Daily Hit Archives - Green Market Report

StaffAugust 3, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

5min1460

It’s time for your Daily Hit of cannabis financial news for July 3, 2021.

On The Site

Hemp Prices

July 2021 saw record-setting temperatures in parts of the country, alarming spikes in Delta variant Covid infections, and large numbers of Americans returning to summer vacationing after having last summer’s dreams of ocean breezes and lakeshore barbecues dashed by the pandemic. It was also a notable, if not promising month for hemp. Hemp Benchmarks, a division of New Leaf Data Services and leading provider of financial, business, and industry data for the North American hemp markets, recently issued its report for July, which touches on some of the most high-profile talking points of the hemp market to date.

Parent Co.

TPCO Holding Corp.  (OTCQX: GRAMF) has acquired an operating retail dispensary located in Ceres, California from the owners of Jayden’s Journey. Terms of the transaction were not disclosed and remain subject to customary closing conditions, including regulatory approval. The company said it plans to rebrand the location at a later date. Jayden was the first child to be given CBD on national television by his father Jason who pioneered the CBD movement. Jayden’s Juice began when the company founder, Jason David’s son was diagnosed with Dravet syndrome, a rare and catastrophic form of epilepsy, at four months old. Jayden had hundreds of seizures each day, and doctors believed he might not live past his fifth birthday. After spending more than a thousand dollars a month on 22 pills a day, the founder’s son was still experiencing terrifying seizures.

SPACs

Viridian Capital Advisors pointed out this week that while cannabis SPACs have finished approximately $5 billion of qualifying transactions, there is still plenty of money that remains to be invested. Viridian said it expects the second wave to be equally significant with approximately $5.9B of deals announced or projected.

In Other News

Jazz

Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced financial results for the second quarter of 2021 and affirmed non-GAAP adjusted financial guidance for 2021. Total revenues increased 34% to $751.8 million compared to the second quarter 2020. 2021 total revenue guidance affirmed at $3.02 billion to $3.18 billion

Nabis

Petalfast, a full-spectrum sales and marketing agency for the cannabis industry announced today an exclusive partnership with Nabis, the leading licensed cannabis wholesaling platform. By leveraging Nabis’ statewide network and best-in-class technology tools, Petalfast’s portfolio of brands will enjoy rapid fulfillment, low-cost financing, efficient order management and sophisticated data analytics, allowing them to scale more effectively.


StaffAugust 2, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

5min3270

It’s time for your Daily Hit of cannabis financial news for August 2, 2021.

On the Site

Jushi

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) decided to jump the gun with its good news and pre-announced its second-quarter 2021 financial results. Jushi reported that its revenue increased 14.6% sequentially to $47.7 million. This was a year-over-year increase of 219.7%. It was also within the range that had been forecast during the company’s last earnings report. At that time CEO Jim Cacioppo said, “For the second quarter of 2021, we expect revenues to be between $45 to $48 million and Adjusted EBITDA to be between $4 to $6 million.” The company delivered an adjusted EBITDA of $4.6 million, or 9.6% of revenue for the second quarter. Jushi also trimmed its net losses in the second quarter to $11.4 million from the first quarter’s net loss of $28 million.

ManifestSeven

Following the close of the market on Friday, ManifestSeven Holdings Corporation (OTC: MNFSF) reported its financial results for its fiscal second-quarter ending May 31, 2021, as revenue fell from last year and was flat sequentially. The total revenue for the quarter was $3.7 million, which dropped from last year’s $4.9 million for the same time period. It was flat from the first quarter’s revenue of $3.8 million. The net loss for the quarter increased from $1 million in 2020 to $1.7 million in 2021. M7 said it continued to optimize its cost structure, resulting in operating expenses of $2.7 million during the fiscal second quarter, representing a decrease of 23% from $3.5 million during the first fiscal quarter.

In Other News

Tilt

Alternative Finance Network (AFN), an independent financing network serving cannabis and hemp companies in the United States and Canada, announced today that it has arranged a $10 million revolving credit facility for Jupiter Research, a subsidiary of TILT Holdings (OTCQX: TLLTF). TILT now has access to low rates for cannabis financing at prime plus 3.5 percent and this facility is secured with accounts receivable, inventory, and related property from Jupiter. With this credit facility, TILT is leading the way for the cannabis industry to start receiving rates that are more in line with what non-cannabis commercial businesses experience. The proceeds will be used for general corporate purposes and capital projects. The line has a two-year term and will continue for additional one-year terms unless ended by either party.

Wesana

Wesana Health Holdings Inc. (CSE: WESA), an emerging data driven life sciences company focused on developing innovative approaches for better understanding, protecting and improving neurological health and performance, including through the advancement of psychedelic medicines, is pleased to announce that the company has received approval from the OTC Markets to begin trading on the OTCQB Venture Market as of August 2nd, 2021 under the ticker symbol “WSNAF”. The Company will continue to trade on the Canadian Securities Exchange under the ticker “WESA”.


StaffJuly 28, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

7min5210

It’s time for your Daily Hit of cannabis financial news for July 28, 2021.

On The Site

Tilray

Tilray, Inc. (Nasdaq: TLRY) reported financial results for the full fiscal year and fourth quarter ending May 31, 2021. In the fourth quarter, net revenue increased 25% to $142.2 million from $113.5 million for the same time period last year. Cowen & Co. had estimated revenue to be $163 million for the quarter making this a fairly large earnings miss. Investors though seemed pleased with the results as the stock was trading higher by over 10% in early trading to lately sell at $14. Cowen’s price target is $23.

Canopy

Seth Rogen’s cannabis company Houseplant and Canopy Growth Corporation (NASDAQ: CGC) have decided to end their relationship after three years. It won’t affect the company’s U.S. business and the product is expected to remain on some shelves through September 2021. The relationship between Houseplant and Canopy started in 2018, well ahead of Canadian legalization. The Canadian cannabis market has evolved substantially since those days, and the parties believe the time is right for the Houseplant brand to develop independently while Canopy advances its focus on wholly-owned brands for the Canadian market.

IM Cannabis

IM Cannabis Corp. (NASDAQ: IMCC) is buying R.A. Yarok Pharm Ltd. also called Pharm Yarok, Rosen High Way Ltd., and High Way Shinua. Ltd. by IMC Holdings Ltd., a wholly-owned Israeli subsidiary. The deal is valued at C$4.6 million. The acquisition is expected to integrate assets that include a license to sell medical cannabis to patients (including the ability to sell online), a large customer service center, a virtual store, and online properties, intellectual property, a logistics, and warehousing center with specialized storage space for over 350 kg of medical cannabis as well as a large customer base.  IMC said it expects to be able to consolidate the financial results of Pharm Yarok, Rosen High Way, and HW Shinua as of the date of executing the definitive share purchase agreements and prior to Closing.

Cannara

Cannara Biotech Inc. (OTCQB: LOVFF) announced its third-quarter results for the period ending May 31, 2021, with total revenue of $7.2 million, including $5.9 million in cannabis sales, net of excise tax. this was a huge gain over last year’s $763,906. The net income for the company was $1.7 million versus last year’s net loss of $2.5 million.

GrowGen

GrowGeneration Corp. (NASDAQ: GRWG ) is at it again and the latest acquisition is HGS Hydro, the nation’s third-largest chain of hydroponic garden centers, with six stores across Michigan and a seventh store slated to open in the fall of 2021. This transaction is expected to close before the end of the fiscal year-end 2021. Founded in 2015 by Rocky Shaeena, HGS Hydro is the largest chain of hydroponic garden centers in the state of Michigan and generated approximately $50 million in revenue in 2020.

In Other News

Field Trip

Field Trip Health Ltd. (OTCQX: FTRPF) has received final approval from The NASDAQ Stock Market to list its common shares on the NASDAQ Global Select Market. The Company’s shares will begin trading at market open on Thursday, July 29, 2021 with the ticker symbol FTRP. Hannan Fleiman, Field Trip’s President, said “Listing on the Nasdaq Global Select Market, NASDAQ’s top tier, is a mark of achievement and stature for listed companies who must meet the highest the highest financial and liquidity qualifications for inclusion.”

Cybin

Cybin Inc. (NEO: CYBN) (OTCQB: CLXPF) announced the pricing of its previously announced overnight marketed offering of an aggregate of 8,824,000 common shares in the capital of the company at a price of $3.40 per share for total gross proceeds of $30,001,600.


StaffJuly 27, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

7min5400

It’s time for your Daily hit of cannabis financial news for July 27, 2021.

On the Site

RWB

Last week, Red White & Bloom Brands Inc. (OTCQX: RWBYF) delivered its fourth-quarter and full-year results, and today the company has delivered its first-quarter financial results. RWB said that the revenue for the first quarter was $11.8 million which fell from the fourth quarter’s revenue of $15.7 million. The company blamed the decrease as a result of the manner in which it recognizes revenue under IFRS in the state of Michigan for its Platinum Vape branded product sales and a decrease of approximately $1 million due to the strengthening Canadian dollar over the fourth quarter.

Turning Point

Turning Point Brands, Inc. (NYSE: TPB) reported financial results for the second quarter ended June 30, 2021 with sales increasing 16.8% to $122.6 million. The average analyst estimate for revenues was $106 million according to Yahoo Finance. Net income increased by 49.2% to $15.4 million. The diluted EPS was $0.73 and adjusted diluted EPS was $0.84 as compared to $0.49 and $0.66 in the same period one year ago. This beat the Yahoo Finance average analyst estimate of $0.65.

Bluebird

CBD company Bluebird Botanicals has acquired Precision Botanical, a science-driven CBD brand that is committed to providing purity, accuracy, and transparency for all of its CBD products. In addition to the acquisition, Bluebird has received a growth investment from Juggernaut Capital Partners, a lower middle-market private equity firm specializing in buyout and growth investments across the consumer and outsourced healthcare services industries. Bluebird said that Juggernaut’s investment will strengthen the combined company’s financial profile and provide it with the resources to fuel further innovation in the CBD space, accelerate growth online, and assist future expansion into new channels.

Morningstar

In Morningstar’s report from June titled “Buy American Cannabis Stocks Regardless of Federal Legalization”, the research firm believes cannabis investors should buy American and its top picks are Curaleaf (OTC: CURLF) and Green Thumb Industries (OTC: GTBIF). The analyst Kristoffer Inton acknowledges that the market seems to reward Canadian companies since the country is fully legal. However, he believes that American cannabis companies stand to experience revenue growth and rapid margin expansion even if federal legalization doesn’t happen. 

Stifel

Cannabis consumption rose during the height of the COVID crisis as anxiety and lockdowns prompted many to increase the amount consumed. According to a new survey by Stifel, it doesn’t look like consumers are going to return to pre-pandemic levels of use. This is good news for cannabis companies. The survey also determined that cannabis remains a resilient category despite increasing options for discretionary spending as people ease out of COVID restrictions. The research firm surveyed both U.S. and Canadian cannabis consumers and said it reinforced its opinion that the U.S. landscape looks positive while suggesting a mixed outlook for Canada.

 

In Other News

Poseidon

Poseidon, the leading venture capital firm in the cannabis industry with $190M in assets under management, today announced its first three Poseidon Garden Ventures investments into licensed operator JKL2, cultivation technology company Adaviv, and dispensary technology provider Dispense. As part of the investment, Poseidon will join the Boards of all three companies as directors or observers. “Poseidon Garden Venture’s thesis is to invest in pre-Series A licensed operators and cannabis technology companies founded by proven operators,” said Managing Director, Patrick Rea. “We see immense opportunity at this high-growth stage in the cannabis industry to actively scale these companies, leveraging our network and experiences investing in the cannabis industry since 2013, and position them for exits in today’s dynamic M&A environment.”


StaffJuly 26, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

7min6620

It’s time for your Daily Hit of cannabis financial news for July 26, 2021.

On The Site

Verano

 Verano Holdings Corp. (CSE: VRNO) (OTCQX:  VRNOF) is buying WSCC, Inc., also known as Sierra  Well, adding two operational dispensaries and an active cultivation and production facility in Nevada along with two real estate properties in Carson City and Reno. The acquisition is a cash and stock deal valued at $29 million with $5.6 million in cash up front and the rest in stock. It is expected to close once approvals are received for the two medical cannabis cultivation licenses; two adult-use cultivation licenses; two medical cannabis dispensary licenses; two adult-use dispensary licenses; one medical production license; one adult-use product manufacturing license; and one adult-use distribution license. 

Turning Point

Turning Point Brands, Inc. (NYSE: TPB) is buying the cigarillo company Unitabac, LLC. The purchase includes cigarillo products and all related intellectual property, including Cigarillo Non-Tip (NT) Homogenized Tobacco Leaf (HTL), Rolled Leaf and Natural Leaf Cigarillo Products. The terms of the deal were not disclosed. Cigarillos are typically short, narrow cigars. Unlike cigarettes, cigarillos are wrapped in tobacco leaves or brown, tobacco-based paper. Blunts are standard-size cigars that are hollowed out and filled with cannabis. Several cannabis companies have begun to cater to a smaller blunt option like a cigarillo size.

Colombia

Colombian President Ivan Duque Marquez has signed a new law that would allow a much larger amount of dry flower to be exported from the country, after a high-profile meeting of Colombian cannabis business leaders with US-listed public companies. The new law, a change to Colombian Decree 613, greatly increases the amount of dry cannabis flower (the flower, stems, and roots) that can be exported from the country, and also allows for cannabis to be put into industrial products like food and beverages and for much more extensive marketing of cannabis products in Colombia.

Delta-8

Delta 8 THC is becoming more popular every day. As more people get to know about the benefits of delta 8 THC, the demand for the products is increasing rapidly. After all, when the product is so effective, everyone will naturally want to try it out. You can buy Delta-8 THC online pretty quickly and get the product delivered to your doorstep. With delta 8 THC products, there is some ambiguity regarding the legality. The legality of THC products evolves rapidly, so it is not easy to keep track of it. If you are in Florida, you might be wondering about the current legal status of delta 8 THC.

In Other News

Gage

Gage Growth Corp. (CSE: GAGE)is bringing the iconic cannabis brand COOKIES to Canada. COOKIES is one of the best-known cannabis brands in the world and has one of the largest retail footprints in the industry. The partnership will bring the brand to Canadian consumers for the first time. Gage will work with NOYA Cannabis Inc., a premium hydroponics production company awarded its grow and sales license from Health Canada in 2018, to bring to market hand-selected strains from rapper and entrepreneur Berner and his renowned cultivation partner Jigga. Such hand-selected strains include Gary Payton, Georgia Pie, Medellin, Lions Mane, Soap, Cheetah Piss, Blanco and more. A COOKIES retail store is also planned to open in Canada by the end of 2021.

AgraFlora

AgraFlora Organics International Inc. (AGRA) has announced a name change to Agra Ventures Ltd. Shares will begin trading under the new name and with a new CUSIP number on July 28, 2021. The symbol will remain the same.

Awakn

Awakn Life Sciences Corp. (NEO: AWKN) (OTC Pink: AWKNF), a biotechnology company with clinical operations developing and delivering psychedelic medicines to better treat addiction, today announced approval from the Financial Regulatory Authority for its shares to commence trading on the OTC Market in the United States under the symbol “AWKNF” effective today, July 26, 2021. Awakn will continue to trade on the NEO Exchange under its existing symbol “AWKN”.


StaffJuly 21, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

6min6310

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

On The Site

Dab Day

July 10 or Dab Day is turning into a dud day. It’s also called “oil” day and the idea is that 710 upside down spells oil. It’s supposed to be a day that celebrates vaping and consuming oil or concentrate cannabis products. No one is sure where or how the holiday got started or how it went from Oil Day to Dab Day. Still, dispensaries and brands have been game to throw a Dab Day party, but the consumers seem less than impressed. Headset provided Green Market Report with data from this year’s 710 sales and cannabis sales actually decreased. Concentrate sales did increase and were the only category to do so.

Akerna

Cannabis software company Akerna (NASDAQ: KERN) has released its 2021 Mid Year report that highlights upcoming trends as well as recapping the first half of the year. These trends include interstate commerce, the importance of brands, and the quickly growing power of the female consumer. Scott Sozio who serves as Head of Corporate Development for Akerna wrote that while consolidation and access to capital have been important issues they are laying the groundwork for interstate commerce and the importance of brands. 

Empower

Empower Clinics (OTC: EPWCF) is selling its legacy cannabis assets for $1 million and said it plans to fully focus on its integrated healthcare business. The non-binding agreement outlines that Andrea Klein and Dustin Klein are buying Sun Valley Health Holdings LLC, Sun Valley Health Franchising, LLC, Sun Valley Health, LLC, Sun Valley Health West, LLC, Sun Valley Health Tucson, LLC, Sun Valley Health Mesa, LLC, Sun Valley Alternative Health Centers NV, LLC, and all subsidiaries.

Gage

Gage Growth Corp. (CSE: GAGE) has added two more provisioning centers (dispensaries) to its portfolio, which will be located in Flint and Burton, Michigan. The company now has 15 provisioning center locations in its retail portfolio. “These latest additions to Gage’s retail and cultivation portfolios enable the Company to broaden and solidify its position in the Michigan market,” said Fabian Monaco, CEO of Gage. “We look forward to bringing our world-class cannabis experiences to new communities through our increased retail locations. Gage is committed to investing in the communities in which it operates, and we will approach Flint and Burton with the same high level of integrity, focus on diversity, and dedication to offering a variety of quality products to provide the best cannabis experiences to the region’s patients and consumers.”

In Other News

Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced today the opening of a new Florida dispensary, the Company’s 96th nationwide. The new 3,200 sq. ft. dispensary, located in Winter Haven, supports Trulieve’s goal of ensuring medical cannabis patients across Florida have safe, reliable access to the medications they rely on. The dispensary expands access throughout Central Florida, joining nearby locations in Lakeland and Sebring.

Emerald

Emerald Health Therapeutics, Inc. (CSE: EMH) (OTCQX: EMHTF) (“Emerald”) has introduced its new Fuse™ lifestyle brand and latest product line, the Nano Shot, a flavoured cannabis-infused beverage formulated with 10 mg of THC and a nanoemulsion formulation that assures consumers of a more predictable, rapid onset and shorter controlled duration of effects. Initial shipments of the beverage are available to consumers at licensed cannabis retailers and online in British Columbia and Manitoba, and are expected to be available in Alberta by month-end.


StaffJuly 20, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

4min5690

It’s time for your Daily Hit of cannabis financial news for July 20, 2021.

On The Site

Entourage

Entourage Health Corp. (formerly WeedMD Inc.) (TSX-V:ENTG) (OTCQX:WDDMF) announced preliminary unaudited revenues of $13.6 million for the three months ending June 30, 2021. The company said this was another sequential quarter of record sales growth across its adult-use and medical sales channels.

Clever Leaves

Clever Leaves Holdings Inc. (Nasdaq: CLVR) closed on $25 million in financing from Catalina LP, an affiliate of SunStream Bancorp Inc., a joint venture initiative sponsored by Sundial Growers Inc. (Nasdaq: SNDL). Clever Leaves also repaid the outstanding principal amount of the secured convertible notes due March 30, 2022. Clever Leaves also recently joined the Russell Microcap Index at the end of June.

Gage

Michigan-based Gage Growth Corp. (CSE: GAGE) has added another high-profile name to its dispensaries. A couple of weeks ago it was Wiz Khalifa and his brand, Khalifa Kush (“KK”) that Gage said it was going to develop and launch in the state of Michigan in an exclusive deal. Now Gage and Pure Beauty have entered into an exclusive five-year partnership agreement to launch Pure Beauty’s line of premium cannabis products in Michigan, pending Michigan. Pure Beauty is a California-based boutique cannabis brand that combines art, culture, and style with sustainable and social justice practices.

In Other News

Sundial

Sundial Growers Inc. (Nasdaq: SNDL) has closed its acquisition of the issued and outstanding common shares of Inner Spirit Holdings Ltd. (CSE: ISH) (OTCQB: INSHF) for consideration per Inner Spirit Share consisting of (i) $0.30 in cash and (ii) 0.0835 of a common share of Sundial. “The acquisition of the Spiritleaf cannabis retail network makes Sundial a stronger and more diverse cannabis company,” said Zach George , Chief Executive Officer of Sundial. “We are excited to work with the Spiritleaf team and franchise partners to further develop and optimize the store network in Canada and provide a clear path to sustainable profitability for Sundial. Spiritleaf has demonstrated the ability to grow its brand from coast to coast, and we plan to support this growth trajectory, enhance the use of data to make key business decisions, and provide an optimal product assortment to meet the diverse needs of Canadian cannabis consumers.”

GrowGen

GrowGeneration Corp . (NASDAQ: GRWG ) announced its acquisition of Aqua Serene, a southern Oregon -based hydroponic garden center with stores in Eugene and Ashland , Oregon.  Aqua Serene is one of Oregon’s largest indoor/outdoor garden center, with revenue of over $14 million annually.


StaffJuly 19, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

6min5540

It’s time for your Daily Hit of cannabis financial news for July 19, 2021.

On The Site

Ayr Wellness

Ayr Wellness Inc. (OTC: AYRWF) is buying Nevada-based Tahoe Hydroponics Company, LLC in a deal valued at $17 million. It is a cash and stock deal that will consist of $5 million in cash, $3.5 million in debt, and approximately $8.5 million in stock. Tahoe Hydro operates roughly 33,000 square feet of total cultivation and manufacturing space in its facilities in Carson City, Nevada, and Sparks, Nevada. The company grows flower and produces concentrates for some of the state’s top-selling brands, including Tahoe Hydro and LIT (Lost in Translation), top-sellers and local favorites throughout the state, according to BDSA, and is a Nevada flower supplier for the well-known Cookies brand. Ayr said that the acquisition will add significant cultivation capacity to its Nevada operations and provide the Company with expanded access to high-quality premium flower for its operations throughout the state.

GMR Index

The Green Market Report Cannabis Company Index has added six companies to the Index and published its second-quarter recap report. The Index experienced an overall 8% decline in the second quarter due to the drop in valuations of the companies. Year-to-date the Index is still up 27%. The second-quarter stock performance was almost the polar opposite from the first quarter. The first quarter saw the Index companies delivering mostly positive returns. In the second quarter, most of the Index companies turned in negative results with only a handful in the green zone. Consolidation continues in the industry and the gap between small and large companies seems to be widening.

In Other News

Harborside

Harborside Inc. (CSE: HBOR), (OTCQX: HBORF) announced that Peter Bilodeau has been asked to step down from his role as Interim Chief Executive Officer effective immediately, and Matt Hawkins, Chairman, will assume the position of Interim CEO while the company completes its search for a successor. In addition, Ahmer Iqbal, former CEO of Sublime, has been appointed Chief Operating Officer of Harborside.

cbdMD

cbdMD, Inc. (NYSE American: YCBD, YCBDpA) has entered into a letter of intent to purchase leading CBD online marketplace, DirectCBDOnline.com, from Twenty Two Capital, LLC. “Owning a CBD online marketplace that sells various CBD brands provides unique transparency to better understand consumer spending habits and trends across the wider CBD and hemp marketplace. In addition, the technology and digital strength that DirectCBDOnline.com owns enhances our overall direct to consumer ecommerce capabilities. We are very excited that the team from DirectCBDOnline.com will be joining cbdMD. John Wiesehan III and Brad Trawick, who are the co-founders of DirectCBDOnline.com will be playing important roles, as we expand further in the global CBD market. John will be appointed in a newly created role of Chief Revenue Officer at closing,” said Martin A. Sumichrast, Chairman & co-CEO of cbdMD, Inc.

Herve

Hervé, maker of luxury French-inspired and cannabis-infused desserts, today announced the appointment of two experienced marketing executives to lead and enhance the company’s brand promotion strategy as part of its expansion plan. Former Head of Marketing at Canndescent, Cheyne Nadeau, joins the Hervé team as Vice President of Marketing and former Marketing Manager at PLUS Products, Emily Ryan, joins the team as Head of Trade Marketing. The appointments follow the recent close of Hervé’s oversubscribed $3M Series A raise that will be used to accelerate growth and support expansion opportunities.


Kaitlin DomangueJuly 15, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

4min6320

It’s time for your Daily Hit of cannabis financial news for July 15th, 2021. 

On the Site 

Harvest Health Leaves Oregon, Expands Florida Footprint 

Harvest Health & Recreation Inc.  (OTCQX: HRVSF) is done with Utah and expanding its Florida footprint. Harvest said it had completed the divestiture of its cultivation and processing operations in Utah for what it described as an immaterial amount of cash. 

The company said that a local operator bought the cultivation and processing operations located in Ogden, Utah. Following the sale, Harvest no longer has operations in Utah.

The Valens Company Sees Q2 Revenue Increase 

After the markets closed on Wednesday, The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) delivered its second-quarter financial results ending May 31, 2021. Valens reported that its revenue increased 16.1% to $20.5 million versus $17.6 million in the second quarter of 2020. The net loss was $8.6 million in the quarter versus $3.5 million for the same time period in 2020. 

Timbaland, Nas Invest In Cannabis Company Pure Beauty

California-based boutique cannabis brand Pure Beauty reported it has successfully raised $5 million in convertible note fundraising from a consortium of investors led by Gron Ventures, Subversive Capital, Ceres Group Holdings, and notable celebrities including Timbaland, Nas, and director Tom Kuntz, among others.

SAFE Banking Is NOT About Rich People Getting Rich

Despite some chatter, SAFE Banking is not about rich people getting rich. The SAFE Banking Act would address the lack of safety in the cannabis space, as well as provide a pathway for cannabis businesses to establish banking relationships. 

Psychedelic Fund Palo Santo Launches With $35 Million

U.S.-based psychedelic investment fund Palo Santo, has launched with an initial $35 million in capital raised and an active portfolio of 20 companies. The diversified venture fund said in a statement that it is focused on tackling the growing global mental health crisis by investing in innovative psychedelic-based and adjacent therapies that are poised to shape the future of psychiatry and fields beyond.

 

In Other News

Green Organic Dutchman Announces Q2 Revenue 

The Green Organic Dutchman (TSX: TGOD) (US: TGODF) announced their preliminary unaudited revenue for the second quarter. The company achieved $11.7 million in preliminary unaudited revenue, representing a quarter-over-quarter revenue increase of 30% and a year-over-year 143% increase. 

 

Neptune Reports Q4 Results 

Canadian cannabinoid extraction company, Neptune,  announced fourth quarter results this afternoon. (TSX: NEPT) The company reported $6.8 million in revenue, representing a 127% increase from the third quarter. 

Neptune reported a fourth quarter gross profit loss of $24.8 million, compared to the profit loss of $1.1 million during the same period in 2020. 

Reported fourth quarter gross profit loss of $24.8 million compared to a reported gross profit loss of $1.1 million in the comparable period in fiscal 2020 and reported fiscal year 2021 gross profit loss of $36.2 million compared to a gross profit loss of $1.8 million for the fiscal year 2020.


Kaitlin DomangueJuly 14, 2021
daily-hit.jpg?fit=700%2C394&ssl=1

5min6100

It’s time for your Daily Hit of cannabis financial news for Wednesday, July 14th, 2021. 

On the Site

Federal Cannabis Legalization Bill is Proposed

Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR), and Sen. Cory Booker (D-NJ) released the full text of their federal draft marijuana legalization bill called the Cannabis Administration and Opportunity Act. A public comment period is open until September 1.

In general, the legislation aims to deschedule cannabis, expunge prior records, fund equity programs, remove collateral consequences, and transfer regulatory authority for marijuana to the Food and Drug Administration and other federal agencies. 

Audacious Buys Loos Beverage Company

Australis Capital Inc., operating as Audacious (CSE: AUSA) (OTC: AUSAF) is buying a cannabinoid-infused shot beverage company called LOOS. The company which is also known as Gary Maverick Inc. is based in Santa Cruz, California. The amount of the transaction was not disclosed.

The products are based on a unique nano-emulsion technology platform for rapid onset, are all-natural, vegan, gluten-free and low sugar, and low calorie.

Trulieve Drawn Into Burnett Trial in Tallahassee

While Florida-based cannabis company Trulieve (OTC: TCNNF) is not involved in the trial of businessman John “J.T.” Burnette, the company can’t help but get dragged into the trial. Burnette is the husband of Trulieve CEO Kim Rivers and she has been attending the hearings as noted with court drawings. 

According to the case, Burnette and Tallahassee City Commissioner Scott Maddox flew to Vegas in December 2016, where they met up with undercover agents posing as Mike Miller, owner of Southern Pines Development, an FBI front company; Mike Sweets, a medical marijuana entrepreneur, and Brian Butler, a “green energy” businessman.  Burnette is being charged with racketeering, extortion, fraud and making false statements.

In Other News

Beach Haven, New Jersey Says No Cannabis

Beach Haven has joined other New Jersey municipalities to ban the sale of cannabis in their jurisdiction. Pursuant to New Jersey’s laws, “all cannabis establishments, cannabis distributors or cannabis delivery services are prohibited from operating anywhere in the Borough of Beach Haven, except for the delivery of cannabis items and related supplies by a delivery service.”

 

Rapper Travis Scott Launches Cannabis Line

Rapper and boyfriend to makeup mogul Kylie Jenner, Travis Scott is the latest celebrity to launch a cannabis line, named Cactus Farms. Teaming up with Connected Cannabis, a self-described designer cannabis brand, Scott’s line is an “indica-leaning hybrid [that] has a dense, purple bud structure that smokes with the same experience as sipping a fine wine.”

Cactus Farms is now available for purchase in California and Arizona. 


Don't Miss This Week's Groundbreaking News

Join the thousands of subscribers who stay informed with GMR's exclusive news briefs delivered directly to your inbox every Friday afternoon.

We respect your privacy. See our privacy policy.


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


READ MORE



Recent Tweets

@GreenMarketRpt – 10 hours

$GRAMF Parent Company Buys Jayden’s Journey Dispensary

@GreenMarketRpt – 1 day

Are you ready for your ?? August 2, 2021

Back to Top