Daily Hit Archives - Page 2 of 60 - Green Market Report

StaffMay 2, 2022
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6min8660

The Daily Hit is a recap of the top cannabis business stories for May 2, 2022.

On The Site

Acreage

A judge decided on Friday that a New York case against Acreage Holdings (OTC: ACRHF) can proceed. Judge Andrea Masley in the New York Supreme Court listened to a week-long case and following closing arguments decided that the case against Acreage would not be dismissed. The case is regarding a New York license whose ownership got muddled through a series of mergers and partnerships. Leading the charge is David Feder, an attorney who is part of a group that is claiming that Acreage Holdings cut them out of a portion of ownership of the converted limited New York cannabis licenses. The lawsuit claimed that Acreage acquired a New York property and this particular investor (EPMMNY) wasn’t included in the sale. A review of the legal document shows that EPMMNY’s equity stake was never finalized and so it wasn’t included in the final application for New York Canna (NY Canna). Read more here.

Khiron

Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) announced its financial results for the year ended and quarter ending on December 31, 2021. In the fourth quarter, Khiron reported revenue of $3.6 million an increase over last year’s $2.5 million for the same time period. The net loss mushroomed to $19.2 million over last year’s net loss of $2.3 million for the same quarter. In 2021, the total revenue increased over 60% YoY to $12.8 million compared to the previous year. the net loss for the full year was $33million versus 2020’s net loss of $24 million. Khiron is forecasting revenue of $4.5 million for the first quarter of 2021. Read more here.

LSD

“Psychedemia” is a mix of “psychedelic” and “academia”—meaning the integration of psychedelics into academia—and is a term coined by LSD research pioneer Humphry Osmond in 1957. It has been used since 2012 as the title for a grassroots collaborative psychedelics conference organized to “foster novel contributions to this burgeoning field,” and to “consider data from new research with an open mind.” Read more here.

In Other News

Cansortium

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced preliminary unaudited financial results for the fourth quarter and full-year ended December 31, 2021. Read more here.

Q4 2021 Preliminary Financial Highlights (vs. Q4 2020)

  • Revenue increased 13% to $16.5 million compared to $14.7 million.
  • The Expected Operating loss decreased to $(1.6) million compared to $(9.7) million.

FY 2021 Preliminary Financial Highlights (vs. FY 2020)

  • Revenue increased 22% to $63.7 million compared to $52.4 million.
  • The Expected Operating loss decreased to $(2.4) million compared to $(8.4) million.

AFC Gamma

AFC Gamma, Inc. (NASDAQ: AFCG) announced that it has entered into a senior secured revolving credit facility (“Credit Facility”) with $60 million of current commitments from two FDIC-insured banks and the ability to increase the facility to $100 million. The two banks have over $70 billion of assets in the aggregate. AFC Gamma intends to use the available capital from the Credit Facility to fund unfunded commitments under loans to its existing borrowers, to originate and participate in commercial loans to cannabis operators that are consistent with its investment strategy, and for working capital and other general corporate purposes. Read more here.


StaffApril 28, 2022
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5min9010

The Daily Hit is a recap of the top cannabis business stories for April 28, 2022.

ON THE SITE

GMR WOMEN’S LEADERSHIP AWARD WINNERS

On Thursday, April 26th, the first-ever Green Market Report Women’s Leadership Awards ceremony was held at The Green Market Report Women’s Summit in Manhattan, NYC to honor female and female-identifying cannabis professionals in categories ranging from Cultivation to Activism and Politics. Read more here.

IN OTHER NEWS

HARBORSIDE INC.

Harborside Inc. (CNSX: HBOR), (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today filed its audited annual financial statements and management’s discussion & analysis for the twelve months ended December 31, 2021, under the Company’s profile on SEDAR at sedar.com. Read more here

HALO COLLECTIVE, INC., PYHTOCANN HOLDINGS SA

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) today announced that it has signed a letter of intent and entered into exclusive negotiations to acquire Phytocann Holdings SA,  European-based wellness CBD companies. The planned acquisition would add substantial revenue, EBITDA, geographic diversification, and a CBD-based product lineup to Halo when closed. Read more here

 

ECO INNOVATIONS GROUP, INC.

 

Eco Innovation Group, Inc. (OTC: ECOX), a company developing green energy solutions, is pleased to update current and prospective shareholders as the company’s exclusively licensed supercritical Glycerin Extraction Technology (or GET System), an advanced cannabis extraction system, is now covered by claims in U.S. Patent No. 11,304,986 issued April 19, 2022. Read more here

 

MARIMEDS INC., KIND THERAPEUTICS LLC

 

MariMed Inc. (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced it completed the acquisition of Kind Therapeutics U.S.A., LLC, a leading vertically integrated cannabis business in Maryland. The Maryland Medical Cannabis Commission approved the transfer to MariMed at their April 13th meeting and the closing took place April 27, 2022. Read more here

 

ROUNDHILL INVESTMENTS

 

Roundhill Investments, an ETF sponsor focused on developing innovative thematic funds, is pleased to announce that options for WEED —  the Roundhill Cannabis ETF — are now listed for trading on Cboe’s options exchanges. The Roundhill Cannabis ETF (“WEED ETF”) is designed to offer investors exposure to the cannabis sector. Read more here

 

PURE EXTRACTS TECHNOLOGIES CORP. 

 

Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ, a plant-based extraction company focused on cannabis and hemp, announced that its wholly owned subsidiary, Pure Extracts Manufacturing Corp., has received an initial purchase order (PO) for its cannabis vape cartridges and CBD edibles from the Nova Scotia Liquor Corporation Cannabis. This marks the sixth province that will be listing Pure Extracts’ branded products. Read more here

 

TREEZ 420 REPORT

Treez (www.treez.io), the leading enterprise cloud commerce platform that powers retail and supply chain operations for the cannabis market, announced today its retail customers reported strong growth in sales and other key business performance metrics during the 4/20 holiday last week. Read more here.


StaffApril 27, 2022
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7min11570

The Daily Hit is a recap of the top cannabis business stories for April 27, 2022.

ON THE SITE

TURNING POINT BRANDS, INC.

Turning Point Brands, Inc. (NYSE: TPB) announced financial results for the first quarter ended March 31, 2022. Turning Point reported that net sales decreased 6.3% to $100.9 million, while net sales for Zig-Zag and Stoker’s Products increased 10.1%. Net income decreased 6.7% to $11.0 million. The adjusted EBITDA dropped 9.8% to $25.3 million and the diluted EPS of $0.55 and Adjusted Diluted EPS of $0.71 as compared to $0.57 and $0.80 in the same period one year ago, respectively. Read more here.

CANOPY GROWTH CUTS COSTS

After the market closed on Tuesday, Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced that it was undertaking a series of initiatives to reduce costs and drive efficiency in order to accelerate its path to profitability. Canopy Growth management said it expects to generate a cost of goods sold COGS savings of $30 – $50 million and reduce SG&A expenses by $70 – $100 million within 12 – 18 months. Read more here.

VERANO HOLDINGS CORP.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its 2021 financial results with fourth-quarter 2021 revenue of $211 million and a net income of $27 million, or 19% of revenue. this was also Verano‘s first quarter to implement U.S. accounting standards called GAAP and audited in accordance with U.S. PCAOB. Read more here.

PSYCHEDELICS AND CRIME

When discussing the many social issues facing the U.S., one stands out—the war on drugs, which still haunts the law enforcement system today as it continues to incarcerate non-violent minor drug crime offenders even in states where a Schedule 1 drug (cannabis) is legal. Reform is coming on this issue. In the November 3rd, 2020 election, drug policy reforms were approved by voters in every state in which they were on the ballot, according to the National Association of Criminal Defense Lawyers. Read more here.

IN OTHER NEWS

HARVEST DIRECT

Harvest Direct Enterprises, a biotech company pioneering lossless cannabis processing, announced today that industry titans and activists, Steve DeAngelo and Andrew DeAngelo, are joining the company’s advisory board. Steve and Andrew DeAngelo will leverage their experience to assist Harvest Direct in engaging with researchers for clinical trials, while also engaging with national and international licensing partners interested in Harvest Direct’s patented LACY technology. Read more here.

FLURISH LLC

Fluresh LLC, a vertically integrated cannabis operators in Michigan, announced today the closing of a senior secured note with a federally regulated commercial bank headquartered in southeast Michigan. The secured Bank Note closed on December 28, 2021, and is for aggregate gross proceeds of $25 million. The Bank Note has a variable interest rate and, at the time of closing, bore an interest rate of 5.75% per annum with 50% of the aggregate proceeds capped at 7.0%. Read more here.

TRULIEVE

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, today announced the closing of the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC, holder of a West Virginia dispensary permit. Trulieve paid an immaterial amount of cash consideration for the transaction. Greenhouse was awarded the dispensary permit in Martinsburg, West Virginia, in January 2021. Read more here.

HIGH TIDE INC.

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced the company has completed its acquisition of three operating cannabis stores in Ontario, operating under the name Crossroads Cannabis for CAD $1.9 million. The stores are located in Stratford, Hanover, and Markdale. Read more here.

CANNARA BIOTECH

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products with two facilities based in Québec, today announced its fiscal second quarter 2022 financial and operating results for the three and six-month periods ended February 28, 2022. The company recorded $7.4 million in quarterly revenues. Read more here.

ENDEXX

Endexx Corporation (OTC: EDXC), a provider of hemp-derived wellness and nutritional products, today announced its Form 10Q, first quarter ending December 31, 2021. Endexx continues to rebound and grow following two years of pandemic and economic challenges. Ongoing supply chain issues impacted packaging and individual ingredient availability and may continue to delay some production runs in key product sets during 2022/2023. Read more here.

CLEVER LEAVES

Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW), a multinational operator and licensed producer of pharmaceutical-grade cannabinoids, announced today that its affiliate in Germany, Clever Leaves Germany GmbH, has received all of the required regulatory licenses, permits and certifications by the German authorities to be able to distribute medical cannabis to wholesalers and around 20,000 pharmacies located in Germany. Read more here.


StaffApril 26, 2022
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7min17530

The Daily Hit is a recap of the top cannabis business stories for April 26, 2022.

ON THE SITE

FIRE & FLOWER HOLDINGS

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWD) announced its financial results for the fiscal year and the fourth quarter ended January 29, 2022. In the fourth quarter, Fire & Flower reported that revenue dropped slightly by 1% from the previous year to $42.7 million. Fire & Flower said that retail revenue for the fourth quarter, decreased 5% to $31.7 million from $33.2 million in the prior year’s comparative period. Read more here.

PHARMATHER HOLDINGS LTD.

Ketamine pharmaceutical company PharmaTher Holdings Ltd.  (OTCQB: PHRRF) (CSE: PHRM) reported financial results for its third quarter ended February 28, 2022, and provided recent business highlights and updates. The company doesn’t have any revenue to report at this time but did note that it has nearly C$12 million in cash and investment. Read more here

PSYCHEDELICS THERAPISTS

Anyone undergoing psychedelics psychotherapy is putting themselves at risk. They are surrendering to a power dynamic between themselves and the therapist in which they have little or no control. Read more here.

IN OTHER NEWS

CANOPY GROWTH ANNOUNCES COST REDUCTIONS

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC), a diversified cannabis, hemp, and cannabis device company, today announced that the Company is undertaking a series of initiatives to reduce costs and drive efficiency in order to accelerate its path to profitability. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. Read more here

AKERNA 420 DATA

Akerna (Nasdaq: KERN), an enterprise software company and the developer of comprehensive technology infrastructures, ecosystems, and compliance engines powering the global cannabis industry, today announced that April 20, 2022, broke all previous cannabis retail records, bringing in a total of $154.4 million in adult-use and medicinal sales. Read more here.

CHALICE BRANDS LTD.

Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF), a cannabis company specializing in retail, production, processing, wholesale, and distribution, announced the launch of Chalice Metaverse on 4/20 resulting in a 25% increase in recorded daily revenue over the previous year and a 40.6% increase in vertical sales at Chalice Farms and Homegrown retail stores. Read more here.

COVA SOFTWARE 420 DATA

Cannabis retail sales on 4/20 continued to increase industry-wide, even as profit-per-store saw decreases from pre-pandemic and 2021 sales numbers, according to Cova Software, a cannabis Point of Sale (POS) company in North America. Americans spent an estimated $128M+ on cannabis this year on 4/20, while Canadians spent just a little over $16M. Although average sales per store did not match pre-pandemic levels, 4/20 still proved to be one of the most significant holidays in terms of cannabis sale totals and store traffic. Read more here

4FRONT VENTURES CORP.

4Front Ventures Corp. (CSE: FFNT) (QTCQX: FFNTF), a vertically integrated, multi-state cannabis operator and retailer, announced it has closed on the purchase of Island Global Holdings, Inc., a California-based producer of pre-rolls, flower and concentrate products. The transaction was first announced in the Company’s press release dated March 30, 2022. Read more here

LUCID GREEN, GRON VENTURES, GOTHAM GREEN PARTNERS

Lucid Green, a UPC platform company, announced today its $10 million Series B funding round led by Gron Ventures, with participation by Gotham Green Partners. Lucid Green also announced three new pricing levels for brands, with varying levels of support to accommodate businesses of all sizes. Read more here

BC CRAFT SUPPLY COMPANY LTD.

BC Craft Supply Co Ltd. announced the unanimous approval of the company’s proposal to its creditors at the meeting of certain of its creditors. The proposal was approved by 100% in number of Affected Creditors who represent 100% in value of the eligible voting claims of Affected Creditors who were present and voted in person or by proxy on the Proposal at the Meeting and who were entitled to vote at the Meeting in accordance with the Proposal and Bankruptcy and Insolvency Act. Read more here


StaffApril 25, 2022
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4min8030

The Daily Hit is a recap of the top business stories in the cannabis industry for April 25, 2022.

On The Site

Optimism

Cannabis investors have seen stock prices tumble even as cannabis companies report increasing sales. Green Market Report recently asked some leaders in the cannabis industry how they felt about the market in general despite the market pessimism. Read more here.

New Hampshire

While most of the country was celebrating 420 last Wednesday, New Hampshire politicians were doing the opposite. WMUR reported that the state’s Senate Ways & Means Committee voted unanimously against a House bill that would make New Hampshire a “cannabis control” state, legalizing marijuana but allowing it to be sold only at state-owned storefronts, much like the current system for liquor. Read more here.

High Times

High Times is celebrating the four-year anniversary of its IPO filing by once again extending the offering. This time it’s being extended to June 30, 2022. Not that anyone can buy any stock. The company was told by the SEC that it couldn’t sell any more shares until it posted updated financial information, which it hasn’t. Read more here.

In Other News

Humble

Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) has formed HC Solutions Holdings Inc., a Joint Venture with Green Acre Capital Distribution Corp., for the purpose of distribution of cannabis throughout the United States, initially focused on accelerating the Company’s expansion into cannabis distribution operations in California. Subsequent to the formation of the JV, Green Acre completed a $2 million investment directly in the JV. Green Acre has funded its investment through an option agreement with Johnson Brothers, a leading wine, spirits and beer distributor in the United States. Read more here

High Tide

High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) announced approximately CAD$1,372,600 in total retail gross revenues across all retail platforms on April 20, 2022 (4/20), representing a 76.21% increase from the previous Wednesday. The company’s Canadian bricks-and-mortar stores reported a 63.05% increase, while sales across its e-commerce platforms (Grasscity.com, Smokecartel.com, Dailyhighclub.com, Dankstop.com, Nuleafnaturals.com, FABCBD.com, BlessedCBD.co.uk, and BlessedCBD.de) reported an increase of 129.41% over the previous Wednesday. Read more here.


StaffApril 21, 2022
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7min10800

The Daily Hit is a recap of the top cannabis business stories for April 21, 2022.

On The Site

BLOOM MEDICINALS

AFC Gamma, Inc. (NASDAQ: AFCG) has provided a senior secured credit facility of up to $82.5 million to Bloom Medicinals Holding Company, a privately held multi-state cannabis operator with licenses in Missouri, New Jersey, and Ohio. Bloom said it plans to use the money from the new credit facility to repay existing debt, fund expansion initiatives, acquire a Level 1 Cultivation license in Ohio and provide additional working capital. Read more here

ICANIC BRANDS, LEEF HOLDINGS

Icanic Brands Company, Inc. (OTCQB: ICNAF)  has acquired all of the common stock of LEEF Holdings, Inc., a California based extractions company, in a merger agreement dated January 21, 2022. “This is an extremely exciting milestone for LEEF and our entire team,” said LEEF CEO Micah Anderson. Read more here

ASCEND WELLNESS 

Ascend Wellness (OTC: AAWH) has opened its store in Rochelle Park, New Jersey for legal adult-use cannabis sales. The company opted to start opening day with appointment-only visits. Read more here (VIDEO). 

GREEN THUMB INDUSTRIES

Green Thumb Industries (OTC: GTBIF) began selling adult-use cannabis for the first time at its Rise dispensaries in New Jersey. April 21 was the first day that the state of New Jersey cannabis companies could legally sell recreational marijuana. The company was able to start sales at the Bloomfield and Patterson New Jersey stores. Read more here (VIDEO).

In Other News

CURALEAF HOLDINGS

Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), an international provider of consumer products in cannabis, today announced that it has been approved by the New Jersey Cannabis Regulatory Commission to commence adult-use cannabis sales. Starting today, April 21, 2022, the Curaleaf dispensary in Bellmawr will begin serving adult-use customers, with Edgewater Park and Bordentown to quickly follow. Read more here

HUMBLE & FUME INC., CANNDESCENT BRANDS

Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF), a North American distributor of cannabis and cannabis accessories, announced that it’s subsidiary Humble Cannabis Solutions has officially begun operations in the California market and signed an exclusive distribution services agreement with leading California brand house, Canndecent Brands. Read more here.

THE VALENS COMPANY, GREEN ROADS INC.

The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS), a manufacturer of cannabis products is pleased to announce that its wholly-owned subsidiary Green Roads, Inc., has entered into an agreement with Signifi Solutions, Inc. to place cloud-managed Green Roads smart kiosks in various premium mall locations around the U.S. Read more here

BESPOKE FINANCIAL, PAYQWICK

Bespoke Financial, a Fintech lender providing debt financing to cannabis companies, today announced its strategic partnership with PayQwick, the cannabis industry’s most comprehensive treasury, and financial services platform. The partnership provides a compliant one-stop shop for cannabis businesses to access Bespoke’s lending products and PayQwick’s invoicing, electronic bill pay, armored car cash pick-up, wire transfers, and other financial services. Read more here.

CHALICE BRANDS LTD.

Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF), a cannabis company specializing in retail, production, processing, wholesale, and distribution, announced the signing of definitive agreements and services agreements to acquire two retail stores located in Bend and Corvallis, Oregon, from Miracle Greens, Inc. and two outdoor cultivation assets in Grants Pass, Oregon from Totem Farms, LLC for total consideration of US$2.63 million. Read more here.

ALLIED CORP.

Allied Corp. (OTCQB: ALID) announced that it has initiated three major commercial exports of Colombian-produced dried cannabis flower. One export is intended for Australia, and the other two exports are for the United States. The starting export volumes are for 1000, 1000 and 500 kilograms respectively. Allied only exports cannabis flower to countries where it is legal to do so (for example, in the United States the THC levels need to be less than 0.3%). Read more here


StaffApril 20, 2022
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8min10010

The Daily Hit is a recap of the top cannabis business stories for April 20, 2022.

 

ON THE SITE

 

RED, WHITE & BLOOM

 

Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF)  announced a series of transaction and operational decisions to strengthen the balance sheet and provide significant cost reductions in 2022. The changes included selling the Illinois property, paying down debt, reducing its headcount, and focusing on its own brands. Read more here.

 

420 A BIG HIT

 

Another April 20 is upon us as the holiday has become the single biggest day for sales. It doesn’t even seem to matter that the holiday falls on a Wednesday this year. People are sick of the pandemic and ready to party. They may even pass joints in a circle without wiping off the end. Read more here.

 

EMBRACING CANNABIS

 

The “4/20 Cannabis Insights Poll”, a national poll commissioned by Jushi Holdings, Inc. (OTC: JUSHF) surveyed 1,100 cannabis and non-cannabis consumers in the U.S. (ages 21 years+) and found that not only did more than half of cannabis consumers try cannabis for the first time in the last year, but that a majority also believe that cannabis has an overall positive impact on society, economic growth and the job market. Read more here.

 

PSYCHEDELICS RESEARCH

 

More governments around the world are seeing the potential of psychedelics in treating large swaths of their population, andhave begun to anty up on the bet of better mental health wellness using psychedelics. Here’s a quick look at what is happening not just in the U.S., but in four other countries as well. Read more here.

 

 

IN OTHER NEWS

 

LOWELL, ZIPPO

 

California cannabis company Lowell Farms Inc. and Pennsylvania-based lighter brand Zippo have entered into a non-binding letter of intent that will expand the presence of both companies in California’s licensed cannabis dispensaries. The 18-month collaboration sees Lowell Farms serving as the exclusive distributor of Zippo products at dispensaries and retaining exclusive rights to the Zippos name for all co-branded events and activations within the cannabis industry. Read more here.

 

ARCVIEW

 

The Arcview Group, a vertically integrated events and financial services firm serving the cannabis and industrial hemp and psychedelic industries, reported continued success of its principal investing unit, Arcview Ventures LLC, with their second Investment out of the Arcview Entourage Seed Fund and its 19th Investment out of the Arcview Collective Fund in Nuka Enterprises LLC dba 1906. Arcview’s two highest performing investments for 2021 are Abstrax Holding Inc. and the Blinc Group, Inc. Read more here.

 

FIRE & FLOWER, CIRCLE K

 

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) a cannabis consumer retail and technology platform announced today that 2707031 Ontario Inc., an indirect wholly-ownedsubsidiary of Alimentation Couche-Tard Inc., [owner of convenience retail chain Circle-K] has confirmed its intention to exercise warrants (the Series B Warrants) to acquire 8,288,067common shares of Fire & Flower pursuant to the terms of a Second Amended and Restated Warrant Certificate. Read more here.

 

SCOTTS MIRACLE-GRO COMPANY

 

The Scotts Miracle-Gro Company (NYSE SMG), one of the world’s largest marketers of branded consumer lawn and garden products, will release its second quarter financial results on Tuesday, May 3, 2022, prior to the opening of the U.S. financial markets. Read more here.

 

TREEZ

 

Treez (www.treez.io),  the leading enterprise cloud commerce platform that powers retail and supply chain operations for the cannabis market, today announced completion of a $51 million Series C funding at a valuation in excess of $260 million. Read more here.

 

ASCEND WELLNESS

 

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated operator, announced that it completed an equity transaction to roll up all of the other existing members of Story of PA CR, LLC. Story received a Clinical Registrant permit (“Permit”) from the Pennsylvania Department of Health on March 1, and Story will remain the Permit holder and operator of the Permit. Read more here.

 

WEST TOWN BANK & TRUST

 

West Town Bank & Trust announced the launch of its dedicated cannabis banking program. The program provides the cannabis industry with secure, convenient, and modern financial tools, enabling businesses to operate more efficiently and reduce the risks associated with operating a cash-intensive business. Read more here.

 

VENCANNA, CANNAVATIVE

 

Top Strike Resources Corp. d.b.a. “Vencanna Ventures” (the “Corporation” or “Vencanna”) (CSE: VENI) (OTCQB: TPPRF) is pleased to provide an update in respect of the previously announced business combination transaction with CannavativeGroup LLC (“Cannavative”). On March 12, 2021, the Vencannaand Cannavative announced the execution of an exclusive non-binding letter of intent. Read more here.

 

THE FLOWR CORPORATION

 

Flowr (TSXV: FLWR, OTC: FLWPF) has entered into a definitive agreement to sell Holigen to Akanda for aggregate consideration of approximately $35 million, including approximately $5.1 million of indebtedness being assumed by Akanda under the transaction, representing value of approximately $0.08 per share. Read more here.

 

ROUNDHILL INVESTMENTS

 

Roundhill Investments, an ETF sponsor focused on innovative thematic funds, today launched the Roundhill Cannabis ETF (“WEED ETF”) on the Cboe BZX Exchange. The WEED ETF seeks to provide investors with exposure to the cannabis sector, including U.S. multi-state operators (“MSOs”). Read more here.

 


StaffApril 19, 2022
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6min8640

The Daily Hit is a recap of the day’s top cannabis business stories for April 19, 2022.

On The Site

Audacious

Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) also known as Audacious was awarded a provisional Cultivation license, as well as a provisional manufacturing license in the state of New Jersey. New Jersey has become the latest state to attract the attention of cannabis companies in the country. Adult-use sales will begin this Thursday, April 21 jump-starting a process that has continually stalled since voters agreed to legalize it in 2020. With a population near 9 million people, it is estimated that the total New Jersey market could reach $2 billion. Read more here.

Bicycle Day

While most people in the cannabis industry are gearing up for the high holiday of April, 20 or 420, our good friends in the psychedelic industry have their own day of celebration. It’s called Bicycle Day and it falls on April 19. The history is that on April 19, 1943, Albert Hofmann, the Swiss father of psychedelic medicine, dropped lysergic acid diethylamide (LSD) at 4:20 pm, interestingly enough, and went on a bike ride, becoming the first human to trip on LSD. Read more here.

Roth Capital

Roth Capital Partners analyst Elemer Piros has issued an industry note covering six psychedelic drug companies. All have received buy ratings and Piros has assigned price targets for each stock. The main premise for the buy rating is the analyst’s analogy between cancer immunotherapy and psychedelic-assisted psychotherapy. He notes, that while the comparison isn’t perfect, there are many similarities. For example, in cancer immunotherapy once or infrequently to a cancer patient to fight tumors. That is then followed by weeks of supportive care. Remissions can sometimes last for 10years. While it doesn’t work for every patient, it has revolutionized cancer treatments. Piros compares that to psychedelic treatments for patients with various mental health issues. These patients have a handful of treatment sessions that are followed up by psychotherapy sessions. It isn’t a perfect solution, but for many the response rate is remarkable. Read more here.

In Other News

Grown Rogue

Grown Rogue International Inc. (OTC: GRUSF) announced the closing of the acquisition, previously announced on February 8, 2021, with HSCP, LLC a subsidiary of Acreage Holdings Inc.(OTC: ACRHF, ACRDF) for a state-of-the-art 30,000 Sq Ft indoor facility located in Medford, Oregon. The acquisition, which closed on April 14, 2022, brings Grown Rogue’s total indoor production capacity, including the Golden Harvests, LLC assets in Michigan, to 127,000 Sq Ft. Read more here.

High Tide

High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) will mark the annual 4/20 cannabis holiday with the opening of two new stores in Alberta and Ontario. The new stores are located at 172 Leva Avenue in Red Deer County, Alberta and 595 Fanshawe Park Road West in London, Ontario. These openings will bring High Tide’s total number of branded retail locations across Canada to 115, and also represent the Company’s 62nd location in Alberta and 35th location in Ontario, respectively. Read more here.


StaffApril 14, 2022
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5min8870

The Daily Hit is a recap of the top cannabis business stories for April 14, 2022.

ON THE SITE

The Valens Company

After the market closed on Wednesday, The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) reported its first quarter fiscal year 2022 financial results for the period ending February 28, 2022. Valens reported that net revenue increased 26.1 percent sequentially to $23.2 million in the first quarter from $18.4 million in the fourth quarter. Read more here.

Lantern, NY Incubator Program

New York Cannabis Project (NYCP) is a social equity incubator program launched by e-commerce marketplace and home delivery platform, Lantern. NYCP is currently accepting the first round of applications for its incubator program. Read more here

Publicly Funded Psychedelics 

Public funding for new mental health discoveries that can change the lives of millions of Americans for good? In a word: Absolutely. Over the last three years, clinical trials of psilocybin and MDMA psychedelics assisted therapy in particular have demonstrated their value in treating various mental health conditions. Read more here.

 IN OTHER NEWS

TerrAscend  

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a North American cannabis operator today announced that it has entered into a definitive agreement to acquire KISA Enterprises MI, LLC and KISA Holdings, LLC (“Pinnacle”), a dispensary operator in Michigan, and related real estate, for total consideration of $28.5 million. The Transaction is expected to be immediately accretive to TerrAscend on both a Sales and EBITDA basis. Read more here.

MATTIO Communications, Oak PR

MATTIO Communications, a cannabis marketing services firm, today announced the launch of White Oak Communications, LLC (“Oak PR”), a CPG-focused sister agency. Led by industry veteran Drew Tybus, the independently run agency will focus on food & beverage and consumer goods brands to craft and execute custom marketing and communications campaigns. Read more here

MariMed

MariMed, Inc. (OTCQX: MRMD), a multi-state cannabis operator today announced that the Maryland Medical Cannabis Commission (MMCC) has approved the transfer of 100 percent of the ownership of Kind Therapeutics U.S.A., LLC, a vertically integrated cannabis business to MariMed Inc. Read more here.

Backbone

A team of ESG, enterprise software, supply chain operations, and logistics experts today introduce Backbone, the first and only supply chain mesh network. Backbone is a fully configurable supply chain platform that lets operators spot and address breakdowns in real-time, using a mesh network approach that helps companies weather volatility and scale. Read more here

Terranueva

Terranueva Corporation (CSE: TEQ) is pleased to announce the results of its annual and special meeting of shareholders held on April 14, 2022. The shareholders approved, by a majority of votes, a resolution to elect the following directors: Sylvain Aird, Marc-André Aubé, Marianne Fortier-Landry, Gérard Landry, Jean-Luc Landry, Peter Polatos and Sylvain Tremblay. Read more here

 


StaffApril 13, 2022
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5min8490

The Daily Hit is a recap of the top cannabis business stories for April 13, 2022.

ON THE SITE

New Jersey

With the news that New Jersey was finally approving some cannabis companies to begin selling adult-use cannabis, investors began salivating over who would triumph. Cannabis stocks have been in a decidedly long bear market causing investors to lose great sums of money (on paper at least). As the process to begin these sales went through a series of starts and stops, the companies along with the investors were getting frustrated. Read more here.

Akerna

Cannabis tech company Akerna (Nasdaq: KERN) is predicting that U.S. cannabis shoppers will spend nearly $130 million on legal cannabis on April 20th, known as “420”, an unofficial but widely celebrated cannabis consumption holiday, which would become the largest sales day in legal cannabis history. Read more here.

Maturing Markets

As more states begin selling adult-use cannabis, some states are seeing sales decline or at least plateau. In the case of a mature market like Colorado, sales have actually dropped. Colorado was the OG of adult-use sales, creating an onslaught of canna-tourism. Now, many people can go to states closer to where they live. Read more here.

IN OTHER NEWS

Avicanna

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development and commercialization of plant-derived medical and pharmaceutical cannabinoid-based products, announced today that it has entered into an exclusive license and supply agreement with a South American pharmaceutical company to commercialize up to four of Avicanna’s proprietary cannabinoid-based pharmaceutical preparations. Read more here.

ACS Labratory

ACS Laboratory, a hemp and cannabis testing facility in the eastern U.S., has created a certificate of authenticity (COA) verification process in partnership with Blockticity (https://blockticity.io/), a provider of guaranteed certificates of authenticity. The platform allows any cannabis or hemp COA authenticated by Blockticity to be available for anyone to review for themselves in the blockchain. Read more here

Geocann, Averix Bio

Global cannabis organization Geocann today announced a strategic partnership with Averix Bio that will bring U.S.-produced API phytocannabinoid ingredients and clinically proven bioavailable formulations to the global marketplace. The alliance is focused on South America, as Geocann has established a sales, distribution, and marketing infrastructure to support leading human and animal nutrition brands. Read more here.

Cantourage

European medical cannabis company Cantourage has received two British government licences that authorise the company to import medical cannabis into the UK. The company has also received the required regulatory registration to prescribe medical cannabis products to clients via a new facility, Cantourage Clinic. 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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