John SchroyerMay 31, 2023
Advocate: "That's corrupting the entire spirit of the social equity approach."
Curaleaf Archives - Green Market Report
John SchroyerMay 31, 2023
StaffMay 30, 2023
The Daily Hit is a recap of the top financial news stories for May 30, 2023.
On The Site
Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year
Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.
New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing
New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.
Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins
Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.
Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana
Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.
YourWay Cannabis Can’t Find An Auditor For Filings
YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.
In Other News
Minnesota
Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.
Ohio
Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.
North Carolina
A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.
John SchroyerMay 30, 2023
Many companies dealt with significant one-time writedowns in 2022.
StaffMay 22, 2023The Daily Hit is a recap of the top financial news stories for May 22, 2023.
On the Site
Canopy Growth Reduces Interest in Canopy USA in Revised Statement
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) filed a revised proxy statement with the U.S. Securities and Exchange Commission that includes updates related to its strategy to accelerate entry into the U.S. cannabis industry through a U.S.-domiciled holding company, Canopy USA LLC. Read more here.
Curaleaf Settles Another Lawsuit Over CBD Drops Containing THC
Massachusetts-based Curaleaf (CSE: CURA) (OTCQX: CURLF) has settled yet another class action lawsuit filed last year against it over CBD drops sold in Oregon that had THC in them and wound up getting consumers high. Read more here.
Arkansas Cannabis Grower Settles with Insurer over 5,000 Dead Plants
An Arkansas marijuana grower has apparently reached a settlement deal with its insurance company following a lawsuit that alleged the insurer wrongly denied a claim to partially cover the loss of 5,000 cannabis plants. Read more here.
Rhode Island Tells Dispensary to Remove Billboards or Face Penalties
The owner, Joe Pakuris, put up the trio of billboards just last week to tell motorists on Interstate 95 where they could find his adult-use cannabis store – and to illustrate a glaring loophole in the state’s rules for cannabis companies like his: Massachusetts marijuana businesses can advertise on billboards in Rhode Island, but state-licensed recreational cannabis retailers in Rhode Island cannot. Read more here.
Fixes to Illinois Cannabis Law Proposed to Help Retail Applicants
Legislation filed today as the Illinois General Assembly’s spring session is winding down would extend by one year the amount of time winners have to line up locations for their shops before they risk losing their licenses. The bill also would allow license winners to raise money from outside investors before they receive final approval to open stores. Read more here.
In Other News
Massachusetts
Massachusetts’ Cannabis Control Commission on Monday took a step its members said would help streamline the process for getting cannabis cafes and marijuana lounges up and running in the state. The commission voted to scrap a pilot program that would initially limit social consumption establishments — places where people can buy marijuana products and use them on-site — to 12 communities. Read more here.
Organigram Holdings
Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) announced today that its wholly owned subsidiary, The Edibles and Infusions Corp., has met certain of the remaining earnout milestones that formed part of the terms of its acquisition in April 2021. Read more here.
John SchroyerMay 22, 2023
Curaleaf will pay $100,000 into a fund for affected consumers.
Adam JacksonMay 19, 2023
New cannabis strategies have emerged as Q1 2023 earnings roll in and age-old business sentiments remain.
Adam JacksonMay 17, 2023
The company expects a robust growth trajectory through 2026.
John SchroyerMay 8, 2023
Execs say their focus is on focused growth in 2023.
John SchroyerMay 1, 2023
Curaleaf attributed much of the loss to exits from three states.
StaffApril 17, 2023The Daily Hit is a recap of the top financial news stories for April 17, 2023.
On the Site
Curaleaf New Jersey Recreational Licenses Reinstated
Curaleaf (OTC: CURLF) has been granted permission to continue selling recreational marijuana at all its New Jersey locations after state regulators reversed a Friday decision that would have significantly restricted the company’s sales outlets. Read more here.
Circle K Deepens Ties with Fire & Flower
This deal gives Fire & Flower the exclusive right to negotiate with Alimentation Couche-Tard (OTC: ANCUF) when it comes to entering new retail cannabis businesses and franchise arrangements in Canada. It also opens up the possibility for retail expansion into other legal cannabis markets outside of the country. Read more here.
Outrageous Loans, Plunging Prices Hurt Michigan’s Cannabis Market
The promise of riches brought thousands to the Michigan marijuana industry. But, for some, the promise of turning plants into profit has shriveled due to tough loan terms and plummeting prices. Read more here.
Cannabiz Mobile Executive Pleads Guilty to Pump-and-Dump Scheme
Massachusetts resident Christopher Esposito was charged last year with selling 1.3 million shares of fraudulently obtained stock in Cannabiz Mobile Inc., which he failed to register with the U.S. Securities Exchange Commission, according to a press release from the Massachusetts U.S. Attorney’s office. Read more here.
The House of Cannabis Museum in New York City
Green Market Report visited The House of Cannabis this month, which is billed as the first-ever permanent home celebrating “high culture” and its impact on music, art, fashion, social reform, and cultivation. Check it out here.
In Other News
Pervasip Corp.
Pervasip Corp. (OTCPK: PVSP), a developer of companies and technologies in high value emerging markets, today announced the filing of its unaudited financial statements for its first quarter ended Feb. 28. Revenues declined 4.9% sequentially and 2% from a year ago. However, the company realized a 24% reduction in SGA expenses for the same period a year ago, a direct result of its continuing restructuring efforts toward profitability. Read more here.
Pineapple Ventures
An investor in a California cannabis venture is alleging that a former marijuana business executive, who paid $12 million to settle security fraud claims from the U.S. Securities and Exchange Commission, has been quietly controlling a new firm to commit the same kind of fraud. Read more here.
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