Germany Archives - Green Market Report

StaffApril 12, 2023


The Daily Hit is a recap of the top financial news stories for April 12, 2023.

On the Site

Organigram Delivers Solid Quarter, Forecasts Rising Revenue

Organigram reported that its net revenue increased 24% to $39.5 million, from $31.8 million in the same time period in 2022. The company attributed the increase to an increase in international revenue, partly offset by a decrease in medical sales. Read more here.

Steep Loan Lands Another Michigan Cannabis Operation in Receivership

A 130-acre marijuana industrial park in Windsor Township, Michigan, which is near Lansing, was billed as the largest of its kind east of the Mississippi when the project was announced in 2017. Six years later, the owners of parcels of the park are struggling, and on April 10, an Eaton County Circuit Court judge ordered control of the entities involved and at least part of the property be turned over to a court-ordered receiver. Read more here.

Germany Walks Back Plans for New Cannabis Industry

German officials appear to have backed off a plan, originally announced last year, to stand up a widespread marijuana retail industry across the European nation. Regulators now plan lower-profile legalization driven primarily by nonprofits and cannabis consumers themselves, instead of private industry. Read more here.

Tilray Leaders Try to Reassure Shareholders Following $1.1 Billion Writedown

Tilray Brands’ C-suite did its best to put investors at ease this week during the latest earnings call, which followed the disclosure that the company had posted a $1.1 billion loss in just the third quarter. The company’s CEO and CFO both spoke to the loss, which they said was essentially a writedown on the value of the company itself and its assets, which had been triggered by a decrease in Tilray’s market cap. Read more here.

In Other News

Florida Department of Health

A medical marijuana doctor cleared of wrongdoing after an undercover probe is seeking unspecified damages from the Florida Department of Health and two investigators who posed as patients. A lawsuit filed this week is the latest twist in a yearslong legal battle between Dr. Joseph Dorn and state health officials, who sought to strip him of his medical license, permanently ban him from ordering medical marijuana and impose a $10,000 fine. Read more here.

New York state

The air is warming, the flowers are starting to bloom and conditionally licensed cannabis growers in New York are getting ready to plant their second-ever legal harvest. But some are growing increasingly nervous about the lack of clarity surrounding the state’s coming seed-to-sale tracking system. Read more here.

Debra BorchardtMarch 15, 2023


Privately-owned Avextra AG, a leader in the European medical cannabis market, is proud to announce the closing of an EU 17 million capital raise with support from existing investors, the full management team, and additional European investors. The company said the money will be used to expand the sales of Avextra’s current product portfolio into new markets across Europe and further enhance market development in Germany.

The capital will accelerate Avextra’s development of new Cannabis-based medicines and IP, as well as support the continued expansion of its R&D and growth in Portugal. Avextra said it will launch the next phase of patient studies and clinical trials with proprietary products in specific indications. The investment marks a significant milestone in Avextra’s journey to establish itself as one of the few R&D and IP-focused players in the global cannabis market.

“We are very proud of the confidence investors have shown us. We will continue building on our success to make Avextra a leader in compound medicines in Germany and selected European geographies while also accelerating our unique path towards IP and Rx products,” said Bernhard Babel, Co-CEO of Avextra AG. “Avextra will begin several clinical trials in 2023 in Germany and Portugal. This is a testament to the innovation potential inherent in the European cannabis market.”

Avextra cultivates proprietary genetics and runs an ambitious R&D program in Germany and Portugal. The company manufactures cannabis-based medicines in a dedicated 100 000 ft2 state-of-the-art facility in the heart of the German pharmaceutical industry to develop innovative, effective and regulator-approved cannabis-based medicines.

Founded in 2019 and based out of Germany, the company focuses on the production of precisely formulated Cannabis-based medicines. Avextra controls the entire value chain – from cultivation in Portugal to EU-GMP certified extraction and manufacturing Germany. Avextra operates across continental Europe through an expansive distribution network of multiple channels and assets strategically developed for these key markets.

Joanne CachaperoNovember 2, 2022


It seemed a simple proposition – perhaps too simple. JuicyFields, a cannabis investment platform, launched in 2020, allowed trading in both conventional and crypto funds without the background checks typically required for investment banking transactions.

According to Swedish attorney Lars Olofsson, it’s likely that many of JuicyField’s clients – he estimates up to 125,000 accounts – were unaware of the background check requirement or other discrepancies, which should have been red flags. Many of them were inexperienced investors that bought into JuicyFields based on the company’s slick marketing or on word-of-mouth from other clients that had seen significant returns – at first.

“Definitely, there was a grooming process,” Olofsson said of the company’s persuasive sales pitch. “At first, the investors did get some returns on investment, and many of them deposited more money then and told friends about it.”

In June, when JuicyFields was banned from investments and fined by German financial regulator BaFin, Olofsson believes its shadowy operators realized the jig was up. By July, the platform had shut down, with clients locked out of accounts overnight and the company’s social media accounts shuttered.

Olofsson’s research revealed that Juicy Fields GmBH was founded in Germany in 2017, with Dutch (Juicy Fields B.V.) and Swiss (Juicy Fields AG) subsidiaries to follow.

Viktor Bitner, a German citizen with Russian ties, founded the company as a “research & development company,” Olofsson said, but it didn´t start operations until spring 2020.

Following the money

Olofsson, who is also the CEO and founder of Malmo-based business consultancy PrioStarup AG, said that details have surfaced in contracts that JuicyFields held with various consultants and executives that indicate irregular activities.

“Bitner signed an agreement with a Swiss company, ALPINE Asset Management, and (its CEO) Fransesca Grecco, who received an annual management fee for $3 million. This is absolutely crazy and is 10 times as much as normal for these kind of consulting services. The only explanation is that both parties knew this was a criminal operation,” he surmised.

“I’ve [got] the agreement that was later signed with a Mr. Alan Glanse, who has presented himself as the [JuicyFields] CEO. This is not correct according to public records. … You can see that his compensation was $120,000 per year – only a 20th of what the Swiss lady got,” Olofsson added.

In fact, Glanse sparked rumors of Russian mafia involvement in July when he told Spanish finance publication El País Financiero that “three people with Russian passports” had hired him, adding he’d met with them only five times and that he was innocent of any wrongdoing.

During the interview, when confronted with documentation apparently leaked to the publication, Glanse said that Russian citizens and JuicyFields “shareholders” Paul Bergholts, Alex Vaimer, and Vasily Kandinski were “the real owners.”

Bitner also was mentioned as a “front man” in the article, though his actual role at the company has been obscured by a cast of hired consultants and executives that held C-suite positions.

Attempts to reach Bitner for comment were futile on social media accounts that have long been stagnant. A LinkedIn page lists Bitner as CEO at Juicy Grow GmbH. An attempt to reach Swiss consultant Grecco also did not receive response.

Reflections of Wirecard downfall

Clues from JuicyFields are scattered like seeds across news outlets, blogs, and social media, especially in the countries where the company found many of its investors, such as Spain, France, Germany, the Netherlands, Portugal, Greece and Malta.

Bloggers and social media observers that track cyber criminals and scams began speculating on JuicyFields as early as 2021, with some making comparisons to the epic downfall of German payment processor Wirecard.

Listed on the Frankfurt Stock Exchange in 2005, Wirecard eventually became Europe’s largest fintech firm with a valuation of $28 billion – more than traditional financial institutions such as Deutschebank at one point. Though alleged money-laundering and fraud at the company had been reported by industry analysts and insiders since 2016, it was listed as one of the 30 most valuable companies in Germany by 2018 and expanded to establish an Asia Pacific branch and subsidiary in Dubai.

In 2019, the Financial Times reported on a series of suspicious transactions at Wirecard, which the company aggressively denied, as it had done with previous allegations. Wirecard filed suit against FT for misrepresenting “company secrets” in their reporting. Independent auditors were brought in by the company to address allegations.

By mid-June 2020, auditors revealed that $2.3 billion of cash balances that should have been in escrow accounts could not be accounted for, amounting to massive, complicated fraud. A search for the funds conducted by the company came up empty. This was quickly followed by the arrests of Wirecard’s top executives and insolvency proceedings by the end of June.

Police raids on the Wirecard offices continued, amid accusations of money-laundering and defrauding of creditors. Repercussions from Wirecard’s downfall brought about the resignation of then-president of German financial regulatory watchdog BaFin Felix Hufeld, and former Chancellor Angela Merkel and then-Finance Minister Olaf Scholz were called to testify in the scandal.

BaFin (in)action

Why did it take so long for financial authorities to act, when irregular activities had been alleged for years? In 2019, regulator BaFin had already announced an inquiry into the company’s accounting and banned short-selling Wirecard stock. And it’s a question that’s come back around in the JuicyFields case.

The German regulator said they are unable to comment on Olofsson’s case but offered further details on JuicyFields.

“On 3 June 2022, BaFin prohibited Juicy Holdings B.V. from offering capital investments in the form of investment opportunities in JuicyFlash, JuicyMist, JuicyKush, and JuicyHaze cannabis plants to the public in Germany due to a violation of the German Capital Investment Act. Juicy Holdings B.V. is therefore not authorized to offer capital investments in the form of investment opportunities in cannabis plants in Germany,” a BaFin representative stated.

“Regarding our warning in relation to Juicy Holdings B.V.’s, I want to highlight that Juicy Holdings B.V.’s (alleged) capital investments were/are unregulated capital market products. This means that a company that offers such products does not require authorization from BaFin and is therefore not subject to ongoing supervision.”

StaffOctober 20, 2022


The Daily Hit is a recap of cannabis business news for Oct. 20, 2022.


High Times Owes ExWorks $28.8 Million

High Times Holding Corp. filed an update with the Securities & Exchange Commission on Oct. 19 that it is in default on its loan to ExWorks for $28.8 million. In 2017, High Times Holding Corp. took out a loan to acquire Trans-High Corporation (THC), which was the original corporate name for the magazine. The filing stated, “All of our obligations to ExWorks are currently in default.” Read more here.

The Flowr Corp. Seeks Creditor Protection from Canadian Court

Toronto-based The Flowr Corp., (TSX.V: FLWR) (OTC: FLWPF), announced Thursday that the company and its subsidiaries plan to seek an order for creditor protection from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (CCAA). Such a filing is similar to a company in the U.S. seeking Chapter 11 bankruptcy protection. Read more here.

SPAC Announces Plan to Acquire New Mexico Cannabis Company

BGP Acquisition Corp. (NEO: BGP.U) (OTCQX: BGPPF) (OTCQX: BGPAF), a special purpose acquisition company based in British Columbia, has agreed to acquire Craft 1861 Global Inc. The deal is expected to close in the fourth quarter. Read more here.

Leaked Document Hints at Adult-Use Cannabis Legalization in Germany

Germany might be moving closer to legalized adult-use cannabis, according to a leaked report that lays out a proposed framework for such an industry. The document, obtained by RedaktionsNetwerk Deutschland (RND), reportedly includes recommendations from Germany’s Health Minister Karl Lauterbach on how such an industry should be structured. Read more here.

CENTR Brands Corp.

CENTR Brands Corp. (CSE: CNTR) (FSE: 303) (OTCQB: CNTRF), a producer of functional wellness and CBD beverages, entered into a Settlement Agreement with Joseph E. Meehan, the former chief executive officer of the Company, and Redcliffe Gardens Capital Limited, a consulting corporation controlled by Meehan. Meehan resigned his role as chairman of the board, effective immediately, as part of the agreement. Read more here.

CannTrust Holdings Inc.

CannTrust Holdings Inc., a minority investor in Phoena Holdings Inc. (formerly CannTrust Equity Inc.), made a Division I Proposal pursuant to the Bankruptcy and Insolvency Act (Canada). Subject to satisfying certain conditions, CannTrust intends to address its remaining liabilities, dispose of its residual assets, distribute its shares in Phoena, and dissolve in advance of Nov. 30, 2022, or as soon as practicable after that date. 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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