John SchroyerNovember 15, 2023
CEO Kyle Kazan predicts that federal rescheduling will happen within the next year.
Glass House Brands Archives - Green Market Report
John SchroyerNovember 15, 2023
StaffNovember 13, 2023
The Daily Hit is a recap of the top financial news stories for Nov. 13, 2023.
On the Site
New York Judge Says Marijuana Regulators Erred in Hemp Enforcement
A New York state judge delivered a setback to state marijuana regulators over an emergency hemp rule enacted over the summer. Justice Thomas Marcelle found that officials erred procedurally, delivering a legal victory to hemp drink makers who contended the rule could drive them out of business. Read more here.
Connecticut Marijuana Sales Near $25 Million in October
Medical and recreational marijuana sales in Connecticut combined to hit just over $24.8 million in the month of October, according to state data. The numbers reflect a trend that’s been building since the adult-use market in January, with recreational sales growing each month, the state Department of Consumer Protection reported. Read more here.
Glass House Wholesale Revenue Up, Nears Break-Even for Quarter
California-based Glass House Brands (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) appears to be on the right financial path. The company posted a Q3 loss of just $210,000, an enormous improvement over its Q2 loss of almost $25 million. Read more here.
TILT Holdings Q3 Gross Margin Dips Despite Revenue Growth
Tilt’s revenue climbed by 10% to $44.6 million, up from $40.5 million in the same period last year. The uptick was primarily fueled by a surge in sales volume of Jupiter, the company’s vape line, attracting both legacy and new customers. Read more here.
More Earnings
• Auxly Cannabis Group Reports Growth, Lowered Costs in Q3
• IM Cannabis Sales Slip Despite Improved Margins in Q3
• SNDL Revenue Grows as Losses Drop in Q3
• SpringBig Loses $2.7M After Leaving Nasdaq
In Other News
IGC Pharma
IGC Pharma (NYSE American: IGC) reported revenue for its fiscal second quarter ended Sept. 30 of $291,000, an increase of 44% over the same period a year ago. The company’s flagship formulation, IGC-AD1, continues to makes strides in clinical trials to address agitation in dementia due to Alzheimer’s. Read more here.
The Cannabis Place
The first service-disabled veteran and Latino-owned dispensary in New Jersey is open for business. After launching The Cannabis Place as New York’s first licensed home delivery cannabis service earlier this year, retired U.S. Marine Osbert Orduna’s venture made its New Jersey debut, unveiling a flagship storefront Nov. 9 in Jersey City. Read more here.
John SchroyerNovember 13, 2023
Overall sales grew 71% year-over-year.
StaffAugust 23, 2023The Daily Hit is a recap of the top financial news stories for Aug. 23, 2023.
On the Site
New York Regulators Name 30 Dispensaries Eligible to Open Under Court Order
Only 30 conditional adult use retail dispensary licensees in New York would be eligible to open in coming weeks under conditions outlined in a preliminary injunction issued by state judge Kevin Bryant recently, state officials noted in a court filing on Tuesday. That’s out of 463 CAURD licenses approved prior to the injunction. Read more here.
Related: At Least a Dozen New York Cannabis Farmers Markets Scheduled
Glass House Leadership Talks Numbers, Hurdles, Federal Cannabis Reform
CEO Kyle Kazan and CFO Mark Vendetti sat down with Green Market Report after the company released its second quarter earnings to share some of their thoughts on market trends and where the national marijuana industry may be headed in the not-too-distant future. Read more here.
Red White & Bloom Gets Green Light for Aleafia Acquisition
The Ontario Superior Court of Justice approved a stalking horse asset purchase and share subscription agreement in which RWB could buy certain assets from Aleafia and subscribe for shares of certain subsidiaries of the company. Read more here.
Missouri Cannabis Regulators Crack Down on ‘Lab Shopping’
The demand for potent cannabis products has put labs under pressure to guarantee high THC levels, and now Missouri’s state health department is stepping up to ensure standardized and accurate reporting in marijuana potency and safety testing. Read more here.
Vext’s Revenue Hits $9.2M as Ohio Expansion Looms
Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) reported revenue of $9.2 million for the second quarter ended June 30, up from $8.76 million last year. Net income totaled $535,454 in the period versus $1.59 in the same time last year, according to filings. Read more here.
In Other News
Twilio
Twilio, one of the nation’s largest communications-service providers for retailers, is prohibiting cannabis companies from using its software to reach customers. Read more here.
John SchroyerAugust 23, 2023
Glass House's CEO said California "almost feels like Mr. Toad’s Wild Ride."
John SchroyerAugust 14, 2023
Wholesale biomass sales for Glass House were up 358% year-over-year.
StaffJune 26, 2023
The Daily Hit is a recap of the top financial news stories for June 26, 2023.
On the Site
Anti-Legalization Groups Sue New York Over Cannabis Laws
A coalition of anti-marijuana activists and nonprofits have filed suit against the state of New York, in an attempt to re-establish cannabis prohibition and roll back the legalization law from 2021. The group that filed the suit includes the Cannabis Impact Prevention Coalition, Cannabis Industry Victims Seeking Justice, and eight individuals who are also part of those groups. Read more here.
Glass House Claps Back at ‘Black Market’ Accusations with Defamation Lawsuit
California-based Glass House Brands Inc. (NEO: GLAS.A.U) (OTCQX: GLASF) returned fire against a competitor last week, filing a lawsuit claiming that Long Beach-based Catalyst Cannabis Co. and its leadership defamed them by charging both on social media and in a separate lawsuit that Glass House was illegally trafficking marijuana to the underground market. Read more here.
Maryland Readies Recreational Cannabis Market Kickoff
Maryland it preparing to trade its reputation as the setting for the streets of HBO’s The Wire for a state-legal recreational cannabis industry that will launch this Saturday, and businesses are revving up production to meet bubbling pent-up demand. Read more here.
Baltimore Judge Halts Auction of Evermore Cannabis
A Maryland medical marijuana company was granted a proverbial stay of execution on Monday when a Baltimore Circuit Court judge approved a temporary restraining order that halted a planned auction of the company’s assets. Temescal Wellness, which does business as Evermore Cannabis, won the reprieve after filing a last-minute lawsuit on Friday against two of its creditors who had been pushing for the auction, which had been slated for noon on Monday. Read more here.
New York Cannabis Revels in Community
On the Revel hosted a New York cannabis community event on June 22 bringing together licensed operators. New York cannabis producers were able to display their businesses as potential buyers shopped around for dispensary products. Check out video from the event here.
In Other News
Trulieve Cannabis Corp.
In a complaint filed in Pennsylvania federal court Thursday, former Trulieve employee James Catterall claims he was denied a chance to interview for a higher-paying position and then fired because he took family leave when his fiancée gave birth. Read more here.
Nevada Consumption Lounges
Nevada regulators this week approved loosening air-ventilation standards for marijuana consumption lounges in Las Vegas and other parts of the state while granting the first three conditional licenses for such venues. Read more here.
John SchroyerJune 26, 2023
Catalyst filed a lawsuit alleging Glass House was "one of the largest" legal cannabis diverters.
John SchroyerJune 12, 2023Suit alleges that Glass House propped up its balance sheet with sales to the black market.
StaffMay 30, 2023The Daily Hit is a recap of the top financial news stories for May 30, 2023.
On The Site
Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year
Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.
New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing
New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.
Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins
Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.
Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana
Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.
YourWay Cannabis Can’t Find An Auditor For Filings
YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.
In Other News
Minnesota
Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.
Ohio
Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.
North Carolina
A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.
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