Curaleaf Archives - Green Market Report

StaffStaffNovember 6, 2020
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3min1380

 Curaleaf Holdings, Inc. (CSE: CURA, OTCQX: CURLF) sells a pair of planned asset divestitures in Maryland for a combined $31.5 million in total proceeds as the company looks to supersize its Maryland operations. The company announced that it sold its interests in the smaller HMS cultivation and processor for $27.5 million to TerrAscend Corp. (CSE:TER, OTCQX: TRSSF). Instead, Curaleaf wants to buy Maryland Compassionate Care and Wellness, LLC, which operates a 55,000 square foot co-located cultivation and processing facility in Taneytown, MD, and a dispensary in Gaithersburg, MD under the Herbology brand. The company also closed its sale of a Cumberland, MD processor for $4.0 million. 

“The asset sales we announce today will allow us to optimize Curaleaf’s vertically integrated presence in Maryland within the regulation which limits operators to a single grow and single processor,” said Joseph Lusardi, Chief Executive Officer of Curaleaf. “Overall, the Maryland market continues to see impressive growth with over 115,000 certified cannabis patients. The actions we are taking aim to further strengthen Curaleaf’s position as a leading cannabis operator in Maryland as well as reaffirm our commitment to best serving our customers across the state.”

Transaction Details

Curaleaf sold its rights to the HMS Health LLC and HMS Processing LLC in Maryland to TerrAscend for a total consideration of $27.5 million. The company said that the HMS asset sale included the divestiture of operations in a 22,000 square foot co-located cultivation and processing facility in Frederick, MD. The deal includes $25 million in cash due at closing as well as a $2.5 million interest-bearing note due and payable to Curaleaf on April 30, 2022. The transaction is expected to close pending customary closing conditions, including regulatory approval by the Maryland Medical Cannabis Commission.

Curaleaf also sold Curaleaf Maryland, Inc., which holds a processing license in Cumberland, MD, for $4.0 million. This divestiture closed on November 1, 2020, and supports Curaleaf’s strategy for optimizing its vertically integrated presence in Maryland. Curaleaf currently operates in 23 states with 95 dispensaries, 23 cultivation sites, and over 30 processing sites, and employs over 3,000 team members across the United States.

 


Debra BorchardtDebra BorchardtAugust 18, 2020
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6min4690

Despite the challenges of COVID-19 in Massachusetts and Nevada, Curaleaf (OTC:CURLF) reported an impressive quarter and gave an even sunnier forecast. CEO Joe Lusardi said on the company’s earnings call that it took a $25 million hit to revenue in the quarter as a result of the pandemic. The tourist traffic in Nevada disappeared and the adult-use stores were closed in Massachusetts for weeks. Lusardi also pointed out that unlike Massachusetts’ quick recovery, Nevada’s recovery is painfully slow.

Earnings Recap

To recap, Curaleaf reported earnings after the close of the trading on Monday. The company delivered managed revenue of $121.4 million, which grew 120% year-over-year and 16% sequentially. Total revenue was $117.5 million, which grew 142% year-over-year and 22% sequentially. The net loss for the second quarter of 2020 was $2.0 million, compared to a net loss of $24.5 million in the second quarter of 2019. The company attributed the increase to a $19.2 million increase in the fair value of biological assets and a $1.1 million decrease in one-time charges.

“These benefits were partially offset by a $9.5 million increase in depreciation and amortization and a $0.3 million increase in share-based compensation, both of which are non-cash, a $5.3 million increase in income tax expense, and a $7.0 million increase in net interest expense.”

Guidance

Chief Financial Officer Mike Carlotti said on the call, “Based on current trends in our business and the ongoing recovery in Massachusetts and somewhat challenged recovery in Nevada due to COVID-19, pro forma Q3 revenue is expected to be approximately $205 million to $215 million. We expect to generate Q3 managed revenue of approximately $190 million to $200 million, which includes the partial Q3 benefit of the recently acquired Grassroots assets from the period of July 23 to September 30.”

“We expect to generate approximately $150 million to $160 million of managed revenues from core Curaleaf’s Select operations. We estimate Grassroots to contribute approximately $40 million in reported net revenue. Had Grassroots closed on July 1, it would have contributed approximately $55 million of revenue in the third quarter, net of assets now being held for sale in Maryland and Ohio to meet maximum license requirements. As Joe noted in his remarks during the quarter, we converted one of our main assets, Remedy to a for-profit, which was included in our Q2 financials.”

Political Landscape

The Curaleaf executives also had quite a few comments to make about the political landscape and the future of states like Connecticut and New Jersey.

Executive Chairman Boris Jordan said, “If you get a Biden administration, I suspect that most of the East Coast will be adult-use. And so I just don’t understand how they are going to deal with the fact that almost 80% of the population will have access to adult-use, about 85% will have access to medical. My view is that they will move reasonably quickly to some kind of either SAFE Act or something short of full legalization and maybe they will make some kind of special dispensation for medical.”

He added that New Jersey had not given any sort of timetable for adult-use, but surmised it could be quick as the state looks to relief in its budget as a result of the pandemic. He felt the New Jersey was no doubt watching the tax revenues enjoyed by Massachusetts. “If New Jersey goes adult-use, it is almost certain that Pennsylvania, New York and Connecticut will do it as well. And I think if we are talking again this time next year, on our second-quarter earnings call, I suspect that most of the East Coast will be.” (except perhaps Florida)

Banking

Carlotti said that Curaleaf accepts debit cards in eight states and will add three more by the fall. “What we have noticed is that typical transaction is about 20% higher than the average cash transaction and we have not seen any changes in visitation patterns as well. So, people are using the debit cards, they are spending more with those debit cards than they would otherwise if they just had cash.”

Lusardi said with regards to the SAFE Act, “A very major banking association, now including Visa, MasterCard is lobbying for the passage of this bill, because it makes sense its good public policy. So, we are hopeful that we will get a passage at some point and that will unlock credit card transactions in much bigger basket sizes that you would expect from like traditional retail.”


Video StaffVideo StaffAugust 17, 2020

1min13470

Curaleaf is rolling a new look to its dispensaries. Green Market Report visited the dispensary in Ware Massachusetts recently to see it in person. The old clinical looking medical dispensary has been replaced with a sleek, modern store for recreational consumers. This interview is an extended version with Curaleaf Massachusetts President Patrik Jonsson who spoke with GMR’s Debra Borchardt. The new design is discussed, along with bot the Select and Grassroots acquisitions


Video StaffVideo StaffAugust 17, 2020

1min9330

Curaleaf’s medical marijuana dispensaries used to have a decidedly clinical look about them. That has changed. Curaleaf’s adult-use stores have leveled up to a new modern stylish look. Green Market Report went on a road trip to Ware, Massachusetts to check out the new store look and talk to Curaleaf Massachusett’s President Patrik Jonsson. Thank you for watching the Green Market Report! Be sure to subscribe to our channel on YouTube.


Lydia KibetLydia KibetAugust 5, 2020
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4min8860

According to the President of Curaleaf Holdings Company, Joe Bayern, Nevada could become the hub for cannabis. The Massachusetts-based company, which is famous for medical marijuana, operates 60 dispensaries in 12 states. In an interview with journalists, the president confided several plans to expand their operations to seven more states.

Currently, the company has a workforce of 160 employees in Nevada, serving at 40 different capacities. The announcement by Bayern comes after the Curaleaf acquired GR Companies Inc. for $900m.

Bayern believes that his company will catapult cannabis dispensaries based in Nevada to greater height in the mainstream.

Hiring and promoting

According to the president, Curaleaf has set itself apart by creating employment opportunities for Nevadans even during the COVID-19 pandemic. The company’s chairman Boris Jordan has revealed its plan to identify and maximize opportunities in the cannabis industry. Jordan believes that hiring at a time when other companies are downsizing will put them ahead of their competitors in Nevada.

Brand creation

Curaleaf is optimistic that they will penetrate the market and establish a brand. Bayern confided their plans to take advantage of the on-premise consumption in Nevada. However, the president downplayed the plan to focus on profit and insisted that they were focused on establishing themselves in Nevada.

The benefit in the disguise of COVID-19

Most businesses are closing down due to economic constraints meted by COVID-19. However, this has not been the case with the cannabis industry, according to Bayern. He believes that more people are buying cannabis products due to the therapeutic benefits associated with them. Bayern argues that the more Nevadans buy products from Curaleaf, the more they push it into the mainstream. The president also believes that the company is going to use sophisticated technology to make products for their clients. Despite the disruption of life by COVID-19, the high demand for cannabis in Nevada will push Curaleaf into the mainstream. 

Party life

The state of Nevada is famous for its liberal approach to party life. According to Bayern, Curaleaf could benefit from this freedom when recreational cannabis is fully legalized in Nevada. The company is planning to establish a lounge where cannabis users can enjoy their joints and vapor in peace. Bayern believes that the gradual legalization of cannabis in Nevada will push Curaleaf into the mainstream.

Flexibility to change

Bayern believes that their positive approach to change played a vital role in their incredible performance following the coronavirus outbreak. After the imposition of travel and socialization restrictions, Curaleaf shifted into home delivery. The home delivery services increased the productivity of the company to almost 100% in the first three weeks. Although Bayern did not disclose their profits, he agreed that the return to investment (ROI) for Curaleaf was positive. A positive ROI for Curaleaf will push it into the mainstream in Nevada.

He also revealed that during the massive lockdown in Nevada due to COVID-19, they were exempted from the restrictions. Instead, the company was recognized as an essential service provider, making it more popular among the Nevadans and pushing it towards the mainstream.


StaffStaffJuly 23, 2020
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5min12050

Curaleaf Holdings, Inc. (OTCQX: CURLF) closed on its previously announced acquisition of GR Companies, Inc. also known as Grassroots on July 23, 2020. Curaleaf stock was higher by almost 3% to $7.39 on the news as it has been almost a year since it was first announced. The stock is nearing its year high of $8.21.

The acquisition of Grassroots now propels Curaleaf to the top of the charts for cannabis companies by revenue. The company will now have affiliated operations that cover over 135 dispensary licenses, 88 operational dispensary locations, over 30 processing facilities, and 22 cultivation sites with 1.6 million square feet of current cultivation capacity. It also jumpstarts the company’s presence in the hot states of Illinois and Pennsylvania.

“The successful acquisition of Grassroots marks Curaleaf’s expansion into new vertically integrated markets in the Midwest, firmly establishing our U.S. market leadership position. This highly complementary combination brings together two companies with a shared vision for enhancing patients’ and customers’ lives with high-quality cannabis wellness and lifestyle products,” said Joseph Lusardi, CEO of Curaleaf. “The integration of Grassroots is expected to be immediately accretive to our financial performance, with our unprecedented scale providing significant opportunities to leverage Curaleaf’s powerful consumer brands as well as new form factor innovations across our expanded national presence.”

The company said in a statement that the cultivation and processing assets in Illinois have been transferred and the formal approval to transfer certain retail assets is expected imminently. Plus, Maryland operations previously affiliated with Grassroots may be transferred to Curaleaf after expiration of the statutory hold period, subject to regulatory approval and compliance with restrictions on ownership or control of multiple cultivations, processor, and dispensary licenses in the State.

Completion of the transaction accelerates Curaleaf’s expansion into Illinois and Pennsylvania, which are among the largest and fastest-growing cannabis markets in the United States. Curaleaf will now hold a leading licensed cannabis presence in-state markets including Arizona, Connecticut, Florida, Illinois, Pennsylvania, Maryland, Massachusetts, Maine, Nevada, New Jersey, New York, North Dakota, and Vermont.

“This opportunity would not have come to fruition without the strength of our highly skilled executive team, who have built an impressive portfolio at an unprecedented pace, with facilities in highly competitive markets,” said Mitchell Kahn, Co-Founder, and CEO of Grassroots. “We look forward to integrating our talent and resources to build a great consumer product company – one that is dedicated to producing and delivering high-quality, safe, and effective cannabis products to the customer.”

Curaleaf Announces New Board Member

Curaleaf also announced it appointed Kahn to the company’s Board of Directors effective immediately. The appointment of Mr. Kahn expands the Curaleaf Board of Directors from five to six members.

“On behalf of the Curaleaf Board of Directors and management team, we are pleased to welcome Mitch to the Board. As a co-founder of Grassroots, he brings an impressive track record for success in building the largest private, vertically integrated U.S. multi-state cannabis operator. Combined with his deep experience across commercial real estate as well as the legal field, Mitch adds significant expertise and insight that will be vital as we extend our market leadership position and drive long-term shareholder value,” said Boris Jordan, Executive Chairman of Curaleaf.

 


Debra BorchardtDebra BorchardtJuly 21, 2020
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3min3400

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF)closed on a C$34 million offering that was announced on July 2, 2020. The company said proceeds of the offering will be used to fund Grassroots’ high-return expansion projects, replenish its working capital as well as for general corporate purposes.

Joseph Lusardi, CEO of Curaleaf, said, “Our successful completion of this private placement further strengthens Curaleaf’s balance sheet and provides additional flexibility to support our future expansion initiatives as we look to extend our leadership position in the fast-growing U.S. cannabis market.”

Deal Terms

The company said in a statement that under the initial tranche, subscribers purchased an aggregate of 3,541,429 subordinate voting shares of the Company at a price of C$7.70 per Subordinate Voting Share for aggregate gross proceeds of approximately C$27,269,003.  Subsequent to setting the initial tranche, the Company secured a second tranche investment, which is part of the Offering closing today.  Under the second tranche, a subscriber purchased 842,269 Subordinate Voting Shares at a price of C$8.058 per Subordinate Voting Share for gross proceeds of approximately C$6,787,003.

In aggregate, the Offering generates approximately C$34,056,007 in gross proceeds for the Company in exchange for 4,383,698 Subordinate Voting Shares at an average price of approximately C$7.77 per Subordinate Voting Share.

Grassroots Acquisition

Curaleaf had announced in July 2019 that it was buying Grassroots or GR Companies Inc. in a deal valued at $875 million. The deal was to be made up of 108.8 million shares and $75 million at the closing which was expected in early 2020. “With the acquisition of Grassroots and the pending acquisition of Select, Curaleaf is the world’s largest cannabis company by both revenue and operating presence,” said Joseph Lusardi, CEO of Curaleaf. “With a combined 68 open dispensaries, this transaction significantly accelerates our expansion strategy and strengthens our reach across the medical and adult-use markets. In addition, it enhances the depth of our retail and wholesale platform across the country. By leveraging our scale, as well as our market-leading capabilities and expertise, we will continue to deliver value for our shareholders.”

The company currently operates in 18 states with 57 dispensaries, 15 cultivation sites, and 24 processing sites. Curaleaf employs over 2,200 people across the United States.

 

 

 


StaffStaffJuly 1, 2020
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8min17430

Editors Note: This is a guest post.

More and more countries decide to legalize cannabis and give entrepreneurs a chance to make money and keep the economy. 

In 2019, the marihuana stocks were supposed to prove their worth on Wall Street by generating steady profits. However, things didn’t go according to the plan. Many investors missed opportunities due to high tax rates and supply issues in the United States and Canada. These obstacles helped the black market to thrive and left marijuana stock investors just heart-broken – no one could predict the government’s roadblocks. 

Despite all these setbacks, some pot stocks still have good market value. Do you want to learn how entrepreneurs legally make money on selling cannabis these days? Just keep reading:

Canopy Growth And Its Bright Start

Canopy Growth Corporation (NYSE: CGC) (also known as Tweed Marijuana) was founded by two friends – Chuck Rifici and Bruce Linton, in 2013. 

In 2019, the company became the largest cannabis company in the world thanks to its value of shares and market capitalization. The company has even survived all challenges in 2019 without losing a single employee. During the crisis, there were 3200 employees in Canopy Growth. 

These days, Canopy Growth is legally selling their products to 16 other countries (Spain, Germany, Australia, Canada, Jamaica, Czech Republic, Chile, etc.). At the end of 2019, the company set up a partnership with a UK-based think-tank called Beckley Foundations, which will allow them to start selling medical cannabis all around the UK as well.

David Klei, the new CEO of Canopy Growth Corporation, says that it is only the beginning of their company. In 2019, they also announced the release of edible cannabis products such as chocolates and beverages. The company might show even more surprises at the end of 2020. Mr. Klei has a point – it is only the beginning.

Curaleaf Holdings and its Cannabis King named Boris 

Curaleaf Holdings (CURLF) is a Canadian company that produces and distributes cannabis-based products around the world. There is one special thing about the company. As the owners of the company state on their website and in numerous interviews, research and advocacy help them to become leaders in the competitive industry.

In 2020, Curaleaf operated more than 57 dispensaries around the US and Canada. No wonder, Boris Jordan, the chairman of Curaleaf, is called a Cannabis King in the American mass media. 

GW Pharmaceuticals 

GW Pharmaceuticals (NASDAQ:GWPH) is a pharmaceutical company based in the UK. It helps to treat patients with multiple sclerosis with the help of natural cannabis. 

In 2018, their cannabis-based products such as Sativex and Epidiolex were approved by the US Food and Drug Administration. We can find their products in London, Prague, and Las Vegas dispensaries

In 2020, the net worth of the company is $3.21 billion. At the moment, the company has its branches in Germany, France, Spain, Italy, and the US. 

Cronos Group

Cronos Group (CRON) is an innovative global cannabinoid company with an office in New York. In 2019, the company received a $2.4 billion equity investment from Altria Group ( the largest producer of tobacco).

Investors consider Cronos Group one of the most cash-rich pot stock in the industry. The company was founded in 2016 and was run by only 2o employees at the beginning. Right now, there are almost 1000 employees in Cronos Group. Mike Gorenstein, CEO of the company, says that they have even more ambitious plans for the future. 

Tilray 

Tilray (TLRY) is another cannabis company that has a great place in the stock market. Tilray is a Canadian pharmaceutical company that has operations in the unites States, New Zeland, Portugal, Australia, Germany, and Latin America. 

All you need to know about Tilray is that it is one of the first medical cannabis producers in North America. 

Once marijuana was legalized in the United States, Tilray was the first cannabis company legally exporting their products to Americans. The company debuted on the Nasqad Stock Market with $17 per share.

In 2018, the price increased to $214 per share. However, the crisis in August 2019 brought Tilray’s founder Brendan Kennedy back to Earth – the price crashed to $29 per share. Despite such a failure, the company is still afloat, with the capital of $1.18 billion. 

The Bottom Line 

The cannabis industry is growing rapidly around the world. We might expect even more companies on the market in the near future. However, at this point, entrepreneurs need more support from the government. 

Politicians might not be interested in helping the pot business. On the other hand, they should be the ones wanting to fight the illegal drug trade. Supporting local cannabis companies will not only help to generate the requisite public revenues and provide jobs but will also help to protect users from poor quality cannabis-based products. 

 


Debra BorchardtDebra BorchardtJune 4, 2020
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4min9320

Grassroots Cannabis has sold two facilities it operated in North Dakota to Scythian Real Estate. Scythian purchased the properties from Grassroots Cannabis for $3.4M. Grassroots is going to lease back the properties. Grassroots Cannabis will continue to operate both North Dakota locations under the name Herbology, offering high-quality medical marijuana products including flower, concentrates, tinctures, vape pens and topicals, as well as one-on-one patient consulting.

“This sale-and-leaseback agreement with Scythian represents a non-dilutive capital solution for Grassroots Cannabis as we expand our retail operations,” said Steven Weisman, Chief Strategy Officer and Co-founder of Grassroots Cannabis.

Curaleaf (OTC:CURLF)  announced it was acquiring Grassroots in 2019, but the deal has yet to close. In May, Curaleaf said it is still working through state approvals and hopes to close by the end of the second quarter.

Joseph Lusardi, Chief Executive Officer of Curaleaf said in the company’s recent earnings release, “We expect the pending completion of our purchase of Grassroots, the largest private vertically integrated multi-state cannabis operator, to affirm our position as the world’s largest cannabis company by both revenue and operating presence.”

Scythian Deal

The acquisition includes a recently renovated 4,500-square-foot facility located at 310 US-2 in Devils Lake and a newly constructed 4,995-square-foot facility located at 318 24th St. East in Dickinson.

“Scythian is committed to working with cannabis operators like Grassroots Cannabis that have a proven track record of success,” said Randy Roberts, Partner at Scythian. “Both of these locations are well-positioned to support the long-term growth of Scythian’s portfolio as we continue to identify opportunities with highly sophisticated operators in quality markets.”

Scythian’s investment fund is currently valued at nearly $40 million with 18 assets under management, including various locations operated by The Green Solution in Colorado. The firm is raising an additional $25 million in capital to fulfill an existing acquisition pipeline across multiple states.

Acreage Holdings has announced early in April it was closing the North Dakota dispensary. The North Dakota location operated under Acreage’s “Botanist” banner — reopened as Pure Dakota Health, according to the state’s Division of Medical Marijuana.


Debra BorchardtDebra BorchardtMay 18, 2020
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6min5510

Curaleaf Holdings, Inc.  (OTCQX: CURLF) reported increased revenue for the first quarter ended March 31, 2020. Total revenue for Curaleaf in the first quarter of 2020 increased by 174% to $96.5 million versus $35.3 million in the first quarter of 2019. Total revenue for the first quarter of 2020 increased 28% sequentially.

The net loss for the first quarter was $15.5 million, compared to a net loss of $10.8 million in the first quarter of 2019. The net losses declined from the fourth quarter which was $26 million. The company said that the increase was primarily driven by a $14.7 million increase in income tax expense largely resulting from deferred taxes associated with biological assets, a $9.1 million increase in depreciation and amortization, a $2.7 million increase in share-based compensation, both of which are non-cash, a $9.7 million increase in one-time charges, primarily business development, acquisition and financing related, and a $7.2 million increase in interest expense offset by a $13.3 million change in the fair value of biological assets.

“Curaleaf delivered record first-quarter results, highlighted by managed revenues exceeding our outlook as well as a 45% sequential improvement in Adjusted EBITDA,” said Joseph Lusardi, Chief Executive Officer of Curaleaf. “Overall, Curaleaf remains well-positioned for improving top and bottom-line performance in 2020 driven by our organic growth initiatives as well as strategic acquisitions. We expect the pending completion of our purchase of Grassroots, the largest private vertically integrated multi-state cannabis operator, to affirm our position as the world’s largest cannabis company by both revenue and operating presence.”

Detailed Revenue

Retail revenue increased by 197% to $56.6 million during the quarter, compared to $19.0 million in the first quarter of 2019. Growth in retail revenue was primarily due to organic growth and new store openings in FloridaMassachusetts, and New York, along with the acquisitions of three dispensaries in Arizona, two dispensaries in Nevada, and from Maryland due to the addition of the HMS/MI businesses and Elevate Takoma.

Wholesale revenue increased by 134% to $20.4 million during the quarter, compared to $8.7 million in the first quarter of 2019. Growth in wholesale revenue was due primarily to the addition of Select and as a result of the increased number of adult-use dispensaries in Massachusetts.

“The strength of our financial performance in the first quarter also drove improved operating cash flow,” said Mike Carlotti, Chief Financial Officer of Curaleaf. “Combined with the strength of our balance sheet, which was improved by the $300 million senior secured credit facility that closed in January 2020, this has allowed us to remain opportunistic in terms of investing in the business, as well as, pursuing strategic acquisitions.  Most notably, in early February, we successfully completed the acquisition of Select. In early April, we completed the acquisition of Arrow, achieving a key objective of vertically integrating our operations in Connecticut and providing us new dispensaries in three of Connecticut’s largest metro-areas.” The company had $176.4 million of cash, $281.5 million of outstanding debt net of unamortized debt discounts and 507.7 million fully diluted shares outstanding.

Looking Ahead

In March, Curaleaf acquired three Arrow Alternative Care (AAC) dispensaries in the state of Connecticut. AAC operates three out of 18 total stores currently operational in the state. The company also said in March that it would acquire Colorado-based edibles company BlueKudu for an undisclosed amount.

Founded in 2011, BlueKudu is one of Colorado’s oldest and most experienced edible manufacturers. Known for utilizing high-quality ingredients sourced from Rainforest Alliance Fair Trade Certified Farms, BlueKudu employs culinary experts and an extraction process that provides a cleaner and more natural oil to create artisanal cannabis products with vegan and gluten-free options. The company says it is available in 200 locations.

Carlotti added, “Looking forward, we currently anticipate the continued rise in managed and pro forma revenue, with sequential growth in the second quarter of 2020 despite temporary COVID-19 related restrictions that occurred in Massachusetts and Nevada.”



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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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