Curaleaf Archives - Green Market Report

StaffFebruary 2, 2023
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4min1320

The Daily Hit is a recap of the top financial news stories for February 2, 2023.

On the Site

MedMen on the Brink of Collapse

MedMen (OTC: MMNFF) is at the edge of capitulation after new financial statements on Thursday show the once-mighty MSO may not be able crawl out of the hole of debt it dug for itself. The company reported that it is more $137 million in debt, with $15 million cash and equivalents on the books. Read more here.

Curaleaf Employees Asks for Class Action Status Over Stolen Tips

Four dispensary employees asked an Illinois judge to certify a class in their suit against Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF) alleging that MSO store managers pocketed more than $125,000 in stolen tip jar money meant for workers. Read more here.

Irwin Naturals Raises $40 Million for Clinic Expansion

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) reported that it had secured a credit facility as of February 1, 2023, with its existing commercial lender for up to $60 million with $40 million of it currently committed. Irwin Naturals said this money will help it to accelerate its roll-up and be a significant player in the world of psychedelic mental health clinics. Read more here.

Missouri’s Recreational Market Begins to Take Shape

Adult-use cannabis sales will be allowed to start on Monday in Missouri, led by medical marijuana operators that receive approval from the state by then. Lisa Cox, the state health department’s communication director, told Green Market Report that the “vast majority” of licensed medical cannabis facilities applied to participate in the adult-use program, but the approval process is just getting under way. Read more here.

In Other News

Celadon Pharmaceuticals

Celadon Pharmaceuticals Plc, a U.K. pharmaceutical company, gained MHRA registration for Good Manufacturing Practice manufacture of their high-THC cannabis active pharmaceutical ingredient. It is a worldwide industry leader with multibillion dollar acquisition potential. According to a spokesperson of the company, this is the first registration of a U.K. pharmaceutical facility for high delta-9-tetrahydrocannabinol cannabis API since the legalization of medical cannabis in the year 2018 in the U.K. Read more here.

Oregon Liquor and Cannabis Commission

Steve Marks, the longtime director of the Oregon Liquor and Cannabis Commission, told staff Wednesday that he will be resigning at the request of Gov. Tina Kotek. The resignation, first reported by Willamette Week, is not yet final, according to OLCC spokesperson Mark Pettinger. He said Marks had acknowledged the rumors swirling around the agency at a management meeting Wednesday, telling staff that details remained to be worked out. Read more here.


StaffJanuary 26, 2023
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4min4350

The Daily Hit is a recap of the top financial news stories for January 26, 2023.

On the Site

Curaleaf Closes Book on Legacy West

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) is exiting a trio of legacy western states in search for better profits. The exodus will begin this month with the “proactive closure of the majority of its operations” including its production and cultivation facilities in California, Colorado, and Oregon, the company said on Thursday. Read more here.

FDA Says CBD Still Can’t Be Dietary Supplement

The U.S. Food and Drug Administration this week announced that it would deny a trio of petitions that requested authorization for cannabidiol (CBD) to be used as a dietary supplement. The agency also advised that Congress needs to establish a better regulatory framework before such a classification is allowed. Read more here.

Mississippi Kicks Off Medical Cannabis Sales

Mississippi launched its medical cannabis program one year after the Mississippi Medical Cannabis Act was signed into law. Southern-based medical operator Good Day Farm sold flower to an Oxford, Mississippi medical patient. The company said that the flower was cultivated at Good Day Farm’s 130,000-square-foot facility, and became the first legal medical cannabis purchase in the state. Read more here.

TGOD is Now BZAM

The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (US-OTC: TGODF) is changing its name from “The Green Organic Dutchman Holdings Ltd.” to “BZAM Ltd.” In addition to changing the company name, the ticker symbol will also switch from TGOD and TGODF to “BZAM” on the CSE and “BZAMF” on the OTCQX. TGOD acquired the shares of BZAM in November 2022 resulting in one large shareholder owning 49.5% of the company. Read more here.

In Other News

Village Farms International

Village Farms International Inc. (Nasdaq: VFF) entered into definitive agreements with certain institutional investors for the purchase and sale of 18,350,000 of its common shares together with warrants to purchase up to 18,350,000 common shares, pursuant to a registered direct offering. Read more here.

St. Andrews Pharmacy LLC

A California state judge has ordered an early cannabis entrepreneur to pay $3.8 million after she was found to have cheated the successor of her dispensary by falsely claiming ownership of a legacy license, blocking him from securing a recreational marijuana business. Kathy Smith was ordered to pay the multimillion-dollar judgment to Cobby Pourtavosi, the operator of cannabis dispensary St. Andrews Pharmacy LLC. Read more here.


StaffDecember 7, 2022
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5min8820

The Daily Hit is a recap of cannabis business news for Dec. 7, 2022.

ON THE SITE

NLRB: Curaleaf Violated Labor Law by Refusing to Bargain with Union

Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) violated labor law by refusing to bargain with unionized workers at its Chicago location, the U.S. National Labor Relations Board ruled Tuesday. A three-member panel said that the company, GHG Management LLC, which oversees Windy City Cannabis and Curaleaf Weed Street, must recognize and bargain with workers within 21 days of receiving the notice from the NLRB. Read more here.

Analysts Try to Stay Hopeful on SAFE Act

The cannabis banking bill, the SAFE Act, did not make it into the defense bill despite efforts by Sen. Chuck Schumer. Now attention is turning to possible inclusion in the appropriations bill, but even that might not happen. More disappointing for the cannabis industry: comments by minority leader Sen. Mitch Mcconnell tagging the banking legislation as a “pet priority.” Read more here.

Cannabis Wholesale Numbers Keep Trending Down

Much of the U.S. cannabis wholesale market has been crashing this year, and that trend doesn’t appear to be reversing, according to the latest Cannabis Benchmarks report from Friday. The U.S. Cannabis Spot Index reported that wholesale prices reached a new low for 2022 of $955 per pound, down from $1,310 per pound a year ago. Read more here.

Illinois Governor Opens Door to Cannabis Delivery

Gov. J.B. Pritzker says cannabis delivery, which is currently illegal in Illinois but offered in other states, is an idea worth considering. Delivery services are legal in states such as Michigan, Florida, California, Maryland, Nevada and others. Uber Eats recently began delivery in Toronto. Read more here.

Massachusetts Pivots to Allow Some Pesticide Use by Cannabis Growers

Massachusetts authorities changed their minds when it comes to pesticide use in the marijuana industry and will allow pest-fighting chemicals that are approved for use on hemp and tobacco. The move reverses a previous ban on all non-organic pesticide use by cannabis farmers in the state. Read more here.

IN OTHER NEWS

Petalfast

Petalfast, a route-through-market platform for the cannabis industry, announced its partnership with Eagle Eyes Transport Solutions, LLC, Massachusetts’ first licensed third-party cannabis transporter and logistics specialist for adult-use and medical cannabis. Through this partnership, Eagle Eyes Transport will supply Petalfast’s growing brand portfolio with full-service transport, distribution, warehousing and fulfillment services in the state. Read more here.

Nevada consumption lounges

Clark County’s 2-hour “last call” proposal and a 24-hour “no tow” rule have drawn concern from some cannabis business insiders, as county officials move forward with cementing the policy into local law. The Cannabis Compliance Board requires a minimum of 30 minutes for the last call for customers, but Clark County officials have made it known that they intend a more stringent policy to combat intoxicated driving. Read more here.


Adam JacksonDecember 1, 2022
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2min11051

Cannabis giant Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) laid off around 220 of its employees ahead of the Thanksgiving holiday, Business Insider first reported.

In a statement to the outlet, Curaleaf declined to say which department the cuts occurred within, though said the cuts were “a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead.”

“I don’t like having to deliver this news, and we haven’t reached this decision easily,” Curaleaf CEO Matt Darin wrote to employees in a company-wide email, which was reviewed by Business Insider. Darin noted in the email that the company has been engaged in talks with unionized employees at affected Curaleaf locations.

The news comes does not come as much of a surprise, as Curaleaf has seen slowing growth this year amid a broader slowdown in the global economy and lulled efforts regarding U.S. federal legalization.

In a Nov. 7 earnings call, founder and chairman Boris Jordan told investors that management is “acutely aware of the economic conditions our customers are navigating.”

“As such, we are taking appropriate actions to ensure we continue driving growth and margin expansion next year, irrespective of the economic climate,” Jordan said at the time.

Curaleaf’s most recent earnings showed crimping margins and rising losses despite the company eking out on revenue expectations.

CEO Matt Darin said during the call that the company is “comfortably transitioning from the asset accumulation phase to the asset optimization phase in our evolution. Importantly, we are at this juncture by choice, not market force.”


StaffNovember 23, 2022
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7min14080

The Daily Hit is a recap of cannabis business news for Nov. 23, 2022.

Statehouse

In the wee hours of the morning StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF) released its financial results for the third quarter ending September 30, 2022, and provided additional business updates. Statehouse reported that its revenues increased 77% to $30.8 million versus last year’s revenue of $17.5 million. Statehouse also said in its statement that it is exploring the potential sale of various non-core assets, which could bring in roughly $5-8 million of non-dilutive capital to strengthen the balance sheet and fund its growth objectives. Read more here.

FDA Warning Letters

On Monday, the FDA issued Warning Letters to five companies that produce products with CBD (cannabidiol) and specifically zeroed in on products that would appeal to children. The FDA noted in some of the letters that it was concerned about Delta-8 THC products that may be consumed by children, as some packaging and labeling may appeal to children. 11-11-11 Brands, Naturally Infused LLC, Newhere Inc., Infusionz LLC, and CBD American Shaman LLC were all issued letters. Read more here.

Ascend Board

Cannabis investment veteran Emily Paxhia has resigned from her post as board member of Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH). The company on Wednesday said that Dan Neville, AWH’s interim co-CEO and CFO, as well as longtime investment strategist Joshua Gold, has been tapped to rotate into the board roster. Gold is a general partner of Boston firms Inverness LLC and Blue Flag Partners LLC. He served as a managing director at Jefferies & Co, as well as in various roles at Goldman Sachs and Bear Stearns. Gold was also on the board of the San Diego cannabis boutique chain Urbn Leaf. Read more here.

NY Fights Back

New York’s Office of Cannabis Management on Tuesday asked a federal judge to narrow the scope of a Nov. 10 order limiting the issuance of marijuana retail licenses to just Finger Lakes region rather than several localities, Law360 first reported. The news comes as the OCM had been gearing up to award its first cannabis licenses to New Yorkers who have been incarcerated or arrested for the plant. The injunction prevents the OCM from issuing licenses under the conditional adult-use retail dispensary (CAURD) program. Read more here.

In Other News

Curaleaf

Cannabis company Curaleaf Holdings Inc. (OTC: CURLF) is eliminating “several positions” as it follows through on cost-cutting plans. The company did not provide a specific number of job cuts, but a copy of an internal email was posted on social media. The CEO said the company “must get leaner, reduce overhead and do more with less.”

InterCure

InterCure Ltd. (NASDAQ: INCR) reports there are some fundamental disagreements between itself and Cann Pharmaceutical (including open matters which were not concluded at the time of the signing of the agreement), in addition to a disconnect between the parties, which pose doubts as to whether the signed agreement with Cann Pharmaceutical Ltd. will in fact be completed.   Read more here.


StaffNovember 17, 2022
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3min9030

The Daily Hit is a recap of cannabis business news for Nov. 17, 2022.

ON THE SITE

Your Take: Cannabis Conferences Can’t Call Themselves Inclusive – Yet

The cannabis industry is often seen as an innovative market, one that can show other sectors a thing or two regarding business operations as well as inclusion and equity. While it’s possible, the current trajectory often looks to be more of the same rather than trailblazing. Read more from Narmin Jarrous on the lack of inclusivity in industry events.

Oregon Craft Cannabis Companies Unite to Compete with Big Pot

Two notable Oregon craft cannabis companies have merged under one umbrella to compete in a market that has been facing existential economic headwinds and rapid consolidation. East Fork Cultivars, a grower and manufacturer, and Peak Extracts, a CO2 extractor and product maker, will combine as East Fork Group. Read more here.

Curaleaf Chairman: Cannabis Could Emulate Tobacco Oligopoly

The modern marijuana industry is headed toward massive consolidation that will eventually feature just a handful of companies atop a global supply chain, predicted Curaleaf Executive Chairman Boris Jordan during an appearance at an investor forum this week. Read more here.

IN OTHER NEWS

New York City

A raid in Bay Ridge, Brooklyn, yesterday could signal the beginning of the end of New York’s gray market era, and a transition towards a fully licensed and regulated retail cannabis market. The joint operation between the NYC Sheriff’s office, the Department of Consumer and Worker Protection, the Office of Cannabis Management (OCM), and NYPD resulted in the arrest of two individuals accused of operating an illegal cannabis and tobacco shop called Big Chief. Read more here.

Empyreal Logistics

Federal prosecutors dismissed a forfeiture case involving the transportation to Colorado of more than $165,000 in cash collected from medical cannabis dispensaries in Missouri. The cash was being transported to Colorado in October 2021 by Denver-based courier company Empyreal Logistics through Kansas, where neither medical nor adult-use marijuana is legal. 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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