Daily Hit Archives - Green Market Report

Debra BorchardtJune 14, 2022
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6min4500

The Daily Hit is a recap of the top cannabis business stories for June 13, 2022. Due to technical difficulties, we were unable to publish this recap yesterday.

ON THE SITE

High Times on the Hook for $5M in Back Rent

Harvest Health or rather Trulieve (OTC: TCNNF) since it bought Harvest Health must be heaving a sigh of relief that it’s High Times on the hook for the rent at Geary St. in San Francisco. Before it was acquired Harvest Health had tried to quickly jump into the San Francisco market by signing numerous agreements. One of them was with Alexis Bronson from the Have A Heart 2 CA LLC  as a social equity licensee for a dispensary at a prime shopping spot on the famous Geary Street. Read more here.

Ayr Wellness Kicks Off New Jersey Rec Sales this Week

Ayr Wellness (OTC: AYRWF) will kick off its adult-use sales in New Jersey this Wednesday June 16th at three dispensaries. Ayr’s adult-use dispensaries are in Woodbridge, Union, and Eatontown, all within Central New Jersey, a region of 3.4 million people. Ayr’s adult-use stores represent 3 of 5 adult-use stores in this highly populated region. Ayr currently operates its New Jersey dispensaries under the Garden State Dispensary banner. Read more here.

RIV Capital Preps for New York Adult Use Sales

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) reported its financial results for the fourth quarter and fiscal year ending March 31, 2022. For the fourth quarter Riv Capital reported a net loss of $17 million versus last year’s net loss of $21 million for the same time period. The company had an operating loss in the fourth quarter of $2 million. Riv said the loss was primarily driven by an increase in the provision for expected credit losses on interest and royalty receivables. Read more here. Read more here.

Measuring Psychedelic Investing Risk

Biotechnology is always a dicey business to create, run, and make profitable. Psychedelics add a difficulty factor of 10 to that equation. Currently, there are many psychedelic companies still working their compound through clinical trials—with no actual product to market and sell for years. Much of the real success of any psychedelic business hinges on the completion of clinical trials and Food and Drug Administration (FDA) approval, which takes serious time and money and is never guaranteed. Read more here.

IN OTHER NEWS

The Scotts Miracle-Gro Company Adds Brian Sandoval to Board

The Scotts Miracle-Gro Company (NYSE: SMG), marketers of branded consumer lawn and garden as well as hydroponic and indoor growing products, announced today that The Honorable Brian Sandoval has been named to its Board of Directors. Governor Sandoval served two terms as the 29th Governor of the State of Nevada, having held office from 2011 to 2019. He is currently the President of the University of Nevada, Reno, a position he has held since 2020. Read more here.

Chemistree Technology Inc.

Chemistree Technology Inc. (CSE: CHM) and (OTCQB: CHMJF), provided Notice of the semi-annual payment of interest on its convertible debentures maturing March 29, 2024.  Pursuant to the Supplemental Indenture entered into with the Debenture Trustee, Odyssey Trust Company, effective January 17, 2022, the Company will pay the interest due on June 30, 2022 – via the issuance of common shares in lieu of payment in cash. Read more here.


StaffJune 7, 2022
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7min7280

The Daily Hit is a recap of the top cannabis business stories for June 7, 2022.

ON THE SITE

New Jersey Cannabis Sales Fire Up Expansion

With just 12 dispensaries open in the state, New Jersey still managed to ring up $24 million in sales in the first month. That’s roughly $5 million a week. According to the New Jersey Cannabis Regulatory Commission, “On the first day of adult-use sales in New Jersey, 12 participating dispensaries sold cannabis and cannabis products to 12,438 recreational cannabis customers for a total gross sale of nearly $1.9 million.” BDSA expects New Jersey to be the third-largest contributor to overall US sales growth by 2026 and is forecast to generate annual revenue of $2.3 billion in total legal cannabis sales. Read more here.

Cannaccord Leads Dealmakers

Cannabiz Media recently did a deep dive into the deal makers to see which advisors were leading the pack and Canaccord Genuity (OTC: CCORF) comes out on top. Of the 137 recognized deals, Canaccord Genuity is the financial leader advising on 22 of the 137 deals. ATB Capital Markets was a distant second with 10 deals. Canaccord is also the leader on both the buy and sell-side components. Canaccord is listed as having advised on$8.1 billion in deals. Read more here.

When Politics and Psychedelics Collide

Another sure sign that psychedelics are gaining momentum in mainstream medicine is how government officials and lawmakers are reacting to the surge of interest from the public. Read more here.

IN OTHER NEWS

AIkido Pharma Inc.

Shalom Auerbach, a significant stockholder of AIkido Pharma Inc. (NASDAQ: AIKI) beneficially owning approximately 3.4% of its common stock, today issued the following letter to members of the AIkido Pharma Inc. Board of Directors. Read more here.

Simply Better Brands Corp., Jones Soda Co.

Simply Better Brands Corp. (TSX Venture: SBBC) (OTCQB: PKANF) and Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) announced that due to current market conditions, SBBC and Jones have terminated the previously announced letter of intent. “We are disappointed that due to current market conditions we are unable to move forward with our intended transaction at this time. The Jones Soda brand is one we felt confident would add tremendous value to our existing platform and ultimately be accretive to shareholder value. We wish Jones management and their board much success in their future,” says Kathy Casey, CEO of Simply Better Brands. Read more here.

Delta 9 Cannabis Inc.

Delta 9 Cannabis Inc. (TSX: DN) (OTCQX: DLTNF) announced the price of its previously announced marketed public offering of units of the company. Pursuant to the offering, the company intends to issue units at a price of $0.22 per unit for aggregate gross proceeds of approximately $2,000,000. The offering is led by Research Capital Corporation as sole agent and sole bookrunner. Read more here.

Safe Harbor Financial, Solar Cannabis Co.

SHF, LLC, dba Safe Harbor Financial, a financial services provider to the cannabis industry, today announced the closing of a $5 million senior secured loan to Solar Cannabis Co., an established vertically-integrated cannabis operator headquartered in Somerset, Massachusetts. Solar Cannabis will use the funds to further accelerate its growth. This transaction marks the evolution of Safe Harbor’s senior secured lending program, which was established to provide loans to cannabis operators in states in which cannabis is legal. Read more here.

Stem Holdings, Inc.

Stem Holdings, Inc. (OTCQX: STMH CSE: STEM), a vertically-integrated cannabis and hemp company with state-of-the-art cultivation, processing, extraction, retail, and distribution operations, announces that the company is seeking the approval of the holders of the C$3,687,050 principal amount of convertible debentures to reprice the convertible debentures. The convertible debentures presently mature on June 27, 2022, and September 14, 2022. Read more here.

Neon Bloom, Inc., Bazelet Health Systems

Neon Bloom, Inc. (OTC: NBCO): Bazelet Health Systems™, a wholly owned subsidiary of Neon Bloom, announced the endowment of a program known as ‘cERI’ (cannabis Education & Research Initiative). The program encompasses the donation by Bazelet of federally legal cannabis genetics (genetically producing 0% THC) to DEA registered research entities, such as the National Center for the Development of Natural Products at the University of Mississippi and the broader qualified scientific community wishing to conduct, disseminate and support rigorous scientific research on the clinical effects of cannabis. Read more here.

Green Check Verified, Canix

Green Check Verified (GCV), a fintech provider of compliant cannabis banking solutions and services, today announced an official integration with Canix, one of the cannabis industry’s most comprehensive seed-to-sale enterprise resource planning (ERP) solutions. Canix serves both large commercial operations and single owner operators, and maintains over 2,000 cannabis licenses on its platform. This integration will enable GCV’s partners to seamlessly sync sales with Canix while greatly enhancing their data visualization capabilities.


StaffMay 31, 2022
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7min6270

The Daily Hit is a recap of the top business stories in the cannabis industry for May 31, 2022.

On the Site

Cansortium

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced interim unaudited financial results for the first quarter ending March 31, 2022. Cansortium said that revenue increased 30% to $19.7 million compared to $15.1 million last year and it was higher than the fourth quarter’s revenue of $14.7 million. The company did not release any income or loss figures. Read more here.

Entourage

On Monday Canadian cannabis company Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced its financial results for the first quarter ending March 31, 2022. Entourage reported total revenue of $15.8 million, up 17% sequentially over the fourth quarter of 2021. The reported loss was trimmed to $8.7 million. Read more here.

Khiron

Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) announced today its financial results for the quarter ended March 31, 2022, with revenues increasing 65% to $4.6 million and a 28% sequential increase from the fourth quarter. The company’s net loss was essentially flat at $4.5 million. Read more here

HYTN

HYTN Innovations Inc.  (CSE: HYTN) reported certain highlights from its second-quarter financial statements ending March 31, 2022. Hytn reported revenues of $255,461 for the three months ending March 31, 2022. the company has a cash position of over $2.2 million, as of March 31, 2022, and $2.2 million in property, plant, and equipment assets, as of March 31, 2022, including all equipment related to the company’s purpose-built, ISO 9001:2015 Certified and Health Canada-licensed Kelowna manufacturing facility. The company noted it had no debt as of March 31, 2022. Read more here.

Allman Brothers

Southern rock band the Allman Brothers Band has become the latest music group to create a cannabis brand. The Allman Brothers Band is launching a strain of flowered in Illinois called Chocolate Chunk. It is an indica dominant strain available in 3.5g and will be exclusively sold at Verilife dispensaries, which are owned by Pharmacann. Read more here

In Other News

Urban-gro

 urban-gro, Inc. (Nasdaq: UGRO) announced that it has signed an agreement with E29 Labs, Inc., (“E29 Labs”) a black, woman-owned commercial cannabis production company, to provide full architecture, engineering and design services for their application to build an approximately 100,000 square foot cannabis production facility located in New York State. Upon securing a license, the agreement provides that urban-gro will be E29 Labs’ design-build partner to complete the build out of its facility. Read more here.

Harborside

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) provided details of the integration of its operations with those of the three companies acquired by the Company since the third quarter of last year. On July 2, 2021, the Company acquired Sublimation Inc., which was followed by the acquisition of UL Holdings Inc. on March 1, 2022 and LPF JV Corporation on April 4, 2022. Read more here.


StaffMay 17, 2022
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6min5460

The Daily Hit is a recap of the top cannabis business stories for May 17, 2022.

On the Site

Halo

Halo Collective Inc.  (NEO: HALO) (OTCQB: HCANF) announced its financial results for the first quarter ending March 31, 2022, as revenue declined 23% to $7.6 million versus revenue of $9.9 million for the same time period in 2021. Halo said that sales were impacted by a significant downturn in both the California and Oregon markets. The company also said that the flower category, which is a leading indicator, sharply declined, with sales falling by 23% in California and 26% in Oregon year over year. Halo also reported a net loss of $13 million in the quarter, which increased over last year’s net loss of $9 million. Read more here.

Greenlane

Greenlane Holdings, Inc. (NASDAQ: GNLN) reported financial results for the first quarter ending March 31, 2022 as revenue increased 37% to $46.5 million versus last year’s $34.0 million for the same quarter. However, it was a dramatic fall from the fourth quarter’s revenue of $56 million and it missed the Yahoo Finance average analyst estimate for sales of $51 million. Read more here.

Akerna

After several lackluster quarters, cannabis software company Akerna (Nasdaq: KERN) announced that it has hired JMP Securities to assist in evaluating strategic alternatives as the company and the board seeks to maximize stakeholder value. Akerna also reported that CFO John Fowle is leaving to pursue other interests, effective May 17. The Board has appointed Dean Ditto as Akerna’s interim CFO. Read more here.

Green Goddess

Green Goddess Supply, a “cultivation to consumption” cannabis technology lifestyle brand offering a line of high-quality products to grow, store, prep and consume hemp flower and cannabis products has launched a crowdfunding campaign. The company was initially funded by management and “friends and family.” With this offering, the company will gain access to over 750,000 investors via the StartEngine Regulation CF platform, to showcase its patented cannabis home grow system. Read more here.

In Other News

InterCure

 InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) announced its financial results for the first quarter of 2022 and is pleased to provide shareholders with a business update. The company had quarterly revenue of $34 million (NIS 87 million), almost three times greater than Q1 2021 ($13 million or NIS 33 million) and up 9% sequentially compared to the prior quarter. Net income of $6 million (NIS 15 million) for the Q1 of 2022 compared to $2 million (NIS 4 million) in Q1 of 2021 Seventh consecutive quarter of positive cash flow from operations. Read more here.

iPower Inc.

iPower Inc. (Nasdaq:IPW) announced financial results for its fiscal third quarter ended March 31, 2022. Total revenue increased 74% to $22.8 million. Net income increased significantly to $1.2 million or $0.04 per share as compared to $(0.01) per share for Q3 2021. Total revenue in the fiscal third quarter of 2022 increased 74% to $22.8 million compared to $13.1 million for the same period in fiscal 2021. The increase was driven by greater product sales to the Company’s largest channel partner as well as strong demand for iPower’s ventilation products, commercial fans and shelving products. Read more here.


StaffMay 16, 2022
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10min6580

The Daily Hit is a recap of the top cannabis business stories on May 16, 2022.

On The Site

Charlotte’s Web

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) reported financial results for the first quarter ending March 31, 2022 as net revenue fell 17% to $19.4 million versus $23.4 million for the same time period in 2021. Sales also fell sequentially from the fourth quarter’s revenues of $24.8 million and greatly missed the estimates from Yahoo Finance for sales of $27 million. Charlotte’s Web said the decrease was partly due to a temporary closure of its production and shipping terminal in January after a local wildfire in Boulder County. Read more here.

Tilt

TILT Holdings Inc.  (NEO: TILT) (OTCQX: TLLTF) reported its financial and operating results for the three months ended March 31, 2022. Tilt’s revenue was $42.4 million compared to $46.8 million in the year-ago period. However, revenue fell dramatically from the fourth quarter which was $54 million. Tilt said the decrease was primarily driven by lower sales volume in its inhalation business related to the timing of purchases by certain large customers, as well as price compression for the company’s bulk and house-branded wholesale cannabis products. Read more here.

Planet 13

Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the three-month period ended March 31, 2022, with revenues rising 8% to $25.7 million from last year’s $23.8 million. However, Planet 13’s revenue fell sequentially from the fourth quarter’s $29 million. According to Yahoo Finance, three analysts cover the company and the average estimate for revenues was $46 million, so the company missed that by a mile. Read more here.

Arcview

Arcview Capital today announced the launch of its equity crowdfunding platform which is expected to go live by the end of the second quarter. The platform is currently accepting applications and will focus on cannabis and other adaptogenic plant-based businesses like psychedelic plant medicines. Read more here.

Auxly

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF) released its financial results for the three months ended March 31, 2022. Auxly reported net revenues rose 147% to $22.6 million versus $9.2 million during the same period in 2021. Revenues fell sequentially from the fourth quarter’s revenue of $29 million. Auxly admitted it had lower winter yields at Auxly Leamington and hardware and packaging shortages due to supply chain disruptions. The company said believes that those challenges are largely behind it, and is very encouraged by yield and overall product quality improvements that it has seen at Auxly Leamington, which it believes will better equip Auxly to meet the demand for its flower and pre-roll products. Read more here.

Col-Care

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF)  reported financial results for the first quarter ended March 31, 2022. Revenue for Columbia Care fell sequentially by 11% to $123 million from $139 million in the fourth quarter. It was a 43% increase over last year’s revenue of $86 million for the same time period. It missed the Yahoo Finance average analyst estimates for revenue of $138 million. Read more here.

Flower Power

In the cannabis market, Flower continues to reign supreme as the dominant category in every market, though according to a recent Headset report, market share is declining in both the US and Canada. Be that as it may, cannabis flower is likely to hold its top spot as the consumer favorite for some time to come as the least processed and most versatile (albeit also the most susceptible to commoditization and price compression) of all categories. Headset’s report looks at changes in market share over time, segments, pricing, demographics, and other metrics of performance in the Flower category. Data was collected from real-time sales reporting by participating cannabis retailers via their point-of-sale systems. Read more here.

In Other News

The Parent Company

TPCO Holding Corp. (NEO: GRAM.U) (OTCQX: GRAMF) announced its financial results for the quarter ended March 31, 2022. Net sales fell 17% to $33.2 million and the net loss and comprehensive loss were $33.5 million. Sales also fell from the fourth quarter’s $39 million. The company said it would cut costs by 20% over the year. Conference call in the morning. Read more here.

Sundial

Sundial Growers Inc. (NASDAQ: SNDL) reported its financial and operational results for the first quarter ended March 31, 2022. Net revenue for the first quarter of 2022 of $17.6 million, including one day of revenue on the acquisition of Alcanna, an increase of 78% over the first quarter of 2021. Net loss was improved to $38.0 million for the first quarter of 2022 compared to a $134.4 million net loss in the first quarter of 2021, an improvement of 72%. Read more here.

CV Sciences

CV Sciences, Inc. (OTCQB:CVSI)  announced its financial results for the quarter ended March 31, 2022. Revenue of $4.4 million for the first quarter of 2022, compared to $4.8 million for the first quarter of 2021. Read more here.


StaffMay 11, 2022
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6min7710

The Daily Hit is a recap of the top cannabis business stories for May 11, 2022.

ON THE SITE

Ascend Wellness Holdings

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported its financial results for the first quarter ending March 31, 2022. Total revenue of $101.2 million decreased 0.8% quarter-over-quarter and increased 33.4% year-over-year. Ascend stock jumped over 5% in trading to close at $3.20. Ascend also reported that it had a net loss of $27.8 million or a loss of $0.16 per basic and diluted common share during the quarter, compared to a net loss of $16.5 million in the fourth quarter of 2021. Read more here.

MedMen Surrenders Assets to Ascend Wellness

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) finally agreed to close the deal to sell its New York assets to Ascend Wellness (OTC: AAWH). The two companies had initially agreed to the transaction, but then MedMen was accused of having “buyer’s remorse” by Ascend when it tried to pull out of the deal. The two companies then engaged in a nasty legal battle with MedMen accusing Ascend of greasing politicians‘ hands in the state. Read more here.

Harborside Inc. and Pelorus Equity Group

Pelorus Equity Group completed the second and final tranche of its previously announced $77.3M non-dilutive real estate debt financing with Harborside Inc. (CSE: HBOR) (OTCQX: HBORF). The initial funding included three individual loans to Harborside, Urbn Leaf Holdings Inc., and Loudpack JV Corporation with a second tranche made available upon the final closing of the three-way merger. The proceeds were used primarily to retire certain existing loans and provide additional working capital. Read more here.

Agrify Beats Revenue Estimates

Agrify Corporation (Nasdaq: AGFY)  announced financial results for the first quarter ended March 31, 2022, as revenue increased 271% to $26 million for the first quarter versus $7 million for the prior-year period. This was also higher than Agrify’s fourth-quarter revenue of $25.3 million and beat the Yahoo Finance average analyst estimate for revenues of $25..3 million. The stock price was up by over 6% in early trading to lately sell at $2.60. Read more here.

Goodness Growth

Goodness Growth Holdings, Inc. (CSE: GDNS) (OTCQX: GDNSF) reported financial results for its first quarter ended March 31, 2022. Goodness Growth had total revenue in the first quarter of $15.6 million, an increase of 18.2% as compared to the same time period in 2021. The net loss in the quarter was $14.6 million versus a net loss of $6.9 million in the first quarter of 2021. Read more here.

GMR Women’s Leadership Awards: Narim Jarrous

Narmin Jarrous manages operational planning and positioning for all developmental strategies within the Exclusive Brands organization, while also leading the teams’ Social Equity efforts, determined to lift up communities that have been disproportionately impacted by the prohibition of marijuana. Read more here.

Psychedelic Medicine Patents

One of the most important aspects of the psychedelics business—and one that is becoming more contentious—is about securing and protecting the patent for the specific molecule or synthetic that a psychedelics company is banking on because it can essentially protect the investment of millions of dollars a startup spends on setting up and running clinical trials, hiring expensive medical staff and other business development expenses. Read more here.

Targeting Female Cannabis Brands (VIDEO)

On April, 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Targeting Female Brands” and featured a stellar lineup of successful women including Cannaclusive Founder Mary Pryor, Humble Boom Founder Solanje Burnett, CMO of Trube Tokes Kymberly Byrnes and moderated by Politico’s Mona Zhang. More here.

IN OTHER NEWS

Harborside Inc.

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today announced it opened two new retail stores in California, bringing its total retail store count to 13, with a new Harborside-branded store in San Francisco, and a new Urbn Leaf-branded store in La Mesa, located in San Diego County. Read more here.

FSD Pharma Inc.

FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9A), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, has closed the sale of non-core assets for $16.4 million. The company has sold its former cannabis processing facility, located in Coburg, Ontario, which it acquired for $5.5 million in November 2017. The property includes a 26.1-hectare parcel of land and a 50,800 square meter building. Read more here.

 

 

 


StaffMay 10, 2022
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9min6940

The Daily Hit is a recap of the top business stories from the cannabis industry for May 10, 2022.

On The Site

Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) delivered its 2022 first-quarter business results as revenue jumped by 99% to $25 million versus last year’s $12 million for the same time period. Cronos attributed the increase to its segment in the Israeli medical market and the Canadian adult-use market. Cronos beat the Yahoo Finance average analyst estimate for revenue of $23 million. Read more here.

Urban-Gro

Urban-gro, Inc. (Nasdaq: UGRO) reported first-quarter financial results with revenue rising to $21.1 million versus $12.0 million in the prior-year period, representing an increase of $9.1 million, or 76%. This beat the Yahoo Finance average analyst estimate for revenue of $19 million.  Urban-gro attributed the growth to an increase in the specification, procurement, and integration of cultivation equipment tied to the growth of new and existing project contracts, as well as $3.4 million of incremental services revenue from acquisitions. Organic revenue growth was 48%, excluding the contribution from the 2WR+ acquisition. Read more here.

Hydrofarm

Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) announced financial results for its first quarter ended March 31, 2022, with net sales remaining flat at $111.4 million, which missed the Yahoo Finance average analyst estimates for revenues of $129 million. The net loss was ($23.3) million, or a loss of ($0.52) per diluted share, compared to a net income of $4.9 million, or $0.13 per diluted share. This also missed the estimates for earnings of ($0.06). Hydrofarm gave a 2022 forecast for net sales of approximately $480 million to $520 million. Read more here.

AFC Gamma

AFC Gamma, Inc. (NASDAQ: AFCG)  announced its results for the first quarter of 2022 with a net income of $10.2 million or $0.53 per basic weighted average share of common stock. The total net interest income was $16.9 million, an increase of $12.3 million, or 261%, compared to last year. This just beat the Yahoo Finance average analyst estimate for revenues of $16 million. The distributable earnings were $11.9 million in the first quarter or $0.62 per basic weighted average share of common stock, beating the estimates for earnings of $0.57. AFC paid a dividend of $0.55 per common share on April 15, 2022, for the quarter representing a 10% increase from the prior quarter. The distributable earnings significantly exceeded the declared dividend for the fourth consecutive quarter. Read more here.

Flora Growth

Flora Growth Corp. (NASDAQ: FLGC)  reported its financial results for the fiscal year ended December 31, 2021 with total revenue of approximately $9.0 million. The net loss for the year was $21 million, which increased over the previous year’s net loss of $14 million. Revenue for the period was significantly higher when compared to the prior year, primarily reflecting that 2021 was Flora’s first full year as a revenue-generating company, which included the company’s initial public offering on the Nasdaq Capital Market in May 2021. Read more here.

Village Farms

Village Farms International, Inc.  (NASDAQ: VFF) (TSX: VFF)  announced its financial results for the first quarter ended March 31, 2022, as revenue rose 32% to $32 million over last year’s $24 million for the same time period. the company also delivered a net income of $1 million versus last year’s net loss of $2.8 million. Read more here.

In Other News

GrowGeneration

GrowGeneration Corp. (NASDAQ: GRWG) the largest chain of specialty hydroponic and organic garden centers with 63 locations across 13 states reported financial results for the first quarter ended March 31, 2022.  Net sales declined 9.2% to $81.8 million driven by softer industry demand. Comparable store sales for the quarter decreased 35.5%. Net loss of $5.2 million compared to net income of $6.1 million last year. Loss per share of $0.09 in the quarter. Read more here.

MariMed

MariMed, Inc. (OTCQX: MRMD) announced its financial results for the first quarter ended March 31, 2022 with revenue growing 27% to $31 million. The Company maintained its previous financial guidance for the fiscal year 2022, including revenue of $145 million to $150 million. Read more here.

Corbus

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) an immunology company provided a corporate update and reported financial results for the first quarter of 2022. The Company reported a net loss of approximately $9.4 million, or a net loss per diluted share of $0.08, for the three months ended March 31, 2022, compared to a net loss of approximately $16 million, or a net loss per diluted share of $0.14, for the same period in 2021. Read more here.


StaffMay 9, 2022
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5min5970

The Daily Hit is a recap of the top cannabis business stories for May 9, 2022.

On the Site

Curaleaf

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) reported its financial results for the first quarter ended March 31, 2022, with total revenue increasing by 20% to $313 million versus $260 million in the first quarter of 2021. Curaleaf said that the revenue growth primarily reflected continued organic growth driven by new retail store openings, the addition of new wholesale partner accounts, product launches, and the expansion of cultivation and production facilities. Revenue fell sequentially by 2% from the fourth quarter’s $320 million and missed the Yahoo Finance average analyst estimate for revenue of $319 million.

Curaleaf also reported a net loss of $20 million, which was higher than last year’s net loss of $15 million in the first quarter of 2021. The company said that the net result was primarily impacted by approximately $12 million of higher income tax expense and $2 million of higher other expenses, net, partially offset by an $8 million increase in operating income. The earnings were for a loss of three cents per share, which beat the estimates for a loss of four cents per share. Read more here.

FDA

Last week, the Food & Drug Administration (FDA) sent out warning letters to five cannabidiol (CBD) companies for Unapproved New Drugs/Misbranded/Cannabidiol (CBD) Products. The companies receiving the letters were  Kingdom Harvest, Delta 8 Hemp, ATLRx Inc., BioMD Plus and M Six Labs Inc. Read more here.

NY Chair Tremaine Wright

On April, 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. The Summit was especially grateful that the Chair of the New York Cannabis Control Board, Tremain Wright was able to speak to the audience. Thank you for watching the Green Market Report! Be sure to subscribe to our channel and our newsletters. Video available here.

In Other News

Akerna

Akerna (Nasdaq: KERN) reported its unaudited financial results for the quarter ended March 31, 2022. Total revenue was $7.0 million, up 73% year-over-year. The net loss was $22.0 million, up $15.5 million year-over-year. Loss from operations was $20.6 million, up $17.1 million year-over-year. Transaction volume up 16% year-over-year. Average new business deal size up 40% year-over-year. Retail order spend up 6% year-over-year. Read more here.

XS Financial

XS Financial Inc. (CSE:XSF)(OTCQB:XSHLF), a specialty finance company providing CAPEX and equipment financing solutions to cannabis companies in the United States, announced today that it has upsized its lease facility with Ayr Wellness (CSE: AYR.A)(OTCQX: AYRWF) up to $37.4 Million including an immediate drawdown of $12 Million, bringing the total usage to over $33.1 million. All amounts are in U.S. dollars. Read more here.


StaffMay 4, 2022
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8min9840

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

WEEDMAPS 

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

 

 


StaffMay 3, 2022
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7min9690

The Daily Hit is a recap of the top business stories in the cannabis industry for May 3, 2022.

On the Site

Scotts

The Scotts Miracle-Gro Company (NYSE: SMG) announced record second-quarter sales in its U.S. Consumer segment driven by continued support from its major retail partners. However, Scotts also noted that for the fiscal second-quarter sales dropped 8% to $1.68 billion, from $1.83 billion a year earlier. U.S. Consumer segment sales increased slightly to $1.38 billion. Sales for the Hawthorne segment decreased 44% to $202.6 million. Scotts had previously warned that sales weren’t looking very good for the segment. Read more here.

Cansortium

After the market closed on Monday, Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced preliminary unaudited financial results for the fourth quarter and full-year ended December 31, 2021. In addition to that, Cansortium forecasted that its expected revenue in 2022 would range between $90–$95 million, reflecting an approximate 45% increase from 2021 at the midpoint. Cansortium said it also expects adjusted EBITDA in 2022 to range between $25–$28 million, reflecting an approximate 35% increase from 2021. Read more here.

Influencers

Companies flock to celebrities to endorse their brands despite the certainty of their return on investment (ROI). Still, market activity remains immense. So much so that influencer marketing could grow to approximately $16.4 billion this year. Huge returns, in some cases, bolster the fondness for celebrities. Conversely, partnerships also see brands fail to connect with audiences while burning ad budgets. In cannabis, various noteworthy names help get the word out when most traditional digital marketing means are prohibited. The key to winning consumers’ attention and shopping loyalty appears to be authenticity. Read more here

springbig

Cannabis marketing firm Springbig is dramatically reducing its valuation in its IPO deal with SPAC company Tuatara Capital Acquisition Corp. (NASDAQ: TCAC)to $275 million from the previously announced valuation of $500 million. In November, Tuatara Capital Acquisition Corp. said it reached a deal with Springbig to merge with an estimated equity value of $500 million of the combined company with a $300 million springbig enterprise valuation plus $200 million cash on the balance sheet from the SPAC.  On Tuesday, the sides agreed “that market conditions have changed since the proposed merger agreement was initially announced,” according to a statement. Although it is worth noting that Springbig’s annual revenue is just $24 million, making even the lowered valuation pretty frothy. Read more here.

1906

The fast-acting edible company 1906 has secured a seven-figure investment from Connecticut Innovations (CI), Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. According to the company statement, it is a first-of-its-kind investment by a state venture fund in a cannabis business. Read more here.

In Other News

Hexo

HEXO Corp. (NASDAQ: HEXO) has established an at-the-market equity program that allows the company to issue and sell up to $40 million of common shares in the capital of the company from treasury to the public, from time to time, at the Company’s discretion. The ATM program replaces the “at-the-market” offering of Common Shares in Canada and the United States having an aggregate sale price of up to C$150 million pursuant to the equity distribution agreement dated May 11, 2021between the Company and BMO Nesbitt Burns Inc. as Canadian agent and A.G.P./Alliance Global Partners and BMO Capital Markets Corp. as United States agents, which was terminated effective April 11, 2022. Read more here.


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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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