Daily Hit Archives - Green Market Report

StaffJanuary 27, 2022


It’s time for your Daily Hit of cannabis financial news for January 27, 2022.

On The Site


Since opening its doors in 2019, Cybin, Inc., (NYSE: CYBN) based in Toronto, Ontario Canada has been on a mission to build a business in novel drug discovery (focusing on psilocybin and DMT), drug delivery systems, and treatment. It’s been on a fast track to make good on that mission. 

The company was the first psychedelics companies to be traded on the NYSE; it consistently makes business and stock watcher’s lists as one of the top psychedelics companies to watch; and it has 15 patent filings covering a wide range of novel psychedelic compounds from different classes, including targeted structural modifications to improve the drug pharmacokinetic characteristics and safety profiles without altering receptor binding. 

BC Craft

BC Craft Supply Co. Ltd., (CSE: CRFT) (OTC: CRFTF) live to see another day after declaring bankruptcy earlier this week. The Canadian cannabis company filed filed a Notice of Intention on January 25th to make a Proposal under the Bankruptcy & Insolvency Act. The company remained open while it sought to restructure its debts. Now it seems Avro Capital Corp. has stepped up to provide an interim financing facility which was approved by the Supreme Court of British Columbia.


The Covid pandemic has been impacting our economy in so many ways for such a while now that it’s hard to parse which marketplace developments are driven by a climate of uncertainty and crisis versus a myriad of other factors. Online ordering and delivery, which was already gaining ground as a popular mode of consumerism pre-pandemic, received a massive boost in popularity from the endless restrictions that Covid-19 has placed on our daily lives. But delivery’s spiking popularity is not solely due to attempts at avoiding Covid infection. Meadow co-founder David Hua, who notes that retail cannabis deliveries went up 50% in 2021 from 2020, anticipates that the continued growth of this trend will see ongoing benefits beyond staying Covid-free. These include heightened delivery times and expanded access to a greater range of offerings for consumers, while businesses can expect to see increases in the size of their customer base and boosted sales.


Jushi Holdings Inc.  (CSE: JUSH) (OTCQX: JUSHF) has closed a non-brokered private placement  raising $10 million as the company’s shares have begun to lift from its 52 week low of $2.95 and shares were lately trading at $3.56. The offering of 2,717,392 subordinate voting shares were sold at a price of $3.68 per share to Graticule Asset Management Asia for gross proceeds of $10 million. Jushi said the funds will be used for potential strategic acquisitions and general corporate purposes. As of December 31, 2021, the company’s pro forma cash balance, including proceeds from the Offering, was approximately $104 million.


TSUMo Snacks announced today that it raised a $4M Seed round led by Casa Verde. The new cannabis brand aims to elevate the way people consume THC through its innovative salty & savory snack offerings. “This capital will be used to supercharge TSUMo’s product roadmap as the brand continues to fill a need for differentiated infused products in a space dominated by sweet-centric offerings,” says Yoni Meyer, a Partner at Casa Verde.

In Other News

High Tide

High Tide Inc. (NASDAQ: HITI) announced its year end unaudited 2021 financial results on January 27, 2022. However, due to personnel challenges arising from the pandemic, the company has not been able to finalize its income tax provision to date. Revenue increased by 118% to $181.1 million for the year ended October 31, 2021, and increased sequentially by 12% to $53.9 million in the fourth quarter of 2021. Note that the quarter only includes 12 days of contribution from Blessed CBD, and does not include any contribution from NuLeaf Naturals. The Company is forecasting to generate revenue for the first fiscal quarter of 2022 in excess of $70 million which, as of today, would be the third-highest quarterly revenue figure achieved by a Canadian cannabis company.


MedMen Enterprises Inc. announced the appointment of Tyson Rossi to the role of Chief Strategy Officer. Rossi has been a member of MedMen’s executive management team since 2019, most recently serving as Senior Vice President, Product and Revenue. Rossi co-founded a number of cannabis ventures, including Arizona-based multistate craft edibles company Flourish Cannabis; Bōdee Holdings, Inc., a privately held cannabis company headquartered in Phoenix, Arizona; and Los Angeles-based Edible Solutions, a leading consulting agency in the cannabis industry.

StaffJanuary 25, 2022


It’s time for your Daily Hit of cannabis financial news for January 25, 2022.

On The Site


The U.S. Securities and Exchange Commission (SEC) scored a big W this week when a California federal judge ordered cannabis investment firm VerdeGroup to pay more than $1 million in civil penalties, disgorgement, and interest. Law360 reported the final judgment was issued on January 20, 2022, and the defendants have 14 days to pay the SEC. In addition to the payments, the judge has permanently banned VerdeGroup, Thomas Gaffney, and Lisa Gordon from the securities industry.

U.S. District Judge Stanley Blumenfeld Jr. has ordered VerdeGroup to pay a civil penalty of $500,000. VerdeGroup, Tommy’s Pizza, Gaffney and his wife Cynthia Gaffney are jointly and severally liable for disgorgement of more than $470,000, including prejudgment interest. Gaffney and Lisa Gordon were also ordered to pay civil penalties of $100,000 and $5,000, respectively.


Nearly every day, another new rule favoring the decriminalization of psychedelics or otherwise prompting favorable treatment of psychedelics is announced. Here’s a roundup of some of the most recent actions in January alone:

– January 19. After facing legal scrutiny for decades, psychedelics including MDMA and psilocybin received a stamp of approval from Health Canada for medical purposes. Canada’s legislation now permits the use of psychedelics beyond palliative care.


House of Saka, Inc., producer of the first and only alcohol-free, award-winning cannabis-infused wines from the iconic Napa Valley appellation, announced today an exclusive partnership with Carbidex LLC Michigan, a family-owned holding entity with companies rooted in the cannabis and facilities management industries, to provide full-service manufacturing, bottling, and distribution. The Michigan market has become incredibly important in the cannabis industry. The Anderson Economic Group found that one in five Michigan residents used cannabis in 2020 – an increase of 75% since 2010. “We estimated that Michigan’s cannabis industry totaled $3.1 billion in 2020. In 2020, retailers reported sales of approximately $1.0 billion. The remainder of cannabis consumed across the state came from non-retail sources, including home cultivation, medical caregivers, and illicit adult-use sales.”

In Other News

Akerna (Nasdaq: KERN) announced the release of its annual Cannabis Industry Year-End Review. This report highlights the state of the ever-changing and emerging cannabis industry. It takes a deep dive into capital markets, investing, new opportunities, data, consumer trends, marketing, eCommerce, and more.

“Despite its challenges, 2021 brought another year of growth in markets, consumers, and spending for the resilient cannabis industry,” said Jessica Billingsley, Akerna Chief Executive Officer. “I knew cannabis would never reach mass legalization and wide consumer adoption until it could be tracked and traced transparently and safely, and I am thrilled that Akerna’s ecosystem of software has provided that supply chain tracking need for our vibrant and growing industry.”

StaffJanuary 24, 2022


It’s time for your Daily Hit of cannabis financial news for January 24, 2022.

On the Site


The battle between Ascend Wellness (OTC: AAWH) and MedMen Inc. (OTC: MMNFF) is getting messier by the day. The latest shot is coming from MedMen whose counterclaim alleges that Ascend’s CEO Abner Kurtin used political influence with New York Governor Kathy Hochul and was shortly thereafter able to obtain an email saying the license transfer from MedMen to Ascend was approved.

MedMen says in its countersuit that on December 28th, Richard Zahnleuter the General Counsel of the Office of Cannabis Management (which supports but does not direct the Cannabis Control Board) contacted MedMen to say he might need up to 60 days to finish its review. However, MedMen also said that Zahnleuter emailed the following evening saying that the December 16th email did give the “final” approval for the deal. Making things even more complicated, MedMen says it spoke with Zahnleuter on the phone who said he had been “pressured” to send the email saying the December 16th email gave final approval. Zahnleuter would not disclose to MedMen who had pressured him.


Cannabis banking provider Dama Financial has entered into an agreement to acquire GrowFlow Corp. for an undisclosed amount. GrowFlow is a business management and compliance company that has processed more than $3.3 billion for cannabis retailers, cultivators, processors, and distributors. The deal is said to be planned to close this quarter.


An emerging trend in some bioscience startups is the development of both cannabis and psychedelics products. One such company is Enveric Biosciences, headquartered in Naples, Florida, which hopes to leverage psychedelics-derived molecules for the mind and create synthetic cannabinoids for the body in the treatment of cancer. Enveric Biosciences focuses on synthesizing novel, tailored and highly differentiated derivative molecules based on classic psychedelics such as psilocybin, N,N-dimethyltryptamine (DMT), mescaline and MDMA. 


The legalization of cannabis is already off to a rough start in the state of Texas. The state legalized medical marijuana, but the program is so restrictive that only a handful of dispensaries exist with roughly 16,00 registered patients. 500 physicians have been approved to prescribe medical marijuana in the state. Texas is also a big agricultural state and the appetite for hemp farming seems stronger than the desire for medical marijuana. It’s also sparking some bad behavior by Texans in and out of the state. This week, Law360 reported that Todd Smith, a political consultant for Texas Department of Agriculture Commissioner Sid Miller, was indicted on soliciting bribes for hemp licenses. He was charged with soliciting a $25,000 payment in exchange for getting a license awarded by the Department in August 2019. The indictment also alleges that Smith managed to score $65,000 in August and November 2019 from two people.

In Other News


Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM), a leading distributor and manufacturer of hydroponics equipment and supplies for controlled environment agriculture, announced it has entered into an agreement with California-based AXEON Water Technologies, a leading manufacturer of water purification solutions, to distribute new lines of reverse osmosis water filtration systems and solutions for the horticultural market.


Sunstream Opportunities LP, an affiliate of Sunstream Bancorp Inc., a joint venture sponsored by Sundial Growers Inc. (NASDAQ: SNDL), has been assigned an investment grade rating of BBB+ by Egan-Jones Ratings Company, an independent, unaffiliated rating agency.


Novamind Inc. (CSE:NM)(OTCQB:NVMDF) has entered into a securities purchase agreement with a single institutional investor for a private placement of its common shares and warrants to purchase Common Shares for gross proceeds of approximately C$5 million. Pursuant to the Private Placement, the Company will issue 12,500,000 Common Shares and Warrants to purchase up to an aggregate of 12,500,000 Common Shares at a purchase price of CAD$0.40 per Common Share and associated Warrant.

Debra BorchardtJanuary 20, 2022


It’s time for your Daily Hit of cannabis financial news for January 20, 2022.

On the Site


Agrify Corporation (Nasdaq: AGFY) reported that its fourth-quarter 2021 new bookings exceeded $250 million and the company reaffirmed its fourth-quarter 2021 revenue guidance of $26 million to $28 million, subject to the completion of its standard audit process. The more than $250 million in new bookings for the fourth quarter of 2021 is $150 million greater than the previously provided fourth-quarter guidance of $100 million and over $220 million greater than the bookings the company generated in the third quarter of 2021. The new bookings are an operational metric comprised of Agrify’s sales of its state-of-the-art cultivation and extraction solutions, including its Vertical Farming Units, as well as the expected revenue from Agrify’s Total Turn-Key Solution agreements over the first three years of cultivation. The company said it expects to generate substantially more value over the full 10-year term of the TTK partnerships.


It wasn’t that long ago when psychedelics emerged as a potentially better natural plant-based medicine for treating such things as treatment-resistant depression (TRD), into what is now a billion-dollar juggernaut of an industry. Then an even curiouser thing happened. Around 2015, organizers of more and more conferences about cannabis—and some that were not about cannabis at all—began inviting psychedelic speakers or otherwise acknowledging their contribution to new medical therapeutic discoveries. People were curious. Intrigued. Wanted psychedelics leaders to join in the discussions.

In Other News


Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF), a vertically integrated producer of premium-grade cannabis and derivative products with two mega facilities based in Québec spanning over 1,650,000 sq. ft., today announced its fiscal first quarter of 2022 financial and operating results for the three-month period ended November 30, 2021.

  • Posted quarterly revenues of $6.6 million;
  • Recorded a gross profit before fair value adjustments of $3.0 million or 46%;
  • Achieved third consecutive quarter of positive Adjusted EBITDA ($1.2 million) while sustaining the start-up costs for the production ramp-up of the new Valleyfield Facility;
  • Decreased net loss to $500 thousand compared to a net loss of $3.5 million in the same quarter of 2021;


Akerna (Nasdaq: KERN), a leading enterprise software company and the developer of the most comprehensive technology infrastructure, ecosystem, and compliance engine powering the global cannabis industry, today announces the appointment of the Company’s current COO, Ray Thompson, as Akerna’s President and COO effective today, January 20.

StaffJanuary 19, 2022


This is your Daily Hit of cannabis financial news for January 19, 2022.

On The Site


The year 2021 has not been kind to the psychedelics industry. The stock performances of the 60 publicly traded psychedelics companies on the Psychedelic Stock Index have been trending steadily downward since February 22, 2021, to their lowest point since the index began on June 1, 2020. The pandemic has definitely affected psychedelic business development. Nevertheless, a few companies are getting closer to offering products and expanding therapy services. So a looming perfect storm of more psychedelic companies laying the groundwork for further development may encourage a business rebound in 2022. Here are our picks for the five psychedelic companies to watch in 2022


Only eighteen of the forty-seven states, four U.S. territories, and the District of Columbia that have legalized some form of marijuana have passed legislation to allow for recreational cannabis use, but that number is poised to grow in 2022. Lawmakers in Delaware, Maryland, Ohio, Pennsylvania, and South Dakota are already making moves to get recreational cannabis legislation passed in their respective states.


The Canadian Center For Policy Alternatives recently released a report titled “Another Year In Paradise – CEO Pay in 2020. The report lists a couple of cannabis company CEOs with what it determined to be outsized compensation packages. The report stated, “Canada’s 100 highest-paid CEOs got paid an average of $10.9 million in 2020, which is higher than their pay in 2019. As a result, those 100 CEOs now make, on average, 191 times more than the average worker wage in Canada.” The report also stated that variable compensation, which can be bonuses, company stock, or options rose from roughly 70% a decade ago to over 80% in the past two years. Now it seems salaries have become a less important part of CEOs’ total compensation.

Leading the list on the report was David Klein, CEO of Canopy Growth Corp (NASDAQ: CGC) who is listed as having a salary of C$281,715 share-based awards of C$10,075,349, option-based awards of C$33,267,017, non-equity incentive compensation of C$408,739, other compensation listed as 1,273,265 for a grand total of C$45,306,085.

In Other News


Cresco Labs (CSE:CL) (OTCQX:CRLBF) announced the termination of the previously announced definitive agreement to acquire 100% of the outstanding equity interest in Blair Wellness, LLC, a Baltimore Maryland medical cannabis dispensary. “We have terminated the purchase agreement with Blair Wellness due to the failure of certain closing conditions to be met prior to our specified termination date,” said Charlie Bachtell, Cresco Labs’ CEO & Co-founder. “We will continue to look for other avenues to expand our footprint in Maryland, and execute our strategy of going deep in meaningful, material states.”


Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF) announced the completion of its previously announced acquisition of Bloom Dispensaries, a vertically integrated, single state cannabis operator in Arizona. With the close of the Transaction, Curaleaf’s retail footprint has reached 13 dispensaries in Arizona and 121 nationwide.

Fire & Flower

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF)announced the filing of its Form 40-F Registration Statement with the United States Securities and Exchange Commission, in preparation for the Company to list its shares on The Nasdaq Stock Market LLC.

StaffJanuary 18, 2022


It’s time for your Daily Hit of cannabis financial news for January 18, 2022.

On The Site


Cannabis companies may be reporting record sales in some cases, but investors wouldn’t think that based on the stock prices. The fourth quarter was challenging for a number of reasons ranging from a fast expansion of stores in some provinces in Canada, disappointments in legislation for new cannabis states, and overwhelming debt clouding some company outlooks. In addition, there were companies reporting slowing sequential sales and that was enough to cause many investors to throw in the towel. You can read the entire report here

Charlotte’s Web

National supplements retailer GNC is going to start selling Charlotte’s Web Holdings (OTC: CWBHF), Inc. full spectrum hemp extract products. Initial shipments of six varieties of Charlotte’s Web Gummies will be available for purchase at GNC retail locations across 24 states, with the intent to expand into additional states.

“To best reach and serve consumers we rely, in part, on strong partnerships with proven mass retail partners,” said Jacques Tortoroli, Chief Executive Officer of Charlotte’s Web. “GNC’s established retail footprint adds depth to our reach domestically and broadens consumer access to our high-quality hemp CBD products. We expect GNC will become one of our largest retail customers this year, and we are excited about the growth provided by bringing our two leading brands together.”


Using data gathered through research to more effectively develop products that meet consumer needs is not new, but a promising innovation, at least for the cannabis industry, is using Artificial Intelligence to streamline and enhance not only the research but development processes. Nancy Whiteman, CEO of Wana Brands (one of the cannabis companies currently utilizing AI for R&D purposes in collaboration with The Effects Lab by budboard) is enthusiastic about AI’s potential. “Instead of creating a product and then waiting to hear from consumers whether it hits the mark, we are starting by looking at data across thousands of user reports to identify terpenes and cannabinoids that deliver a specific effect, then integrating those into our case-specific products.” Wana Brands will be teaming up with Canopy Growth (NASDAQ: CGC) in the future due to a deal agreed upon in October. 

In Other News


 MariMed, Inc. (OTCQX: MRMD) signed a definitive agreement to acquire Green Growth Group, Inc. holder of a provisional Cannabis Craft License in Illinois. For this Craft License, the Company will acquire a building to develop up to 14,000 square feet of canopy for cultivation, build an extraction lab to produce concentrates, and build a production kitchen for the manufacture of edibles and other derivative products. A Transportation License also being acquired will enable the company to wholesale its products throughout Illinois. the price was not disclosed.

The company said it intends to manufacture and distribute in Illinois its proprietary brands and products, including its Betty’s Eddies® fruit chews, which was one of the top-selling edibles in the state until 2019 through a third-party licensing agreement, its award-winning Nature’s Heritage® flower and concentrates, its Bubby’s Baked™ soft and chewy baked edibles, and more.

Columbia Care

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) has hired Derek Watson as Chief Financial Officer. Derek brings more than 30 years of finance and leadership experience to the role, including in strategy, investor relations, information technology, tax, treasury, accounting, financial planning and analysis, operational improvement, and risk management. Prior to joining Columbia Care, Derek served as the Chief Financial and Commercial Officer at Tastes on the Fly, a private equity-backed, national consumer retail company based in California. He has also held Chief Financial Officer roles at two other consumer companies, Starr Restaurants and Samba Brands, and as Chief Financial Officer and Vice President of Strategic Initiatives at Schindler Elevator, the U.S. subsidiary of Schindler Holding AG (SCHN.SW).

StaffJanuary 12, 2022


This is your Daily Hit of cannabis financial news for January 12, 2022.

On The Site


Leafly Holdings Inc. and cannabis SPAC Merida Merger Corp. I (NASDAQ: MCMJ) (a special purpose acquisition company sponsored by Merida Capital Holdings) announced that it has entered into a $30 million convertible note purchase agreement with new investors led by Cohanzick Management LLC and affiliates, an investment management firm. This supplemental financing, which will close immediately prior to the closing of the proposed business combination between Leafly and Merida, will help to ensure full funding of Leafly’s current multi-year business plan. The stock was jumping almost 18% in pre-market reading to lately sell at $9.97.


Michigan-based Viola Brands announced the closing of a $13 million equity funding round. The company said this latest round of funding will allow it to expand into several key new markets, including Pennsylvania, Illinois, New Jersey, and Maryland, and continue executing on strategic marketing initiatives, further positioning Viola to be one of the top brands and operators in the rapidly growing cannabis industry. Viola also said it is considering raising additional capital aimed at increasing supply to meet market demand.


Australis Capital Inc. (OTC: AUASF) also known as Audacious has entered into a definitive agreement with Golden Triangle Health (GTH) on a strategic partnership that marks the company’s first foray into the Asian market. GTH is a majority-owned subsidiary of Thai public company NRF instant PCL with a market capitalization of C$440 million. To start, Audacious will be sending CBD hemp seeds to Asia. The hemp seeds will be cultivated and used for food products as well as CBD isolate extraction. Ultimately, the partners said they plan to supply major CPG companies with B2B white label and branded products.

In Other News


Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) announced that it is strategically expanding into the functional beverage market with a proposed stock-based acquisition of a private company operating as H2C Beverages and the entering into of a distribution and manufacturing agreement with Elegance Brands Inc. Pursuant to the terms of the Distribution Agreement, Elegance has agreed to purchase $30 million of Halo’s H2C and Hushrooms branded products during the 24-month period following the launch of the products and to distribute these products to retail outlets in respective legal states across the United States. The H2C Acquisition is expected to provide Halo with a toehold in one of the fastest-growing sectors of the cannabidiol market, estimated to account for $16 billion in U.S. sales by 2025, according to Brightfield Research1, as well as to directly participate in rising consumer consciousness toward the health benefits of consuming small doses of cannabinoids and functional mushroom extracts paired with adaptogens. H2C’s product portfolio includes a line of premium flavored waters that are nano emulsified to maximize absorption and other plant-based beverages infused with cannabinoids, functional mushroom extracts with fulvic and humic minerals from the Rocky Mountains.

StaffJanuary 11, 2022


It’s time for your Daily Hit of cannabis financial news for January 11, 2022.

On the Site


Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) delivered its results for the first fiscal quarter ending November 30, 2021, with revenue increasing 57% to $30.4 million, from $19.3 million for the same time period last year. This beat the Yahoo Finance average analyst estimate for revenue of just $23.9 million. Organigram said the increase was primarily due to an increase in adult-use recreational revenue and international revenue, partly offset by lower average selling price due to product mix and a decrease in medical revenue. Organigram also trimmed its net loss to $1.3 million, versus last year’s net loss of $34.3 million. The company attributed it to the higher gross margin in the current quarter along with fair value adjustments on biological assets and inventories sold.

Garden Society

Female-owned Garden Society has raised more than $7 million in Series A funding. The funding was led by RJ Primo LLC and the proceeds will be used to scale product offerings, modernize manufacturing, and further expand its team to meet the growing demand throughout California, as well as to expand into other states in 2022. Garden Society said that in addition to the primary funding, the round included an oversubscribed SPV composed of strategic female and BIPOC angel investors.


Awakn Life Sciences Corp. (OTCQB: AWKNF) reported positive data from its Phase II A/B trial. It was the first controlled trial to investigate Ketamine-Assisted Therapy for the Treatment of Alcohol Use Disorder (AUD), the results have been published in the American Journal of Psychiatry. Awakn said the double-blind placebo-controlled trial included 96 patients with severe AUD, who were randomized to one of four groups: 1) three ketamine infusions (0.8 mg/kg IV over 40 minutes) plus proprietary manualized therapy (KARE); 2) three saline infusions plus KARE therapy; 3) three ketamine infusions plus alcohol education; and 4) three saline infusions plus alcohol education.

Pilgrim Soul

Cannabis lifestyle brand Pilgrim Soul raised $2 million in a strategic seed round from top tech, retail, and cannabis investors. The company said that the round includes investments from Merida Capital Holdings, Bee House, Meaningful Partners, serial entrepreneur and Skip-Hop founder Michal Diament, and other well-known tech entrepreneurs. Additional brand advisors and equity holders include veteran NBA player and Viola Brands founder Al Harrington, Merlin Kauffman, founder of Soothe, and former Sperry & Club Monaco CMO Ann Watson.

Field Trip

Field Trip Health Ltd. (NASDAQ: FTRP) announced that the U.S. Patent and Trademark Office (USPTO) has issued a Notice of Allowance for Field Trip’s patent application No. 17/364,047 for claims related to FT-104 (informally known as “Isoprocin Glutarate”), Field Trip’s first novel psychedelic molecule in development. FT-104 is being developed as a more efficient treatment with the experience lasting less than four hours. It has a potency and pharmacology similar to psilocybin and the cost and accessibility are also better with this compound. Claims in the allowed patent application titled, “Tryptamine Prodrugs”, cover the composition of matter, use, and manufacturing of a family of hemi-ester compounds of hydroxytryptamines, including FT-104.

In Other News


Greenlane Holdings, Inc. (NASDAQ:GNLN) announced that it has received approval from the United States Postal Service for a business and regulatory exception to the Prevent All Cigarette Trafficking Act, allowing Greenlane to ship vaporizers and accessories classified as electronic nicotine delivery systems products to other compliant businesses. With this new approval, over 97% of total annual sales will be eligible for shipment by freight, USPS, or major carriers, and the PACT Act’s impact will be reduced to less than 3% of annual sales.


Wesana Health Holdings Inc. (OTCQB: WSNAF) announced that the U.S Food and Drug Administration (FDA) granted the company’s request for a pre-IND (Investigational New Drug) meeting to discuss the novel therapy and proprietary protocol of SANA-013 for the treatment of Traumatic Brain Injury (TBI) related major depressive disorder (MDD).

StaffJanuary 6, 2022


It’s time for your Daily Hit of cannabis financial news for January 6, 2022.

On The Site


MedMen (OTCQX: MMNFF) is still refusing to close its agreed-upon deal with Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) for the properties in New York. The investment, which was agreed upon in March 2021, saw MedMen signing an agreement with Ascend Wellness Holdings, where Ascend would make an investment of approximately $73 million in MedMen NY Inc. or MMNY. Following the investment, Ascend would hold a controlling interest in MMNY of approximately 86.7% and will have an option to buy MedMen’s remaining interest in MMNY in the future. The deal was dependent upon New York State’s approval, which the Office of Cannabis Management of the Cannabis Control Board of the State of New York gave on December 16, 2021. On January 2, 2022, Ascend said that MedMen attempted to terminate the Investment Agreement saying they hadn’t received approval from the applicable state regulators to satisfy the closing conditions. On January 3, 2022, AWH told MedMen that its termination attempt was invalid.  On January 6, AWH reiterated this in their notice to MedMen regarding regulatory compliance.

Holiday Sales

Cannabis data providers have weighed in on the 2021 holiday sales for dispensaries with some surprising results. The data included the Thanksgiving holiday and then tracked sales through to the end of Christmas. Most agreed that sales increased in 2021 despite the resurgence of the new Covid fear with the variant Omicron. Consumers upped their cannabis shopping throughout the month of December causing Christmas week comparisons to be less strong than in the past. Still, sales remained elevated leading up to Christmas in both the Canadian and U.S. markets.

In Other News


Halo Collective Inc. (OTCQB: HCANF) announced that it has entered into a loan agreement with Global Tech Opportunities 6 for up to $14,000,000 to Halo in two tranches of $7,000,000 each, subject to certain terms and conditions. Amounts advanced under the Loan Agreement are expected to be used to support Halo’s expansion into nutraceutical products (including Hushrooms), the completion of Halo’s Budega™ retail stores in North Hollywood, Hollywood, and Westwood, California, and for general corporate purposes. The Loan Amount is unsecured and will bear interest at 8.0% per annum, and each tranche will be repayable in six equal monthly installments (of blended principal and interest) of $1,194,039.62 per installment. 

Columbia Care

Columbia Care Inc. (CSE:CCHW) (OTCQX:CCHWF) announced that it is commencing a solicitation of consents from holders of its 13.00% senior secured notes due May 14, 2023; 5.00% senior secured convertible notes due December 19, 2023; and 6.00% senior secured convertible notes due June 29, 2025, to consider certain amendments to the trust indenture dated May 14, 2020, as supplemented, governing the Notes. The key amendment will significantly increase the company’s borrowing capacity to support growth initiatives.


Revive Therapeutics Ltd. (OTCQB: RVVTF) wishes to clarify certain disclosures in its press release titled “Revive Therapeutics Provides Update on Phase 3 Clinical Trial for Bucillamine in COVID-19,” issued on December 29, 2021, that provided an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial  (NCT04504734) to evaluate the safety and efficacy of Bucillamine, an oral drug with anti-inflammatory and antiviral properties, in patients with mild to moderate COVID-19. As of December 29, 2021, there were approximately 700 subjects that participated in the enrollment period of the Study. The Company expects patient enrollment in Turkey to occur by mid-February and completion of the Study’s enrollment in Q1-2022. The company is not making any express or implied claims that its product has the ability to eliminate or cure COVID-19 (SARS-2 Coronavirus) at this time.

StaffJanuary 5, 2022


It’s time for your Daily Hit of cannabis financial news for January 5, 2022.

On The Site


Headset is predicting in a new report that the total annual United States cannabis market has the potential to reach $45.8 billion by 2025. Despite its current challenges, California is expected to remain the number one market. Headset is projecting that the state’s market will reach $7.7 billion in just three years. The report becomes a little more interesting when a few surprises pop up in the list. 


MariMed Inc. (OTCQX: MRMD) is buying Maryland-based Kind Therapeutics U.S.A., LLC in a deal valued at $20 Million. MariMed will also buy the minority interests of one of the current owners of Kind in two subsidiaries of the company that owns cannabis facilities in Maryland and Delaware for $2 million.


Urban-gro, Inc. (Nasdaq: UGRO) reported preliminary select financial performance for its full fiscal year ended on December 31, 2021 saying revenue should be approximately $62 million, which exceeds guidance of greater than $60 million provided on November 9, 2021. The company said this implies growth of more than 140% compared to $25.8 million in the fiscal year 2020. urban-gro also said it expects positive adjusted EBITDA for the fourth quarter of 2021 with the full fiscal year 2021 to be greater than $2.2 million, which represents an improvement of more than $2.9 million from the full fiscal year 2020.

High Tide

High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) is buying Bud Room Inc. in a deal valued at C$3.6 million or $2.8 million based on today’s currency exchange. The acquisition will also include all rights to the customized Fastendr retail kiosk and smart locker technology and Bud Room’s retail cannabis store located at 1910 St. Laurent Blvd in Ottawa, Ontario. The transaction will consist of C$3.24 Million paid in common shares of High Tide and C$360,000 cash for the assignment of C$360,000 of the vendors’ shareholder loans. The acquisition follows last month’s announcement by High Tide to offer C$40 million of common shares intended to fund two specific strategic initiatives it was developing including acquisitions.


Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) may be fighting with MedMen over the New York investment, but the company did manage to close its acquisition of Chicago Alternative Health Center, LLC and Chicago Alternative Health Center Holdings, LLC. The acquisition of the two companies called Midway includes two operating adult-use and medical cannabis dispensaries located at 5650 S. Archer Avenue in Chicago and 9820 S. Ridgeland Avenue in Chicago Ridge. The dispensaries were originally branded as “Midway” and have been rebranded to “Ascend by Midway.”  Ascend has been consulting on the operations of these locations and consolidating the financials since the transaction agreement was signed in December 2020.

In Other News


Innovative Industrial Properties, Inc. (NYSE: IIPR) announced its operating, investment and capital markets activity from October 1, 2021 through today. From October 1, 2021 through today, IIP made 29 acquisitions (including 28 new properties and the acquisition of certain facilities at an existing property) for properties located in California, Colorado, Michigan, North Dakota and Pennsylvania, and executed one lease amendment to provide an additional improvement allowance at a property located in Massachusetts. As of January 5, 2022, IIP owned 103 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington, representing a total of approximately 7.7 million rentable square feet (including approximately 2.5 million rentable square feet under development / redevelopment). 


TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced the appointment of Ziad Ghanem as President and Chief Operating Officer effective immediately. Mr. Ghanem brings nearly two decades of experience in large-scale healthcare services, cannabis, pharmacy, and retail operations to TerrAscend where he will manage and oversee all operations.


HEXO Corp (TSX: HEXO; NASDAQ: HEXO) announced the appointment of William Todd Montour to the Company’s Board of Directors following the resignation of Jason Ewart, effective immediately. The company also announced the appointment of Curtis Solsvig as acting-Chief Financial Officer, effective immediately.

Honeybee Collective

The Honeybee Collective, an employee-owned, community-driven, sustainable cannabis startup launching in February 2022, today announced that it raised $107,000, a first-round maximum, in just four days. According to the update, the campaign broke crowdfunding platform Mainvest’s 48-hour funding record, raising $80,000. The company’s campaign will reopen on Jan. 10, 2022, with a $250,000 overall fundraising goal. The Denver-based venture has received investments from 54 individuals so far, with investors contributing amounts from $100 to $10,000. Individuals can make investments through the Mainvest campaign page until Tuesday, March 1, 2022 . The success was expected, but the rate even surprised team leaders.

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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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