Daily Hit Archives - Green Market Report

StaffStaffMarch 25, 2020
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6min2060

It’s time for your Daily Hit of cannabis financial news for March 25, 2020.

On The Site

Top Cannabis Legal Firms

In these trying times, it’s always good to have an excellent lawyer on your side. A strong contract goes a long way towards protecting your interests and if you find yourself in a dispute, you certainly want someone who understands your business and can work with cannabis companies.

Green Market Report compiled this list with assistance from the Cannabis Law Report. We separated the list into two categories: cannabis only legal firms and large cannabis divisions within larger firms. We put them in alphabetical order and there is no ranking.

Also, no free legal advice was given to get on this list nor did anyone pay to be included.

EcoWaste

Interview with Arman Zeytounyan, CEO and Co-Founder of EcoWaste in California

The “Beast” in this scenario is cannabis sustainability, and the distinct lack thereof. The market for change is wide open, and here’s the perspective of one man and the vision of one California company who is getting an edge in the sustainability market due to the cannabis waste removal and compliance services they offer.

EcoWaste ensures compliance every step of the way for the security of your cannabis license. EcoWaste provides an exceptional, reliable and proven cannabis waste disposal. EcoWaste believes there’s a better way to conduct cannabis waste management, combining the right knowledge and provide a solution that is effective and embraces the regulations.

Jushi

Multi-state operator Jushi Holdings Inc.  (CSE: JUSH) (OTCQX: JUSHF) said that its dispensaries received the “life-sustaining” business designation in Pennsylvania and the “essential services” designation in Illinois. As a result, the company’s six dispensaries in Pennsylvania, operating under the brand “BEYOND/HELLO,” and its two dispensaries in Illinois, operating under the brand “The Green Solution” (transitioning to BEYOND/HELLO branding later this year), will remain open.

Covid 19

Cannabis dispensaries have been super busy as sales skyrocketed ahead of lengthy lockdowns. With anxiety levels rising, many consumers turned to cannabis to ease their tensions and help make the time stuck inside go by a little easier. For some companies, they have taken extra steps in order to assist in the fight against the virus.

In Other News

MedMen

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced the appointment of Errol Schweizer to its board of directors. Mr. Schweizer has over 25 years of experience in the food and cannabis industries, including 15 years at Whole Foods Market, where he held a number of roles within the organization, including Vice President of Grocery. In this role, Mr. Schweizer oversaw merchandising, product assortment, promotional programs and financial performance for over 80 product categories and $5 billion in annual sales. Mr. Schweizer departed Whole Foods Market in 2016 and has been a strategic advisor to several high-growth retailers and brands.

Simultaneous to Mr. Schweizer’s appointment, the Company announces that Jay Brown resigned from the Company’s Board, effective March 24, 2020. Mr. Brown has left the Board in order to focus on other business endeavors and will continue to serve as a strategic advisor to the Company’s management team.

Vertosa

Vertosa announced new product launches in conjunction with four new brand partnerships for spring 2020: the start-up THC sparkling beverage  line Calexo; hemp-CBD infused cold brew coffee from California cannabis brand CalivaCC Wellness’ first ever CBD sensual care products; and a custom development partnership with Resonate Blends.

“Vertosa’s reach has expanded rapidly in the first quarter of 2020 and we’re thrilled to help propel best-in-class infused products from innovative brands such as Calexo, Caliva and CC Wellness to market,” said Vertosa CEO Ben Larson. “Our collaboration with Resonate Blends, a company committed to utilizing cannabinoids to their full wellness potential, is also an important step towards the mainstreaming of cannabis. Thanks to this partnership, we can create a multitude of cannabis products that fit an array of wants and needs.”


StaffStaffMarch 24, 2020
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5min1790

It’s time for your Daily Hit of cannabis financial news for March 24, 2020.

On The Site

Curaleaf

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) said it will acquire three Arrow Alternative Care (AAC) dispensaries in the state of Connecticut. AAC operates three out of 18 total stores currently operational in the state. Its first store opened in Hartford in 2014, the second in Milford in 2017, and the Stamford store opened its doors in January 2020.

Curaleaf is already one of four licensed growers in Connecticut and currently operates a 60,000 square foot cultivation facility in Simsbury that provides high-quality cannabis products to over 40,000 patients throughout the state. The acquisition will now allow Curaleaf to be vertically integrated, providing products to the patients directly as well as through existing wholesale channels.

DEA

Late last week, the Drug Enforcement Administration (DEA) and the Department of Justice announced action to further expand opportunities for scientific and medical research on marijuana in the United States.

The Notice of Proposed Rulemaking was filed for public inspection on March 20.  The proposed rule was then published in the Federal Register on Monday, March 23.  The new approach will expand opportunities for marijuana growers who seek to grow marijuana for research purposes and outline the agency’s proposed process for administering the new program, consistent with applicable law.

Leafly

Private cannabis company Leafly laid off 91 employees this week amid the COVID-19 pandemic. Former Leafly editor Ben Adlin announced on Twitter that he had heard Leafly had made the layoffs which were later confirmed by the company. Adlin also noted the company still owed him $6,700. Adlin’s employment was prior to the pandemic layoffs. The company said it would provide one week of severance pay for the laid-off employees and two months of health insurance

In Other News

Charlotte’s Web

Charlotte’s Web announced a definitive agreement to acquire Abacus, where the combined entity is anticipated to represent nearly 35% of U.S. CBD sales withing the Food/Drug/Mass Retail channel.  Under the terms of the Arrangement Agreement, shareholders of Abacus will receive 0.85 of a common share of Charlotte’s Web for each Abacus Share held. The Exchange Ratio implies a price per Abacus Share of C$4.39, representing a premium of 38% based on the 10-day volume-weighted average price of the Abacus Shares on the Canadian Securities Exchange and the 10-day VWAP of the Charlotte’s Web Shares on the Toronto Stock Exchange as of March 20, 2020, for implied total equity consideration of approximately C$99 million.

Elixinol

Elixinol, a global hemp-derived CBD brand, announced it has named Tom Siciliano as the organization’s new CEO Americas effective immediately. Siciliano is charged with leading Elixinol’s refined strategy on hemp-derived CBD in the Americas region.

Siciliano has an extensive background in the cannabis industry. In his most recent role, Siciliano was president of Nutritional High International Inc. a vertically integrated cannabis manufacturing and distribution company with operations in Colorado, Oregon, Washington, Nevada and California. Prior to Nutritional High, Siciliano served as President and Chief Financial Officer for Canna Security America where he turned the company into the second-largest security company within the cannabis industry.


StaffStaffMarch 23, 2020
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6min1730

It’s time for your Daily Hit of financial News for March 23, 2020.

On The Site

Organigram

Canadian-based Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) gave good news and bad news on Monday morning. The company stated that it had received approval from Health Canada for its expansion, but then also said its workforce would be reduced due to Covid-19.

Organigram said it had been carefully monitoring and actively planning for the evolving situation related to COVID-19 and the potential impacts on business. The company noted that not all of the jobs at its Moncton facility can be done remotely and that in order to protect employees it was expecting temporary layoffs. “The Company currently expects that its workforce will be materially reduced as a result of voluntary and company-imposed temporary lay-offs to facilitate adequate social distancing while the COVID-19 situation lasts. This will result in corresponding production and packaging reductions.”  Organigram said it hoped to “reallocate its remaining workforce as needed, utilize inventory already on hand and focus on leveraging its most efficient and automated lines of production.”

Green Growth

Since this story was published on Friday, March 20, 2020, Green Growth Brands informed its laid-off workers that they would get paid. A spokesman for the company said, “At the time of the decision, the company remained uncertain of its ability to fund the payroll for the period ending today, March 20, 2020. As of this writing, I can confirm that such funding has been secured, that payroll has been initiated, and that all associates released will be paid for their time worked.”

The spokesman also confirmed that Horvath resigned voluntarily and would receive no severance pay. According to the company’s Management Information Circular, “If Mr. Horvath had been terminated by the Company without cause or had resigned from the Company for good reason as at June 30, 2019, Mr. Horvath would have been entitled to a payment of $2,550,000.”

Mindbloom

Mental health company Mindbloom provides guided psychedelic therapy treatments using ketamine. The company opened its first location in New York City during the COVID-19 crisis. Mindbloom has quickly pivoted to telemedicine as the demand for its services has risen during the pandemic. Green Market Report was able to speak with Founder Dylan Beynon to discuss the company’s response and its plans for expansion.

In Other News

DEA

The Drug Enforcement Administration (DEA) announced on Friday that it will be taking significant steps to expand marijuana research. “The Drug Enforcement Administration continues to support additional research into marijuana and its components, and we believe registering more growers will advance the scientific and medical research already being conducted,” said DEA Acting Administrator Dhillon.  “DEA is making progress to register additional marijuana growers for federally authorized research, and will continue to work with other relevant federal agencies to expedite the necessary next steps.”

This proposed rule will result in additional registered growers and a larger, more diverse variety of marijuana available for research. The new regulations will enable DEA to evaluate each of the 37 pending applications to grow marijuana for research under the applicable legal standard and conform the overall program to relevant laws.

Inner Spirit

Inner Spirit Holdings Ltd. (CSE:ISH) announced it has appointed Manjit Minhas as a Strategic Advisor to the Board of Directors. During the current COVID-19 pandemic, the Company has been maintaining operations with the majority of its Spiritleaf cannabis retail stores open and working with new customer service processes such as Spiritleaf Select & Collect in place to ensure the safety of employees and customers.

Tetra Bio-Pharma

Tetra Bio-Pharma Inc. (OTCQB:TBPMF)  announced that it has ensured that all of its employees work under conditions that comply with federal and provincial public health recommendations. Additionally, following the completion of its $17.8 M financing in February and early March, the company is in a good position to maintain its drug development programs.

Regulatory activities have not slowed down despite the COVID-19 crisis. These activities are now performed by Tetra’s employees from their home offices. Tetra confirms that it will continue all planned Clinical Trial Applications (CTA), DIN (Drug Identification Number applications), veterinary drug clinical trial applications (Experimental Studies Certificate; ESC) and Pre-Submission meetings in Canada and Investigational New Drug Applications (IND), veterinary IND applications, Pre-IND meetings (PIND) (including Type B and C meetings), Orphan Drug Designation (ODD) applications in the United States. European regulatory activities will also continue.


StaffStaffMarch 18, 2020
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4min2940

It’s time for your Daily Hit of cannabis financial news for March 18, 2020.

On The Site

Aleafia Health

Aleafia Health Inc. (TSX: ALEF)(OTC: ALEAF) delivered its financial results for the 2019 fourth quarter and fiscal year with a 22% sequential increase in quarterly net cannabis revenue to $6 million. Aleafia said the increase was primarily due to a $1.0 million jump in cannabis revenue.

For the fiscal year, net revenue was $16.4 million, an increase of 391% over the previous year. The increase was attributed to an $11.0 million increase in net cannabis revenue, along with an increase of $2.0 million in clinic revenue.

The fourth-quarter net loss was $9.8 million versus $1.9 million in the previous quarter. This loss was primarily due to non-cash items including a decline of $8.0 million in unrealized gain on the fair value of biological assets compared to Q3 2019, and a non-cash $3.6 million deferred income tax expense in the quarter.

Cannabis Stocks

The coronavirus has had a big impact on the world’s economy, and even more so on the financial cannabis market. While the S&P Index has seen a 17% drop, various marijuana companies have experienced a drop of 30% and more. Of course, this raises the question of whether it’s a good time to buy cannabis stocks right now, and if there’s any chance of finding a bargain.

In Other News

Wana Brands

Wana Brands has tapped seasoned cannabis marketing pro Joe Hodas to join the Wana C-Suite as Chief Marketing Officer. In this newly created position, Hodas is responsible for overseeing the planning, development and execution of the organization’s marketing and advertising initiatives. He is based in Wana’s Boulder headquarters and reports to CEO Nancy Whiteman.

“I’ve known Joe for many years and have always been impressed with his innate abilities as a marketer, communicator and industry leader. When we saw the right timing to bring Joe into the Wana team, we jumped at the opportunity to have him join us,” Whiteman noted. “With Wana’s international expansion Joe will ensure that our brand and message remain consistent while helping us deliver at the highest level on the potential that every new market expansion provides. The influence of his previous marketing work in the cannabis industry is undeniable.”

CanaFarma

The common shares of CanaFarma Hemp Products Corp., have been approved for listing on the CSE. The symbol is CFNA and trading is expected to begin on March 19.

Core One Labs

Core One Labs Inc. (CSE: COOL), (OTCQX: CLABF) has signed definitive agreements with respect to a CDN$1,500,000 convertible debt facility with Cannabis Growth Opportunity Corporation. In addition to the Debenture and the Warrants, the Company and CGOC also exchanged approximately CDN$2,000,000 worth of each other’s common shares, with the company issuing to CGOC 5,333,333 common shares at an agreed value of $0.375 per share, and CGOC issuing 3,149,606 common shares to the company at an agreed value of $0.635 per share.

 

 

 


StaffStaffMarch 17, 2020
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5min3140

It’s time for your Daily Hit of cannabis financial news for March 17, 2020.

On The Site

Canopy Growth

It seems cannabis isn’t as recession-proof as originally thought. While the world hasn’t officially gone into a recession, the cannabis industry has consistently stated it would thrive in downtimes because consumers would continue to make purchases. However, no one ever thought a pandemic would close the doors entirely.

That has changed with the news that Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) has made the decision to temporarily close all corporate-owned Tokyo Smoke and Tweed retail locations across Canada, effective at 5:00 p.m. local time today, March 17.

“We have a responsibility to our employees, their families, and our communities to do our part to “flatten the curve” by limiting social interactions. For us, that means shifting our focus from retail to e-commerce,” said David Klein, CEO, Canopy Growth. “This is a big decision but it was also an easy one to make – our retail teams are public-facing and have been serving an above-average volume of transactions in recent days. Given the current situation, it is in the best interest of our teams and our communities to close these busy hubs until we are confident we can operate our stores in the best interest of public health.”

Medical Marijuana Card

Though the numbers increase every year, not all states have legalized recreational marijuana — most merely permit the medicinal use of marijuana to treat various physical and mental ailments. Yet, even in states where recreational weed is legal, plenty of residents pursue medical marijuana permits, despite the fact that they can obtain recreational weed without the hassle of doctors’ appointments and prescriptions.

There are noteworthy differences in medical marijuana and recreational marijuana — both in how the drug is sold and what varieties of the drug are available. If you live in a state where recreational marijuana has been legalized, you might still consider seeking a medical marijuana card.

In Other News

Hexo

Hexo Corp. said Tuesday it missed the March 16 deadline to file its interim financial statements for the 3-month and 6-month periods ended Jan. 31. The Canada-based cannabis company said the delay in filing was a result “exceptional circumstances,” such as “complex” calculations in determining the total of the “significant impairment loss” it will be recording in second-quarter filings. The expected range of the impairment is $265 million to $285 million. In the meantime, the company said it recorded fiscal second-quarter gross revenue growth of 23% to C$23.8 million ($16.9 million), while net revenue rose 17% to C$17.0 million.

Cronos Group

Cronos Group Inc. (NASDAQ: CRON)  said that its previously issued unaudited interim financial statements for first, second and third quarters of 2019 prepared in accordance with International Financial Reporting Standards as filed on SEDAR, and with the U.S. Securities and Exchange Commission on Form 6-K, will be restated and reissued and should no longer be relied upon.

As previously announced, the Audit Committee of the Company’s Board of Directors has been conducting a review of certain bulk resin purchases and sales of products through the wholesale channel, and the restatement is being made to eliminate certain of these transactions through the wholesale channel. The Company will reduce revenue for the three months ended March 31, 2019 by C$2.5 million and the three months ended September 30, 2019 by C$5.1 million. Cronos director and chair of its compensation committee Bruce Gates, resigned in order to focus on his increased professional responsibilities.


StaffStaffMarch 16, 2020
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5min2660

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

On The Site

CV Sciences

Hemp CBD company CV Sciences, Inc. (OTCQB:CVSI)  announced its financial results for the year ended December 31, 2019, with total revenue of $53.7 million for the fiscal year 2019. During the fourth quarter of 2019, sales declined 34% to $9.4 million compared to $14.2 million in the prior-year period. The company blamed the decline on increased market competition in the natural product category and the continued impact on retail customers as a result of the uncertain regulatory environment for CBD.

Even more concerning is that CV Sciences said that it expects revenue to drop sequentially to the range of $6-8 million in the first quarter of fiscal 2020. The fiscal year non-GAAP EPS of $0.00 missed by $0.01 and the GAAP EPS of -$0.17 missed by $0.07.

Indus Holdings

Indus Holdings Inc. (OTC:INDXF) stock was moving higher by 24% to lately trade at 21 cents following news that the company has been taken over by former Acreage Holdings (CSE:ACRG.U)President George Allen.

Indus said it received a $2.3 million loan with lenders that included Geronimo Capital, LLC and Merida Capital Partners. In connection with the loan, Indus has entered into a non-binding term sheet with Geronimo Capital and Merida Capital Partners for the financing of up to $14.5 million (inclusive of the $2.3 million loan). The loan matures on March 13, 2021, and has an interest rate of 10% per annum until April 11, 2020, and 20% per annum thereafter

Aurora Cannabis

Aurora Cannabis Inc. (NYSE: ACB) said that former CEO Terry Booth has filed a report on the System for Electronic Disclosure by Insiders (SEDI) regarding his sale of approximately 12,161,900 shares into the open market. Aurora stock was lately trading at 70 cents a share, down considerably from the company’s 52-week high of $10.32. Still, the sale would bring Booth roughly $8 million.

Executive Chairman and Interim CEO Michael Singer stated, “The Board and management remain focused on the plan we laid out in February and we are progressing as planned toward appropriate capital allocation, balance sheet strength, and profitability. We look forward to updating the markets on our next quarterly earnings call.”

Covid 19 Sales

Facing calls to stay inside and avoid large groups, cannabis consumers decided the way to best pass the time was to stock up on supplies. Dispensaries have been reporting large lines as shoppers increase purchases. Boston dispensaries were seen with lines snaking out the doors, while other states reported fewer shoppers, but larger purchases.

The Covid 19 virus has resulted in the cancellation of numerous cannabis conferences and even delayed some grand opening plans for new dispensaries. So far it seems April 20 celebrations haven’t been canceled yet and some of the bigger conferences planned for late May are still on schedule.

In Other News

CanaFarma Hemp Products Corp. (formerly KYC Technology Inc.) (CSE:CNFA) will begin trading on the Canadian Securities Exchange (CSE) under the symbol “CNFA” at the opening of markets on Thursday, March 19th, 2020. This initial listing date has been pushed back from March 17, 2020, at the request of the Corporation in order to account for world events relating to the COVID-19 virus, which are expected to have caused an extra delay in shareholders receiving their new shares of the Corporation.

urban-gro, Inc. has filed a preliminary non-offering long-form prospectus with the securities regulatory authorities in the Provinces of Ontario and British Columbia. The company also announced that it has applied to list its common shares on the Canadian Securities Exchange. Listing and trading of the Common Shares will be subject to the Company fulfilling all of the CSE’s listing requirements and the Company being receipted for a final prospectus with the securities regulatory authorities in the Provinces of Ontario and British Columbia.

Tweed Houndstooth & Soda, began shipping to provincial boards and retailers nationwide late last week. It’s a proprietary beverage technology designed to distill cannabis flower into a liquid which powers its Ready-To-Drink offerings. Each 355 mL can of Tweed Houndstooth & Soda contains 2mg of THC and <1mg CBD, combining Houndstooth Distilled Cannabis™ with soda water and other ingredients for a refreshing cannabis experience.


StaffStaffMarch 12, 2020
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5min2600

It’s time for your Daily Hit of cannabis financial news for March 12, 2020.

On The Site

Medicine Man

Medicine Man Technologies Inc. (OTCQX: MDCL) become the first publicly-traded company to receive suitability approval by the state of Colorado. The Marijuana Enforcement Division (MED) has approved the company’s application for suitability.

“We are thrilled that Medicine Man Technologies is the first publicly-traded company to receive suitability approval. This is a huge milestone in our march to become the largest cannabis company in Colorado,” said Justin Dye, Chief Executive Officer. “We appreciate the responsibility of running a credible cannabis company and are laser-focused on merging Colorado’s leading cannabis companies into one organization with a true focus on consumers.”

Last year, the Colorado legislature passed, and the Governor signed House Bill 19-1090 which allowed publicly traded companies to own Colorado cannabis licenses. The state has a mandated review designed to ensure that companies are suitable to run an above-board and compliant cannabis company.

In Other News

Veterans’ Affairs

The House Veterans’ Affairs Committee approved bipartisan bills that would increase access to state-legal medical cannabis for military veterans and expand research into the potential medical benefits of cannabis for conditions commonly diagnosed in veterans. The committee approved the Veterans Equal Access Act in a 15-11 vote and approved the VA Medicinal Cannabis Research Act in a voice vote with no opposition.

The Veterans Equal Access Act (H.R. 1647), sponsored by Rep. Earl Blumenauer (D-OR), would allow physicians and other healthcare workers employed by the Department of Veterans Affairs to recommend medical cannabis in compliance with state laws and fill out any forms necessary to certify patients for a state medical cannabis program.

The VA Medicinal Cannabis Research Act (H.R. 712), sponsored by Rep. Lou Correa (D-CA), would require the Department of Veterans Affairs to conduct clinical trials researching the health outcomes of using medical cannabis to treat chronic pain and post-traumatic stress disorder.

GrowGeneration

GrowGeneration Corp. (NASDAQ: GRWG) has officially opened its 2nd Tulsa operation.  The ribbon-cutting, in order to signify that the store was officially opened for business, took place Saturday, March 7th at 10 a.m. at 5566 S Garnett Rd, Tulsa OK. 74146 This 40,000 square foot retail location will serve as the company’s central division’s hub for its rapidly growing Commercial, Retail and eCommerce business, as well as, the model store for our new Ecommerce pick, pack, and ship fulfillment center program that will be replicated 4 to 6 more times throughout the United States.


StaffStaffMarch 11, 2020
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6min3020

It’s time for your Daily Hit of cannabis financial news for March 11, 2020.

On The Site

TerrAscend

 TerrAscend Corp. (CSE:TER)(OTCQX: TRSSF) announced that its wholly-owned subsidiary  TerrAscend Canada Inc. has entered into a loan financing arrangement with Canopy Growth Corporation (TSX:WEED)(NYSE:CGC) in the amount of C$80.5 million in the form of a secured debenture.  In connection with the funding of the Loan, TerrAscend has issued 17,808,975 common share purchase warrants to Canopy Growth.

The net proceeds are expected to be used by TerrAscend Canada for general corporate purposes and the funding of its Canadian operations, its Arise Bioscience U.S. hemp division, international expansion and the repayment of indebtedness. The company can’t use any of the money in the U.S.

Harvest Health

Harvest Health & Recreation Inc. (CSE: HARV)(OTCQX: HRVSF)  announced the execution of a definitive merger agreement of the previously announced acquisition of Interurban Capital Group, Inc. (ICG), the resignation of Jason Vedadi from his role as Executive Chairman of the Board of Directors. Current independent Board member Mark Barnard will assume duties as Chairman of the Board. He brings significant leadership experience gained through executive roles with Diageo PLC and Unilever, among others.

Harvest has said it would acquire ICG for consideration of approximately $85.8 million payable by issuance of 309,452 multiple voting shares, assumption of approximately $19.1 million of debt convertible into 205,594 multiple voting shares and payment of an additional $9.3 million upon exercise of a call option agreement to acquire controlling interests in five Washington cannabis dispensaries or alternatively $12.4 million to acquire substantially all of the assets of these dispensaries. ICG’s assets include direct and indirect licenses and rights to acquire entities with licenses in California, Iowa, and Washington. In addition, ICG is a service provider to these entities.

Discounts

In the bad old days before legalization, cannabis consumers would buy from dealers and there was no price bargaining. The dealer gave you the price and the amount and you took it, no questions asked. At the beginning of legalization, consumers were just so jazzed to be able to buy weed in a store that they didn’t care how much they paid for it. Fast forward to a maturing retail sector and discounts are the name of the game.

A new report from the cannabis analytics firm Headset found that stiff competition for purchases in dispensaries has led to lower prices. “The raw dollar amount of discounts has climbed very steadily since the legalization wave began, indicating that they’re an integral part of the industry,” read the report. The study found that each year, purchase discounts are growing.

In Other News

Innovative Industrial Properties, Inc. (NYSE:IIPR) closed on the acquisition of a property in Wimauma, Florida, which comprises approximately 373,000 square feet of industrial and greenhouse space, from an affiliate of Parallel, a leading multi-state cannabis company with operations in Florida, Massachusetts, Nevada, and Texas. Parallel is the corporate parent company to Surterra Wellness, a market leader and one of the original licensed vertical operators in Florida, with a rapidly growing footprint that includes 39 retail dispensaries across the state and multiple industrial-scale cultivations, production and research facilities.

Zenabis Global Inc. (TSX: ZENA) announced that it has reduced the workforce at its Vancouver, B.C. head office by 33% its overall workforce by 22%. This restructuring is expected to have no impact on customer service, production, product development, 2.0 initiatives, retail support or overall operations and is the result of increasing efficiencies.

Storz & Bickel, a Canopy Growth subsidiary and leading cannabis vape manufacturer is announcing a new web-based, Bluetooth-enabled app giving iPhone/i0S users a workaround for controlling their vape remotely; it’s the first solution of its kind from any cannabis vape manufacturer in response to Apple’s controversial decision to remove all vape apps from its platform last November.


StaffStaffMarch 10, 2020
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8min2980

It’s time for your Daily Hit of cannabis financial news for March 10, 2020.

On The Site

TGOD

The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) reported its financial results for the fourth quarter and fiscal year ending December 31, 2019. TGOD’s quarterly revenue was $3.25 million and $11.16 million for the year. This revenue consisted of hemp-derived product sales in Europe of $2.56 million for the quarter and $9.88 million for the year. Sales from cannabis products in Canada were only $0.69 million for the quarter and $1.28 million for the year.

The company delivered a quarterly net loss of $144.75 million in the quarter and a net loss of $195.75 million for the year including non-cash impairment charges of $127.74 million for the quarter.

Mindbloom

Psychedelic medicine company Mindbloom has opened its first location in New York City. Located in the NoMad neighborhood of Manhattan, the company is offering. The company has plans to expand rapidly, with a new state-of-the-art flagship space set to open in the city later this year. Additional Mindbloom locations are planned for Los Angeles, San Diego, San Francisco, and Austin.

The treatment at this time offers physician-supervised ketamine treatments. Currently, when it comes to psychedelic medicines, MDMA and psilocybin treatments are still undergoing clinical trials for FDA approval. Ketamine is the only psychedelic medicine that can currently be prescribed in the U.S. The company said that at lower doses, ketamine can induce physical sensations and thought patterns described as psychedelic.

Vireo

Vireo Health International, Inc. (CNSX: VREO)(OTCQX: VREOF) closed on the first tranche of a non-brokered private placement offering of 13,651,574 units of the company at a price per Unit of C$0.77 for up to a total amount of  $10 million. The stock moved higher by 2% on the news and was lately trading at 53 cents.

“This financing reflects the confidence of the capital markets in the potential growth of sales and margin for Vireo,” said Executive Chairman, Bruce Linton, who is a director and insider at Vireo. “There are significant opportunities across our existing footprint to leverage increasing scale to improve sales growth and operating performance, especially considering that we anticipate as many as seven of our medical-only state markets could enact recreational-use legislation over the near- to mid-term future.”

Zynerba

Cannabis pharmaceutical company  Zynerba Pharmaceuticals, Inc. (ZYNE) stock was moving higher in premarket trading after the company reported financial results for the fourth quarter and full-year ending December 31, 2019.

The company had no revenue for 2019 as it is currently developing drugs. The net loss for the fourth quarter of 2019 was $10.7 million with a basic and diluted net loss per share of $(0.46). The net loss for the full year of 2019 was $32.9 million with a basic and diluted net loss per share of $(1.50).

The company said it has $70.1 million in cash. Zynerba believes that the cash runway is sufficient to fund operations and capital requirements beyond the expected NDA submission and potential approval of Zygel in FXS and into the second half of 2021.

In Other News

Columbia Care Reports Fourth Quarter and Full Year 2019 Financial Results. Fourth quarter and full year 2019 adjusted revenue of $24.5 million and $78.8 million, an increase of 123% and 100%, respectively, from prior year period. The net loss for the quarter was $28 million and the net loss for the year was $106 million.  “2019 was a historic year for Columbia Care. We delivered a third straight quarter of triple-digit revenue growth as well as 100% top line revenue growth for the year.” said Nicholas Vita, chief executive officer at Columbia Care. The company expects to have a total of 14 dispensaries in operation by the end of Q1 2020, with an additional six to eight temporary pickup locations available throughout the state.

CV Sciences, Inc. (OTCQB:CVSI) announced that it will now release financial results for the year ended December 31, 2019, after the stock market closes on Monday, March 16, 2020. The Company will hold a conference call with the investment community at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) that same day. The Company is rescheduling the timing of its full year 2019 financial results conference call to provide additional time to complete the finalization of its fiscal 2019 income tax provision.

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) announced that Khadijah Tribble will become Vice President, Corporate Social Responsibility effective March 16, 2020. Khadijah Tribble is a respected expert on equity and inclusion in the cannabis industry. She has advised cannabis investors, government regulators, entrepreneurs, and businesses on policy, business development, and community impact. In partnership with Chief Marketing Officer Jason White and the marketing team, Tribble will oversee the Company’s efforts to build an eco-system of impact, policy and business that aligns with the greater good of the cannabis industry and the communities in which Curaleaf operates and serves. She will also lead the company’s diversity, equity and inclusion initiatives.


StaffStaffMarch 9, 2020
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5min2210

It’s time for your Daily Hit of cannabis financial news for March 9, 2020.

Today’s Dow Jones Industrial Average dropped just over 2,000 points. The plunged was the largest one-day point loss for the Dow on record and the largest single-session percentage hit since 2008. The S&P 500’s more than 7% drop was also the most since December 2008, led by stunning declines in the Energy and Financial sectors.

On The Site

Merger

Luxury cannabis product company BR Brands LLC has joined forces with long time cannabis beverage company Dixie Brands Inc. (CSE: DIXI.U), (OTCQX: DXBRF). A statement about the merger said that BR Brands will combine operations with Dixie via a reverse takeover. The deal is expected to be completed by the third quarter of 2020.

BR Brands will complete a reverse takeover of Dixie at an implied valuation of Dixie of a minimum of $43 million and will convert approximately $6 million of senior secured indebtedness owing by Dixie into subordinate voting shares of the entity resulting from the business combination, such that following completion of the transaction BR Brands and Dixie shareholders will own approximately 80% and 20%, respectively, of the Resulting Issuer.

FDA

The FDA provided an update on its efforts at evaluating CBD products over the past year. The agency said that it is taking several new steps in areas of education, research and enforcement with the ultimate goal of continuing to protect the public health and working to provide market clarity.

“We’re seeing CBD being marketed in a number of different products, such as oil drops, capsules, syrups, food products, such as chocolate bars and teas, cosmetics and other topical lotions and creams, as well as products marketed for pets and other animals – and we understand consumers are seeking out these novel products for a variety of perceived health-related or other reasons,” said the FDA’s statement.

In Other News

Planet 13 Holdings

Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF)  announced it served an average of ~2,200 customers per day in February while maintaining an average ticket of ~$100.00. The addition of Phase II – the customer-facing production facility, restaurant, and event space – along with increased awareness of the SuperStore has driven year over year same-store growth of ~48% through the first two months of 2020.

“The customer-facing production facility and restaurant have been a clear driver of customer traffic and have led to our visitors spending more time enjoying all the unique features of the SuperStore complex, increasing average ticket size. Our vision for the SuperStore is coming to fruition. It is a one of a kind complex full of related activities and attractions that improve the cannabis shopping experience, drives cross-promotion, provides entertainment, and increases sales,” said Bob Groesbeck, Co-CEO of Planet 13.

Trait Biosciences

Trait Biosciences Inc., a leading biotechnology research organization providing innovative technology to the hemp and cannabis industry, announced today the promotion of Dr. Rebecca White to the role of Chief Technology Officer. She previously served as Chief Operating Officer of Trait Biosciences.

Dr. White will be responsible for the continued development of Trait Biosciences’ technology roadmap, harnessing her extensive experience in product commercialization strategy and leading a team of world-renowned scientists and technologists.

 

 

 



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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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