John SchroyerNovember 16, 2023
In addition, at least 120 pharmacies have applied to sell low-THC oil.
Georgia cannabis Archives - Green Market Report
John SchroyerNovember 16, 2023
StaffOctober 9, 2023
The Daily Hit is a recap of the top financial news stories for Oct. 9, 2023.
On the Site
California Governor Says No to Cannabis Cafes
California Gov. Gavin Newsom vetoed a bill on Friday that sought to permit Amsterdam-style cannabis cafes in the state, despite widespread bipartisan support in both legislative chambers. Newsom’s veto cited potential threats to the state’s smoke-free workplace policies. Read more here.
Georgia Cannabis Landscape Transforms with Entrance of Pharmacies
The medical marijuana business landscape in Georgia is in the midst of a major transformation, from a restrictive market that only allowed 12 dispensaries and two producers into a much broader market that could include hundreds of independent pharmacies. Read more here.
Alaska Regulates Intoxicating Hemp Products
Alaska became the latest state this week to crack down on the burgeoning national hemp goods industry, particularly intoxicating hemp-derived goods many Alaskans have come to call “diet weed.” Read more here.
New York Judge Permits Three More Cannabis Shops to Open Under Injunction
New York state Judge Kevin Bryant on Friday signed off on three new orders that will allow a trio of licensed cannabis retail shops to open in coming weeks, in addition to the two announced earlier that same day, according to court records. Read more here.
Move Over Cannabis, Cocaine Wants to Go Legit
Coca leaves – like many plants – have recognized beneficial qualities. South Americans have long used the plants as a medicinal product, and raw leaves are often sold in stores. Recently a few companies have stepped up to reeducate the public. Read more here.
In Other News
Southern Glazer’s Wine and Spirits
CENTR Brands Corp. (CSE: CNTR) (OTCQB: CNTRF) received notice of termination of the company’s CBD beverage products distribution agreement with Southern Glazer’s Wine and Spirits. This is a result of Southern Glazer’s determination to exit the CBD category in its entirety across the United States. Read more here.
Columbia Care
Workers at a New Jersey cannabis cultivation site have voted to join United Food and Commercial Workers Local 152. Twelve cultivators at the Columbia Care (NEO: CCHW) facility in Vineland, New Jersey, supported union representation through a majority card check last month, leading to the certification of the results by the New Jersey State Board of Mediation on Oct. 6. Read more here.
John SchroyerOctober 9, 2023
Only two operators are currently licensed to produce the products in the state.
StaffJune 15, 2023
The Daily Hit is a recap of the top financial news stories for June 15, 2023.
On the Site
New York Regulators Struggle Forward as One Board Member Resigns
New York marijuana regulators had an action-packed Thursday morning meeting in which they approved three dozen new retail permits, delayed action on a proposal for cannabis farmers markets, got some tough love directly from state Rep. Crystal Peoples-Stokes, and accepted the resignation of one of their own state marijuana control board members. Read more here.
Georgia Opens Up Fledging Cannabis Market to Hundreds of Independent Pharmacies
In a move that widens the nascent legal cannabis market in Georgia, the state Board of Pharmacy has introduced regulations allowing independent pharmacies to distribute cannabis oil. The news, first reported by Capitol Beat, signals a broader shift in policy after the legalization of marijuana cultivation in 2019. Read more here.
Arkansas Court Ruling Could Loosen MMJ Industry Rules
An Arkansas circuit court judge has thrown out more than two dozen state laws that were approved by the legislature for the state’s relatively nascent medical marijuana industry, which launched in 2019. Though the ruling invalidates a host of major rules – such as THC caps for products, bans on combustible products such as pre-rolls, and advertising bans – it still has to work its way through the state Supreme Court. Read more here.
Michigan Permanently Revokes Operating License of Marijuana Processor
The Michigan Cannabis Regulatory Agency announced Thursday it permanently revoked the business licenses of Candid Labs near Owosso. The state agency alleges Candid intentionally disabled its 38-camera monitoring system, a state regulatory requirement, at its facility to conceal the fact that it was processing illegally purchased marijuana crude and distillate. Read more here.
AFC Gamma Sells Off Some Credit Facilities
AFC Gamma Inc. (Nasdaq: AFCG) described the cannabis industry as a challenging environment in a business update for its operations through June 15. Read more here.
RIV Capital Records Rising Losses, Remains Bullish on New York
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) posted the results of its fourth quarter and fiscal year ended March 31, 2023. Even with the difficulties facing the New York cannabis market, the company is maintaining an optimistic long-term stance. Read more here.
In Other News
Cannabis Scheduling Review
The head of the U.S. Department of Health and Human Services (HHS) is aiming to present President Joe Biden with a federal cannabis scheduling decision “this year” as agencies work “as quickly as we can” to complete an administrative review, Secretary Xavier Becerra said during a press briefing in Sacramento on Thursday. Read more here.
PRODUCT RECALL: Arizona
Arizona’s marijuana establishments are voluntarily recalling several products due to a possible contamination of salmonella and aspergillus. The products being recalled include Caps Frozen Lemon, Twisted Lemonz, Cherry Punch, and Ghost Train Haze. Read more here.
StaffMay 2, 2023The Daily Hit is a recap of the top financial news stories for May 2, 2023.
On the Site
Michigan Turning to State Testing Labs
The Michigan Cannabis Regulatory Agency hopes a new state-run marijuana testing lab can build trust in an industry in turmoil and ultimately root out potential corruption. The Legislature is expected to approve the state budget in the coming weeks, which includes a $4.4 million earmark for the CRA to establish, build and staff its own reference testing lab. Read more here.
Colorado Marijuana Company Cancels New York Entrance, Cites ‘Painful Delays’
Colorado cannabis company Terrapin Care Station decided to reverse course on a previously announced production facility in the town of Auburn, New York, which a company spokesman said was due to delays in getting the broader market operational. Read more here.
‘Dozens’ Line Up for Two First Georgia Dispensary Openings
Despite the restrictive nature of Georgia’s medical cannabis program – and the fact that there are only two dispensaries yet in the entire state – the debut of retail sales was met with jubilation on Friday and “dozens” of patients that swarmed the two shops when they opened for sales. Read more here.
Entourage Health’s Revenue Slips as Losses Mount
Late after the markets closed on Monday, Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced its financial results in Canadian dollars for the fiscal year ended Dec. 31, 2022. Revenue in the fourth quarter fell sequentially to $12 million from the third quarter revenue of $13 million. Read more here.
In Other News
Wisconsin
At a hearing of the Wisconsin Legislature’s Joint Finance Committee on Tuesday, members voted 12-4 to eliminate numerous provisions of Gov. Tony Evers’s (D) budget request, including measures on legalizing, taxing, and regulating cannabis in the state. Read more here.
Green Thumb Industries
A blind trust overseeing Gov. Wes Moore’s investment holdings will have to divest a large portion of the Democrat’s holdings in the state’s growing cannabis industry. Topping the list of assets in Moore’s trust is nearly $1.2 million in stock in Green Thumb Industries (OTC: GTBIF) (CSE: GTII). Read more here.
GABY Inc.
GABY Inc. reported 2022 sales of $21.8 million, down 16% from sales in 2021. California-focused cannabis retailer recorded a net loss for the year of $29.3 million. The company also announced the departure of its CEO, Margot Micallef, who is temporarily resigning for personal reasons. Simon Lileikis, the company’s president, will fill the CEO role on an interim basis. Read more here.
John SchroyerMay 2, 2023
Georgia only allows the sale of oil with less than 5% THC to qualified patients.
StaffApril 26, 2023The Daily Hit is a recap of the top financial news stories for April 26, 2023.
On the Site
Georgia Nears Medical Marijuana Milestone as Producers Prepare for Summer Launch
After eight years, Georgia’s journey toward legalizing access to medical cannabis may soon come to fruition. Two in-state producers, Botanical Sciences and Trulieve Georgia, are expected to have low-THC oil available for patients this summer, after the Georgia Access to Medical Cannabis Commission approved dispensing licenses Wednesday. Read more here.
BDSA Market Forecast: ‘Plenty of Bright Spots’
There’s a “lot to be excited about” in the U.S. marijuana industry, said BDSA co-founder and COO Liz Stahura at cannabis business conference MJ Unpacked in New York City this week. This year, BDSA projects a 14% total sales increase nationally. Read more here.
Cannabis Reform Leaders Predict Major Changes on Horizon
A trio of cannabis advocates who have been lobbying Congress for federal reform expressed optimism that the SAFE Banking Act – which could open the broader banking system to cannabis companies – will be passed by federal lawmakers this year or next. Read more here.
Silo Wellness Looks to Crypto for Psilocybin Payment Processing in Oregon
Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) plans to acquire BitGift, a platform specializing in “secure and anonymous” cryptocurrency transactions. Silo aims to establish BitGift as a payment processor for psilocybin-based services in Oregon, where the substance has been legalized for therapeutic use, the company said in a statement. Read more here.
In Other News
Allied Corp./Blueberries Medical Corp.
Colombia-based cannabis cultivator Allied Corp. (OTCQB: ALID) signed a joint venture agreement with Blueberries Medical Corp. (OTC: BBRRF), one of the largest extraction companies in Colombia, to produce psychoactive and non-psychoactive derivatives. Read more here.
InterCure Ltd.
Minority shareholder of Cannolam, a subsidiary of Israeli cannabis company InterCure Ltd. (Nasdaq: INCR) (TSX: INCR.U) (TASE: INCR), which does business as Canndoc, files a lawsuit against the company related to disagreements concerning the ongoing management of Cannolam. Read more here.
StaffMarch 28, 2023The Daily Hit is a recap of the top financial news stories for March 28, 2023.
On the Site
Judge Narrows New York Retail Licensing Injunction to One Region
An injunction issued by a federal judge in November that has stalled retail cannabis licensing in five of New York’s regions has been narrowed now to just one – the Finger Lakes. That means marijuana retail licenses can now be awarded by the state Office of Cannabis Management in the other four regions, which include Brooklyn, Central New York, Western New York and the Mid-Hudson areas. Read more here.
Eight Cannabis Companies Sue Georgia, Allege Fraud, Corruption in Licensing
A coalition of eight companies that submitted bids for medical marijuana licenses in Georgia have filed suit against the state, alleging that the permitting process was corrupt and fraudulent and asking a judge to set aside the license awards. Read more here.
Massachusetts’ MCR Labs Accuses Control Board of Harassment
The CEO and founder of Massachusetts cannabis testing company MCR Labs is accusing the state’s Cannabis Control Board of harassing and intimidating employees, disregarding safety protocols, and compromising their facility’s testing integrity during an unannounced inspection last week. Read more here.
Canopy Growth Fined C$15 Million for Breach of Contract
Canada’s Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) has been ordered by an arbitration tribunal to fork over C$15 million to an unnamed counterparty for breach of contract, the company disclosed this week in a regulatory filing. Read more here.
Leaf Trade, Sweed to Merge Into ‘B2B2C’ Cannabis Tech Platform
Nevada-based cannabis tech companies Leaf Trade and Sweed will merge into a new yet-to-be-named business entity, with Leaf Trade CEO James Yi at the helm. The combined company, Yi said, will result in a new “B2B2C” tech platform that is unique to-date in cannabis. Read more here.
Grown Rogue Gets Boost from Michigan Sales
Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), reported its fiscal first quarter 2023 results for the three months ended Jan. 31, 2023. Grown Rogue‘s revenue grew 21% to $4.5 million versus last year’s $3.7 million in the same time period. The company also reported a net income of $592,000. Read more here.
SNDL to Buy Dutch Love, Delays Earnings
SNDL Inc. (Nasdaq: SNDL) reported that it has entered into an agreement with Lightbox Enterprises Ltd. to buy four cannabis retail stores operating under the Dutch Love Cannabis banner in a deal valued at $7.8 million. the deal is expected to close by the end of May 2023. Read more here.
In Other News
Texas
Last week, the Texas House Committee on Public Health unanimously approved a bill to increase the THC limits in medical cannabis and expand who is eligible to use it. On Tuesday, goodblend — a state-licensed medical marijuana operator — opened its first dispensary location in Austin. It’s only the third medical marijuana retail location to open in the Lone Star State. Read more here.
Wu-Tang Clan
Newark, New Jersey’s Central Planning Board stomped on a lot of buzzes Monday night, denying an application by Wu-Tang Clan’s Raekwon to open a cannabis lounge a block from the Prudential Center arena after church elders protested and one board member complained that the rendering was offensive. Read more here.
StaffDecember 14, 2022The Daily Hit is a recap of cannabis business news for Dec. 14, 2022.
ON THE SITE
Dutchie Founders Sue the Company for Orchestrating a Coup
The founders of e-commerce cannabis company Dutchie are suing the current leaders and accusing them of orchestrating a coup. Dutchie was founded in 2017 by brothers Ross and Zachary Lipson and was originally called Courier Plus Inc. The two say they were improperly kicked out of the company by the current board and are insisting they are still directors and officers of the company. Read more here.
California Testing Lab Shutters Without Notice, Lays Off All Employees
A longstanding cannabis testing lab in northern California suddenly closed its doors this week with almost no notice to employees or clients, multiple sources confirmed to Green Market Report on Wednesday. Santa Rosa-based Sonoma Lab Works is now effectively shut down, said one former employee who requested anonymity. Read more here.
Report: Georgia Court of Appeals to Rule on Medical Marijuana Licensing Case
The Georgia Court of Appeals will weigh in on a lawsuit that alleges the state’s medical marijuana licensing process – which granted permits to two companies, Florida-based Trulieve and Georgia-based Botanical Sciences to manufacture and sell cannabis oils – was corrupt. Read more here.
Michigan’s November Cannabis Sales Jump 33% Over Last Year
Despite challenges in the cannabis industry, the state of Michigan reported that its November sales jumped by 33.2% over last year to $203.4 million. The Michigan Marijuana Regulatory Agency reports cannabis sales on a monthly basis and separates the data by medical and adult use. Read more here.
New Jersey Consumption Lounges Face Strict Rules
The New Jersey Cannabis Regulatory Commission (NJ-CRC) recently approved proposed rules and regulations for cannabis consumption lounges in the state, but if some things don’t change, it will be difficult for these businesses to be profitable. Read more here.
IN OTHER NEWS
The Source
The Source, a marijuana shop in Northampton, Massachusetts, that opened only in March, will close Friday. It’s the first marijuana shop in the state to shut down since the first legal adult-use dispensaries opened in 2018. Many in the industry see this as a harbinger of a shakedown in a maturing industry, especially in Northampton, which has 12, soon to be 11, operational stores. Read more here.
New York hemp
As New York prepares for the imminent launch of legal adult-use marijuana sales, the governor has signed a bill aimed at expanding the state’s hemp market by promoting collaborative partnerships to identify more opportunities to utilize the crop and its derivatives for packaging, construction, and other purposes. Read more here.
Get the latest cannabis news delivered right to your inbox
Unpack the industry with the daily cannabis newsletter for business leaders.