Dutchie Archives - Green Market Report

StaffSeptember 6, 2023
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BusinessDaily Hit

The Daily Hit: September 6, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Sept. 6, 2023.

On the Site

Dutchie Countersues ScanSource Over $17.1M Unpaid Goods Claim

E-commerce cannabis company Dutchie filed a countersuit against tech distributor ScanSource amid an ongoing $24.7 million legal dispute. Dutchie’s parry move accuses ScanSource of not only breaching its contract but also of delaying the placement of orders for 35,000 tech products. Read more here.

Maryland Cannabis Regulators Outline Social Equity Requirements

Maryland regulators have unveiled guidelines to determine eligibility for social equity applicants in the upcoming cannabis licensing application period. The state’s Office of Social Equity is tasked with outlining who qualifies as a social equity applicant, while the newly established Maryland Cannabis Administration will oversee the verification and license application processes. Read more here.

Anti-Marijuana Group Files Second Lawsuit Against New York

An anti-marijuana group has filed its second lawsuit against the state of New York, this time alleging that the $200 million state fund established to help justice-involved retail licensees obtain real estate for their shops is tantamount to “money laundering.” Read more here.

Third Minnesota Tribe to Enter Recreational Marijuana Market

The recreational marijuana business in the Land of 10,000 Lakes is picking up, with a third Minnesota-based Native American tribe announcing plans to enter the trade. Recreational possession and use became legal in the state on Aug. 1, but the state has yet to create a framework for businesses to operate under. Read more here.

Springbig to Delist From Nasdaq, Trade on OTC Markets

Cannabis marketing company SpringBig Holdings Inc. (OTC: SBIG) announced late last week that it will be removed from the Nasdaq, but it will continue trading on over-the-counter markets. Read more here.

In Other News

Keego Harbor, Michigan

A Michigan appellate panel has ruled the city of Keego Harbor wrongly excluded a proposed charter amendment from the November ballot that would establish regulations for two adult-use marijuana retail facilities, saying petitions pushing charter amendments are not subject to approval by the city clerk before being circulated for signatures. Read more here.

BDSA

Cannabis sales increased 0.8% sequentially in July after increasing 0.3% in June, according to cannabis data analytics firm BDSA. Looking at a per-day basis, sales decreased 2.4% sequentially. Read more here.

Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) has expanded its hemp-derived CBD portfolio into Brazil. In partnership with Herbarium, the leading Brazilian company in herbal medicine, Aurora will launch the company’s full-spectrum, single-source 3% CBD oil, under the Herbarium brand. Read more here.

CONTINUE READING
StaffAugust 9, 2023
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BusinessDaily Hit

The Daily Hit: August 9, 2023

5min00

The Daily Hit is a recap of the top financial news stories for Aug. 9, 2023.

On the Site

ScanSource Claims Dutchie Owes $24.7 Million

Cannabis software company Dutchie is being sued by technology company ScanSource for not paying a bill valued at $24.7 million. ScanSource said in its lawsuit that the order included customizations, such as the Dutchie name etched into the devices, which made the products nonrefundable and not cancelable. Read more here.

Acreage Shrinks Board of Directors Further, Chairman Resigns

Acreage Holdings Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) last week trimmed its board of directors in further preparation for a megamerger with Canada-based Canopy Growth Corp. The latest move included the resignation of Acreage Chairman and founder Kevin Murphy and the departure of board member Brian Mulroney. Read more here.

Related: Acreage Holdings Loses Another $18 Million in Q2

Northern Michigan University Applies to Use Real Cannabis Plants in Program

Northern Michigan University is the first in the state to apply for a marijuana educational research license, which would allow it to bring cannabis plants into the classroom. The school in Marquette in the Upper Peninsula applied for the license in May and is awaiting approval from the Cannabis Regulatory Agency. Read more here.

More Earnings:

• Canopy Growth Discloses ‘Substantial Doubt’ About Financial Future
• Chicago Atlantic Sees Decline in Income, But Reaffirms 2023 Outlook
• Curaleaf Sees 10% Jump in Retail in Q2 Despite Wholesale Decline
• Jones Soda Co. Cannabis Division Shines as Overall Revenue Dips in Q2
• Planet 13 Continues Losing Streak in Q2 Despite Increasing Sales
• Schwazze Slides Back into the Red with $6.6 Million Loss in Q2
• Trulieve Beats Q2 Revenue Estimate Despite $404M Loss, Lower Sales
• Village Farms Beats Q2 Estimates Despite Sales Slump

In Other News

BZAM

BZAM Ltd. completed the sale of the majority of its assets in both its Midway properties in British Columbia, including all associated lands, support buildings, related equipment and on-site biomass, for $3,228,000, with 50% of the total net proceeds from the transaction, after commission and costs, being applied against the company’s term portion of its credit facility. Read more here.

Hydrofarm Holdings Group

Hydrofarm Holdings Group Inc. (Nasdaq: HYFM), an independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, reported net sales decreased to $63.1 million in its second quarter ended June 30. Read more here.

Halo Collective

Halo Collective Inc. (NEO: HALO) (OTC Pink: HCANF) (FSE: A9K0) reported revenue of $4.6 million for the quarter, reflecting a 38.9% decrease compared to the same period last year. Read more here.

CONTINUE READING
Debra BorchardtApril 20, 2023
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BusinessPrivateTechnology

Dutchie Goes Down On 420

2min00

April 20 is the high holy day for cannabis retailers and one of the largest retail software companies Dutchie, went down. The company’s status page first noted at roughly 5pm that it was investigating errors on the e-commerce platform.

It told users that “We have engaged with our database platform partners and are all-hands on deck investigating the increased error and latency.” The company continued to update users that it was working to improve site responsiveness. By 6:20m, it noted that the error problem seemed to be decreasing and that it was seeing improvements.

At 6:45, the company said everything was back to normal.

That was wishful thinking as it turns out. Three minutes later the same problems sounded like they were returning. At 7:27pm, Dutchie said it  was continuing to debug with its database platform provider to restore the site. By 7:56, it seemed Dutchie was back to “nominal performance on the e-commerce site.”

While a software glitch can happen and does, that it happened on 420 was probably the worst luck a company could have. April 20 is one of the biggest sales days of the year for cannabis. No doubt many dispensaries were scrambling to take care of customers during that time.

CONTINUE READING
StaffJanuary 23, 2023
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BusinessDaily Hit

Daily Hit: January 23, 2023

4min00

The Daily Hit is a recap of the top financial news stories for January 20, 2023.

On the Site

Dutchie Sues Akerna Over Access to Pennsylvania Market

Dutchie claims that Akerna, which won the Pennsylvania state contract for its seed-to-sale marijuana inventory tracking program, deliberately erected systemic barriers for competitors like Dutchie so that medical marijuana companies in the state are more likely to use Akerna’s software. Read more here.

Lawsuits Clog the Pipes in Michigan Cannabis Program

For many marijuana operations seeking to open locations in communities across Southeast Michigan, plans are dying on the vine. Dozens of companies remain at loggerheads with city councils over the licensing selection process, and the disputes have been playing out in Michigan’s court system for years. Read more here.

Incoming: Next States to Join the Cannabis Industry?

The U.S. cannabis legalization movement – and thus the industry to which it gave birth – will continue to grow this year and next, almost certainly via a combination of state markets opening, ballot measures forcing cannabis legalization into state law, and state legislatures that decide it’s time to allow medical or recreational marijuana. Read more here.

Agrify to Recalibrate for Positive Cash Flow This Year

Agrify Corp. (Nasdaq: AGFY) said it is trying to “align its resources and growth plan with the current operating environment.” The company said that the measures will help the balance sheet go cash positive by year’s end. Read more here.

Delaware Lawmakers Introduce Longshot Cannabis Legalization Bills

Democratic lawmakers in Delaware have again introduced a pair of bills that would legalize adult-use cannabis. At first blush, the attempt appears likely doomed, primarily because Gov. John Carney has remained steadfastly opposed to legalization. Read more here.

In Other News

Clever Leaves Holdings Inc.

Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW), a multinational operator and licensed producer of pharmaceutical-grade cannabinoids, is winding down all its operations in Portugal as part of its ongoing restructuring initiatives. Under this restructuring plan, the company expects its Portuguese flower cultivation, post-harvest processes, and manufacturing activities to cease in full by the end of the first quarter of 2023. Read more here.

StoneCastle Cannabis Growth Fund

Spartan Fund Management Inc. intends to terminate its StoneCastle Cannabis Growth Fund, effective on or about March 24. Effective today, units of the fund will no longer be available for purchase by new or existing unitholders. Read more here.

Massachusetts

Despite falling prices and increasing competition, marijuana business officials across the state, and particularly in Central Massachusetts, still see the cannabis market as primed for opportunity, with operators having to be smarter about the way they operate their marijuana businesses. Read more here.

CONTINUE READING

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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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