The Daily Hit is a recap of the top cannabis business stories for May 4, 2022.
ON THE SITE
TOP FIVE CANNABIS FRANCHISES
It isn’t McDonald’s (NYSE: MCD), but cannabis franchising is a very real part of the industry. Using data from Cannabiz Media, Green Market Report took a look at the top franchising leaders in the overall market. We then drilled down into Canada and the U.S. to see who the leaders are in each country. Read more here.
Stifel analysts had some sobering thoughts on the cannabis industry in the company’s recent first-quarter outlook report. The most positive comments went to Weedmaps (NASDAQ: MAPS) as the analysts wrote, “We believe WM Technology is currently the best positioned public cannabis company to capitalize on category growth, with the ability to lead growth with unmatched capital efficiency, with the shares continuing to undervalue our robust growth outlook.” Read more here.
GMR WOMEN’S LEADERSHIP AWARD WINNER: KIM RIVERS
On April, 28, 2022, Green Market Report held its first-ever Women’s Summit. During the event, the Women’s Leadership Awards were announced and presented to the winners. Over the next two weeks, we will highlight each of these winners and congratulate them on their contributions to the cannabis industry. Read more here.
PSILOCYBIN FOR DYING PATIENTS
There are a number of law firms building a list of clients in the psychedelics industry, in part because there are more issues percolating within the legal system about a federally illegal substance, and more companies exploring developments in this space. Read more here.
SMALL PHARMA TRIALS DMT
Small Pharma (OTC: DMTTF), a London-based neuropharmaceutical company focused on psychedelic-assisted therapies, made big news recently with the announcement of the first clinical trial in February 2021, using N, N-Dimethyltryptamine (DMT) to treat major depressive disorder. Read more here.
IN OTHER NEWS
FDA WARNING ON DELTA 8
Today, the U.S. Food and Drug Administration issued warning letters to five companies for selling products labeled as containing delta-8 tetrahydrocannabinol (delta-8 THC) in ways that violate the Federal Food, Drug, and Cosmetic Act (FD&C Act). This action is the first time the FDA has issued warning letters for products containing delta-8 THC. Delta-8 THC has psychoactive and intoxicating effects and may be dangerous to consumers. The FDA has received reports of adverse events experienced by patients who have consumed these products. Read more here.
GREENTHUMB INDUSTRIES, INC.
Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE dispensaries, today reported its financial results for the first quarter ended March 31, 2022. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars. Revenue increased 25% year-over-year to $243 million, flat compared to the fourth quarter of 2021. Read more here.
SUGARMADE, CANNABIS GLOBAL, INC.
Sugarmade, Inc. (OTC Pink: SGMD) announces its first transaction relative to its collaborative cannabis cultivation strategy via a definitive and executed contract with Cannabis Global, Inc. (OTC Pink: CBGL). Under the terms of the agreement, Sugarmade, via partner licensed and permitted Lake County, California, cannabis cultivators, will produce approximately 25,000 pounds of “Fresh Frozen” cannabis, which Cannabis Global, Inc. will use in its product lines and will distribute to the California marketplace. Read more here.
LUCID GREEN, CANNASAFE, CANNALYSIS, LABLYNX
Lucid Green, a UPC platform today announced three new partnerships with cannabis testing labs and lab information systems (LIMS) to expand full digitization of COAs in the cannabis supply chain. The new partnerships with CannaSafe, Cannalysis, and LabLynx build on Lucid Green’s existing partnerships with Confident Cannabis and Sonoma Lab Works. Through these new lab and LIMS partnerships, Lucid Green is connected to more than 400 individual labs in the U.S. Read more here.
INDUSTRIAL HEMP MARKET
The global industrial hemp market was found to be valued at $4,452.0 million in 2021, which is projected to reach a huge $60,682.8 million by 2030, increasing at a massive CAGR of 33.7% from 2021 to 2030. The growing need for hemp in several industries and the rising legalization of the cultivation of cannabis for industrial uses are some major drivers for the market. Hemp is now used in a variety of products, such as organic body care products, clothing, health foods, and biofuels. Read more here.
ITEM 9 LAB CORP.
Item 9 Labs Corp. (OTCQX: INLB) — a vertically integrated cannabis dispensary franchisor and operator that produces premium products — announced the accelerated growth of its dispensary franchise model, Unity Rd. across the U.S. with successful expansion into multiple new markets over the past two months. Currently, the Company has two dispensaries open in Colorado and Oklahoma with development across another 10 states, driven by more than 20 entrepreneurial groups. Read more here.