Daily Hit Archives - Green Market Report

StaffStaffJanuary 22, 2020


It’s time for your Daily Hit of cannabis financial news for January 22, 2020.

On The Site


With all the attention heaped upon new legal states like Illinois and Michigan, it’s easy to forget about the OG Oregon. The Bulletin reported earlier this week that Oregon’s cannabis sales continue to climb higher. The Oregon Liquor Control Commission reported that sales for 2019 totaled $793 million, which was $150 million more than in 2018.

According to the article, the sales generated more than $110 million in tax revenues. These sales are also expected to reach one billion dollars for 2020.

Multnomah County is home to Portland, which explains why its sales were so much greater than other counties. The article also noted that the smaller counties of Baker and Malheur were growing quickly due to their proximity to the state of Idaho, which has not legalized recreational marijuana.


The NERA Economic Consulting (www.nera.com) recently published a report that noted a trend in cannabis class action lawsuits being filed for 2019. The report wrote, “Between July and December 2019, six cases were filed on behalf of investors in the cannabis industry alleging either (1) failure to disclose weak demand for the product or the expected decline in revenue and profits or (2) misrepresentations related to quality of the product, the status of inventory, or markup on biological assets.”

These are the companies in which cases were filed in the 2nd Circuit Court:

India Globalization Capital, Inc.     Filed on: 02 Nov 18 Pending
CannTrust Holdings Inc.                 Filed on: 10 Jul 19 Pending
Sundial Growers Inc.                         Filed on: 25 Sep 19 Pending
HEXO Corp.                                       Filed on: 26 Nov 19 Pending
Trulieve Cannabis Corp.                  Filed on: 30 Dec 19 Pending

In the 3rd Circuit Court were:

Canopy Growth Corporation          Filed on: 20 Nov 19 Pending
Aurora Cannabis Inc.                       Filed on: 21 Nov 19 Pending


Niko Uman Borrero is the founder and Chief Executive Officer of Green Bee Farms, a holistic based cannabis consultant agency that specializes in helping cattle ranchers change their hayfields into hempfields and manage their cattle using high-intensity grazing practices. His mission is to “run a biodynamic farm that offers a variety of beneficial products to the community and helps teach people about the benefits of holistic sustainable living.”

In Other News

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) said that Judy Schmeling has been appointed Chair of the Board of Directors and Jim Sabia has been appointed in principle as a member of the Company’s Board of Directors. Mr. Sabia will act as an observer to the Board as he and Canopy complete the standard Health Canada processes associated with the appointment.

Aphria Inc. (TSX: APHA and NYSE: APHA) today announced that it has received its European Union Good Manufacturing Practices certification as an active substance manufacturer in accordance with Art.111 of Directive 2001/83 EC from the Malta Medicines Authority at the Company’s Aphria One facility in Leamington, Ontario. This marks Aphria’s second EU GMP certified facility, following the previously announced certification at the Company’s subsidiary, ARA – Avanti Rx Analytics.

South Carolina medical professionals, patients, and veterans will gather in the Capitol rotunda for a press conference to call on the legislature to adopt a compassionate medical cannabis program in 2020. On Tuesday, a subcommittee of the House Medical, Military, Public and Municipal Affairs Committee held a hearing on legislation that would establish a medical cannabis program in South Carolina to allow patients with debilitating medical conditions and a doctor’s certification to access medical cannabis from regulated facilities. The South Carolina Compassionate Care Act is sponsored by Rep. Peter McCoy in the House (H. 3660) and Sen. Tom Davis in the Senate (S. 366). A subcommittee of the Senate Medical Affairs Committee advanced the bill in 2019, and the full committee is expected to take up S. 366 in the coming weeks.

StaffStaffJanuary 21, 2020


It’s time for your Daily Hit of cannabis financial news for January 21, 2020.

On The Site


Once touted as the first “unicorn” in cannabis IPO’s, MedMen Holdings Inc. (OTC: MMNFF) is now struggling to pay vendors. In addition to telling vendors, it wouldn’t be able to pay its bills until February or March, the company has been selling assets and also announced it was laying off employees in November. The Twittersphere was active on the subject as Jason Spatafora @WolfofWeedSt lead the charge by posting several exchanges between unidentified vendors and MedMen executives.

Short-seller Grizzle.com added fuel to the fire by blasting a headline that asked, “Did MedMen Just Go Bankrupt?” It hasn’t and the general consensus is that cannabis companies can’t declare bankruptcy. According to the U.S. Courts, “All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code.” Since cannabis is still federally illegal, it is suspected that the court would reject such a filing.

Harvest Health

Two weeks ago, Harvest Health & Recreation Inc. (CSE: HARV)(OTCQX: HRVSF) filed suit against Falcon International, Inc. asking to terminate the planned merger agreement and return the money Harvest paid to Falcon under the Merger Agreement. That lawsuit alleged that Falcon’s principals stalled due to the falling share price of Harvest. Harvest went on to suggest that Falcon International engaged in illegal activities.

Today, Falcon has said that Harvest owes the company $50 million in a breakup fee. In addition to that Falcon said, “Amounts previously funded by Harvest to Falcon are convertible into Falcon equity at Harvest’s or Falcon’s option and, accordingly, are unlikely to be paid.”


Just as the psilocybin mushroom market begins to heat up, one enterprising entrepreneur has quickly snapped up the trademark for the word “Psilocybin.” Marijuana Moment picked up on the founder’s notice on LinkedIn that the word had been trademarked. That post has since disappeared and while there is no mention of the trademark happening on the company’s website, the tiny TM does appear after each mention of the word Psilocybin on the company’s website.

In Other News


TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) released the following letter today from the Company’s interim Chief Executive Officer Mark Scatterday.

Dear Shareholders:

As we progress in 2020, we are moving forward with a reinvigorated sense of purpose and energy. Our vision is clear: TILT supports cannabis businesses across the globe through our portfolio of innovative technology companies. From software solutions to inhalation technology and more, TILT helps over 2,000 brands and retailers achieve success in this ever-changing industry. While 2019 was a challenging year for public companies in our industry, l am encouraged and reassured knowing that we have such a strong and supportive group of people working together with us and toward the same goals.

The rest is available online.

Canada House

Canada House Wellness Group Inc. (CSE: CHV) announced that it has issued 30,000,000 common shares at a deemed price per share of $0.05 to each of Fabian Henry and Michael Southwell pursuant to separate debt settlement agreements entered into between the Company and each such individual for the satisfaction of $3,000,000 of the Company’s remaining earn-out obligations from its 2016 acquisition of Marijuana for Trauma, which payments were originally due in November 2019. This debt settlement was priced at a premium of 67% to the 10-day volume weighted average trading price of the Common Shares on the Canadian Securities Exchange for the period ended January 17, 2020.

“Having our two founding shareholders settle a major liability on our balance sheet by way of a share issuance at a premium to market not only shows their belief and support in the strength of our business, but also significantly improves the state of our balance sheet,” said Canada House CEO, Chris Churchill-Smith. “We would like to thank Mike and Fabian for their continued support and look forward to working closely with them to grow our business, particularly as it relates to the military veteran community.”

Kaitlin DomangueKaitlin DomangueJanuary 16, 2020


It’s time for your Daily Hit of cannabis financial news for January 16th, 2020. 

On the Site

Halo Buying Outer Galactic Chocolates, Makes Progress in Africa

Halo Labs Inc. (NEO: HALO)(OTCQX: AGEEF) has exercised its Mendo Distribution and Transportation’s (MDT) option to purchase Outer Galactic Chocolates, which is a holder of a Type N manufacturing license. MDT was recently acquired by Halo through a merger on January 9, 2020. The acquisition will give Halo a license to produce infused and edible cannabis products adjacent to the MDT facility in Ukiah, California.

The company also said that Bophelo Bioscience & Wellness has started the certification process required to achieve European Good Agricultural and Collection Practices accreditation for cannabis grown at the Company’s 205-hectare cultivation site at Bophelo in Lesotho, Africa.

High Times To Open Dispensaries

Longtime cannabis print publisher High Times is getting into the dispensary business. The company said that it has signed a binding letter of intent to launch branded retail stores in Las Vegas and Los Angeles. The company did not specify who it had signed the agreements with or the value attached to the agreements. The locations were only described as being in high traffic areas.

The dispensaries are intended to become flagship High Times stores and in addition to selling cannabis products, will also carry High Times branded products. The stores will also feature award winners from the company’s Cannabis Cup events. There are plans to expand beyond the first two locations.

Wikileaf Names New CEO

​​​​​​Wikileaf Technologies Inc. (CNSX: WIKI) founder Dan Nelson will step down as the Chief Executive Officer and become the company’s, Chief Growth Officer. Derek Firth, an early invest and advisor of the company, has been appointed as the CEO of the Company. Wikileaf is a price comparison platform for recreational and medicinal cannabis consumers. 

Caliva Opens “DELI” Retail Location and Delivery Service Throughout Los Angeles

Caliva has officially announced the opening of its new cannabis retail concept store, DELI,  in Bellflower, CA, officially marking the brand’s expansion into the Los Angeles area. The store resembles a traditional deli, with a friendly vibe designed to evoke the nostalgia of great customer service in a trusted neighborhood environment. Upon arrival, customers take a number and are seated at the deli counter, where budtenders talk through their freshest product assortment. “The DELI store concept is all about catering to the well-versed cannabis consumer who knows what they like. Customers learn about daily deals and fresh new items that are added regularly to the assortment,” said Elizabeth Cooksey, SVP of retail at Caliva.

In Other News

Aleafia Health Announces Launch of Cannabis-Infused Sublingual Strips

The award-winning cannabis-infused sublingual strips by Kin Slips are currently produced and sold under license exclusively in California. However, a Canadian company, Aleafia Health, has recently reached a definitive licensing agreement with Kinstate, Inc. to bring the brand to the cannabis market in Canada. The Company expects to provide products to consumers in Canada during Q2 2020. 

Cannabis Legalization Bill Filed After Governor Puts The Issue on 2020 Agenda

The bill introduced by Sen. Jerry Ortiz y Pino (D) and Rep. Javier Martinez (D) would allow adults in the state to purchase and possess cannabis from licensed retailers. “Having worked towards cannabis legalization in New Mexico for the better part of the last decade, we are excited by the possibility for New Mexico to become the 12th state in the country to legalize and regulate cannabis,” Emily Kaltenbach, New Mexico state director for the Drug Policy Alliance (DPA), said in a press release. “Senator Ortiz y Pino and Representative Martinez’s legislation puts local communities and New Mexican families first.”


Kaitlin DomangueKaitlin DomangueJanuary 15, 2020


It’s time for your Daily Hit of cannabis financial news. 

On the Site 

Organigram Adjusts To Canadian Slow Roll

Canadian-based cannabis company Organigram Holdings Inc. (NASDAQ:OGI) reported that its first-quarter 2020 revenue rose by 102% over last year to $25.15 million, which beat analyst estimates by $10.24 million. Last year the company reported $12.4 million for the first quarter of 2019. The earnings per share reported by Organigram were flat, but that also beat the estimates by two cents. The company also stated that it had a total target production capacity of 89,000 kilos per year, it was going forward at a slower pace. The company said that it has $34 million in cash and short-term investments and still has $30 million in available capacity on a term loan, which remains undrawn. 

Curaleaf Upsizes Loan Facility To $300 Million, Makes Progress in Utah

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) said that it has upsized and closed a Senior Secured Term Loan Facility from a syndicate of lenders totaling $300 million. The notes for Curaleaf will bear interest at a rate of 13.0% per annum, payable quarterly in arrears, with a maturity 48 months from closing. The company said that the proceeds will be used to refinance existing debt, satisfy transaction fees and expenses from previously announced acquisitions, fund capital expenditures and for general corporate purposes.

Florida Issues New Rules On CBD

Last week, the office of Nikki Fried, the Florida Commissioner of Agriculture and Consumer Services, took control of CBD products consumed by people. Fried, a Democrat, made cannabis and its regulation a vital part of her 2018 campaign. During the 2019 legislative session, lawmakers put the Florida office in charge of creating the regulations associated with hemp, along with CBD products, sold at gas stations, grocery stores, and flea markets. Those selling CBD have 30 to 45 days to comply with the law and must pay Fried’s department a fee of $650.

Carlos Santana Launches Cannabis Brand

Ten-time Grammy-winning and three-time Latin Grammy-winning guitarist and longtime cannabis advocate Carlos Santana announced his partnership with Left Coast Ventures to develop premium cannabis and hemp CBD brands. Influenced by his Latin heritage, these lines will provide consumers with high-quality products designed to leverage the power of historical remedies and allow consumers to discover and follow their light. “Cannabis is a window or a door to different awareness of consciousness,” said Carlos Santana. “It gives you the choice to perceive through a different filter of awakening and healing, the misperception of distance as an illusion, which keeps you from being centered in your essence-core. It helps you arrive at knowing, accepting and owning a quality of life that is being with joy!”

Impeachment Could Mean A Biden Win in Iowa

Four of the remaining presidential candidates and a few frontrunners, Senators Bernie Sanders, Elizabeth Warren, Michael Bennet, and Amy Klobuchar, will not be able to campaign and participate in the Iowa Caucus or the New Hampshire and South Carolina primaries because they will be sitting in their seats listening to arguments on abuse of power and obstruction of Congress. While all those races could be cause for concern, we truly need to just look at Iowa to determine the possible fate of cannabis.  Iowa has been a strong indicator of who will be the Democratic nominee and it will be impacted by the upcoming hearing. Biden is by far the worst possible nominee for the cannabis movement because of his involvement with the war on drugs. 

In Other News

Cultivar Holdings Announces CSE Listing and Gives Update on AI-Powered Impairment Detection Tools for Sobriety Testing

The Canadian company is developing a tool powered by artificial intelligence for cannabis and alcohol for both workplaces and law enforcement. It is expected to see major growth in 2020 and beyond. PredictMedix uses facial and voice recognition to identify both cannabis and alcohol impairment, removing human error. Toronto-based Cultivar Holdings Inc. (CSE:CULT) announces its common shares have been listed on the Canadian Securities Exchange.

Tsunami and GT Flowers Unite at High Times Cannabis Cup 

The two joined to take home a prize in four areas, 1st Place Best Indica Concentrates, 1st Place Best Sativa Concentrates, 2nd Place Best Hybrid Concentrates, and 3rd Place Vape Cartridges. “The great showing at the High Times Cup validates the hard work, creativity and care Green Therapeutics uses when approaching the cultivation and extraction processes,” said Dr. Duke Fu, CEO of Green Therapeutics, LLC. “We are proud to have been successful in the manufacturing and creation of differentiated products that bring joy to our customers.”

Dixie Brands on Track to Join Oklahoma’s Rapidly Growing Market this Month

By the end of 2020, Dixie Brands, leading cannabis brand, is set to launch its initial branded product into Oklahoma’s market. It will be followed by a full portfolio launch, including Dixie’s pioneering CBD brand AcesoHemp, in February 2020. “We are excited to be bringing Dixie’s unparalleled portfolio of THC & CBD-infused brands to 200,000 medical patients in the dynamic Oklahoma market,” said Chuck Smith, President, and CEO, Dixie Brands. “The fact that we are able to bring product to market within 60 days of announcing our licensed manufacturing partner is a testament to the agility and expertise the Dixie Brands team has developed over a decade in business.”


StaffStaffJanuary 14, 2020


It’s time for your Daily Hit of cannabis financial news for January 14, 2020.

On The Site


Aphria Inc.  (TSX: APHA and NYSE: APHA) reported its results in Canadian dollars for the second quarter ending November 30, 2019, with revenue for adult-use cannabis increasing 46% sequentially to $29 million. Total net revenue decreased sequentially by 4% to $120.6 million but jumped 457% over last year’s second quarter.

The drop from the first quarter for Aphria was attributed to a decrease in distribution revenue from $95.3 million to $86.4 million associated with the change in the German government’s medical reimbursement model and seasonality in CC Pharma. However, the company said that this was partially offset by an increase in net cannabis revenue of $33.7 million from $30.8 million.

Aphria delivered a net loss of $7.9 million, but a positive EBITDA of $1.9 million in the quarter. Last year the company reported a net income of $54 million for the same time period. The company blamed the decrease in net income on provisions associated with its Tier 3 passive investment portfolio.


Canadian-based cannabis company Tilray, Inc. (NASDAQ: TLRY) has turned to the mainstream corporate world for its latest hires. The company has appointed former Revlon employee Jon Levin as its Chief Operating Officer, who was formerly with Revlon, and former Molson Coors employee Michael Kruteck as Chief Financial Officer. The company said that Kruteck’s appointment will be effective immediately after filing the Annual Report on Form 10-K for the year ended December 31, 2019. Mark Castaneda, Tilray’s current CFO, will shift to the role of Strategic Business Development.

In Other News


Organigram reported first quarter 2020 net revenue grew 102% to $25.2 million from $12.4 million in Q1 2019 wherein Q1 2019 adult-use recreational cannabis was only legalized on October 17, 2018. Q1 2020 net loss of $0.9 million or $(0.006) per share on a diluted basis compared to Q1 2019 net income of $29.5 million or $0.195 per share largely due to non-cash fair value changes to biological assets and inventories sold.

Q1 2020 net revenue of $25.2 million was largely comprised of about $16.7 million of sales to the adult-use recreational and medical markets and about $9.5 million to the wholesale and international markets with the negligible balance coming from other sources, partly offset by about $1.1 million in a provision for product returns and price adjustments. This compared to Q4 2019 net revenue of $16.3 million comprised of about $20.0 million of sales and about $3.7 million in a provision for product returns and pricing adjustments. The majority of the Q1 2020 provision was related to THC oils which have seen less than anticipated demand in the adult-use recreational market. The majority of the Q4 2019 provision was related to two slower selling stock-keeping units (“SKUs”) sold to the Ontario Cannabis Store (OCS), comprised of a bespoke order of lower THC dried flower intended to fulfill a supply gap in the market earlier in calendar 2019 and THC oils


MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced the execution and closing of definitive documentation for the previously announced amendments to the terms and conditions of the US$78 million senior secured term loan with funds managed by Stable Road Capital and its affiliates and the closing of its previously announced US$20 million offering of Class B Subordinate Voting Shares.

StaffStaffJanuary 13, 2020


It’s time for your Daily Hit of cannabis financial news for January 13, 2020.

On The Site

GW Pharmaceuticals

GW Pharmaceuticals plc (GWPH) reported preliminary, unaudited net product sales for the fourth quarter and full-year 2019 and key priorities for 2020. The cannabis-based biotech firm said that it expects total net product sales to be approximately $108 million for the fourth quarter and approximately $309 million for the year ending December 31, 2019.

The bulk of the fourth quarter sales for GW Pharmaceuticals comes from the epileptic drug Epidiolex, which are expected to be roughly $104 million for the fourth quarter and approximately $296 million for the full year. The company said that official results were expected to be posted on February 25th. Cash and cash equivalents on December 31, 2019, were approximately $536 million.


Rogue Station

Rogue Station Companies, Inc. (OTC Pink: RGST) has acquired Brahman LLC, d/b/a Terpp Extractors, a Fort Collins, Colorado-based manufacturer of cannabis processing equipment in an all stock transaction. Rogue Station said it issued 3,000,000 shares of common stock to the owners of Brahman and immediately assumed management and operations.The value was not disclosed, but Rogue Station shares were lately trading at 13 cents, giving the shares an approximate value of $390,000.

Manifest 7

ManifestSeven (formerly known as MJIC) has acquired San Francisco-based legal cannabis delivery service company Lady Chatterley Health, which is focused on high-end women’s products for an undisclosed amount.

The company will be integrated into M7’s retail arm Weden, which has storefront and delivery operations across the state. The acquisition also gives M7 direct entry into the San Francisco market, complementing its licensed operations in Oakland and Brisbane.

In Other News


Westleaf Inc. (TSX-V:WL) (OTCQB:WSLFF) announced that following the closing of the merger of Westleaf and We Grow B.C. Ltd., Scott Hurd, President and Co-Founder, has resigned effective January 24, 2019. Scott will work to formally transition his responsibilities over the coming weeks and will be available to support the organization as needed as a strategic advisor. Ben Sze, the former CEO of We Grow and current CEO of Westleaf, will succeed Scott as the President of Westleaf.

“As a founder of Westleaf, it is with a heavy heart that I announce my resignation today,” states Scott Hurd. “It has been an honour and a privilege to lead Westleaf through a period of immense growth in a new and dynamic industry. Our recently completed transformative merger with We Grow has positioned Westleaf to be one of the leading ultra-premium cannabis producers in Canada with best in class realized retail pricing, strong brand awareness and significant scalability and growth potential. With the merger now closed and a new leadership team in place, I have made the difficult decision to step back from the company. I have great confidence in the new management team and board to lead Westleaf through its next stage of growth. I wish Cody, Ben and the rest of the Westleaf team and board continued success in 2020 and beyond.”


Namaste Technologies Inc. (TSXV: N) (OTCMKTS: NXTTF) announced that Choklat Inc., an Alberta-based craft chocolate manufacturer, and chocolatier in which Namaste holds a 49% equity position, has received a processing license from Health Canada to produce a line of chocolate bars, drink mixes and infused sugar.

“Receiving the processing license from Health Canada is a significant achievement and milestone,” said Brad Churchill, CEO of Choklat. “We look forward to introducing our cannabis-infused product line, products with a pure chocolatey taste with no aftertaste, across Canada leveraging the extensive B2B sales channels that CannMart Inc. has built. Our high-quality cannabis-infused bars and beverages will be based on our own chocolate recipe made from a special cocoa bean sourced from the jungles of South America. This is an exciting time for Choklat, CannMart, and Namaste as we enter the competitive cannabis 2.0 landscape.”

Neptune Wellness

Neptune Wellness Solutions Inc. (Nasdaq: NEPT) (TSX: NEPT) said it  sold 1,964,695 shares of Acasti Pharma Inc. (Nasdaq: ACST) for net proceeds of US$4 million as part of a monetizing process for the Company’s non-core investments. Neptune still owns 1 million shares in Acasti. The net proceeds are intended to be channeled towards the deployment of Neptune’s cannabis 2.0 products.

Kaitlin DomangueKaitlin DomangueJanuary 9, 2020


Its time for your Daily Hit of cannabis financial news. 

On the Site

Dixie Brands Says Michigan Market A High Point For Sales

Dixie Brands Inc. (CSE: DIXI.U) (OTCQX: DXBRF) said that it closed out the Michigan market in 2019 on a high note. By entering a packaging and supply agreement with Choice Labs, Dixie grew its sales by 108% and increased dispensary penetration by 33% in the fourth quarter. Chuck Smith, President and CEO of Dixie Brands Inc., said “Expanding into the great state of Michigan was a priority for Dixie in 2019 and the incredible results we have managed to achieve so quickly are a testament to the strength of our brands and the expertise of both our production and commercial teams. And this is only the beginning! With the approval of recreational use, we expect the market to grow exponentially and Dixie’s portfolio is well-positioned to expand on its market-leading position into 2020 and beyond.”

SOL Globals’ CannCure To Go Public Through Reverse Merger

SOL Global Investments Corp.’s  (CSE: SOL) (OTCPK: SOLCF) CannCure Investments Inc. will be going public through a reverse merger with  Goldstream Minerals Inc. (NEX: GSX.H). The companies entered into a letter of intent dated January 8, 2020, outlining the proposed terms and conditions.  Goldstream will buy a 100% interest in CannCure and then do a reverse takeover by the shareholders of CannCure. The deal is expected to close on or near March 31, 2020. 

In Other News

KushCo Holdings

KushCo Holdings, Inc. (KSHB) reported financial results for its fiscal first quarter ended November 30, 2019. Net revenue increased 38% from the prior-year quarter to $35.0 million. The net loss was approximately $12.5 million, compared to approximately $8.6 million in the prior-year period. Basic and diluted loss per share was $0.12 compared to $0.11 in the prior-year period. On a Non-GAAP basis, excluding the impact of certain non-recurring charges and gains, net loss for the quarter was $9.2 million and net loss per share was $0.09.

KushCo reiterates its net revenue guidance for fiscal 2020 to be between $230 million and $250 million. The Company also reiterates that included in this financial guidance is its expectation that net revenue from its hemp trading business will exceed $25 million for fiscal 2020. KushCo also reiterates its expectation to achieve positive adjusted EBITDA on a quarterly basis in the second half of fiscal 2020.

Trulieve Set to Open New Storefront in Northwest Florida

Trulieve Cannabis Corp. (CSE: TRUL & OTCQX: TCNNF) a leading cannabis company based in the United States, is on track to open their Fort Walton Beach storefront on January 10th. The location will be their 43rd in Florida and their 45th nationwide. “Trulieve is focused on creating a strong customer-centric experience, and that starts with ensuring that patients across Florida have access to the medications they’ve come to rely on. Expanding our reach inside the Florida Panhandle is just one of the ways we’re doing that. Our well-trained staff is ready and willing to assist patients during every step of the process, from exploring medical cannabis for the first time to transitioning into a new treatment process.”, says Trulieve CEO Kim Rivers. Patients can find THC and CBD products in Trulieve’s stores, in a variety of consumption methods. The store will host a grand opening event on January 10th. 

Halo Announces Closed Acquisition of Mendo Distribution and Transportation

Halo Labs Inc., acquired Mendo Distribution and Transportation for $4.95 million. The deal is set to be paid for using Halo’s common shares. The transaction is expected to increase revenue and gross margins across all Californian operations, extend distribution capability in Northern California, launch new edible and white label product lines with Type N license onsite, and reduce overall distribution costs and potentially manufacturing & distribution tax rates.

StaffStaffJanuary 8, 2020


It’s time for your Daily Hit of cannabis financial news for January 8, 2020.

On The Site

Justice Grown

A multi-state cannabis operator, Justice Grown, was recently awarded five total licenses across two states. The company was awarded two licenses in Utah and three in Missouri. The recent approval of these licenses brings Justice Grown’s operations to a total of seven states. In addition to Missouri and Utah, the company operates in Illinois, California, Pennsylvania, New Jersey, and Massachusetts.

The competition for aspiring commercial cannabis cultivators in Missouri was fierce. With almost 600 applicants and only 60 spots, hundreds of groups were out thousands of dollars and the countless hours that were put into their applications. The Missouri Department of Health and Senior Services has already been sued by Sarcoxie Nurseries, who felt the ruling on approved cannabis cultivation facilities was unjust. In Utah, the competition for “medical cannabis pharmacies”, as Utah calls dispensaries, was even tougher with only 14 total licenses awarded, and a maximum of two licenses per company. Justice Grown’s pharmacies will be in Salt Lake City and St. George, Utah.

Subversive REIT

A new Ontario-based limited partnership created to buy cannabis-based real estate businesses called Subversive Real Estate Acquisition REIT closed on its initial public offering by raising $200 million. Making this the largest post-market correction equity capital raise to date. Subversive REIT also began trading its Class A Restricted Voting Units on the NEO Exchange as NEO:SVX.UN.

Deal Is Off

As the cannabis industry faces pressure, the valuation retractions have caused several proposed deals to unravel. The lastest is between Bhang Inc. (CSE: BHNG) (OTCQX: BHNGF) and CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF). Bhang and its wholly-owned operating subsidiary, Bhang Corporation has terminated its agreement with Origin House and its wholly-owned subsidiary, Kaya Management, Inc.

With regards to the termination agreement, Bhang will get royalty payments, input materials, manufacturing equipment, Bhang-branded finished goods, and Origin House shares, collectively valued at approximately $1.1 million.

In Other News


GrowGeneration Corp. (NASDAQ: GRWG) reported revenue of $80.0 million for the 2019 fiscal year-end, an increase of $51.0 million or 176% versus 2018. The revenue for the fourth quarter of 2019 was $26 million versus $9.1 million for the same time period in 2018.

The company did not release the full report of its earnings. The press release on its revenue did not include any information on profits or losses. It did note that same-store sales were up 62% for the quarter versus last year’s fourth quarter and same-store sales were up 36% for the fiscal year 2019 versus 2018.

Darren Lampert, Co-Founder and CEO, said, “The Company’s fiscal year ending 2019 record financial results reflect our continued focus on revenue growth and EBITDA expansion. Revenue was up 176% year over year to $80 million. Our same-store sales were up 62% Q4 2019 versus Q4 2018. For the full year, same-store sales were up 36% versus full year 2018. Our online business is now branded GrowGen.Pro and is being integrated as part of our omni channel strategy with all our stores locations, ” Order online and Pickup in store”. GrowGeneration Management Corp, our commercial division, is now approaching a $20 million segment of the business. The Company completed the rollout of its new ERP platform and all of our store operations are on our ERP platform. The GrowGen ERP platform is designed to lower costs, improve departmental productivity, integrate our online and store sales and supply channels and provides forecasting and reporting tools.

The Green Solution

The Green Solution (TGS), with 21 dispensary locations in Colorado, has launched a new, budget-friendly flower line, Sunlit Farms, available now at all locations. Starting at only $13.95 per eighth, Sunlit Farms is the dispensary’s most affordable bud yet. The new flower has sativa, indica and hybrid options, with varieties including Moon Gas, Satan’s Spinach, High-Key, Green Frostbite, Bruh and Gassed. Sunlit Farms flower is pre-packaged whole bud value flower from both indoor and outdoor grows.

Front Range

Front Range Biosciences announced today an extended partnership with Aligned Distributing LLC. Since 2019, Front Range Biosciences and Aligned Distributing have had a sales partnership, and the extended multi-year agreement makes Front Range Bioscience’s world-class hemp varieties a fixture of Aligned Distributing’s national product portfolio.

Aligned Distributing sells equipment and supplies to indoor and field cultivators across the United States and Canada. As the uses for industrial hemp expands, farmers in various regions and climates have begun to add the crop to their rotations. The partnership leverages Aligned Distributing’s national market presence to enhance Front Range Bioscience’s sales and distribution capabilities of reliable seeds, seedlings and rooted cutting designed for successful yields.

Gage Cannabis

Gage Cannabis Co. will open Cookies, a new flagship cannabis provisioning center in the heart of Detroit, with a mammoth blue street party. Cookies is a cannabis brand in North America and will be located at 6030 E. 8 Mile, Detroit.



StaffStaffJanuary 6, 2020


This is your Daily Hit of cannabis financial news for January 6, 2020.

The Daily Hit took a break during the holidays, but it is back as the news ramps up in the new year.

On The Site

Supreme Cannabis

The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) announced that its Board of Directors has named Colin Moore, Director of the Company and former President of Starbucks Coffee Canada, as Interim President and Chief Executive Officer, effective immediately. Mr. Moore succeeds Navdeep Dhaliwal, who has departed the Company.

Supreme recent reported a drop in its revenue from the 2019 fourth quarter amount of $19 million to the  2020 first quarter amount of $11.4 million. The quarter-over-quarter decrease in net revenue was attributed to the combination of a rapid deterioration of pricing and demand in the wholesale market and the previously announced 7ACRES mechanical failure in grow rooms 1, 2 and 3. The company called this “an isolated one-time event with all three grow rooms recommissioned and replanted in September 2019.”

Emerald Health

Emerald Health Therapeutics, Inc. (TSXV: EMH)(OTCQX: EMHTF) has agreed to the second tranche of funding for the company for approximately $4.5 million. At the end of December, the company closed on the initial tranche of a private placement that was announced on December 16, 2019. The initial tranche was for gross proceeds of $1.5 million issued at a price of $0.29 per unit.

The second tranche was also issued at a price of 29 cents per share. The company was lately trading at roughly 25 cents per share. The private placement is set to purchase 10,344,827 units of Emerald for total gross proceeds of $3 million. The company said that these units will represent the remainder of the financing previously announced on December 16, 2019, however, the securities to be issued under the Offering will be offered by way of a shelf prospectus supplement to be filed in all of the provinces of Canada pursuant to National Instrument 44-102 – Shelf Distributions and will not be subject to a hold period.

High Times

Hightimes Holding Corp. told investors that it accepted the resignation of Kraig G. Fox as the Company’s Chief Executive Officer and President Effective December 24, 2019. On January 6, 2020, Stormy Simon, one of the Company’s independent directors and former President of Overstock.com Inc., was appointed to the position of Chief Executive Officer of the company by the board of directors. Following her appointment, she will also continue serving as a director on the Company’s board of directors.

The change is happening as the cannabis publication prepares to develop its physical and virtual distribution businesses. Having spent the last year acquiring Cannabis media publications and web sites, High Times now looks to monetize its audience of millions of users across the globe. Fox was just hired in April with the intent to finally bring the company public, a move that has been discussed for years at this point. Instead, the launch of the publicly traded stock got delayed again.


The world is hurting right now, and many are feeling the pain of a planet in destruction. We’re dealing with climate change (and climate change denial), forest fires are ravaging homes and destroying nature around the world, and we all know that Mother Nature sure likes to toss a giant natural disaster in there from time to time. Humans have both lost control of and lost touch with their natural environment.

It’s time to get back to nature, and psychedelics may be what get us there.

Researchers in London, UK, investigated the association between psychedelic use and a concept they termed “nature relatedness,” or one’s level of self-identification and subjective sense of connectedness with nature.

In Other News

Tokyo Smoke

Tokyo Smoke, Canopy Growth Corporation’s (TSX: WEED) (NYSE: CGC) award-winning retail brand, is proud to announce that it will be working with a total of ten recently-announced Ontario retail license holders to open new Tokyo Smoke branded retail cannabis stores across the province.

“With ten new stores set to open in the first half of this year, we are pleased with the momentum we’ve built and excited to bring the Tokyo Smoke experience to more Ontarians,” said Rade Kovacevic, President, Canopy Growth. “Increasing Tokyo Smoke’s presence across the province will expand access to high-quality cannabis products and education, continuing to migrate cannabis sales from the illicit to the regulated market.”

Once licensed, this will bring the number of Tokyo Smoke branded retail cannabis stores in Ontario to a total of 12, joining Tokyo Smoke 333 Yonge at Dundas Square in Toronto, and Tokyo Smoke Oshawa.

Slang Worldwide

SLANG Worldwide Inc. (CNSX: SLNG) announced that it is expanding into the Ohio medical cannabis market by the entering into of a licensing agreement with Standard Wellness Company, LLC. Standard Wellness has been granted an exclusive license to produce and distribute the SLANG product suite in Ohio, beginning with its category-leading O.penVAPE, Pressies, Bakked and District Edibles brands. SLANG will derive revenue for each branded product sold in the state, with sales expected to commence in 2020.


Ericka Pittman officially joining Viola as their new CMO. The new c-suite appointment marks the first African American female CMO of a multi-state cannabis operator.Prior to her move with Viola, she served as CMO at AQUAhydrate and as a leading executive at Combs Enterprises.

Kaitlin DomangueKaitlin DomangueDecember 19, 2019


Its time for your Daily Hit of cannabis financial news for December 19th, 2019. 

On the Site

CuraLeaf Says 2019 Was Great, 2020 Will Be Even Better

Debra Borchardt at Green Market Report sat down with Curaleaf’s CEO Joe Lusardi at MJBizCon in Las Vegas last week. There were talks of Curaleafs acquisition with Select, a premium cannabis product company known for their vapes, the cannabis market in Illinois and other states, and Curaleaf’s 2020 hopes. Lusardi says that he “thinks it’s also important to know that the Select brand is not just the vape brand, it’s a family of products.”, and we will be seeing gummies, tinctures, sprays, and more from Select. He says that Illinois is the next big market, and he knows by looking at the state’s numbers. The CEO touched on Massachusett’s market not living up to 2019 expectations, but thinks 2020 will be a good year for the state. Curaleaf just opened their first adult-use store in the state in November. Lusardi says 2020 will be a fantastic year for Curaleaf. “We’re opening stores, we’re executing on our business. We’re turning all of the investment we’ve made into cash-generating assets. So this is the best year in our company history. I mean, it was really a great year, operationally. 2020 sets up to be even better.”

Grateful Dead’s Mickey Hart Launches Hash-infused Pre-roll

Grateful Dead drummer Mickey Hart is expanding his cannabis brand Mind Your Head with the launch of Space Ticket, a 1-gram hash-infused pre-roll. Space Ticket is inspired by the transformation and enlightenment that fans experience at live shows. Mind Your Head Space Ticket is a potent 1-gram hemp leaf wrapped pre-roll featuring Indica-leaning strains Trinity Star and D.O.G. Chem and is infused with an aromatic, artisanal ice-water hash. Mind Your Head was launched earlier this year with its first product offering of Magic Minis, pre-rolled whole-flower joints packaged in a tin adorned with Hart’s celebrated artwork. The brand was founded on the belief that cannabis grown with care can transport minds by inspiring creativity and mindfulness. Mind Your Head operates using sustainable, just and innovative practices.

Trulieve Finds Itself in the Crosshairs

Trulieve Cannabis Corp. (OTC: TCNNF) was being touted as the most promising of cannabis stocks. Its earnings reports put competitors to shame as the company delivered impressive net incomes and others instead struggled with net losses. This week a short-seller report has accused the company of being a fraud and that comes a week after the company faced fire over unwanted texts. The stock tumbled on the news of the Grizzly Report but began to recover as others stepped up to defend the company. The stock fell from a close of $11.91 on Monday to $10.40 on Tuesday but was lately trading at $10.84. The report called out the company for a variety of bad behaviors and questioned the earnings. The summary of the allegations are as follows; Low-quality cultivation facilities that could lead to poor products, accusations that the CEO Kim River’s husband JT Burnette is involved in an FBI probe, accusations that Burnette is Trulieve’s main construction partner, alleges that Trulieve is not being truthful about its lenders and takes out small loans from insiders even as it suggests it has plenty of cash, alleges that Trulieve is marking up the product to portray profitability.

In Other News

Online Cannabis Marketplace Dutchie Secures $15 Million Series A Round

Dutchie, the leading e-commerce platform for cannabis pickup and delivery, closed a $15 million Series A round. The powerhouse team of investors included Led by Gron Ventures, Snoop Dogg’s Casa Verde Capital, Kevin Durant’s and Rich Kleiman’s Thirty Five Ventures, Sinai Ventures, Shutterstock founder and CEO Jon Oringer, DoorDash founders and early executives. Dutchie is an online platform that allows customers to order cannabis products from dispensaries for pickup or delivery. Ross Lipson, CEO and co-founder of Dutchie says “We’re thrilled to have such a great group of investors to help guide us through this next phase of the business. Scaling a company has its share of challenges, especially in an emerging new industry; however, having seasoned investors in our corner who can lend their experience and expertise will help us take Dutchie to the next level.” The company is in a period of extreme growth,  facilitating over $140 million in Annualized GMV with over 450 dispensaries across 18 states now using the platform. This latest round of funding brings the total investment to $18 million. 


About Us

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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