labs Archives - Green Market Report

StaffSeptember 28, 2023
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BusinessDaily Hit

The Daily Hit: September 28, 2023

5min00

The Daily Hit is a recap of the top financial news stories for Sept. 28, 2023.

On the Site

Hightimes Agrees to $558,000 Settlement With SEC Over Stock Promotion Scheme

Hightimes Holding Corp. has settled allegations of an illegal stock promotion “scheme” with the U.S. Securities and Exchange Commission for a fine of $558,071, and the company has a month to pay up, according to SEC records. Read more here.

• Related: SEC Accuses High Times CEO Adam Levin of Securities Fraud

Suspended Marijuana Regulator in Massachusetts Sues State

Former Massachusetts cannabis czar Shannon O’Brien filed a lawsuit Thursday against State Treasurer Deborah Goldberg, alleging that her recent suspension from her job as head of the state Cannabis Control Commission was illegal. According to the suit, Goldberg “willfully side-stepped both Massachusetts law and any process at all” when she suspended O’Brien earlier this month. Read more here.

• Related: States Reel Amid Cannabis Regulatory Turbulence

Your Take: Medical Cannabis Remains Out of Reach for Many Communities

A study across New York state shows areas with larger black populations have a lower likelihood of containing a medical dispensary than other areas. Many predominantly Black/Latinx communities not only lack a medical dispensary but are not even remotely close to one. Read more here.

Unions Make Cannabis Industry Gains in Illinois, Utah

The International Brotherhood of Teamsters Local 777 secured tentative employee contracts at five Chicago-area Sunnyside-branded dispensaries run by multistate operator Cresco Labs (CSE: CL) (OTC: CRLBF), and the United Food and Commercial Workers Union Local 99 won an employee election at Dragonfly Wellness Cannabis in Salt Lake City. Read more here.

Aurora Cannabis Inks C$33.8M Stock Deal

Alberta-based Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) has reached an agreement with investment bank Canaccord Genuity to sell 46,250,000 of its shares at C$0.73 each, totaling approximately C$33.8 million, the company announced Thursday. Read more here.

In Other News

RAW

The federal District Court of the Northern District of Illinois denied Republic Tobacco’s motion for a new trial in its seven-year court battle against HBI International, the company that owns the RAW brand. In his ruling on Sept 22, the judge ruled that there was no good basis for re-visiting Republic’s claims, finding that “Republic did not provide evidence at trial outside of the opinions of its own founder and corporate officer that a single consumer (whether end user or distributor) was misled.” Read more here.

Canada

More Canadian cannabis companies are tapping government funding sources to finance research and other projects as private-sector capital has become harder to come by. Read more here.

Craft 1861 Global Holdings

Craft 1861 Global Holdings Inc. and Nano Cures International Inc. entered into a definitive arrangement agreement that sets out the definitive terms for the businesses to combine via a reverse take-over transaction under the policies of the Neo Exchange Inc., operating as Cboe Canada. Read more here.

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StaffSeptember 7, 2023
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BusinessDaily Hit

The Daily Hit: September 7, 2023

4min00

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

On the Site

Lucy Scientific to Acquire High Times Brand Rights

Lucy Scientific Discovery Inc. (NASDAQ: LSDI) agreed to acquire the intellectual property of High Times. The acquisition will grant Lucy a steady flow of income from licensing and royalties linked to High Times, Cannabis Cup, and 420.com brands. Read more here.

Alabama Cannabis Regulators to Meet with Failed Applicants in Apparent Negotiation

Alabama cannabis regulators are set to negotiate with several would-be medical marijuana companies that have filed suit against state officials, in an apparent attempt to reach a settlement deal. The companies are challenging the haphazard licensing process that has yet to reach any resolution, even after two rounds of permitting. Read more here.

New California Lawsuit Targets Santa Barbara Cannabis Farms Over Odor

A local nonprofit in Santa Barbara County, California, filed a new lawsuit against three marijuana farmers, alleging that the growers refuse to utilize effective odor control and are tantamount to a public nuisance. Read more here.

New York Lawmaker Promises Hearing to Address Rec Market Shortcomings

New York lawmakers will hold a public hearing at the end of October in Albany to give stakeholders a chance to critique the adult-use marijuana market rollout – and perhaps influence legislation coming next year, a key Democratic state senator announced Thursday morning. Read more here.

Cresco Labs Launches Cannabis Ads on Spotify

Music streaming platform Spotify, which claims a subscriber base that exceeds 220 million users, now includes Chicago-based Cresco Labs (CSE: CL) (OTC: CRLBF) among its advertisers. Read more here.

In Other News

Maine Adult-Use Cannabis

t’s a multimillion-dollar industry that doesn’t seem to be slowing down in Maine, but some say new rules for the adult-use marijuana industry could harm businesses and consumers. The proposed changes cover everything from delivery to new packaging requirements. Read more here.

Avextra AG

Germany-based Avextra AG signed distribution agreements with two leading Swiss pharmaceutical partners and one Austrian pharmaceutical distribution partner. Under the terms of the agreements, Avextra will supply its purified API Dronabinol as well as standardized cannabis extracts manufactured in its GMP facility in Germany to both Switzerland and Austria. Read more here.

CONTINUE READING
StaffAugust 21, 2023
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BusinessDaily Hit

The Daily Hit: August 21, 2023

5min00

The Daily Hit is a recap of the top financial news stories for Aug. 21, 2023.

On the Site

Minnesota’s Red Lake Nation to Launch a Weed Truck

Just two weeks after becoming Minnesota’s first recreational cannabis retailer, Red Lake Nation is laying the groundwork for its next venture: a mobile dispensary. Tribal Secretary Samuel Strong likened the concept to a food truck, while acknowledging the additional security concerns that come with such an operation. Read more here.

Skye Bioscience Raises $17M, Acquires New IP

San Diego-based pharmaceutical company Skye Bioscience Inc. (OTC: SKYE) expanded into the endocannabinoid system (ECS) therapeutic landscape with the acquisition of clinical-stage firm Bird Rock Bio Inc. The company also raised $17 million in capital. Read more here.

The Hamptons Cannabis Expo 2023

Many vendors and brands  at the 2023 event hailed from the Long Island area and the Shinnecock nation, whose tribal lands are in the Hamptons set the tone by opening the event with a land acknowledgment. Click here to view highlights from the day.

SEC Sues Northern California Investment Firm with Ties to Cannabis

The U.S. Securities and Exchange Commission has filed a new legal action against a small investment firm based in Humboldt County, California, that has ties to the local cannabis industry and is accused of breaching fiduciary duties to its shareholders. Read more here.

Green Market Report Finance Awards: Top CFO Dennis Olis, Cresco Labs

During the first three years (2019-2022) that Dennis Olis served as CFO with Cresco Labs, the company’s annual revenue grew from $129 million to $842 million. Additionally, operating income increased from a $34 million loss to a $57 million profit, and adjusted EBITDA grew from an $18 million loss to a $123 million profit. Read more here.

In Other News

Medical Marijuana Inc., Dixie Holdings LLC, and Red Dice Holdings

The Second Circuit on Monday revived a racketeering suit against three CBD companies brought by a former commercial truck driver who alleged he lost his job after consuming products containing detectable amounts of THC. Read more here.

Lost Mary

The maker of the popular Lost Mary disposable vapes, iMiracle (HK) Ltd., has sued a U.K.-based rival for producing and selling a line of “Found Mary” vapes, which iMiracle argues appear identical to its products. The Found Mary vapes, made by a company called Vapes-Bars Ltd., mimic the shape, colors and name of iMiracle’s products in order to gain an “unfair advantage,” the company said in a newly public High Court claim filed July 31. Read more here.

Cannabis Bioscience International Holdings

FINRA approved the corporate name change from “China Infrastructure Construction Corp.” to “Cannabis Bioscience International Holdings” for the diversified medical and educational company with a particular focus on traditional clinical trials and cannabinoids research. FINRA also approveda ticker symbol change from CHNC to CBIH. Read more here.

CONTINUE READING
StaffAugust 16, 2023
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BusinessDaily Hit

The Daily Hit: August 16, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Aug. 16, 2023.

On the Site

4Front Ventures Bids California Farewell in Search of Profits

Phoenix-based 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported its second-quarter financial results ending June 30, showing a slight rise in revenue and headway in the Windy City as the company packs its bags in California. Read more here.

Marley Sends Tilray a $13 Million Bill

The ongoing battle between Marley Green LLC and Tilray (NASDAQ: TLRY) continues, with the latest round involving a demand for payment of $13 million for a licensing deal. The original deal stretches back to 2018 when Docklight Brands, which at the time was a part of Privateer Holdings, signed a licensing agreement with the late Bob Marley’s estate and its company, Marley Green. Read more here.

Cresco Labs Continues Retail Expansion in ‘Year of the Core’

Revenue for Chicago-based Cresco Labs (CSE: CL) (OTC: CRLBF) fell 9% in the second quarter ended June 30, compared with the same period a year ago. But the $198 million brought in during the period was a slight uptick from the first quarter. Read more here.

Illinois Cannabis Sales Rise, Taxes Fall

Illinois collected 3% less in marijuana taxes during the fiscal year ended June 30 than it did a year earlier, even though recreational cannabis sales grew 5% during that period. Read more here.

Ohioans Will Vote on Recreational Marijuana in November

After a number of fits and starts, the Coalition to Regulate Marijuana Like Alcohol appears to have succeeded in getting its proposed law for an adult-use marijuana program on the November ballot. According to a certification form, the campaign has at least 711 valid signature from Franklin County voters, which is enough to qualify the measure for the November ballot. Read more here.

In Other News

Germany

Germany’s cabinet passed a contentious bill on Wednesday to legalize recreational marijuana use and cultivation, one of the most liberal cannabis laws in Europe that could potentially provide further momentum for a similar worldwide trend. The legislation, which still has to pass parliament, does not allow for the widespread sale of cannabis via legal stores. Read more here.

Washington Liquor and Cannabis Board

Washington’s cannabis authority has busted two retailers for selling cannabis without licenses, with one falsely claiming to be affiliated with a Native American tribe, according to announcements by state enforcers who say they seized nearly 60 pounds of marijuana. Read more here.

VPR Brands

VPR Brands LP (OTC: VPRB) reported sales for the second quarter ended June 30 were $1.9 million, a roughly $1 million increase over the same period a year ago. Net income increased to $928,322. Read more here.

CONTINUE READING
StaffJuly 31, 2023
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BusinessDaily Hit

The Daily Hit: July 31, 2023

5min00

The Daily Hit is a recap of the top financial news stories for July 31, 2023.

On the Site

Columbia Care, Cresco Labs Sack $2 Billion Megadeal

After months of swirling doubt and some bought time, Cresco Labs (CSE: CL) (OTC: CRLBF) and Columbia Care (Cboe/NEO: CCHW) (CSE: CCHW) (OTC: CCHWF) have mutually agreed to terminate their planned $2 billion merger, according to announcements from both companies Monday. Read more here.

Eaze Hit with New Lawsuit Alleging Fraud in Green Dragon Merger

A two-year-old acquisition deal of multistate operator Green Dragon by California-based Eaze is now the subject of a fraud lawsuit filed by the former owners of Green Dragon, who say the deal wouldn’t have gone through if Eaze had been honest about its precarious financial situation. Read more here.

MariMed Sues Nevada Cultivator Over Failed $2.4M Deal

Massachusetts-based multistate operator MariMed (OTCQX: MRMD) is suing a Nevada cultivation company, The Harvest Foundation LLC, claiming the owners lost their state-issued licenses to grow cannabis before a multimillion-dollar sale was finalized. Read more here.

Seven Unlicensed Cannabis Shops Shuttered in Upstate New York

Officials from the New York Office of Cannabis Management, the attorney general’s office, and Gov. Kathy Hochul’s office cooperated on the raids, which took place at locations operating under the “I’m Stuck” brand, owned by David Tulley who has been selling cannabis without a permit “since at least early 2022.” Read more here.

New York’s First Recreational Marijuana Shop Sold $12 Million in Six Months

Housing Works, the first legal adult-use marijuana shop to open for business in New York, announced Monday that it sold $12 million in cannabis in its first six months of operations. It opened its doors just two days before New Year’s Eve. Read more here.

Michigan’s Largest Marijuana Dispensaries by Retail Location

Michigan’s marijuana industry is among the most competitive industry in the state. With basement-low wholesale prices, the industry is becoming increasingly more vertically-integrated. The most profitable way to do business in weed is for growers to be sellers, realizing margins on both sides of the business. Read more here.

In Other News

Theraplant

One of Connecticut’s four active cannabis producers has new ownership following foreclosure proceedings, according to a filing with the Securities and Exchange Commission. The new owners of Theraplant is a company called NewCo, which is a subsidiary of East Hampton N.Y.-based DXR Holdco. Read more here.

4Front Ventures Corp.

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) entered into a definitive agreement with its senior secured lender, LI Lending LLC, to extend the maturity date, reduce the interest payable, and expand the third-party financings available under the Dec. 17, 2020 Amended and Restated Loan and Security Agreement. Under the Extension, the lender has extended the maturity date of the loan to May 1, 2026, and reduced the interest payable to 12.0% per year, payable monthly. 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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