Cronos Archives - Green Market Report

StaffAugust 9, 2022


The Daily Hit is a recap of cannabis business news for August 9, 2022.


Cronos Makes Gains in The Second Quarter

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) reported its 2022 second-quarter earnings with net revenue of $23.1 million which jumped from last year’s $7.4 million for the same time period. However, total revenue before taxes was $28 million which just beat the Yahoo Finance average analyst estimates for revenues of $27 million. It was also better than the first quarter‘s revenue of $25 million. The stock was dropping by roughly 8% in early trading to lately sell at $3.26. Read more here.

Acreage Holdings Sees Revenues Climb, Pushes Eastward

Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U), (OTCQX: ACRHF, ACRDF) delivered positive results in the second quarter as the company moves away from established western markets in favor of emerging markets east of the Mississippi. The company reported its financial results for the first quarter ending June 30, 2022 after the market closed on Monday. Read more here.

Weedmaps Beats on Earnings, But Gives Cautious Outlook

WM Technology, Inc. (Nasdaq: MAPS) announced its financial results for the second quarter ending June 30, 2022. WeedMaps reported that its revenue increased 24% to $58.3 million over the second quarter of 2021. This slightly missed the Yahoo Finance average analyst estimate for revenues of $62 million. Net income was $19.8 million as compared to net income of $16.8 million from the prior year period. Read more here.

Hydrofarm Stock Craters as Sales Wither

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) slumped in trading on Tuesday as it posted second-quarter results that missed expectations — showing that consumer demand for hydroponics remained flat as a lack of regulatory guidance and recessionary pressures facing the sector persist. The company released its financial results for the second quarter ending June 30, 2022. Read more here.

MariMed Edges Up in Second Quarter Earnings

After the close on Monday, MariMed, Inc.  (CSE: MRMD) (OTCQX: MRMD) delivered its financial results for the second quarter ended June 30, 2022. MariMed’s revenue of $33 million just barely edged out the previous year’s revenue of $32 million and was higher than the first quarter’s revenue of $31 million. However, it missed the Yahoo Finance average analyst estimate for revenues of $36 million. The company reported a net income of $1.9 million versus last year’s net income of $7.6 million. Read more here.

Village Farms Beats on Revenue, as Produce Stays Strong

Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF)  announced its financial results for the second quarter ended June 30, 2022. Total consolidated sales increased 18% year-over-year to $82.9 million from $70.4 million. This beat the Yahoo Finance average analyst estimate for revenues of $70 million. Read more here.

Charlotte’s Web Misses on Revenue, Finds Hope Beyond The U.S.

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) missed expectations as the CBD company continues to struggle amid a patchwork regulatory landscape. The company reported its financial results for the second quarter ending June 30, 2022. Read more here.

Cannabis Operators Plan to Raise Prices, Blaming Inflation

The word “inflation” has dominated headlines and earnings calls this year, and a survey from a leading national cannabis accounting and advisory firm solicited feedback to gauge how such rising costs are affecting the sector. In a month-long survey this year asking operators a series of questions regarding the impacts of inflation on their cannabis operation, GreenGrowth CPAs found that one in four operators reported planning to raise prices in the near or immediate future to combat rising inflation costs. Read more here.

Psychedelics Plays a Role In Metamodernism

There are stories about how psychedelics changed the minds of entrepreneurs not only seeking enlightenment in the San Francisco Bay Area beginning in the late 60s and early 70s but incorporating their psychedelic visions into business models. Read more here.


Curaleaf Holdings, Inc., Pharma GmbH

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), a U.S. provider of consumer products in cannabis, today announced that Curaleaf International Holdings Limited, the company’s European holding company, has signed a definitive agreement to acquire a 55% stake in Four 20 Pharma GmbH, a fully EU-GMP & GDP licensed German producer and distributor of medical cannabis with its own product line. Read more here.

Lowell Farms Inc.

Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF), a California-born cannabis cultivation and maker of brand Lowell Smokes, announces unaudited revenue and operating results for the second quarter (ended June 30, 2022). All figures stated are in US Dollars. Read more here.

AFC Gamma, Inc.

AFC Gamma, Inc. (NASDAQ:AFCG) today announced its results for the second quarter of 2022. AFCG issued a presentation of its second quarter 2022 results, titled “Second Quarter 2022 Earnings Presentation,” which can be viewed at under the Investor Resources section. AFCG also filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, with the Securities and Exchange Commission on August 9, 2022. Read more here.

Akanda Corp., Cansativa GmbH

International medical cannabis platform company Akanda Corp. (NASDAQ: AKAN) today announced it has signed a multi-year supply agreement with European medical cannabis leader Cansativa GmbH to supply EU-GMP quality THC dried flower strains cultivated from its Portuguese operations at Holigen. This new supply agreement marks one of the largest for medical cannabis to be exported from Portugal to serve the emerging European medical cannabis market. Read more here.

TRP, Cookies Florida, Inc.

TRP is bringing recognized cannabis brand Cookies to the Florida market through an exclusive partnership. The first Cookies dispensary in the state is opening at 8303 Bird Road in Miami, Florida on August 13, 2022. TRP looks forward to serving South Florida’s patients via its subsidiary and MMTC license holder Cookies Florida, Inc. Read more here.

22nd Century Group, Inc.

22nd Century Group, Inc. (Nasdaq: XXII), a leading agricultural biotechnology company dedicated to improving human health with reduced nicotine tobacco, hemp/cannabis, and hops advanced plant technologies, today reported results for the second quarter ended June 30, 2022, and provided an update on recent business highlights. Read more here.

MediPharm Labs Corp.

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ), a pharmaceutical company specialized in precision-based cannabinoids, announced it has entered into a research support agreement with the Keck School of Medicine of University of Southern California (USC) to conduct a randomized double-blind placebo-controlled Phase 2 trial on the efficacy of THC and CBD to treat hospice-eligible patients diagnosed with dementia and experiencing agitation. Read more here.

Mindset Pharma Inc.

Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF), a drug discovery and development company focused on creating novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, today issued a letter to shareholders from James Lanthier, Chief Executive Officer of Mindset. Read more here.

Cybin Inc.

Cybin Inc. (NEO: CYBN) (NYSE American: CYBN), a biopharmaceutical company focused on progressing “Psychedelics to TherapeuticsTM”, announced that it has established an at-the-market equity program that allows Cybin to issue and sell up to USD $35,000,000 of common shares. Read more here.

StaffJune 21, 2022


The Daily Hit is a recap of the top cannabis business stories for June 21, 2022.


Juva Life Gets $11 Million in Pelorus Equity Deal

Privately owned Pelorus Equity Group has closed an $11.8 million financing with Juva Life Inc. (OTC: JUVAF), a life science company with pharmaceutical research and development and consumer-facing operations in cannabis production and distribution. Pelorus said the primary purpose of the financing was to finance the exercise of the tenant’s purchase option on its recently completed Stockton cultivation facility, as well as provide working capital and R&D funding. Read more here.

Prices Falling for Cannabis Companies

Once upon a time, owning a cannabis company seemed like a sure bet. Even if you couldn’t make the business work, there was always an option to sell it. So many people have been desperate to get into the cannabis industry that they were willing to pay just about any price. In other words premium prices regardless of whether the business warranted it or not. Now as the bear market in stocks seems to have some staying power and competition in some cannabis markets is heating up, prices for these businesses is dropping. Read more here.

High Times Sells LGBTQ Titles

High Times has sold its LGBTQ publications to Equal Entertainment for an undisclosed amount. The publications include Magazine, Magazine, Out Traveler Magazine, Plus Magazine, and and given a new name for the company Equal Pride. According to the press release, “The acquisition returns the company to LBGTQ+ majority ownership and creates the largest LGBTQ+ – owned media, digital, TV, and entertainment company in the country with the majority of Equal Pride employees also identifying as LGBTQ+, women, and/or people of color.” Read more here.

The Bulls Are Running in Psychedelic Stocks

The stock market has been tough over the last month, as has most of the U.S. economy. The Federal Reserve raised interest rates by 0.75 percent on Wednesday, June 15, and that reduces the amount of money in the economy. Besides mortgages, rising interest rates impact the stock and bond markets, credit cards, personal loans, student loans, auto loans, and business loans according to Forbes. It’s the third hike this year and the largest since 1994. The move is aimed at countering the fastest pace of inflation in over 40 years. Another rate hike could come in July, according to Fed Chairman Jerome Powell. Read more here.


Cronos Group Inc., Ginko Bioworks

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), a global cannabinoid company, and Ginkgo Bioworks (NYSE: DNA), a horizontal platform for cell programming, today announced the achievement of the third target productivity milestone in their partnership to produce eight cultured cannabinoids. Using Ginkgo’s platform for organism design and development, Cronos has successfully achieved the productivity target for tetrahydrocannabivarin (THCV), a cannabinoid hypothesized to reduce the appetite-enhancing property of THC. Access to additional rare cannabinoids will support Cronos’ innovation pipeline and commercialization strategy. Read more here.

BioLumic Inc.

BioLumic Inc. today announced the closing of a $13.5-million Series B funding round that will be used to accelerate commercial growth for its cutting-edge, patented agricultural technology that harnesses the power of ultraviolet light to improve plant productivity. The funding round is led by OurCrowd and is joined by Finistere Ventures, Icehouse Ventures, Rabo Ventures, Entourage Effect Capital, Arcview Ventures Seed Fund, Flatiron Venture Partners, RIV Capital, Virtu Capital, Bravos Capital, Privthi, NZ Booster Fund, Norwind Capital, MIG Nominee No 1 Limited, Aspire NZ Seed Fund and others. Read more here.

Rubicon Organics Inc.

Pierre Lassonde, of 45 Hazelton Ave, Toronto, Ontario, M5R 2E3, today announced that on June 20, 2022, Mr. Lassonde sold common shares of Rubicon Organics Inc., a company with a head office at 505-744 West Hastings Street, Vancouver, BC, V6C 1A5, in an amount of 1,000,000 Common Shares. The Common Shares were sold to the Chair of the Board of Directors of Rubicon, Julie Lassonde, and occurred through the facilities of the TSX Venture Exchange at a price of C$0.77 per Common Share, for aggregate consideration of C$770,000. Read more here.

Body and Mind Inc.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ),  a multi-state U.S. cannabis operator, reported its financial results for the third fiscal quarter ended April 30, 2022. Read more here.

In related news: Body and Mind Inc., a multi-state U.S. cannabis operator, is pleased to provide an update on the first amendment to the Seaside dispensary purchase agreement. The company, through its wholly owned subsidiary, DEP Nevada, Inc., executed definitive agreements to purchase the Reef dispensary in Seaside California on November 30, 2021 and has been operating the dispensary since December 1st, 2021. Read more here.

CEA Industries Inc., Greene Brothers Farm

CEA Industries Inc. (NASDAQ: CEAD, CEADW) subsidiary, Surna Cultivation Technologies LLC, a leader in controlled environment agriculture (CEA) systems engineering and technologies, today announced it has entered into a letter of intent to provide products and mechanical engineering services over five phases with Greene Brothers Farm, Inc., a family owned and operated farm that is developing a 26-acre site exclusively for indoor cannabis cultivation. CEA Industries anticipates contract revenues of approximately $10 million over an estimated two to three-year period. The initial contract, valued at $1.2 million, is for the first phase of products and services and is planned to be completed by early Q4 2022. Read more here.

Intercure Ltd., Cookies

Intercure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) announced today the opening of the first flagship Cookies store in Austria, located in the Neubau district of Vienna. The flagship location offers Cookies’ unique CBD menu, available for the first time in Europe, as well as clothing and life-style products. In the future, as regulations are evolving, pharmaceutical grade medical cannabis will be available for Austrian patients, including Cookies EU-GMP THC products. Read more here.

Captor Capital Corp.

Captor Capital Corp. (CSE: CPTR; FRANKFURT: NMVA; STUTTGART: NMVA), announced today that the board of directors has initiated a process to identify, examine and pursue strategic alternatives to the company’s current business. Brady Cobb, a cannabis industry veteran, has been named as the interim chairman of the board of directors, effective July 1, 2022, to oversee the leadership of the company and the Strategic Review process with an eye towards maximizing operational efficiencies and charting the most accretive path forward to maximize shareholder value. Read more here.

AIkido Pharma Inc.

Shalom Auerbach, a significant stockholder of AIkido Pharma Inc. (NASDAQ: AIKI) owning approximately 3.8% of its common stock, today issued the following letter to stockholders of AIkido Pharma Inc. Read more here.

William SumnerMarch 22, 2018


On March 22, 2018, Cronos Group Inc. (CRON) announced that it had entered into an agreement with a series of underwriters, which was co-led by GMP Securities L.P. and BMO Capital Markets, to sell 10,420,000 common shares of the company. Priced at $9.60 per common share, the total value of the deal is approximately $100 million.

This is just the latest good news for Cronos, who has been moving aggressively to consolidate its position in both US and Canadian markets. Earlier in the week, the company announced that it would form a joint venture with MM Enterprises USA, LLC, a cannabis produced and owner of one of the largest retail cannabis dispensaries in the state of California, to develop branded cannabis products and dispensaries.

The company has also granted the underwriters an over-allotment option to purchase an additional 1,563,000 common shares, exercisable up to 30 days following the closing of the deal. If the over-allotment option is exercised, the valued of the deal would be raised to $15 million.

Completion of the deal is contingent upon receiving approval from securities regulatory authorities in both the United States and Canada, including the NASDAQ Global Market and the TSX Venture Exchange. The deal is expected to close on April 6, 2018.

Upon closing the offering, the company hopes to use the proceeds to fund its international operations, expand its capacity, and for general working capital; which includes seeking potential new investment opportunities.

In addition to the bought deal, the company also announced its preliminary 2017 financial results. The company reported that it anticipates its 2017 revenue to be between $3.8 and $4.4 million, compared to $0.6 million in 2016.

The massive increase in revenue is due largely to the inclusion of Peace Naturals Project Inc. revenues for the whole year, whereas the company’s 2016 financial results only included Peace Naturals revenue from September 2016 through the end of the year. The company expects to release its consolidated financial results on or around April 30, 2018.

StaffSeptember 14, 2017


Cronos Group Inc. (PRMCF) announced a private placement for $10 million at a price of $2.25. The proceeds will be used to fund the continued expansion of the company’s production capacity.

Canaccord Genuity analyst Matt Bottomley thinks Cronos Group is still undervalued. “We believe securing additional capacity to supply international markets provides attractive optionality for the company as medical cannabis continues to gain global acceptance; however, we have not updated our estimates for the time being as we await additional updates on Israel’s timing for allowing export sales and construction/expansion benchmarks, as the JV continues to build capacity,” Bottomley said..

There has been a lot happening with Cronos lately. Just a couple of days ago the company also announced that it was the first company to be admitted into the Nasdaq International Designation program using its OTC symbol PRMCF. It’s a platform designed for non-U.S. companies.

“We’ve always had a strong U.S. investor base and that investor base continues to grow. This designation will improve Cronos’ visibility across U.S. capital markets and increase shareholder confidence and liquidity,” said Mike Gorenstein, CEO of Cronos. Having said that, member companies are not listed or traded on the Nasdaq as a result of the designation.

Cronos Group Inc. (PRMCF), just recently delivered its second quarter results. Sales increased 25% sequentially with Cronos reporting $643,000 in revenue over last quarter’s $514,000. The company recorded positive net income of $174,879. The cost of goods sold dropped to $2.18 per gram and management said it expected the costs to continue to decline as two additional facilities ramp up production.

In August Cronos said it had secured $40 million in debt financing with Romspen Investment Corporation to continue expansion of its New Peace Facility. Those plans were outlined in May of this year.

Cronos OTC stock is lately trading at $1.90, which is lower than its 52-week high of $2.65, but has recovered nicely from its 52-week low of 29 cents. The stock’s performance on the Canadian market where it trades under the ticker MJN has experienced an increase of 286% over the past year.  The 52-week range has been 1.58-3.54 in Canadian dollars.

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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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