Daily Hit Archives - Green Market Report

StaffStaffOctober 16, 2019
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5min1710

It’s time for your Daily Hit of financial news for October 16, 2019.

On The Site

Green Market Report reported news last week that Trump associates who had been arrested for campaign finance violations had applied for marijuana licenses in Nevada. It also seems one of the gentlemen tried to pursue licenses in California as well.

The San Francisco Chronicle reported that Andrey Kukushkin had attempting to build a cannabis business in the Bay Area. The paper said that Kukushkin had some control in a variety of cannabis companies named Oasis Venture, Legacy Botanical Co., and Venture Rebel Inc. It was reported that Kukushin first entered the space in 2015 as his Rebel Venture Inc. company was contracted by the medical marijuana dispensary MediThrive to manage its Mission Street location.

This information came about as Kukushkin sued his partners in 2018 claiming they cost him $1 million by running the company into the ground. Venture claims it gave MediThrive a million dollars to renovate a storefront and purchase inventory. The case alleges that the inventory got diverted to another business and the investment was squandered.

 Valens GroWorks

Following the close of the market on Tuesday, cannabis extraction product company Valens GroWorks Corp. (TSXV: VGW) (OTC: VGWCF)  reported its financial results for the third quarter of fiscal 2019 with revenue increasing 87.1% to $16.5 million over last year’s $2.2 million for the same time period. Revenues increased 641.4% sequentially over the previous quarter’s revenue of $8.8 million.

The company delivered net income of $5.9 million (or $0.05 per share basic and diluted) in the third quarter, compared to a net loss of $10.5 million (or a loss of $0.10 per share basic and diluted) in the second quarter of 2019.

In Other News

Harborside Inc. (CSE: HBOR) announced today that key executives, members of the Board of Directors and insiders, have entered into an additional, extended voluntary lock-up agreement with the Company, effective immediately, in respect of 21,143,469 subordinate voting shares of the Company (on an as-converted basis), representing approximately 50.4% of the total issued and outstanding subordinate voting shares of the company, assuming the conversion of all issued and outstanding multiple voting shares of the Company, but excluding the conversion of any convertible securities issued and outstanding of the Company.

High Park Holdings Ltd. (“High Park”), a subsidiary of Tilray, Inc. (NASDAQ: TLRY), today unveiled the second phase of its adult-use product portfolio set to launch throughout Canada over the course of the next year as permitted by regulations. The expanded broad-based portfolio includes innovative cannabis products and formats, including CBD beverages, edibles, and vape products. High Park also announced a lineup of strategic partners which will help accelerate sales across Canada.

 


StaffStaffOctober 15, 2019
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8min1850

It’s time for your Daily Hit of cannabis financial news for October 15, 2019.

On The Site

Aphria

Aphria Inc. (TSX: APHA)(NYSE: APHA) stock jumped over 16% to trade at approximately $5.10 in early trading after the company reported that its revenue increased 849% to $126.1 million for the first quarter ending August 31, 2019, however sales declined 2% from the previous quarter. Adult-use cannabis accounted for $20 million in revenue for the first quarter, an 8% sequential increase.

The company delivered net income of $16.4 million in the first quarter. It also stated that it ended the quarter with a strong balance sheet and liquidity, including $464.3 million of cash, cash equivalents, and liquid marketable securities, to fund planned Canadian and International growth.

Psychedelics

Orthogonal Thinker announced last month that it raised $2.5 million in capital. This funding completes approximately $4 million in seed capital raised to date, with more funding coming in.

Orthogonal will use this financing to support the distribution and development of new products across its family of companies, including subsidiaries EI.ventures and Maui Raw. EI.ventures is a formulations company that holds the intellectual property rights for plant-based psychoactive compounds. Maui Raw is a clean-food CPG company committed to delivering non-GMO raw food products. Over the last 10 years, Orthogonal has acquired and developed products supporting new food, technology, and scientific advancements in plant medicine to elevate and empower humanity.

Canopy Growth

Canopy Growth Corporation (NYSE: CGC) stock jumped over 7% on news that the company sold its 42,087,639 shares in Australian cannabis company AusCann Group Holdings (AusCann) via an off-market block trade at $0.15 per share for gross proceeds of $6.3 million. The trade was facilitated by Canaccord Australia. The stock was lately trading at $20.32. The sale represents Canopy Growth’s total 13.2% interest in AusCann.

Canopy also said that it closed the previously announced acquisition of the cannabinoid based research company Beckley Canopy Therapeutics, including the joint commercial venture Spectrum Biomedical UK. The company said that the teams will now be integrated into the broader Spectrum Therapeutics organization to increase the breadth of the clinical research being pursued under the Spectrum banner and to combine continental European and the United Kingdom commercial teams.

Flowhub

Cannabis tech company Flowhub has raised an oversubscribed $23 million Series A financing round led by e.ventures, Evolv Ventures — the venture fund backed by Kraft Heinz —  and Poseidon, with contributions from investors 9Yards Capital, former NBA commissioner David Stern and Iqram Magdon-Ismail, the co-founder and former CEO of Venmo, among others.

In Other News

SLANG Worldwide Inc. (CNSX: SLNG) announced that it has entered into a strategic partnership with Cookies, a leading California-based cannabis and lifestyle brand, to bring Cookies’ products to the Colorado market.

Freehold Properties, a newly formed real estate investment company focused on specialized agricultural, industrial and cannabis properties, and Revolution Global, a Chicago-based multi-state cannabis operator, today announced that Freehold will provide Revolution up to $28.75 million in real estate capital expansion funding. Utilizing the capital from Freehold, Revolution plans to more than double the capacity of its flagship cultivation facility.

Driven Deliveries, Inc. (the “Company” or Driven) (OTC: DRVD), California’s fastest growing online cannabis retailers and direct to consumer delivery company, is pleased to announce the return of 12,272,616 shares of outstanding common stock originally held by past founders to the Company’s treasury. Effective October 15, 2019, the Company will have 42,083,024 shares of common stock and 0 shares of preferred stock issued and outstanding.

Namaste Technologies Inc. (TSXV: N) (OTCMKTS: NXTTF) announced that CannMart Inc., a wholly-owned subsidiary of Namaste, has received approval from Health Canada for an amendment to its license allowing it to offer cannabis oil concentrates on its online marketplace, CannMart.com.


StaffStaffOctober 8, 2019
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7min1910

It’s time for your Daily Hit of cannabis financial news for October 8, 2019.

On The Site

MedMen

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) and PharmaCann, LLC made a big deal back in December of 2018 that MedMen would buy PharmaCann in an all-stock transaction. That deal, once valued at $684 million, is now off. MedMen is now saying that it will focus on leveraging its retail brand, its leadership position in California and its digital platform to grow the business will create greater shareholder value than the completion of the transaction.

The company also took this moment to announce that Zeeshan Hyder has been appointed Chief Financial Officer at MedMen. Mr. Hyder, currently MedMen’s Chief Corporate Development Officer, has been an integral part of the leadership team at MedMen since 2017, overseeing corporate development, investor relations and other financial growth initiatives. To date, Mr. Hyder has led over $300M in M&A deals executed, partnered with the CEO to take the company public and raised $500M in capital for direct investment into the business.

Hyder succeeds Michael Kramer, who apparently was terminated as of October 7, 2019. Kramer was only just hired in December of 2018 and he followed the previous CFO James Parker who only lasted a year and half and is currently suing Medmen for breach of contract.

Aleafia Health

Aleafia Health Inc. (TSX: ALEF)(OTC: ALEAF) has terminated its deal to buy cannabis from Aphria Inc. (TSX: APHA)(NYSE: APHA) saying Aphria failed to meet its supply obligations. The deal that was agreed to on September 11, 2018 said that Aphria would provide up to 175,000 kg equivalents of cannabis products over an initial five-year term, commencing May 1, 2019. Aleafia said the termination should not affect the company. A few weeks ago, Aleafia told the market on Tuesday that it will achieve positive net income for the quarter ending September 30, 2019. The company also stated that it had $51 million in cash on hand.

Aphria released a statement saying, “We are disappointed that Aleafia has chosen to terminate its Agreement with Aphria Inc. The Company had every intention of fulfilling its obligations under the Agreement. As a large shareholder of Aleafia, Aphria made good faith efforts to ensure the continuation of the Agreement understanding it was in the best interest of all parties involved. However, the termination of this legacy Agreement frees up significant supply allowing the Company to service its brands that are in high-demand across the country.”

In Other News

Target Group Inc (OTCQB: CBDY) announced that its wholly-owned subsidiary, Canary RX Inc (“Canary”), has been granted licenses to cultivate, process and sell cannabis pursuant to the Cannabis Act (Bill C-45). Strategically located just outside of Toronto, ON, Canary RX will begin cultivating cannabis in its 44,000 square foot facility, producing 3600 kilograms annually.

The Supreme Cannabis Company, Inc.  (TSX: FIRE) (OTCQX: SPRWF) announced that Blissco Cannabis Corp., Supreme Cannabis’ premium wellness brand and a multi-licensed processor and distributor, has received licensing approval from Health Canada for the sale of cannabis oils from its facility in Langley, British Columbia.

 

 


StaffStaffOctober 2, 2019
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6min2050

It’s time for your Daily Hit of cannabis financial news for October 2, 2019.

On The Site

Vape Recovery

Vape products, once considered the rising stars of the legal cannabis marketplace have struggled under the weight of the vaping crisis. Massachusetts banned all vape products for four months in order to err on the side of caution while the issue is investigated. Around the middle of August, vape product sales began dropping according to data from Headset, however, it seems the group may be slowly recovering.

Sales in Nevada and Washington both began to pick back up, while California seems to have stabilized. Most consumers are learning that the issues with vapes stemmed from products purchased outside the regulated channels. 

Canopy Growth

Canopy Growth Corporation  (TSX: WEED) (NYSE: CGC)  has completed an all-cash transaction to purchase a majority stake in sports nutrition company BioSteel Sports Nutrition Inc. The amount of the acquisition was not disclosed. The deal gives Canopy a significant entry into the sports nutrition and hydration category and lays the groundwork for cannabidiol (CBD) products to be sold in the U.S.

Canopy Rivers

Venture capital firm Canopy Rivers Inc.  (TSX: RIV)(OTC: CNPOF) completed a $10 million investment ( in TerrAscend Canada Inc., a subsidiary of its portfolio company TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF). The investment includes the purchase of 13,243 units, with each unit consisting of: (i) one unsecured convertible debenture of TerrAscend Canada with a principal amount of CA $1,000, and (ii) 25.2 common share purchase warrants of TerrAscend exercisable until October 2, 2024.

In Other News

TILT Holdings

TILT Holdings Inc.  (CSE: TILT) (OTCQB: TLLTF) has negotiated an agreement with six of its remaining founders regarding the immediate forfeiture of all 60,217,088 stock options granted at the time of the merger, as well as the final separation of most of these founders from the Company. During the second quarter of fiscal 2019, the company reported stock-based compensation expense of greater than $47 million associated with these now forfeited stock options. Adjusting for the subsequent forfeiture, TILT’s Q2 2019 net loss of $48.9 million would have been almost entirely reduced, bringing the Company close to break-even. The successful forfeiture of these stock options follows the recent announcement of an adjusted EBITDA positive month of July

HeavenlyRx

HeavenlyRx Ltd. Acquired CBD company PureKana. Under the agreement, HeavenlyRx will acquire a majority ownership stake from the Company’s founding members with the acquisition expected to close by the end of 2019. Standing alongside HeavenlyRx’s high ethos and quality standards, PureKana – located in Scottsdale, Arizona – is a rapidly growing CBD brand and company with a large consumer base that leans toward a young and active demographic.

Westleaf

Westleaf Inc. (TSX-V:WL) (OTCQB:WSLFF) signed amendment agreements to two of its existing credit facility commitment letters with ATB Financial resulting in an additional $5.7 million of capital available for use by the Company. Westleaf has increased its term loan on The Plant, its fully completed extraction, manufacturing and product formulation facility, by $2.7 million and has secured a $1.0 million revolving credit facility to assist with working capital provided that any draw downs in relation thereto can only be made after final receipt of a standard processing license for The Plant from Health Canada. In addition, the credit facility related to the construction of Westleaf’s cultivation facility in Battleford, Saskatchewan has been amended to reduce its restricted cash requirement by $2.0 million.


StaffStaffOctober 1, 2019
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4min1420

It’s time for your Daily Hit of cannabis financial news for October 1, 2019.

On The Site

Fire & Flower

Fire & Flower Holdings Corp. (TSX: FAF) its financial results for the second fiscal quarter ending August 3, 2019, with total revenue of $11.1 million versus $9.5 million for the same time period in 2018. The net loss for the quarter was $6.4 million versus last year’s net loss of $4.2 million for the same quarter. The net loss per share remained flat at ($0.06).

Fire & Flower‘s financial and operational results for the quarter demonstrate that the company is continuing to build the infrastructure required to support the rapid growth of our retail network and deliver on our objectives,” shared Trevor Fencott, Fire & Flower’s, Chief Executive Officer. “Our strategic partnership with Alimentation Couche-Tard is transformative for the Company and the Hifyre digital retail platform continues to showcase Fire & Flower as a leading data-driven, ‘retail 2.0’ company.”

New Video from the Green Market Summit

Some customers want the best bang for the buck, while others only want the best. This panel from the Green Market Summit on September 11 in Los Angeles demonstrates what defines a luxury brand and how a company can back up the premium description on the label. Moderating this panel is Alyssa Jank of the Brightfield Group. The panelists include Tracey Mason, CEO House of Saka, Eric Eslao, CEO Défoncé, Yvonne De La Rosa, Founder 99 High Tide, and Estella Perez of the Garden Society.

In Other News

Grown Rogue International Inc. (CSE:GRIN | OTC: GRUSF) has released its financial and operating results for its fiscal third quarter ended July 31, 2019. Third quarter 2019 revenue was $0.8 million, a 14% increase over the comparable quarter from 2018. Adjusted Gross Profit was $0.2 million for the third quarter (31%) and $1.0 million for the year-to-date (29%). The quarterly margin rate represents a 12% improvement over the prior quarter (Q2 2019). Adjusted EBITDA was ($1.2) million for the third quarter, representing a $0.2m improvement over the comparable quarter in 2018. The net loss was $931,000.

TriGrow

Washington-based TriGrow made some key hires. TriGrow Brands is headed up by two very different execs with diverse branding backgrounds – former Coca Cola COO Phil Humphries and DOPE Magazine co-founder Trek Manzoni. TriGrow brought in Phil Humphries as they aim to create a full-service agency allowing cannabis cultivators to grow into consistent and efficient operators that have the capability to expand as much as they like. Like the ingredients that go into making Coca Cola a worldwide-recognized brand, TriGrow argues that the backbone of a brand is its ability to recreate the same product over and over – despite weather conditions or bugs or mold, common destroyers of cannabis crops that can be avoided using TriGrow Systems.

StaffStaffSeptember 30, 2019
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4min1740

It’s time for your Daily Hit of cannabis financial news for September 30, 2019.

On The Site

iAnthus

Gotham Green Partners has invested an additional $20 million in iAnthus Capital Holdings, Inc. (CSE: IAN)(OTCQX: ITHUF) through the purchase of senior secured convertible notes. Green Gotham said it was part of a broader $100 million financing plan to support the buildout of all existing markets in which iAnthus currently operates.

iAnthus has been building its market share at a rapid pace. Over the past 16 months, Chief Operating Officer Pat Tiernan said in a statement that the company currently has 27 open dispensaries, 11 of which have opened in the last ten months and the company is aggressively working to open another 12 in the next six months. Tiernan added, “We are growing in each of our markets and are one of the only MSOs that has meaningful revenue in multiple states, including Arizona, Colorado, Florida, Maryland, Massa

PathogenDX

Arizona-based DNA testing technology company PathogenDx, Inc. announced $7.5 million in Series B funding. This latest investment round was led by Cresco Capital Partners with participation from Altitude Investment Management, Arcadian Investment Partners, Panther Opportunity Fund LLC, Salveo Capital, Flatiron Venture Partners, and other investors. PathogenDx was able to close this round of funding in just under three months.

PathogenDx wants to become the new standard in DNA-based testing through widespread adoption of its advanced microarray testing platform for the cannabis, hemp, agriculture, food, and beverage industries. PathogenDx’s technology can rapidly identify and detect up to 50 pathogens all in a single test, in 6 hours providing triplicate data per analyte for certainty in results with a simple and easy process. This additional capital raise will allow PathogenDx to continue expanding its breakthrough technology into food and agriculture testing while continuing to build on its leadership position with a current portfolio of domestic and international clients in the cannabis industry.

In Other News

High Tide

High Tide Inc. (CSE:HITI) (OTCQB:HITIF) an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, has filed its financial results for the third fiscal quarter of 2019 ending July 31.

Revenue in the third quarter increased by 281%, to C$8 million from C$2 million for the same period in the previous year. Gross margin increased by 160%, to $3 million from $1 million in the same period in 2018, primarily due to an increase in sales volume.

48North

48North Cannabis Corp. (TSXV: NRTH) released its financial and operating results for the fiscal year ended June 30, 2019. The company delivered net revenue of $4,820,000, marking 48North’s first full year of revenue, but a net loss of $8.1 million. In fiscal 2019, the company raised over $48 million and at the end of the year had $52.7 million in cash and cash equivalents on hand. As a result, 48North believes it is well capitalized to execute on its business plan.


StaffStaffSeptember 26, 2019
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4min1910

It’s time for your Daily Hit of cannabis financial news for September 26, 2019.

On The Site

House Takes First Step To Pass the SAFE Banking Act

In a showing of bipartisan support, the House of Congress voted 321 to 103 to pass the SAFE Banking Act.  Of those voting yes, 229 were Democrats and 91 were Republicans.  Unity amongst Democrats was particularly strong with only one Democrat vote being in opposition.  Going forward, this overwhelming amount of party support should help assuage any fears as to whether the Democrats will continue to back the bill as it moves to Senate.

Executive Spotlight

Andrea Brooks is a serial entrepreneur and lobbyist for social change with a passion for health, wellness and design. Following a disabling injury in which cannabis played a crucial role in her recovery, Ms. Brooks was inspired to enter the cannabis space. Building on previous experience working with NGOs around the world on program development, she applies her expertise in conducting needs assessments, developing strategic partnerships and creating new revenue sources to her latest venture – Sava. Sava is a digital platform providing e-commerce solutions for curated, high-quality cannabis goods that provides access to and education about cannabis medicine to patients throughout California.

In Other News

Medicine Man

Medicine Man, which operates four recreational dispensaries and one medical dispensary in Colorado, has halted sales of all vape products that contain the ingredients propylene glycol or vitamin E acetate. This action comes on the heels of recent reports that found that chemical additives, such as vitamin E acetate, were associated with dangerous and deadly vaping-related respiratory illnesses characterized by severe pneumonia symptoms, shortness of breath, coughing, fever, fatigue, and respiratory failure.

Medicine Man has removed all vape products containing propylene glycol or vitamin E acetate from its shelves effective immediately and will continue to take precautionary steps to protect its consumers through rigorous monitoring of products available at its stores. It is committed to carrying products only of the highest quality and free of any potential chemical additives that are even remotely or potentially harmful.

Green Peak Innovations

Green Peak Innovations, Michigan’s largest holder of vertical medical marijuana licenses, today announced the completion of a $10 million round of mezzanine financing.  Green Peak Innovations will use the capital to finance its planned expansion in Michigan and beyond.

With our fourth store opening this month and another 13 scheduled to open over the next six months, we are poised to significantly ramp our sales and operations in the coming months,” CEO Jeff Radway said.  “We are well on our way to becoming Michigan’s premier cannabis company as the recreational market opens up next year.”

“Green Peak has invested significant capital into our two state-of-the-art and fully operational indoor grow facilities,” said CFO Al Gever.  “This capital raise, in conjunction with our existing partnership with Innovative Industrial Properties and expected positive cash flow, will facilitate further expansion plans and strengthen our organizational capacity to fuel our rapid growth objectives.”


Debra BorchardtDebra BorchardtSeptember 26, 2019
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6min1390

It’s time for your Daily Hit of cannabis financial news for September 24, 2019.

On The Site

Altitude

New York-based investment firm Altitude Investment Management, plc (AIM plc) is taking the EU plunge and making a $5.5 million investment in Switzerland-based CBD company KannaSwiss AG (KannaSwiss).

“My partners and I have been laser-focused on investing in the legal cannabis industry since 2016. We raised approximately $31 million in our first cannabis vehicle which has been invested in 19 companies across the industry,” said Roderick Stephan, co-founder, and partner of Altitude. “While the CBD/wellness market is thriving, the medical and legal cannabis markets in Europe are in their infancy. We believe that over the next couple of years, medical cannabis will be generally available across Europe and some countries will also allow recreational consumption. The market is poised for tremendous growth just as it has in the U.S.”

Aleafia

Aleafia Health Inc. (TSX: ALEF)(OTC: ALEAF) told the market on Tuesday that it will achieve positive net income for the quarter ending September 30, 2019. The company also stated that it had $51 million in cash on hand.

“Through prudent capital allocation, coupled with strong cannabis revenue growth, we now expect to deliver the first profitable quarter in Aleafia Health’s history, a major milestone. This will mark our second consecutive quarter featuring both substantial expense reductions and increased revenues as we continue to drive towards sustainable, compliant growth that will deliver real benefits to our stakeholders,” said Aleafia Health CEO Geoffrey Benic.

California Law

We had the opportunity to read California Doubles Down on Taxing the Underground Economy:  What AB 1296 Could Mean for Tax Enforcement, which appeared in the TaxLitigator blog written by Sandra R. Brown, Esq. The article provides an overview of Assembly Bill [AB 1296] – Joint Enforcement Strike Force on the Underground Economy: Labor Enforcement Task Force[1].

AB 1296 would require, among other things that:

“This bill would expand the required membership of the strike force to include the Department of Justice, the California Department of Tax and Fee Administration, and the Franchise Tax Board. The bill would authorize the strike force to invite other specified agencies to serve in an advisory capacity. The bill would expand the duties of the strike force to include enforcement activities regarding labor, tax, insurance, and licensing law violators operating in the underground economy and authorize the provision of investigative leads to participating agencies.”

In Other News

Cannabis Bill Up For Vote

From the NCIA website: On Wednesday, the House of Representatives will vote on legislation that would allow financial services providers to work with state-legal cannabis businesses without fear of federal prosecution. This historic bill is the first standalone cannabis policy reform to receive a full vote in the House. Livestream of the vote will be available here.

The bill was originally introduced by Reps. Ed Perlmutter (D-CO), Denny Heck (D-WA), Steve Stivers (R-OH), and Warren Davidson (R-OH) with more than 100 other original cosponsors. It currently has 206 cosponsors in the House. The bill is being voted on suspension, and needs a two-thirds majority, or 290 votes, to be approved in the House.

“The SAFE Banking Act would greatly improve public safety and transparency, and represents a chance to even the playing field by allowing small businesses and people from marginalized communities participating in this emerging industry to access traditional lending,” said Aaron Smith, executive director of the National Cannabis Industry Association (NCIA). “Current banking regulations disproportionately hurt small businesses, women, and people of color, and we cannot afford to wait any longer while they are being excluded from the opportunities created by legal cannabis markets. We urge every member of the House who is concerned about safety and fairness to support this bill.”

“After more than six years of advocacy from NCIA, the bill sponsors, and allied organizations on cannabis banking, we are poised to take a huge leap toward more sensible cannabis policies at the federal level,” continued Smith. “We commend this Congress for finally addressing this issue.”


StaffStaffSeptember 23, 2019
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5min1660

It’s time for your Daily Hit of cannabis financial news for September 23, 2019.

On The Site

Akerna

The cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology company Akerna Corp. (Nasdaq: KERN) (formerly known as MJ Freeway) reported total revenue of approximately $11 million for the year ending June 30, 2019, which was a 4.2% increase over last year’s $10.5.

“Our fiscal 2019 results and recent milestones reflect the continued global adoption of both MJ Platform and Leaf Data Systems by cannabis enterprises and government entities,” stated Akerna Chief Executive Officer Jessica Billingsley. “We are also thrilled to have completed our merger with MTech. This transaction provided us a strong balance sheet and Nasdaq listing, which we expect will accelerate our product development efforts to meet the growing compliance needs of the global cannabis market.”

Cronos Group CEO Interview

Green Market Report:
One of the big negatives happening right now in the cannabis industry obviously is the vaping issue. Do you think that the cannabis industry needs to do more to fight that battle? Or what can the cannabis industry do?

Mike Gorenstein, CEO Cronos Group:
This is a big reason why legalization can help when you think about the markets we’re in, right? If you look at Canada and the big question we get is, what’s happening with your vape products? We actually haven’t been able to launch because we only operate in fully legal markets. I think what’s happening is even as we have a lot of consumers aren’t sure whether there’s something legal or not when they are going into dispensaries and they’re expecting a regulated product. This is why we need to have strictly regulated products. You can usually have safety standards, but I think that’s the argument. Why we need to have as an industry and to go toe to toe with regulators. We should all collaborate in nature. We have the right standards and we can make sure we transparently have regulated products on shelf.

Know Your Rights

Although cannabis remains federally illegal, as a medical or recreational user of cannabis, you still have rights when it comes to your personal healthcare, law enforcement encounters, your employment, your housing, transportation, and your individual privacy.

PERSONAL RIGHTS

Knowing Your Rights, provided by the national medical cannabis advocacy organization Americans for Safe Access, admonishes current cannabis consumers:

What is a recommendation, or ‘order,’ why is it called a recommendation rather than a traditional prescription, and what is the difference?

While some medical marijuana patients will claim they have a doctor’s prescription for medical marijuana, marijuana prescriptions are in fact illegal. The federal government classifies marijuana as a Schedule I drug with no acceptable medicinal value.

Therefore, doctors are unable to prescribe marijuana to their patients, and medical marijuana patients cannot go to a pharmacy to fill a prescription for medical marijuana.

In Other News

Flow Capital

Flow Capital Corp. (TSXV: FW) has commenced legal proceedings against Dionymed Brands Inc. (CSE: DYME; OTCQB: DYMEF) as DionyMed is in default under the company’s royalty agreement.  The claim is for the minimum sum of $2,698,116 which is made up of the investment balance, past due royalty payments and late payment fees. The company’s investment in DionyMed is $1,000,000 and there can be no assurance that the Company will recover any portion of its investment.

Jushi

Jushi Holdings Inc. (NEO: JUSH.B; OTCQX: JUSHF), a globally-focused cannabis and hemp company, has qualified to trade on the OTCQX Best Market. Jushi Holdings Inc. begins trading today on OTCQX under the symbol “JUSHF.”


StaffStaffSeptember 17, 2019
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3min2430

It’s time for your Daily Hit of cannabis financial news for September 17, 2019.

On The Site

CBD & FDA

According to the U.S. Hemp Roundtable,  Majority Leader Mitch McConnell (R-KY) introduced language on the Agriculture Appropriations bill that would require the FDA to issue formal “enforcement discretion” on the sale of hemp CBD products.  The FDA had suggested it would take them 3-5 years to decide on rules and regulations for CBD.

The group’s website posted that the US Senate Appropriations Subcommittee on Agriculture will “mark up” language submitted by Senator McConnell that would require the FDA to formally stand down on any enforcement of its troublesome anti-CBD guidance.

PLUS Products

Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) is kicking off a nationwide launch of its 100% hemp-derived CBD line and entertainer John Legend is partnering with the company. The celebrities joining the cannabis industry are getting bigger and brighter by the day.

“I have been a believer in the benefits of CBD for some time,” stated Legend. “I was drawn to the PLUS team because they’re an innovative, family-run company, and they use science to deliver a consistent, high-quality product. I appreciate that they’re committed to setting a high standard within an industry that has to date been fairly unregulated.”

TerrAscend

TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF)  has closed on its previously announced acquisition of Pennsylvania-based Ilera Healthcare, one of five permitted vertically-integrated cannabis cultivator, processor, and dispensary operators in the state. The company also reaffirmed its 2019 guidance of revenue in excess of C$141 million, which includes a contribution from the Ilera transaction and pending disclosed transactions, as previously announced on August 22, 2019.

“As one of only 5 holders of Super Licenses in a limited license state with approximately 13 million people, Ilera is an ideal partner for TerrAscend to enter the Pennsylvania market with,” said Matthew Johnson, President of TerrAscend Corp., and TerrAscend USA, Inc. After the close of this acquisition, TerrAscend’s licensed cannabis footprint expands to four U.S. states, in addition to its global reach into Canada and Europe.

 



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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