Cresco Labs Archives - Green Market Report

StaffDecember 19, 2022
BusinessReal Estate

Cresco Labs Joins Effort to Spark Cannabis Innovation at 1871 Chicago

3min12550

This story was republished with permission from Crain’s Chicago and written by Corli Jay.

One of the city’s largest cannabis players and Chicago startup hothouse 1871 are teaming up to foster innovation in the cannabis space.

Cresco Labs (OTC: CRLBF) and 1871 announced that Cresco will be what’s being called an anchor partner in the Cannabis Innovation Lab, a venture launched at 1871 with the goal of supporting entrepreneurship in the city’s growing cannabis sector. World Business Chicago, the city’s public-private development arm, is also a sponsor of the program.

Through the partnership with 1871, Cresco will provide technical assistance to new licensees just getting started in cannabis cultivation, new product development, wholesaling and retailing. The effort is designed to boost equity and inclusion in the cannabis industry, key goals of the state of Illinois’ recent move to legalize recreational marijuana sales in the state.

“Part of Cresco Labs’ efforts around social equity have always included . . . providing access to capital or capital to new licensees, and other forms of support and technical assistance,” said Chima Enyia, executive vice president of Seed, Cresco Labs’ social equity initiative. “The whole effort here is to cement Illinois as a hub and as a headquarters, essentially for cannabis and a leader in innovation for cannabis around the country.”

The Cannabis Innovation Lab will help startups and corporations that want to scale their businesses by connecting them with veterans in the industry.

According to the Cannabis Innovation Lab’s website, the weed industry is projected to generate $100 billion by 2030, with Chicago “quickly becoming a place of massive importance for the industry.”

Participants in the 12-week Cannabis Innovation Lab program at 1871, which starts in January, will lead up to a public showcase in April—the Cannabis Innovation Summit—which will feature a pitch contest, panel discussions and opportunities for networking.

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StaffDecember 5, 2022
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BusinessDaily Hit

The Daily Hit: December 5, 2022

5min11490

The Daily Hit is a recap of cannabis business news for Dec. 5, 2022.

ON THE SITE

Biden Signs Historic Marijuana Research Bill, Lawmakers Push Additional Measures

After months of policy debates and trading barbs on Capitol Hill, a U.S. president has finally sent through the first piece of meaningful marijuana legislation since The Controlled Substance Act of 1970. Sen. John Hickenlooper (D-CO) also last week filed a bill that would create a federal commission to help outline the ways in which federal agencies approach implementation of eventual legalization. Read more here.

Crain’s Chicago Releases City’s Largest Cannabis Companies List

Chicago is home to a few of the cannabis industry’s leading players, including publicly traded Cresco Labs, Verano, and Green Thumb Industries, and privately held PharmaCann. They dominate Crain’s new list of Chicago’s Largest Cannabis Companies. Read more here.

Planet 13 Confirms Consumption Lounge Win

Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) confirmed that its subsidiary MM Development Company Inc. received approval for a Nevada consumption lounge from the Nevada Cannabis Compliance Board. The Nevada CCB announced the winners of the consumption lounge license lottery. Read more here.

A Rhode Island Grower Won a Cannabis Competition, the State Fined it $10,000

As Rhode Island commenced adult-use sales last week, growers will look to compete against those vying for cultivation notoriety. However, one operator’s experience serves as a reminder for those operating in the nascent market. Read more here.

Survey: Cannabis-Based Medicine Epidiolex Works ‘Across Age Groups’

Ireland-based Jazz Pharmaceuticals (Nasdaq: JAZZ) announced that its anti-epileptic over-the-counter cannabis drug, Epidiolex, has been found to be effective “across age groups,” not just young children, according to a survey of caregivers presented recently at a gathering of the American Epilepsy Society. Read more here.

IN OTHER NEWS

Grown Rogue International Inc.

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a craft cannabis company operating in Oregon and Michigan, closed a non-brokered private placement of convertible debentures with an aggregate principal amount of $2 million. The convertible debentures bear an interest of 9% per year, paid quarterly, and mature 36 months from the date of issue. The principal use of funds will be to accelerate expansion efforts and for general corporate purposes. Read more here.

Halo Collective Inc. 

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) (FSE: A9KN) reported year-to-date revenue of just over $11.7 million for 2022. Halo continues to strengthen its market share by penetrating the Eastern Oregon region and increasing territory sales. The company currently sells to over 450 dispensaries and wholesalers statewide, with a majority of accounts ordering on a monthly basis. Read more here.

Icanic Brands Company Inc.

Icanic Brands Company Inc. (CSE: ICAN) (OTCQB: ICNAF), a California-based extraction and manufacturing cannabis company, will change its corporate name to Leef Brands Inc., now that it received approval for the move from the Canadian Securities Exchange. In connection with the name change, the company’s common shares will trade under the new trading symbol, LEEF, as of Dec. 7. Read more here.

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StaffNovember 15, 2022
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BusinessDaily Hit

The Daily Hit: November 15, 2022

5min7230

The Daily Hit is a recap of cannabis business news for Nov. 15, 2022.

ON THE SITE

California Cannabis Debt Bubble on Verge of Bursting

A slow but steady years-long trend of licensed marijuana companies in California not paying all of their bills might be nearing its climax, industry insiders warned, and a wave of business failures is on the way if (when) the debt bubble explodes. Read more here.

Kentucky Governor Provides Pathway for Medical Cannabis Use

The governor of one of last states holding out on medical cannabis signed an executive order today permitting possession and use of the product. Kentucky Gov. Andy Beshear signed the order Tuesday, pardoning “any and all persons” accused of marijuana possession after the order’s effective date of Jan. 1, 2023, provided certain conditions were met. Read more here.

Michigan’s Canapa Valley Farms Closes on $17 Million Deal With Pelorus

Pelorus Equity Group closed a $17.3 million debt financing agreement with Vassar Acquisitions Property Management and its cannabis operating entity, Canapa Valley Farms. The money will be used for building out Canapa’s state-of-the-art 90,000-square-foot greenhouse and 8,500-square-foot processing facilities. Read more here.

Cresco Labs Slashes Losses Despite Significant Headwinds

Sales for Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ), a vertically integrated, multistate operator, ticked down in the third quarter ended Sept. 30 to $210 million, in part due to the company’s exit from third-party distribution in California. Read more here.

Halo Stretches Margins Despite Lower Q3 Revenue

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) posted results that showed rising margins despite lower revenue, driven by cost-cutting measures amid a congested supply side in California and Oregon. Revenue totaled $5.5 million, down 36% from $8.7 million in the same quarter last year. Read more here.

IN OTHER NEWS

Decibel Cannabis Company

Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF), a premium cannabis producer, achieved 5.3% national market share in October 2022, which places Decibel as the sixth-largest LP in Canada by market share. The company reported $18.3 million of total net sales in Q3, with a sequential decline of 1% over Q2 2022 and an increase of 37% over Q3 2021. Read more here.

Trees Corp.

Trees Corp. (NEO: TREE) increased its revenues in the third quarter by 60% from the first quarter of 2022, while total gross profit has increased by 78% over the same period due to a strengthening retail gross profit margin percentage. Read more here.

Stone Road

Stone Road, a California-based line of premium, sustainably grown cannabis products, announced a partnership with Gamut Cannabis to bring Stone Road’s line of products to Michigan in early 2023. This marks the rapidly growing brand’s fourth market launch, as it continues to expand into legal states across the U.S. Read more here.

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