Daily Hit Archives - Green Market Report

StaffOctober 18, 2021


It’s time for your Daily Hit of cannabis financial news for October 18, 2021.

On The Site


Innovative Industrial Properties, Inc. (IIP)(NYSE: IIPR) has purchased a 201,000 square foot industrial property in Desert Hot Springs, California from Gold Flora, LLC for $51 million. Gold Flora will then lease the building and is expected to complete additional improvements for the property, for which Innovative Industrial has agreed to provide reimbursement of up to $9.0 million. Assuming full reimbursement for the improvements, IIP said its total investment in the property is expected to be $60.0 million.

People Moves

Two leading cannabis companies have made major changes in the C-suite on Monday morning. The biggest move came from HEXO Corp.  (TSX: HEXO)(NASDAQ: HEXO) which announced that its CEO and Co-Founder Sebastien St-Louis was leaving immediately and that the company was engaging in a structural reorganization. In addition to the CEO, HEXO said that its Chief Operating Officer, Donald Courtney was also out. The Special Committee of the Board for Succession said it was in advanced discussions with a preferred CEO candidate and expected to make an announcement soon. Courtney will remain as COO until a suitable replacement is named. Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) announced the appointment of Edward (“Ed”) Kremer as its new Chief Financial Officer. 

In Other News


Xebra Brands, is now trading on the Canadian Securities Exchange (CSE). Xebra is well-positioned in Mexico within the USMCA Free Trade Zone (formerly NAFTA). Xebra is 1 of 5 companies whereby two will be selected by the government of the Netherlands to participate in cultivation trials, to supply all medicinal cannabis sold through Dutch pharmacies, under guaranteed government contracts. Xebra has developed approximately 40 cannabis-infused formulations and six distinct beverage brands, each protected by trademark IP.


Auxly Cannabis Group Inc. (TSX – XLY) announced that the company has moved to the #6 LP position in Canada for total cannabis sales as of the end of Q3 2021. After the successful launch of new product offerings during the third quarter of 2021, such as the introduction of the Back Forty 40s pre-rolls and differentiated dried flower offerings, Auxly secured 5.7% share of the total cannabis market in Q3 2021, up from 4.9% in Q2 2021, ending the quarter with 6.4% share of the market in September. In addition to the overall growth and expanded presence in the dried flower segment, Auxly also continues to hold the #1 LP position in Canada for Cannabis 2.0 product sales with 15.6% market share in Q3 2021. Powered by a 24.7% share of the vapor market – the largest of any Canadian LP by a significant margin – the Company’s organic growth in each of the Cannabis 2.0 categories it participates in is a testament to the quality and efficacy of its product suite that Canadian consumers have come to rely on.

StaffOctober 13, 2021


It’s time for your Daily Hit of cannabis financial news for October 13, 2021.

On The Site

MJ Biz

If you are a first-time attendee at the MJ Biz conference or even if you are a veteran, we are going to try to help streamline your time at the event. Green Market Report has pulled together the top ten things you must put in your calendar while at the convention center. You’re welcome. 


Hall of Flowers, California’s highly-anticipated B2B trade show, returned to the Sonoma County fairgrounds in, September after a Covid-mandated hiatus. The show, beloved by the cannabis community, as well as the industry, is known for showcasing some of the state’s most popular cannabis brands. There were some noticeable absentees this year as people are still cautious about participating in events due to Covid-19 variants. Despite the caution, the turnout was impressive. Some brands are also being hit hard by the rock-bottom prices of cannabis flower. Sunrise Mountain Farms were noticeably absent, which they attributed to the significant drop in wholesale flower prices. 

In Other News


Novamind Inc. (CSE: NM)(OTCQB: NVMDF) has been granted Schedule 1 licenses from the U.S. Drug Enforcement Agency (DEA) for Dr. Reid Robison, Chief Medical Officer, and Dr. Paul Thielking, Chief Scientific Officer. The DEA Licenses are required for research sites planning to host clinical trials for psilocybin, enabling principal investigators to store and administer this controlled substance.

“Obtaining the DEA Licenses is a critical step towards hosting clinical trials for psilocybin-assisted psychotherapy,” commented Dr. Robison. “We’re proud of our clinical research organization’s track record investigating innovative solutions for central nervous system conditions. This milestone reflects our expertise and enables us to continue on our mission to create breakthroughs in mental health treatment.”


 iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCPK: ITHUF)provided an update on its response to the Secured Noteholders’ application. On October 12, 2021, Justice Penny released his decision granting the Secured Noteholders’ relief sought in the Application. Specifically, Justice Penny granted the declaration sought by the Secured Noteholders and ordered that: “the Outside Date in the restructuring support agreement has been and is extended to the date on which any regulatory approval or consent condition to implementation of the Plan is satisfied or waived.”


Lantern, among the leading on-demand cannabis e-commerce marketplace and home delivery platforms in the U.S.,  announced three changes within its leadership team. Meredith Mahoney, who has served as Lantern’s President since the company launched in May 2020, was named Co-Founder and CEO. Katie Neer, who has served as Head of Industry Affairs, was named General Counsel, and Akele Parnell, the company’s Head of Equity Partnerships, was also appointed to lead Lantern’s social equity incubator program. Additionally, Lantern Co-Founder, Justin Robinson, has transitioned to a full-time role at the company following Uber’s acquisition of Lantern’s sister company, Drizly Group.

StaffOctober 12, 2021


It’s time for your Daily Hit of cannabis financial news for October 12, 2021. 

On The Site


Cannabis retail point-of-sale company Flowhub, has raised $19 million with some help from Headline, Poseidon, and a personal investment from world-renowned rapper, entrepreneur, and entertainment mogul Shawn “Jay-Z” Carter. The company has so far raised to nearly $50 million and is currently valued at over $200 million. 

MJBiz vs. Unpacked

Before COVID, the MJ Business Daily Conference in Las Vegas was the “go to” event for people in the cannabis industry. Over 30,000 people attended the last pre-pandemic conference as a testament to its popularity. Also in the past during the MJBiz event, there have been several other events that have tried to ride the coattails of the massive conference. The thought behind such a strategy is that if so many industry people are going to be there, why not try to capitalize on that?   So there have been investor events, women-focused events, etc. However, they mostly complemented the main event versus competing head-on. That has changed this year. Former MJ Biz executive George Jage, who is often credited with making the MJ Biz event so successful, is hosting his own conference called MJ Unpacked. During the same time and at the literal opposite side of Las Vegas at the Mandalay Bay hotel. The biggest difference between the two is that Unpacked is narrowly targeted on retail and brands with a  vetted investor attendance, while MJBiz has something for everyone. Although it could be argued that the exhibitor floor tends to skew heavily towards cultivation and production. 


Privately-held PharmaCann Inc. is buying Colorado-based LivWell Enlightened Health for an undisclosed amount. Once the deal is closed, PharmaCann and LivWell would operate approximately 60 dispensaries and 11 cultivation and production facilities across eight states. LivWell has grown from a single location to a  multi-state cannabis company with operations in Colorado and Michigan. LivWell is a vertically integrated seed-to-sale cannabis retailer. In addition to cultivating cannabis, LivWell researches, extracts, and manufactures its own brands to consistently bring its customers quality products across multiple categories including topicals, edibles, tinctures, CBD pet tinctures, concentrates, and vaporizers.

In Other News

MedMen Founders

Law360 reported that a company run by the ousted co-founders of cannabis giant MedMen has voluntarily dismissed a pair of suits against a California dispensary chain it had invested in, Coastal Holding Co., which they had accused of planning to sell off the company without consulting the shareholders. “LMAJ LLC’s one-page dismissal notices, filed Thursday in both cases, do not indicate why the entity opted to drop the suits. The dismissals come the same week that Jay-Z-backed California cannabis company the Parent Co. announced its plans to acquire Coastal for up to $56.2 million in cash and company shares.”

Charlotte’s Web

Charlotte’s Web Holdings (OTCQX: CWBHF) announced that its corporate farm acreage, and its 137,000 sq. ft. Louisville, a Colo.-based manufacturing and R&D facility, earned U.S. Department of Agriculture (USDA) organic certification. This certification paves the way for several product lines to carry the USDA Organic Seal.

“Farming is governed by a natural law based on give and take, and we have learned the more we give to our soil through organic and regenerative practices, the more we get back,” said Ray Sitorius, Director of Farming Operations. “Earning organic certification validates our land stewardship and Charlotte’s Web’s ongoing commitment to farm in balance with nature and our living soil.”


StaffOctober 7, 2021


It’s time for your Daily Hit of cannabis financial news for October 7, 2021.

On the Site


Tilray, Inc. (Nasdaq: TLRY) reported financial results for the first fiscal quarter ending August 31, 2021 with net revenue increasing 43% to $168 million from $117 million in the same time period in 2020. Tilray missed the average analyst estimate for revenue of $172 million according to Yahoo Finance. Tilray said the increase in revenue was driven by a 38% growth in net cannabis revenue to $70 million, net beverage alcohol revenue of $15 million following the SweetWater acquisition on November 25, 2020, and wellness revenue of $15 million from Manitoba Harvest. Still, the company reported an increase in the net losses to $34.6 million from last year’s net loss of $21.7 million. The company met the average earnings estimate from analysts which was for a loss of $0.08 per share. The company noted in its earnings statement that it had a cost-saving synergy of $55 million that was achieved on a run-rate basis to date, with actual cash savings close to $20 million. Tilray also said it was on track for at least $80 million in cost savings from the Aphria and Tilray business combination synergies.


4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) is buying New England Cannabis Corporation (NECC) in a deal valued at $55 million. NECC was founded by luxury home developer Kenneth Stevens of Weston and is a cannabis cultivator based in Holliston, Massachusetts. 4Front said that NECC is expected to be significantly accretive to the its EBITDA expectations for 2022 and will immediately scale 4Front’s presence as a dominant wholesaler and producer in the state.NECC has a fully operational 55,000 sq. ft. licensed cultivation facility that will strengthen 4Front’s expanding footprint in the limited-license state. The acquisition is said to more than double 4Front’s total flower canopy in Massachusetts to over 30,000 sq. ft, with further expansion potential for up to an additional 10,000 sq. ft. of canopy, and will approximately triple 4Front’s kitchen, processing, and distribution space. The NECC facility will supplement the products sold through 4Front’s existing “Mission” dispensaries and will further strengthen the its presence in the Massachusetts wholesale market.

Humble & Fume

After the market closed on Tuesday, Humble & Fume Inc.(CSE: HMBL) reported its financial results for the fiscal 2021 fourth quarter and year ending June 30, 2021. For the quarter, Humble delivered revenue of $19.4 million an increase of 33% from last year’s $14.5 million. The company attributed the increase in revenue to strong sales in the U.S. and Canadian accessories wholesale market. Humble’s accessory lines include some of the highest-rated products like Puffco, Storz & Bickel and Ryot. The company reported that the net loss for the quarter was $88,904, or $0.00 per diluted share, a 99.7% decrease from last year’s net loss of $4.1 million, or $0.08 per share. The company said that the net losses were primarily driven by growth in overall headcount levels primarily to support increased U.S. and Canada sales, higher sales and marketing expense to support brand partnerships and the launch of FUME, and higher freight costs included in the company’s cost of goods sold selling expenses, and higher share-based compensation expense compared to the year-ago period.

In Other News

High Tide

High Tide Inc. (Nasdaq: HITI) is taking another step towards solidifying itself as a major player within the global e-commerce marketplace for hemp-derived CBD products, by entering into a definitive agreement to acquire 80% of Enigmaa Ltd., operating as Blessed CBD for £9.06 Million and will have a three-year option to acquire the remaining 20% of Blessed at any time.


Flowhub named former Uber General Manager Leandre Johns as Chief Operating Officer (COO). The strategic hire brings key financial and business expertise to Flowhub’s executive team as the company continues to expand alongside the cannabis industry. Flowhub, founded when the first legal adult-use stores opened in Colorado in 2014, created technology to disrupt antiquated systems and replace them with innovative, modern tools that redefine the cannabis space. Like Flowhub’s quest, Uber uprooted a bureaucratic system and reimagined the entire transportation sector with their technology. With Johns on-board, Flowhub will continue to push boundaries with their technology with the ultimate goal of federal legalization.


Ascend Wellness Holdings, Inc.  (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically-integrated cannabis operator, and Edie Parker, a luxury fashion brand known for its vintage-inspired clutches and handbags, announced the debut of Flower by Edie Parker pre-rolls in Massachusetts. In May, AWH and Edie Parker announced an exclusive wholesale licensing agreement to bring Flower by Edie Parker products to emerging adult-use markets in Massachusetts and Illinois. The coveted West Coast brand first expanded beyond California earlier in March by launching sales in Colorado.

StaffOctober 5, 2021


This is your Daily Hit of cannabis financial news for October 5, 2021.

On the Site


New York’s Cannabis Control Board is moving quickly to make up for the lost time under the previous administration. In the group’s first meeting since incoming Gov. Hochul stepped in and nominated people for the board, they approved raw cannabis flower as a medical product effective immediately. In addition to approving flower, the Board also loosened other restrictions.

  • Doctors can approve medical patients
  • 30 day supply increases to 60 day supply
  • $50 registration fee for patients is waived
  • Streamlining dispensation

Circle K

Alimentation Couche-Tard (ACT) (OTC: ANCUF), the parent company of Circle K stores is continuing to cement its relationship with cannabis company Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF). The two companies are expanding on a pilot program to open new Fire & Flower cannabis retail stores next to existing Circle K in markets across Canada. The original Circle K co-located store pilot program started in July 2020 with the first two stores, located in Calgary and Grand Prairie, Alberta. The company said that the expansion of the pilot program between the strategic partners will see new co-located retail stores open over the next several months in the Canadian provinces of Alberta, Saskatchewan, and Manitoba. The two companies said they expect to continue this strategy with sights set on Ontario and even the U.S.


Last week, Sundial Growers (OTC: SNDL) enjoyed some success in the courtroom when a case brought against the company by investors was dismissed. In May 2020, several investors had charged that Sundial made claims in investor presentations that weren’t true. However, U.S. District Judge Andrew L. Carter Jr. said that the various statements made in the presentations were either protected, forward-looking statements or weren’t all that misleading at the time the statements were made. The issue stems back to 2018 when Sundial tried to raise $50 million in order to buy an agricultural company based in the UK called Bridge Farm. According to the court filing, the January Investor Presentation said that Bridge Farm had a hemp license that would allow for cultivation, processing, and export of finished products from the UK. It went on to say that Bridge Farm would “provide a platform for scalable growth with only ~C$20 mm in incremental Capex needed to facilitate CBD production and extraction” and that the “[o]peration enables us to produce and distribute at scale almost immediately and more quickly than competitors.” At the time, Sundial said it expected Bridge Farm to generate C$256 million in revenue and C$115 million of EBITDA in 2020.

In Other News


Akerna Corp. (Nasdaq: KERN) announced it has entered into a securities purchase agreement for a US $20 million convertible debt financing with existing institutional investors who hold the Company’s currently outstanding convertible notes. The net proceeds from the issuance of the new senior secured convertible notes (the “Notes”) will be used to support Akerna’s ongoing growth initiatives and continued investment in current and future technology infrastructure.


urban-gro, Inc. (Nasdaq: UGRO) and XS Financial (CSE:XSF) (OTCQB: XSHLF) (“XSF”), a specialty finance company providing CAPEX financing solutions including equipment leasing to cannabis companies in the United States, have entered into a strategic agreement allowing for XS Financial to provide urban-gro clients with CAPEX leasing solutions and XSF customers with access to urban-gro’s vendors and enhanced purchasing power.

StaffOctober 4, 2021


It’s time for your Daily Hit of cannabis financial news for October 4, 2021.

On The Site


TPCO Holding Corp. also known as The Parent Company (NEO: GRAM.U) (OTCQX: GRAMF) is buying California-based Coastal Holding Company in a deal with a valuation of $56 million that is expected to close in 2022. The acquisition will bring The Parent Company’s current California retail store and delivery depot footprints to eleven and six, respectively. The Parent Co. said this would make it the second-largest operating retail dispensary and delivery hub in the State with an expanded reach to over 80% of California’s population. The deal consists of $16.2 million in cash with a contingent consideration of up to $40 million in equity of The Parent Company upon completion of milestone events and a $9 million option to acquire the remaining equity of a southern California dispensary that Coastal currently holds a minority interest in.

AFC Gamma

Cannabis real estate lender AFC Gamma, Inc. (NASDAQ: AFCG) said that it has expanded its senior credit facility by $53.4 million, to $75.4 million in total commitments to Chicago-based Justice Cannabis Co., a multi-state operator with licenses in eight states. Justice Cannabis will use the money to make acquisitions and develop its operations in New Jersey, further develop its Pennsylvania cultivation facility, and refinance existing debt.

Ascend Wellness

Ascend Wellness Holdings, Inc.  (AWH) (OTCQX: AAWH) has staked its claim in Ohio after completing its acquisition of BCCO, LLC, which operates a medical dispensary in Carroll, Ohio. Ascend also said it was buying Ohio Cannabis Clinic, LLC, which operates a medical dispensary in Coshocton, Ohio. Ohio is a medical-only market at this time and recorded $200 million in sales in 2020. It is estimated by Arcview that sales could reach $600 million in 2025. Jefferies estimates that 2020 legal and illicit market sales reached approximately $2.7 billion, making Ohio the 3rd largest market that is only legalized for medical.


Top cannabis attorney David Feldman has formed a new law firm, Feldman Legal Advisors, PLLC. Feldman, who has focused on cannabis and psychedelics since 2013 and recently helped build and lead the 60+ attorney cannabis industry group at an AmLaw100 firm, will focus the new firm’s efforts on business and transactional matters in the industry. The CEO and Co-Founder of Skip Intro Advisors, LLC, cannabis and psychedelics-focused consulting firm, Feldman said he believes the combination of legal and advisory services will offer a “one stop shop” for entrepreneurs, investment banks, and investors in the space.

In Other News


Agrify Corporation (NasdaqCM: AGFY) has acquired Precision Extraction Solutions and Cascade Sciences, two of the leading brands that provide equipment and solutions for extraction, post-processing, and testing for cannabis and hemp industry, from Sinclair Scientific. Precision and Cascade expect to generate approximately $40 million in revenue in 2021 with positive EBITDA. As a result of this transaction, Agrify now has a physical presence in seven states with a growing number of clients and business partners distributed throughout the country.

“We are thrilled to announce the acquisition of Precision and Cascade, two companies that share our strong commitment and passion for delivering leading-edge solutions and exceptional customer service to the cannabis and hemp industry,” said Raymond Chang, CEO of Agrify. “Precision and Cascade have stellar reputations and powerful leadership positions in their respective spaces, which is a perfect complement to our existing business and should allow us to leverage new competitive advantages and synergies in order to accelerate our growth plans.”


Curaleaf Holdings, Inc. (CSE: CURA / OTCQX: CURLF)has successfully completed the previously announced acquisition of Los Sueños Farms and its related entities (“Los Sueños”), the largest outdoor grow in Colorado.


Akerna (Nasdaq: KERN) has closed the acquisition of 365 Cannabis, a cannabis ERP and business management software system built on Microsoft’s Dynamics 365 Business Central, in a $17 million deal.

StaffSeptember 30, 2021


It’s time for your Daily Hit of cannabis financial news for September 30, 2021.

On The Site

Canadian Saturation

High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) just hit a milestone when the Canadian cannabis retailer announced that it has opened over 100 stores. High Tide said that its total number of branded retail locations across Canada numbered 101, and the company has 30 stores in Ontario. In addition to those stats, High Tide also noted that it has launched eight organically-built stores in the month of September alone. While this is a laudable event, could Ontario be reaching dispensary saturation and is that a bad thing for cannabis companies? The Canadian market is beginning to see the effects of market saturation in some areas. Both Fire & Flower (OTC: FFLWF) and High Tide recently mentioned in their earnings announcements that sales were affected by this. Fire & Flower said that its same-store sales decreased 14% for forty-eight (48) stores in operation during the second quarter of 2021 due to a surge in newly licensed retail cannabis stores in Ontario. According to the company, in just three months the number of licenses went from 665 at May 1, 2021 to 981 at July 31, 2021. The company’s sales also dropped despite the reopening of stores to foot traffic due to the pandemic. Fire & Flower also pointed out that competitors had engaged in deep discount pricing. 

Mushroom Combos

You may have heard of “functional fitness” (which trains the body for activities performed in daily life) and  “functional nutrition” (a philosophy that promotes the use of food as medicine to prevent and alleviate diet and lifestyle-related diseases), but have you heard of “functional mushrooms”? If you’ve been down the aisle of a Whole Foods in the last few years, you undoubtedly have, but in case you haven’t, functional mushrooms include strains like Lion’s Mane, Cordyceps, and Chaga that aren’t only a food source but have beneficial properties that can positively impact health. These multitasking mushrooms have been showing up everywhere from coffee to candy bars, and while initially, they were giving cannabis a run for its money as the latest wellness trend, many companies are now blending THC or CBD and medicinal mushrooms to create “super” supplements, edibles, and other products to tempt the health-conscious consumer.

In Other News


The Marijuana Opportunity Reinvestment & Expungement (MORE) Act was passed by the House Judiciary Committee, the first vote since the bill was reintroduced in May. The MORE Act was originally approved in a full House vote in December 2020, becoming the first bill to end federal prohibition to pass in either chamber. A companion bill was introduced in the Senate by now-Vice President Kamala Harris, but did not receive a hearing before the end of the session. The bill was approved 26-15, with 24 Democrats joined by two Republicans voting yes and 15 Republicans voting no. It will still need to get a full vote in the House before moving to the Senate where it is unlikely to receive a vote.  


Zelira Therapeutics Ltd (OTCQB: ZLDAF) is expanding its global footprint with its entry into Germany, one of the world’s largest and fastest-growing markets for cannabinoid-based medicines. The company just announced a five-year exclusive distribution agreement with IM Cannabis Corp. (IMC)’s German-based subsidiary Adjupharm, an EU GMP-certified medical cannabis distributor. IMC (CSE: IMCC)(NASDAQ: IMCC) is a multi-country operator (MCO) in the medical and adult-use recreational cannabis sector with operations in Canada, Israel and Germany.

Glass House

Glass House Brands Inc.(OTCQX: GLASF and GHBWF) announced that Mark Vendetti has been appointed Chief Financial Officer of Glass House. Mr. Vendetti will commence his new role with the company on October 1, 2021. Mr. Vendetti will be replacing Derrek Higgins, whose last day with Glass House will be September 30, 2021.

StaffSeptember 27, 2021


It’s time for your Daily Hit of cannabis financial news for September 27, 2021.

On The Site


After delaying its earnings announcement, Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) released its financial results for the fourth quarter and full-year fiscal 2021 ending June 30, 2021. Aurora reported that its revenues in the quarter fell 20% in the quarter to $54.8 million from last year’s $68.4 million for the same time period. Revenue also dropped sequentially from the third quarter’s $55.1 million. The amount of kilograms sold during the quarter fell 32% to 11,346 from last year’s 16,748.

The net loss for the quarter was a whopping $133 million, which is down from the third quarter’s net loss of $160 million and last year’s eye-popping $1.8 billion for the same time period. For the full year, Aurora reported a net loss of $693 million versus 2020’s net loss of $3.2 billion. Aurora said it has identified cash savings of $60 million to $80 million and said it expects to deliver $30 million to $40 million of annualized cash savings within the next year, and the remainder by the end of the second fiscal quarter 2023. Aurora said that its consumer cannabis net revenue was $19.5 million ($20.2 million excluding provisions), a 45% decrease from $35.3 million ($37.1 million excluding provisions) in the prior year.

Delix Therapeutics

Delix Therapeutics closed on a $70 million Series A financing round.  The company said it expects to use the money to advance two lead candidates through Phase 1 clinical trials, further expand its drug discovery platform of novel neuroplasticity-promoting compounds known as psychoplastogens, and expand its team.


Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF)reported that it has completed a refinancing of an aggregate principal amount of $18.6 million debentures (plus accrued interest to September 1, 2021) previously issued to an arm’s-length investor. The Prior Debentures were replaced with a new debenture in the principal amount of $19.3million.


Australis Capital Inc., operating as Audacious (CSE: AUSA) (OTC: AUSAF)  announced that it has retained DelMorgan & Co., an internationally recognized investment banking firm, to assist it with its $15 million capital raise.

In Other News

Perfect Union

Sacramento-based Perfect Union recently reached its latest funding round goal of $15 million to bolster its expansion efforts. Now, the cannabis company is looking to raise at least double that in its next funding round in 2022. David Spradlin, CEO of Perfect Union, disclosed last October that the company’s investment arm, MWG Holdings Group Inc., was planning a $15 million equity offering. According to a recent filing with the Securities and Exchange Commission, the company raised the funds through 16 investors.

 With the closing of the Series B round, Spradlin told the Business Journal that Perfect Union will have raised around $30 million since it held its first funding round in 2017. The latest funds, he said, will continue to help the company finish infrastructure projects, bolster its cultivation efforts, establish a commercial kitchen where it plans to develop new edible lines, and expand more into distribution.

Flower One

Flower One Holdings Inc.  (CSE: FONE) (OTCQX: FLOOF) has closed the first tranche of its non-brokered private placement (the “Private Placement”), raising aggregate gross proceeds of $5M.

StaffSeptember 21, 2021


It’s time for your Daily Hit of cannabis financial news for September 21, 2021.

On the Site


The Securities and Exchange Commission (SEC)  filed charges against three individuals and one issuer on a crowdfunding scheme for two cannabis companies that raised $2 million. The money was supposed to be used to buy and invest in cannabis properties, but no money was ever used for those purposes. Instead, the money was siphoned off for personal use. In addition to that, the SEC also charged the registered crowdfunding portal, TruCrowd, and its CEO Vincent Petrescu, who placed the offerings on the portal’s platform. According to the SEC’s complaint, Robert Shumake, alongside associates Nicole Birch and Willard Jackson, conducted fraudulent and unregistered crowdfunding offerings through two cannabis and hemp companies, Transatlantic Real Estate LLC and 420 Real Estate LLC. The complaint alleges that Shumake and Birch raised $1,020,100 from retail investors through Transatlantic Real Estate, while Shumake and Jackson raised $888,180 through 420 Real Estate. Shumake, Birch, and Jackson allegedly diverted investor funds for personal use rather than using the funds for the purposes disclosed to investors.


Michigan-based SKYMINT, is buying 3Fifteen Cannabis and also closing its $70 million Senior Secured Term Loan from Tropics LP, an affiliate of SunStream Bancorp Inc., a joint venture initiative sponsored by Sundial Growers Inc. (Nasdaq: SNDL), and its $8 million equity investment from Merida Capital Holdings. The acquisition will bring Skymint’s workforce to 730 employees and a combined retail portfolio of 27 locations totaling 101,000 square feet, with an additional 18+in the 2021-2022 pipeline. The combined company will now have a dominant market share in four key Michigan regions: Grand Rapids, (4 locations), Greater Lansing (4 locations), Detroit / Metro Detroit (5 locations), and Ann Arbor (2 locations). In addition, it will have two indoor cultivation facilities totaling 77,000 square feet with a third indoor cultivation facility – totaling 184,000 square feet – due to come online next year and a 1,000-acre sustainable, sun-grown farm (Michigan’s largest outdoor cannabis farm).

Medical Consumers

Cannabis data and analytics specialist Headset just released its latest report comparing US medical and recreational cannabis market development, bearing results that reveal sales patterns and unifying trends across the industry.  The report’s findings are grounded in the context of the predominant pattern of a three-step process in cannabis market development, including prohibition, medical access, and adult-use legalization. 

Though there are exceptions to this evolution where markets leapfrog medical use and go straight from cannabis prohibition to adult-use legalization, flagship states like California, which approved medical use in 1996 but took another twenty years to allow adult-use cannabis, follow a more predictable pattern. The report compares California’s slower rollout to Illinois accelerated process, evident in its shorter six-year span between medical and recreational legalization. 

In Other News


Dispense, a leading digital dispensary management platform, is announcing the completion of its $2M seed funding. The round of investment is led by NextView Ventures with NextView co-founder, Lee Hower, joining the Dispense board. Dispense is one of the fastest growing software companies in the cannabis space. The platform is currently used by dispensaries in five states, including Illinois, Michigan, Ohio, New Jersey and Massachusetts. Since its beta launch in August 2020, Dispense has processed over 1.5 million orders, with an order value of over $200 million with only two employees. Co-founders Kyla Moore and Tim Officer plan to use the funding to hire top talent, continue developing and enhancing their product, and scale their sales and marketing efforts. 


Helix BioPharma Corp. (TSX: HBP), an immuno-oncology company developing innovative drug candidates for the prevention and treatment of cancer, announced that the company’s Chairman of the Board, Prof. Dr. Slawomir Majewski, will immediately assume the role of Interim CEO while the Company continues to identify and evaluate candidates.

StaffSeptember 16, 2021


This is your Daily Hit of cannabis financial news for September 16, 2021.

On The Site


Acreage Holdings, Inc. (OTC: ACRHF, ACRDF) is selling its four Oregon dispensaries to Chalice Brands Ltd. (CSE:CHAL) (OTCQB:CHALF). The divestiture is part of Acreage’s strategy to target only core states versus trying to be the largest MSO in the most states.  The deal is valued at $6.5 million. Acreage’s four Oregon retail dispensaries are branded as Cannabliss & Co. and the sale will end the company’s presence in the state. The company said in a statement that the Oregon stores were negatively affecting the company’s bottom line and utilizing management resources.


It’s been a busy week for psychedelic company Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) who reported its financial results for the quarter ending July 31, 2021 and announced an acquisition. On Wednesday, Awakn reported its earnings, but the relatively new company has no revenues to speak of. Instead, the company reported that it had a net loss of $9.1 million for the six months ending in July. Awakn also addressed its situation as a going concern due to its lack of incoming revenue. However, it has been able to raise money and currently has $8.7 million in cash. The company completed an $8.3 million financing at $2.50 per share in conjunction with its listing on the Neo Exchange.

In Other News

Australis Capital Inc., operating as AUDACIOUS (CSE: AUSA) (OTC: AUSAF) is buying the outstanding shares of BW Macaw Group, Inc. (“Herbs”) for $5 million, in an all-stock deal. The retail license, located at 543 Parrot Street, San Jose, Calif. 95112, is part of the contemplated transaction, as well as Herbs’ business license to cultivate, manufacture (production of derivatives and edibles), and distribute cannabis products.

 Additionally, Herbs has entered into a distribution agreement with EAZE, California’s largest legal cannabis delivery and distribution company. The Company has two contract manufacturers lined up to commence production of the Company’s products in California.

 “This deal creates a platform for our further expansion in California through a compellingly valued transaction that sees us establish a brick-and-mortar presence in an underserved market while teaming up with EAZE, one of the marquee names in the industry with more than 800,000 registered customers,” said Terry Booth, CEO of AUDACIOUS. “Through our EAZE partnership, we can provide consumers throughout California access to our award-winning brands, including our LOOS shots and new products in development that will be launching soon. In addition, with a license allowing manufacturing and cultivation, this transaction, once closed, will provide us with the option to scale up operations throughout the value chain to capture higher margins. The transaction will accelerate our revenue growth, while reflecting our ongoing execution towards becoming a tier one MSO.”


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