Adam JacksonJanuary 12, 2023
Cobb took a risk on building his brand before the acquisition closed - and it paid off.
Cresco Archives - Green Market Report
Adam JacksonJanuary 12, 2023
StaffOctober 24, 2022
Here's why retail cannabis prices—and profits—in Illinois have been among the highest in the nation.
StaffAugust 17, 2022
The Daily Hit is a recap of cannabis business news for August 17, 2022.
ON THE SITE
Cresco Labs Revenue Rises, Maintains Wholesale Leadership
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) rose in early trading Wednesday morning with the company posting positive second-quarter results — reinforcing its position as the largest wholesale cannabis provider as it shores up its M&A moves. The Chicago-based cannabis operator released its financial results for the three months ended June 3o, 2022. Read more here. Read more here.
Lev Inches Toward $100 Million in Cannabis Capital
Lev, a commercial real estate (CRE) financing platform, said it completed more than $40 million in cannabis CRE loans across five different sponsors, with an additional $50 million in the pipeline. The news comes as cannabis are increasingly struggling to find funds to back their ventures amid a tightening environment – stymied by a lack of federal banking regulation. Read more here.
Cities Not Buy Cannabis Church Beliefs
In the early days of the legalization and decriminalization of cannabis, efforts have been attempted to link cannabis to a church. The move seems to suggest that members of the church should be afforded certain freedoms. If cannabis use was shown to be part of spiritual practice, then the church members argue they should be allowed to do as they please during these ceremonies. That their method of worship should be respected. Read more here.
Psylocibin Company Mydecine Shuts Down
Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) is basically shutting down as the company has burned through its cash and is closing its research operations in Denver Colorado. The psilocybin company reported financial results for the six months ending June 30, 2022, with a net loss of $8.09 million or a basic and diluted loss per share of $(1.31). Read more here.
IN OTHER NEWS
Tilray Brands, Inc.
Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, today announced that its medical cannabis division, Tilray Medical, has received approval to commercialize its Tilray branded medical cannabis products in Poland expanding its product offering and distribution across pharmacies in Europe. Read more here.
RAMM Pharma Corp.
RAMM Pharma Corp. (CSE: RAMM), announced its intention to commence a normal course issuer bid, under which it may purchase up to 5% of the current number of issued and outstanding common shares of the company. Read more here.
Farmhouse Inc.
Farmhouse Inc. (OTCQB: FMHS) announced today the licensing agreement for Mutant Ape Yacht Club #30000, “Mega Robot,” as the face of a new web3 enabled brand launching in the cannabis industry. The licensing agreement is part of the company’s planned growth strategy into web3 by connecting the Farmhouse network of cannabis brands to exclusive and exciting NFT communities. Since June, the company has grown its NFT licensing portfolio to include Bored Ape Yacht Club, Mutant Ape Yacht Club, CryptoPunks, Meebits, CrypToadz, Doodles, and more. Read more here.
StaffMay 18, 2022The Daily Hit is a recap of the top cannabis business stories for May 18, 2022.
ON THE SITE
Canopy Growth Acquires Jetty Extracts for $69 Million
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) is buying Lemurian, Inc. better known as Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, contingent upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty. Read more here.
Bright Green Listed on NASDAQ
Bright Green (NASDAQ: BGXX) is a cannabis company with no revenue that just began trading on the NASDAQ, despite the exchange’s insistence that it won’t list U.S. cannabis companies due to the product being federally illegal. Bright Green plans to produce cannabis for research purposes with the Drug Enforcement Agency‘s (DEA) blessing, which seems to be the reason why the NASDAQ has allowed the company to trade. It would be considered federally legal cannabis. The stock is trading at $26. Read more here.
Cresco Revenues Fall
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) released its financial results for the three months ended March 31, 2022, as revenue fell from the fourth quarter’s $217 million to the first quarter’s $214 million. Cresco Labs did note that the revenue increased 20% over last year’s $178 million for the same time period. This also beat the Yahoo Finance average analyst estimate for sales of $213 million. Read more here.
GMR Women’s Leadership Awards: Ralina Shaw
Ralina is the founder of House of Tyne and on the leadership team of 4thMVMT, a leading social impact organization based in Los Angeles with a mission to support those who have been adversely affected by onerous Cannabis laws. They do this by educating, empowering, and training those adversely affected to run/operate their BIPOC-led “Sixty Four & Hope” retail dispensaries in Los Angeles (2 recently opened locations and counting). Read more here.
Psychedelics on the World Stage
Every year world leaders come together to discuss the global economy at the World Economic Forum’s annual gathering in Davos Switzerland. This small town in the Alps has become the place where the smartest people on the planet come together to discuss solutions to the world’s economic problems and issues. It is not uncommon for various industries to establish a meeting place for people to come together for conversations. In 2019, the Canada Cannabis House hosted a three-day event for people in the cannabis industry to introduce themselves and talk about business with people who were unfamiliar with the industry. Read more here.
Women Creating Cannabis Brands (VIDEO)
On April 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Women Creating Cannabis Brands.” These savvy and accomplished women have created truly unique and original products and companies. Their products are unlike others in their categories. This panel explores what it takes to create a company and product that stands out in a sea of sameness. Read more here.
IN OTHER NEWS
Ayr Wellness Inc.
Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a leading vertically integrated U.S. multi-state cannabis operator (MSO), today announced that it has launched first sales from its Phoenix, Arizona cultivation facility. Concurrently, the company announced the launch of its national pre-roll brand, STiX Pre-Roll Co. in Arizona. Read more here.
American Green, Inc.
American Green, Inc. (ERBB:OTC) has purchased the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. Phoenix, AZ. 85009. The building sits on a 62,000 square foot site and was previously leased by ERBB in August 2021 with an option to buy. American Green has exercised its option to buy the building and now owns it. The purchase price was set at $3.75 million at the time of the signing of the lease last year. Recently, the building was professionally appraised for $5.3 million, giving American Green $1.55 million of additional equity, at the time of closing. When added to the down payment of $1.123 million, there is now a total of $2.673 million of equity in the new “Cypress Chill” cannabis grow building. Read more here.
MariMed Inc.
MariMed Inc. (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, announced today it had been awarded a provisional dispensary license by the Ohio Board of Pharmacy. MariMed won this license in the Ohio lottery process. The license allows the Company to develop a medical dispensary in Tiffin, Ohio, located south of Toledo and home to the University of Bucharest and Tiffin University. Read more here.
Ascend Wellness Holdings, Inc.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, is pleased to announce that it has closed on $36.5M of additional funding under the increase option of its existing term loan credit facility. In August 2021, the Company announced it had closed on a US$210 million Senior Secured Term Loan credit facility with Seaport Global Securities LLC as lead manager.
Steep Hill Michigan
Steep Hill is pleased to announce that the Company’s licensee partner, Steep Hill Michigan, a Cannabis Regulatory Agency (CRA) licensed medical and adult-use/recreational cannabis safety compliance testing facility, has earned ISO/IEC 17025:2017 accreditation, an International Standard recognized by governments and industry participants as the standard of excellence for the technical requirements and operational competence of a quality laboratory management system. The accreditation was validated by Perry Johnson Laboratory Accreditation (PJLA), the Michigan-based world-wide leader in ISO assessment and validation. Read more here.
First Columbia Gold Corp., Green Diamond Farm
First Columbia Gold Corp (FCGD), operating as FineCannabisGoods.com, is pleased to announce an agreement to acquire Green Diamond Farms LLC of southwest Michigan. Green Diamond Farms is currently working on licensing and setting up growing facilities in different areas of the state where permitted in partnership with FCGD. Each location should gross up to $2.5 mil year 1 and $6 mil by year 2. Read more here.
StaffApril 20, 2021
One in four Americans currently consume cannabis, reporting they’ve tried some form of cannabis within the past twelve months. That’s a significant increase since 2018* when just 16% of U.S. adults reported current consumption, representing a 56% increase in just two years. What’s more, 23% of current cannabis consumers say they tried cannabis for the first time over the past year, suggesting the COVID-19 pandemic, combined with expanded state legalization, has rapidly accelerated cannabis acceptance and adoption in America.
These findings are part of a national study conducted by global public opinion and data company YouGov in partnership with Sunnyside, the national retail dispensary brand of Cresco Labs. The study, conducted in March 2021, examined cannabis use, attitudes, and purchase behaviors of nearly 5,000 Americans representative of the U.S. population.
Key findings from the study indicate that cannabis is attracting new consumers from a variety of demographics:
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44% of cannabis-using parents with children under 18 tried it for the first time in the past year.
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43% of Seniors (65+) who use cannabis tried it for the first time in the past year.
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Men and women are using cannabis equally as often during the year, month, week, or day.
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62% of women believe that the 420 is no longer only for “stoners” / heavy cannabis consumers.
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62% of parents who consume cannabis believe celebrating 420 has become more acceptable.
“We were curious to learn how current conditions have impacted consumer attitudes and cannabis consumption behaviors ahead of what we expect to be an unprecedented 420 celebration,” said Cris Rivera, SVP of Retail Marketing & Customer Experience at Cresco Labs. “Whether it’s the stressors of a global pandemic or increased accessibility due to expanded state decriminalization, cannabis has become the leading CPG category for exploration as people flock to dispensaries to discover the range of novel formats and modern products available to them.”
Earlier this month, New Mexico became the 18th state to enact legislation to regulate cannabis for adult use, on the heels of adult-use legalization announcements from New York, New Jersey and Virginia. A total of 37 states and the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands have approved comprehensive, publicly available medical cannabis programs.
As cannabis legalization continues to sweep the U.S, beliefs and behaviors surrounding 420, once considered a “stoner holiday,” are shifting to become much more mainstream and inclusive. In fact, according to the YouGov study, 44% of cannabis consumers believe 420 should be recognized as a national holiday.
How will America celebrate 420 this year?
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57% of cannabis consumers view 420 as a national day of rest, relaxation, and wellness.
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50% of people 21-54 will try or will consider trying a new product on 420 this year.
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60% of young cannabis consumers (21-34) plan to try out a new form of cannabis on 420.
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57% of cannabis consuming parents with children under 18 plan to try a new form of cannabis on 420.
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46% of men plan to try a new product on 420, while 25% of men plan to shop deals.
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20% of women are planning a day of wellness.
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53% of cannabis consumers plan to celebrate 420 with others this year, either in person or virtually.
“As one of America’s leading retailers of medical and adult-use cannabis products, we are on a mission to normalize and professionalize the shopping experience so consumers feel comfortable and confident adding cannabis to their everyday wellness,” said Rivera. “We believe that 420 should be a mainstream and inclusive holiday, and this data set shows that people all over America are planning to embrace it in new ways this year.”
According to YouGov, people’s cannabis preferences vary by region:
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The Northeast is the most likely (64%) to consume cannabis for anxiety/stress relief.
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People in the South and West Coast consume cannabis for social occasions more than the rest of the country.
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The South is more likely (32%) to consume cannabis for intimacy than the rest of the country.
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The Midwest (61%) is consuming edibles and beverages more than the rest of America.
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74% of Midwestern users, and 64% of all cannabis consumers, believe if more people embraced cannabis, the world would be a better place.
StaffFebruary 12, 2019
The First Cannabis Focused Tech Company to Move Beyond The Industry
Denver, CO – February 12, 2019 – Cannaregs, Inc. the leading web-based data technology platform providing up-to-date access to comprehensive cannabis-related legal data including rules and regulations from municipal, county, state and federal sources, has just announced the completion of a $2 million capital raise to expand services and features nationally as well as beyond cannabis under the umbrella of Regs Technology (RegsTech).
RegsTechplans to deploy the capital strategically expanding its CannaRegs platform to enable the Company to scale nationally and expand its data platform beyond cannabis into other highly regulated hyper-local industries like shared transportation, electric and autonomous vehicles and emerging mobile telecom technologies.
“We’ve built a terrific set of advanced data services for our CannaRegs subscribers and are proud to be working with the best companies in the cannabis industry.” explained Founder and CEO Amanda Ostrowitz. “With this infusion of capital we’re confident that we will take RegsTech to the next level.”
Lead investors include Phyto Partnersand Panther Opportunity Fundalong with other high profile tech and cannabis VC investment. “By simplifying local legal search, Cannaregs helps all industry participants understand and comply with the laws saving time money and potential regulatory scrutiny.” said Larry Schnurmacher managing partner of Phyto. “As the cannabis economy continues to expand to more states, the need for this type of legal resource grows and we think cannaregs will capture that market.” said Larry Schnurmacher, Managing Partner of Phyto Partners.
“We are excited to be investing in RegsTech after following Amanda Ostrowitz over the last two years and seeing her grow her team and company to be the leading provider of local compliance and regulatory tracking software, stated Jordan Tritt, Principal at Panther Opportunity Fund. “Amanda and her team are very well respected among cannabis operators, consultants and government entities, and this capital raise will allow RegsTech to expand its reach within the cannabis industry as well as other highly regulated and localized industries.”
CannaRegs is regarded as the most trusted resource for cannabis regulatory and policy information. With over 500 users comprised of cannabis companies (e.g. Cresco, Kiva Confections, Caliva, Canndescent), law firms (Akerman, Thompson Coburn, Buchalter), governments (San Francisco, Sacramento, Mendocino County), consultants (3C Consulting, Green Wise Consulting, Muniservices), Real Estate Professionals (Kidder Matthews) and various other ancillary providers (Eaze, Hawthorne Gardening), its reach is far broader than the typical law firm audience of most legal tech platforms.
This capital raise ensures that CannaRegs is now able to offer even more information, new features, and enhanced user experience, while expanding nationally and with an eventual launch of additional Regs Techportals.
The next portal on the horizon for RegsTech is TransitRegs which will cover autonomous vehicles, electric vehicles and charge stations, app-based ride share, scooters, dockles bicycles and robotic deliveries.
About Regs Technology:
Regs Technology is a legal technology platform for highly regulated industries that are hyper-localized in nature. Its first product offering, CannaRegs, is a subscription platform that enables cannabis operators, law firms, investors, real estate professionals, consultants, and Governments to track cannabis regulation and policy, in real-time, providing users with critical information they need to make strategic business decisions, identify new opportunities and maintain compliance in an ever-evolving regulatory landscape. CannaRegs currently provides comprehensive cannabis laws for the states of California, Colorado, Florida, New Jersey, Nevada, Massachusetts, Michigan, Illinois, Ohio, New York, Missouri, and Pennsylvania to be followed by all other states that permit medical and/or recreational marijuana. For more information visit www.cannaregs.com.
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