Daily Hit Archives - Page 2 of 33 - Green Market Report

StaffStaffMay 5, 2020
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7min2580

It’s time for your Daily Hit of cannabis financial news for May 5, 2020.

On The Site

Halo Labs

Halo Labs Inc. (OTCQX: AGEEF) delivered an operational update in the context of the COVID-19 pandemic as the company continues to grow dispensary sales revenues. These are unaudited preliminary figures.

“We continue to see strong operational performance in Oregon, as reflected by our results. Additionally, the sales velocity of Halo’s branded products indicates that California may be poised to really take off in the coming months. We are preparing for this growth by re-opening Cathedral City operations, staffing up in Ukiah, and growing our California sales force,” comments Andreas Met, Chief Operating Officer and Director of Halo Labs.

MassRoots

While numerous small businesses across the country struggle during an unforeseen lockdown, MassRoots (OTC:MSRT) the poorly run cannabis tech company managed to snag $50,000 in the Payroll Protection Program. This despite one of the company’s main shareholders being sued for stock fraud by the SEC.

“I’m pleased to report MassRoots has raised significant capital to fund our operations and, later this month, launch our rewards program – MassRoots Rewards – aimed at driving cannabis demand from our community to client dispensaries,” stated Isaac Dietrich, MassRoots’ Chief Executive Officer. “We’ve slashed our monthly expenses to less than $75,000 per month, negotiated far better rates and terms with our vendors, and built a rewards model we believe can gain widespread adoption while generating positive cash-flows.”

The PPP loan matures in May 2022 and bears an interest rate of 1.0% per annum. Payments of principal and interest of any unforgiven balance commence in December 2020.

Mother’s Day

Gift-giving can be a stressful exercise, particularly when you want your gift to make a statement and even more so when that statement is along the lines of “Thank you for giving me life, keeping me alive, and making my life better.” It’s a tall order, but one that is possible to fill, especially if your search includes cannabis-related products.

Cannabis data intelligence company Headset rounded up some figures on buying behavior related to Mother’s Day, to the benefit CBD companies looking for a sales figure boost and shoppers eager to commemorate the mothers in their lives with the perfect gift. According to Headset data, there were noticeable spikes in specific categories, including topicals, tincture, and sublingual products. Sales in both the “Bath Salts, Soaks, and Scrubs” and “Transdermal Products” categories rose 32%, while lotions, creams, gels, oils, and lubes saw smaller but still significant increases.

In Other News

Ayr

Ayr Strategies Inc. (OTCQX: AYRSF) is providing an update on the evolving regulatory response to COVID-19. Unless otherwise noted, all results are presented in U.S. dollars.

“As the regulatory response to COVID-19 continues to evolve, we are pleased to have positive developments to share regarding our business in Nevada,” said Ayr CEO Jon Sandelman. “The introduction of curbside pick-up on May 1st has enabled daily revenue run rates that allow us to reach our pre-COVID adjusted EBITDA levels. This is a huge milestone, and adds to the already strong cash position on our balance sheet.

“In the first four days of curbside pick-up, our Nevada dispensaries fulfilled over 5,700 curbside orders. Since curbside commenced on Friday, May 1st, the pace of weekly revenue growth has increased to 45% from the 40% we experienced in April. Our flexible technology has allowed for seamless deployment, with average daily sales increasing to more than $200k with 2,000 daily transactions between delivery and pick-up.

Ethos

Ethos Cannabis, with operations and investment interests in Pennsylvania, Massachusetts, Florida, and Arizona, has, through certain affiliated companies, signed definitive agreements to acquire the rights to the Pennsylvania and Maryland medical cannabis dispensaries of 4Front Ventures Corp. (“4Front”); which are currently operated under the Mission brand. Ethos is focused on developing a leading cannabis company with a strong presence in the Mid-Atlantic, East Coast, and Midwest markets of the U.S. The acquisitions of 4Front’s dispensaries in Pennsylvania and Maryland accelerate this strategic plan for Ethos.

“The acquisitions of the Mission dispensaries in Pennsylvania and Maryland represents a highly strategic step forward in the growth of Ethos in both existing and new markets. Developing a mainstream oriented, vertically integrated platform with a core focus on retail and the expansion of the health and wellness market through relationships with academic medical institutions like Jefferson are at the core of our strategic objectives at Ethos. These acquisitions follow our pursuit of growth in key target markets for our company, including a vertically integrated application submitted in the Southern Region of New Jersey and submissions for dispensary and craft cultivations licenses in which Ethos has partnered closely with social equity applicants,” said Teddy Scott, Chief Executive Officer of Ethos and the founder and former Chief Executive Officer of PharmaCann.


StaffStaffMay 4, 2020
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3min1820

It’s time for your Daily Hit of cannabis financial news for May 4, 2020

May the Fourth be with you!

On The Site

Flower One

While other cannabis companies have complained of a tight capital environment, Nevada-based Flower One Holdings Inc.  OTC:FLOOF has successfully closed its previously announced non-brokered private placement. The company said it raised C$10.9 million or $7.8 million. This is higher than the previously planned offering of $7.5 million. Flower One said it plans to use the proceeds for general corporate and working capital purposes.

Flower One is the largest cannabis cultivator, producer, and full-service brand fulfillment partner in the state of Nevada. Flower One’s flagship 400,000 square-foot greenhouse and 55,000 square-foot production facility is used for large scale cannabis cultivation, processing, and manufacturing. Flower One also owns and operates a second production facility in Las Vegas, with 25,000 square feet of indoor cultivation and a commercial kitchen that will produce several of the nation’s top-performing edible brands.

Have A Good Trip

HAVE A GOOD TRIP: ADVENTURES IN PSYCHEDELICS is a documentary featuring comedic tripping stories from A-list actors, comedians, and musicians. Star-studded reenactments and trippy animations bring their surreal hallucinations to life. Mixing comedy with a thorough investigation of psychedelics. HAVE A GOOD TRIP explores the pros, cons, science, history, future, pop cultural impact, and cosmic possibilities of hallucinogens.

In Other News

Intec Pharma Ltd. (NASDAQ: NTEC) has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 16,291,952 of the Company’s ordinary shares, at a purchase price of $0.30690 per share, in a registered direct offering. Intec has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 8,145,976 ordinary shares. The offering is expected to close on or about May 6, 2020, subject to satisfaction of customary closing conditions.H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The warrants will have a term of five and one-half years, be exercisable immediately and have an exercise price of $0.245 per ordinary share. The gross proceeds to Intec from this offering are expected to be approximately $5.0 million, before deducting the placement agent’s fees and other offering expenses. The Company intends to use the net proceeds from the offering to fund its research and development activities and for working capital and general corporate purposes.


Kaitlin DomangueKaitlin DomangueApril 30, 2020
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3min4620

It’s time for your Daily Hit of cannabis financial news for April 30th, 2020. 

On the Site

Fire & Flower Revenue Grows, Net Losses Remain Elevated

Fire & Flower Holdings Corp.  (NASDAQ:FFLWF) reported its fourth-quarter and 2019 financial results. The full-year revenue increased 294% to $51 million versus 2018’s full-year revenue of $12 million. The net loss for the year fell by 14% to $32 million from 2018’s net loss of $37 million.

The fourth quarter’s revenue increased by 61% to $16 million from 2018’s fourth-quarter$22  revenue of $10 million. The fourth-quarter net loss increased by 160% to $22 million from 2018’s fourth-quarter net loss of $8 million.

BudTrader To Go Public In Reverse Takeover

The cannabis e-commerce online vendor BudTrader is going public in a reverse takeover with Lake Victoria Mining, Inc. (OTCPINK:LVCA) 

The takeover expands the alliance between the two southern California firms which was first made public on April 1, 2020, when the firms announced a license agreement between the two companies. Since that time, the firms have worked closely implementing the logistics of the license, and in the course of that work the concept of the acquisition developed into a general plan for the Acquisition culminating in the execution of the LOI. At the conclusion of the acquisition, Grapefruit’s founders and management team will own approximately 20% of post-acquisition LVCA/BudTrader.

In Other News

Trulieve Launches New Product

Cannabis giant Trulieve Cannabis Corp. (CSE: TRUL & OTC: TCNNF) has added a new product to its portfolio. The company announced the launch of its Blue River Rosin Cart, due to their partnership with Blue River. Blue River™ Rosin is a strain-specific, full-spectrum, solventless hash oil. 


Kaitlin DomangueKaitlin DomangueApril 29, 2020
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5min2590

It’s time for your Daily Hit of cannabis financial news for April 29th, 2020. 

On the Site

Revive Therapeutics Researching Oral Dosage Of Psilocybin

Specialty life science company Revive Therapeutics Ltd. (CSE: RVV) has said that it will investigate novel oral dosage forms of psilocybin, such as oral dissolvable thin films or tablets, based on its wholly-owned patent-pending psilocybin formulations and its exclusive licensed drug delivery technology from the Wisconsin Alumni Research Foundation.

The company said in a statement that through initial evaluations with its research team, it has found there are several unique parallels between the company’s intellectual property portfolio of psilocybin-based formulations and delivery mechanism and the drug delivery technology, which is comprised of tannin-chitosan composites that have been studied with cannabidiol in the past.

Leafwire Announces Exclusive Partnership with FlowerHire

FlowerHire, a leading Staffing and Talent Strategy firm serving the regulated cannabis industry has signed an exclusive Partnership with Leafwire, “The LinkedIn of Cannabis,” which connects over 30,000 professionals across all cannabis verticals – including VCs, investment holding firms, supply chain operators, distributors, manufacturers, extractors, and retailers.

“By joining forces with Leafwire, we have not only broadened our ability to deliver best-in-class executive recruitment and talent services to their passionate user base, but we will also be able to help facilitate meaningful networking and innovative partnership opportunities that will undoubtedly advance the industry,”  says David Belsky, CEO of FlowerHire. 

Medical Marijuana Reports 26% Increase In 2019 Revenue

Medical Marijuana, Inc. (OTC: MJNA) reported financial results for the quarter and year ending Dec. 31, 2019, with $75.6 million in gross revenue in 2019, a 26.3% increase year-over-year when compared to 2018’s gross revenue of $59.8 million. The net ordinary income for 2019 was $3.3 million versus 2018’s net loss of $8 million. The company reported a positive adjusted EBITDA of $139 thousand in 2019 as compared to a loss of $1.2 million in 2018. 

House of Saka, Inc. and Driven Deliveries, Inc. Partner for Statewide Doorstep Delivery in CA

During this time of mandatory quarantine, to be able to reach this population with products that can help relax people, help them sleep better, and overall make them much more comfortable while sheltering in their homes is key. This concept is exactly why cannabis has been deemed “essential”.

Understanding this reality, most cannabis brands are shifting their sales strategies and channels to provide the safest route receiving your products for consumption. In order to meet this new reality and demand, the House of Saka, Inc., producers of the first and only alcohol-free, cannabis-infused beverages made from select vineyards within the iconic Napa Valley appellation, announced today that its award-winning line of cannabis beverages are now available for home delivery throughout the entire state of California after partnering with Driven Deliveries, Inc. 

In Other News

The Flowr Corporation Announces Results for The Full 2019 Year and Q4

The Flowr Corporation reports that the company generated gross revenue of approximately $1.6 million in the fourth quarter, along with achieving the highest level of quarterly production to date. The company’s gross revenues for the entire year were approximately $8.2 million based on 993 kilograms sold.


StaffStaffApril 28, 2020
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4min2380

It’s time for your Daily Hit of cannabis financial news for April 28, 2020.

On The Site

High Times

High Times Holding Company has announced that it is buying 13 planned and operational California dispensaries from Harvest Health & Recreation Inc. (OTCQX: HRVSF) in what the company described as a “mostly stock deal” and is valued at $80 million. High Times said it intends to fully transform the cannabis retail stores to become High Times destinations. High Times Holdings plans to revamp the existing design and rebrand each dispensary to fit the High Times.

This follows High Times’ previous announcement to buy two dispensaries, one in Los Angeles and one in Las Vegas. However, neither of those announced acquisitions has closed just yet.

Green Horizons

Green Horizons, a consumer insights firm for the cannabis space, released a detailed 42-page report exploring the “attitudes, usage, and market potential for cannabis and cannabis products.”

The study revealed that many of the stereotypes commonly associated with cannabis users are not as true as society once believed. The firm followed 1,100 U.S. adults over the age of 18, with an oversample of cannabis users to match their true proportion in the population.

According to the report, cannabis users typically make as much money as non-users, with $59.7k representing users and $57.5k for non-users. This demolishes the myth that cannabis users are automatically lazy, with no drive or motivation to be successful.

420 Recap

Whether they designate marijuana’s special day as 4/20, 4:20, or 420, for many cannabis and cannabis-derived product manufacturers and retailers, April means packing the calendar with special promotions, alluring discounts, and commemorative events.

Lisa Gee, Director of Marketing & CSR for Colorado dispensary chain Lightshade, shared that her company hosted a Virtual 4/20 Party with up-and-coming Colorado-based artists, DJs, a comedian, and a cannabis chef. Narmin Jarrous, Executive Vice President of Business Development for Kushy Punch affiliate Exclusive Brands, noted that the company hired 10 new people in retail to help with 4/20, a week that saw record highs in social media engagement and an overall sales increase of 40% over the previous week.

In Other News

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced the closing of the previously announced private placement offering of $1,000 principal amount of 8.0% secured convertible debentures (and subscription receipts for aggregate gross proceeds of $28 million

TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) said that as a result of the impact caused by COVID-19, the Company will rely on exemptive relief provided by British Columbia Instrument 51-515 Temporary Exemption from Certain Corporate Finance Requirements, which provides up to 45 days for issuers to complete filings required to be made on or prior to June 1, 2020. The Company continues to work in close coordination with its new auditors on the filings, which the Company will submit during the 45 day exemption period. As previously announced, TILT appointed a new audit firm in December 2019

Aleafia Health Inc. (OTC: ALEAF) announced that the Hon. Julian Fantino and Raf Souccar have today indicated their intention to resign as directors of the Company effective May 15, 2020.


Debra BorchardtDebra BorchardtApril 27, 2020
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6min2220

It’s time for your Daily Hit of cannabis financial news for April 27, 2020.

On The Site

iAnthus

iAnthus Capital Holdings, Inc. (OTCQX: ITHUF) Chief Executive Officer Hadley Ford has resigned from his position after an investigation by the board’s special committee. The company’s President and Co-founder Randy Maslow has been appointed as the interim CEO effective immediately.

The company formed a special committee to look into allegations made in an online media report that Hadley had misused company funds for his own benefit and that there was a conflict of interest. The committee determined that two of the allegations were substantiated and recommended further action.

According to a company statement, the Special Committee determined that Ford entered into two undisclosed loans (one loan for $100,000 with a related-party and the other for $60,000 with a non-arm’s length party) and those loans created a potential or apparent conflict and should have been disclosed to the board in a timely way.

Supreme Cannabis

The Supreme Cannabis Company, Inc.  (OTCQX: SPRWF) has hired Beena Goldenberg, the former CEO of Hain-Celestial Canada, as the company’s President and Chief Executive Officer. Ms. Goldenberg succeeds Colin Moore, who as interim President and Chief Executive Officer since January 2020 took significant steps to reduce Supreme’s operating and overhead costs, expand its product offering across all market segments and accelerate its transition into a premium cannabis consumer packaged goods company. She was also appointed to the board.

“I am humbled and excited by this opportunity to help grow a leading cannabis CPG company. Supreme Cannabis’ award-winning premium brands, deep dedication to quality and industry-leading cultivation and production facilities are tremendous advantages for any CPG company, especially one in the cannabis industry, which is now increasingly consumer-driven,” Ms. Goldenberg commented. “I look forward to working with this outstanding team to accelerate the company’s recent progress within the consumer marketplace.”

Orthogonal Thinker

The holding company known for its predilection towards psychedelics, Orthogonal Thinker, Inc. has closed on a total of $6 million in a series of oversubscribed seed rounds, which included investments from lead investors such as Republic Labs and Pay It Forward, along with other notable investors.

David Nikzad, Founder, Orthogonal Thinker said, The core focus of this fundraise is devoted to our wholly-owned subsidiary, EI. Ventures, and establishing its foundations as a leading player in the emerging psychedelic market. This is just the start of what’s to come for the market and EI. The next steps for EI will be devoted to our GMP and lab efforts.”

Simplifya

Cannabis investors are still writing checks despite the ongoing bear market for the industry. Although it does seem like the bulk of that money is shifting towards software brands. The latest company to announce a successful fundraising campaign is Simplifya. 

This company closed on $1.5 million of its currently over-subscribed bridge round and the company said it expects to close an additional $1 million as part of the expanded round in the next 30-45 days. Simplifya is a provider of regulatory and operational compliance software for the cannabis industry.

In Other News

Cresco Labs Inc. (OTCQX: CRLBF) reported financial results for the fourth quarter ending December 31, 2019. Fourth-quarter 2019, revenue of $41.4 million, up 144% year-over-year and 14% quarter-over-quarter. The increase in revenue was driven by expansion into new markets and continued growth in the states where the Company operates. Fourth-quarter 2019 revenue increased 14% compared to $36.2 million for the third quarter of 2019, primarily driven by higher revenue generated in Pennsylvania, Illinois and Arizona as well as the additional revenue from its Valley Ag and HHH acquisitions which are included in the Company’s results starting in October 2019. Total 2019 revenue was $128.5 million, up 197% year-over-year.

Total expenses for the fourth quarter of 2019 were $33.5 million, compared to $18.6 million for the prior-year period. Total expenses in the fourth quarter of 2019 included $7.2 million in acquisition and other non-core costs, $4.2 million in expenses related to share-based incentive compensation and $1.4 million of depreciation and amortization. The balance of the increase represents investments made in talent and operational infrastructure to support the Company’s continued revenue growth. Net loss for the fourth quarter for 2019 was $45.2 million, compared to a net loss of $4.4 million for the prior-year period. Current period net loss included income tax expense of $4.3 million.


StaffStaffApril 23, 2020
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6min3290

It’s time for your Daily Hit for cannabis financial news for April 23, 2020.

On The Site

Driven Deliveries

California-based cannabis retailer and direct-to-consumer delivery company Driven Deliveries Inc.  (OTCQB: DRVD) has reached its third consecutive sales record and noted that during its 420 sales campaigns it exceeded previously set sales record by another 31%.

“We are beyond grateful to have such strong partnerships with our suppliers and loyal relationships with our customers,” said Christian Schenk, CEO Driven Deliveries Inc.  “Our staff stepped up to the occasion and delivered the goods to our customers in record time while our supply chain team ensured availability of products across California to ensure the demand created by our marketing organization was fulfilled as committed,” he added.

Cresco Labs

Cresco Labs Inc.  (OTCQX:CRLBF) completed its agreement to sell the company’s Marshall, MI property to Innovative Industrial Properties, Inc. (NYSE: IIPR) in a deal valued at approximately $16 million. The previously announced sale included $11 million in funding for tenant improvements. The property represents approximately 115,000 square feet of industrial space in aggregate. The stock popped over 4% on the news to lately trade at $4.42.

Human Resources

The expansion of the cannabis industry is parallel with the increased public awareness of the marvelous benefits of cannabis for our health and wellbeing. New and current companies in the cannabis industry are constantly looking for new additions to their teams. There’s more to hiring people than reading a few resumes and choosing which one suits your company the most. Read our human resource tips and tricks that will help businesses in the cannabis industry find ideal additions to their teams.

In Other News

Jushi Holdings Inc.  (CSE: JUSH) (OTCQX: JUSHF) anticipates adding up to five additional cannabis dispensing facilities to its majority-owned subsidiary Dalitso LLC’s operations in Virginia. The addition of these five facilities will bring the Company’s total number of retail locations to six in Virginia. Following the Virginia General Assembly’s agreement with Governor Northam’s amendments on April 22nd, Senate Bill 976 will also remove the statutory five percent cap on the concentration of THC within a cannabis oil formulation.  Under Senate Bill 976, registered patients may now receive up to 10mg THC per dose.

Columbia Care, Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) has received approval from the Depository Trust Company (DTC) for its common shares listed on the OTCQX.

Pepper Foster, President, and Publisher of Easyriders, the rock-n-ride brand legend named with a nod to the eponymous cult film classic that recently celebrated its 50th Anniversary, has partnered with Sykes Mitchell, CEO of Big Top Farms, a world-class farming operation in Sisters, Oregon, and Bill Margaritis, President & CEO of Hemp2Lab a new leading-edge extraction lab in Rossville, Tennessee, to produce specially curated high-quality CBD hemp oil products.

Numerator, a data and tech company serving the market research space, has launched six new products and capabilities to help brands and retailers quickly understand COVID-19 market dynamics — including fast access to consumer buying behavior, fast understanding of COVID-19 advertising and promotions, and pre-configured people groups enabling more detailed analysis.


StaffStaffApril 22, 2020
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7min2760

It’s time for your Daily Hit of cannabis financial news for April 22, 2020.

On The Site

High Tide

High Tide Inc. (OTCQB:HITIF) reported announced approximately $789,000 in systemwide gross revenues from April 18-20, 2020 (“4/20 Weekend”), which is a 79% increase over the $441,000 recorded from April 19-21, 2019, despite the COVID-19 pandemic limiting the Company’s scope of bricks-and-mortar operations. This is certainly positive news as the company closed its stores due to COVID-19 for two weeks at the end of March and in early April.

As a share of total sales, High Tide’s 31 branded retail cannabis stores across Canada contributed 68%, while e-commerce accessory sales primarily generated on Grasscity.com comprised the remaining 32%. An approximate blended gross margin of 39% was generated over the 4/20 Weekend by the business-to-consumer aspects of the Company’s assets.

Mushrooms

The Campaign to Decriminalize Nature DC (DNDC) released the results of a new poll on April 21 that showed support for mushroom decriminalization in Washington DC. The “Initiative 81, the “Entheogenic Plant and Fungus Policy Act of 2020,” has enough support to pass in the District of Columbia according to a survey completed by Fairbank, Maslin, Maullin, Metz & Associates (FM3).

The poll sponsored by the New Approach PAC demonstrated that a majority of DC voters support Initiative 81, a measure that would make enforcement of existing restrictions on plant medicines or entheogens among the Metropolitan Police Department’s lowest law enforcement priorities. Of those polled, 51% support the initiative based on the text of the measure alone. When presented with a plain-language explanation, that support grows to 60% and continues to increase and solidify as voters learn more.

Tetra Bio-Pharma

 Tetra Bio-Pharma Inc. (OTCQB:TBPMF) announced its Orphan Drug development strategy and provided a management update. The company said it is focusing on generating intellectual property including use, manufacturing, and innovative molecule protection. Tetra said it received a U.S. Food and Drug Administration (FDA) Orphan Drug Designation for secondary cannabidiol (CBD) formulation of its cannabinoid topical drug PPP004 in the treatment of epidermolysis bullosa.

“Each ODD application is driven by scientific data generated by Tetra’s research and development department and in line with a commercialization strategy. Tetra is positioning itself as a world leader in cannabinoid drug development and increasing its ODD portfolio provides opportunities that will allow us to generate value for shareholders. Over the coming weeks, Tetra shall expand on its commercial ophthalmic and topical drug programs,” said Dr. Chamberland CEO & CRO, Tetra Bio-Pharma Inc.

CCIA

The COVID-19 pandemic has hit all corners of the country and globe. From a case and death count that is still growing to a devastated economy, to all of us overusing the term “social distancing,” no one has been left unaffected. But there’s an unspoken cost to the pandemic as well. Due to the unprecedented economic and unemployment tailspin, many non-profit organizations need our resources more than ever.

The California Cannabis Industry Association is taking steps to address this urgent need by launching the 420 Cannabis Cares Fundraiser. In light of this unprecedented public health crisis, CCIA and the cannabis community is meeting this moment by raising contributions to aid in combating COVID-19 and keeping communities safe.

In Other News

Organigram

Organigram Holdings Inc. (NASDAQ:OGI) has established an at-the-market equity program that allows the Corporation to issue up to C$49,000,000  of common shares from treasury to the public from time to time, at the Corporation’s discretion. Any Common Shares sold in the ATM Program will be sold through the Toronto Stock Exchange, the NASDAQ Global Select Market or any other marketplace on which the Common Shares are listed, quoted or otherwise traded, at the prevailing market price at the time of sale.

IIPR

Innovative Industrial Properties, Inc. (IIPR) closed on the acquisition of a property in Michigan, which comprises approximately 115,000 square feet of industrial space in the aggregate. The purchase price for the property was $5.0 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a wholly-owned subsidiary of Cresco Labs Inc. (Cresco), which intends to operate the property as regulated cannabis cultivation and processing facility upon completion of redevelopment. Cresco is expected to complete additional tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to $11.0 million. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the property will be $16.0 million.

Bhang

Bhang Inc.  (CSE: BHNG) (OTCQX: BHNGF), a global cannabis CPG brand company with an award-winning portfolio of products, announced today that its cannabis-infused chocolate products have shipped in a new, refreshed packaging design in California. The new packaging will be rolled out by its licensees across the Company’s multi-state platform in the coming months.


StaffStaffApril 21, 2020
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7min2450

It’s time for your Daily Hit of cannabis financial news for April 21, 2020.

On the Site

Flowr

The Flowr Corporation (OTC: FLWPF) raised C$20 million in a non-brokered private placement with the option to upsize the amount to C$25 million. The company said it expects to use the proceeds for general working capital purposes.

Chairman & Chief Strategist Steve Klein and Chief Executive Officer Vinay Tolia are leading the offering with commitments in excess of $10 million.  Management and insiders will continue to own approximately 58% of the shares of the company post financing on a fully diluted basis (including equity incentives).

Medicine Man

Medicine Man Technologies Inc. (OTCQX: MDCL) has switched its name to Schwazze (pronounced SHHwahZZ). The company said the new branding reflects its goal to create a dynamic, innovative culture and brand identity while supporting the current and future house of brands as Schwazze continues to grow. Effective, Tuesday, April 21 the Company will begin trading under the Schwazze name and OTC ticker symbol SHWZ.

The company said that Schwazze originates from its proprietary cultivation technique from the Three A Light methodology, which stimulates plant growth and health. The new corporate brand Schwazze inspires a call to action to innovate, grow and nurture plants, products, experiences, and environment to benefit the human experience.

Vangst

What if there were a Bumble for job hunting? A matching service to bring together the job seekers with the job fillers. That’s what the cannabis employment website Vangst has created. The company launched a new talent matching feature that puts the “first move” in the hands of the cannabis job seeker. Vangst timed it with the 420 celebrations and at a time of many cannabis company layoffs.

“The revamped Vangst website reflects our dedication to building community, advancing cannabis careers and companies and being the preeminent resource for talent matching in a time when it is needed more than ever,” says Vangst CEO Karson Humiston. “Our rapid and thoughtful response to the industry’s demands personifies Vangst’s core ethos of ‘let’s get cannabis to work.’”

In Other News

Stillcanna

Stillcanna Inc. (OTC:SCNNF) has signed a comprehensive Letter of Intent to acquire Sativa Group PLC, one of the United Kingdom’s (UK) first medical Cannabis Companies. The Proposed Transaction, which is arm’s-length, will constitute a “Fundamental Change” of Stillcanna under the policies of the Canadian Securities Exchange. The Sativa Group is comprised of 5 corporations, including:

GoodBody Botanicals (GBB) “CBD you can Trust” offers a wide range of CBD products including gels, balms, capsules, tinctures and more for the wellness market. The Goodbody Botanicals brand is distributed throughout UK, this includes major high street retailers and both national and local pharmacies.

GoodBody Wellness is focused on the health & beauty markets, the brand is sold to high-end retail health and beauty stores. The brand is also available through Company owned GBB retail outlets, which provide a premium consumer experience, backed via online sales.

PhytoVista Laboratories (PVL) is Sativa Group’s independent analytical hemp and CBD testing facility. PVL provides support to retailers, distributors and manufacturers by expertly testing the cannabinoid levels of the hemp and CBD products.

Sativa Cultivation and Extraction Ltd. that holds a Controlled Drug License for the cultivation, production and possession of high THC content cannabis in the UK with an emphasis on medical research

Tessellate Collective Ltd. is Sativa’s direct sales channel, model popularized globally in the cosmetics and wellness sectors. Tessellate has over 500 well established direct sellers acting as advocates for the brand and who have access to an easy-to-use and financially rewarding commission plan.

Neptune

Neptune Wellness Solutions Inc. (NASDAQ: NEPT) has entered into an exclusive partnership with legendary wildlife conservationist, Dr. Jane Goodall to co-develop natural health and wellness products under the Forest Remedies™ brand, the plant-based wellness brand with naturally sourced hemp extract and essential oils sourced from the highest-quality botanicals from around the world.  As part of this partnership, a percentage of all products will be donated to support Dr. Goodall’s environmental conservation and reforestation initiatives.

Fire & Flower

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced that it has entered into a commitment letter to obtain up to an aggregate amount of $10 million (with an option for an additional $5 Million) in secured, non-dilutive credit facilities with ATB Financial.

The new financing will be comprised of two separate loan facilities on a two-year term: a revolving credit facility in the amount of $5 million, and a term loan in the amount of $5 million. Both loan facilities bear interest at ATB Financial’s reference rates plus a spread. The Commitment Letter also includes an “accordion” option to increase the revolving facility by an additional $5 million, subject to ATB Financial’s consent and certain other customary conditions. Funding will become available under the Commitment Letter upon the Company satisfying all applicable conditions precedent, which it anticipates it will accomplish prior to the end of April, 2020.


StaffStaffApril 20, 2020
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6min2040

It’s time for your Daily Hit of cannabis financial news for April 20, 2020.

Happy 420 day everyone. Not a typical day of festivities, but we hope everyone is staying safe and healthy and next year is sure to be bigger and better.

On The Site

Chronic Relief

Monday, April 20, 2020, from 12PM to 5PM PST, the organizers of Chronic Relief look to make this 4/20 the most iconic celebration in the cannabis community’s history, making a lasting impact where it matters most. As all major 4/20 in-person celebrations have been canceled, the organizers took the opportunity to leverage long-standing partnerships and friendships through their vast network of supporters and sponsors to capture a large audience of virtual cannabis enthusiasts in support of a unified cause – helping the Feeding America network of food banks as they support communities and families impacted by the pandemic. Households facing hunger may be more susceptible to the virus, further contributing to the demands placed on food banks. Your donation will enable food banks to serve the most vulnerable members of the community and our neighbors in need during this difficult time. The event will be live-streamed on Twitch, YouTube, Facebook, and more.

Gig Workers

As the world is seemingly closed for business, many business owners find themselves in hot water. According to Liesl Bernard, CEO, and founder of cannabis staffing agency CannabizTeam, the cannabis industry is not one of those businesses. Being coined as “corona stress disorder”, people are turning to cannabis products to ease their anxiety over the current state of the world. And since everyone is at home, people are running through their products at a much faster rate than usual.

Bernard tells Green Market Report, “There has been a rise in hiring temporary employees in the cannabis industry, even with COVID-19 looming over the economy. Across the board, our clients are looking for extra support. Last month, we saw a 100% increase in temporary staffing, and we’re still getting plenty of clients who need temps. Our top temp positions are warehouse technicians, budtenders, extraction technicians, and dispatch managers.”

Virtual backgrounds

Looking to jazz up your virtual background for 420? The marketing team at SLANG decided to produce some cannabis-themed zoom backgrounds featuring some of our favorite brands as many of us gear up for a virtual 4/20 at home. You can find the link to download them here. The brands featured include Cookies, O.penVAPE, District Edibles, Pressies, Firefly, and Bakked.

In Other News

Mineral Hill

Mineral Hill Industries Ltd. listed on the TSX Venture Exchange under the trading Symbol MHI had received subscription agreements for PP1 in the amount of CAD $2,196,538, relating to the subscription of 2,196,538 common shares at a deemed issue price of CAD $1.00 per share. MHI’s contract partner, SCRH, referred to in the above News Releases, and especially its owner and sole shareholder Mr. Joseph Durrell Cleghorn can be credited with the successful private placement participation.

Further to the TSXV’s request that MHI unwind PP1, after thorough discussions between MHI’s management and SCRH, the Company’s Board of Directors resolved to unwind its announced private placement “PP1” and return all of the funds received from the PP1 investors in order to fully comply with TSXV rules and policies.

Mr. Cleghorn, who has made a strong strategic commitment to the real estate business, has agreed to join MHI’s advisory board.  The Company will remain focused on the real estate business with an emphasis on an UPREIT structure and will follow up on real estate projects which are not ancillary in a material way to the cannabis business in order to stay in compliance with the rules of the TSXV.   The Company and SCRH will jointly draft a termination agreement regarding their definitive agreement dated January 28th, 2020.

CB2

CB2 Insights (OTCQB: CBIIF) completed the terms of the purchase agreement of Colorado-based Rae of Sunshine Health Services (ROSH).  CB2 announced the purchase and took over operations for the multi-location clinic group in April 2019. As per the agreement with ROSH, the Company will issue 882,978 shares to complete the purchase; shares will be subject to a 4-month hold. Over 2019, Relaxed Clarity has contributed approximately CAD$1.1mm in revenue and CAD$200K in positive EBITDA to the Company. The Company, which already represents one of the largest networks of medical centres specializing in medical cannabis therapy in the United States, is only further strengthened by the addition of 11K patients throughout 2019 derived from Relaxed Clarity.

Canopy Growth

First & Free, an American-made CBD brand from Canopy Growth Corporation (TSX: WEED) (NYSE: CGC), today announced a new line of CBD Creams: Everyday, Motion and Revitalize. The creams are the latest addition to First & Free’s portfolio of hemp-derived CBD isolate products including oil drops and softgel capsules, which launched exclusively in the U.S. last December.



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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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