Green Thumb Industries Archives - Green Market Report

Debra BorchardtJanuary 13, 2023
stockmarket.jpg?fit=960%2C576&ssl=1

3min9780

There are many ways to look at who is a leading company in the cannabis industry. This week, Viridian Capital Advisors crunched the numbers in four different metrics to see which companies came out on top with regard to credit quality. Viridian only reviewed companies that have over a $100 million market cap. They used 11 different variables to measure four factors of credit quality: liquidity, leverage, profitability, and size.

Green Thumb Industries (OTC: GTBIF) came out on top based on all four factors. However, it really stood out for profitability based on high scores in projected EBITDA margins and funds from operation to assets. The company also scored highly for leverage. Viridian wrote in its note, “The most highly weighted of these ratios is total liabilities/market cap. GTI’s .36x is significantly better than the 1st quartile measure of .78x. GTI also scores well on the other three leverage indicators, which include a balance sheet ratio, a ratio based on funds from operation from the cash flow statement, and consensus projected debt/EBITDA.”

When it came to liquidity, Planet 13 Holdings (PLTH: OTC) came out at the top. Viridian analysts wrote that “based on its 6.4x current ratio and 5.5x on Viridian’s free cash flow adjusted current ratio. The latter augments the traditional current ratio by adding or subtracting annualized free cash flow to the numerator.”

The big kahuna for size went to Curaleaf (OTC: CURLF) which ranked number one in size based on both assets and market cap. Viridian wrote that “Size is positively correlated to credit quality for several reasons: Larger companies have typically been in existence longer and have more established business positions; they tend to be more diversified; and they tend to have more saleable assets to buffer unexpected cash flow shortfalls.”

Trulieve had a good showing coming in at second place for size and credit ranking. Coming in at the bottom of the chart was iAnthus (OTC: ITHUF). The beleaguered cannabis company that has been in a legal fight with shareholders was ranked last for liquidity and almost last for profitability and credit. While it wasn’t at the bottom of the list, Jushi also had a poor showing with a bottom ranking for leverage and credit.

 


StaffDecember 13, 2022
daily-hit.jpg?fit=700%2C394&ssl=1

6min10080

The Daily Hit is a recap of cannabis business news for Dec. 13, 2022.

ON THE SITE

Green Thumb Taps New Executives in C-Suite Shuffle

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) has chosen four new executives to help spearhead the Chicago-based operator’s management team, the company said in a Tuesday release. The news comes a couple months after three of Green Thumb’s four independent board members departed in in October, along with company’s general counsel and corporate secretary, Beth Burk. All three directors were part of the company’s audit committee. Read more here.

High Tide Begins Selling Cannabis Seeds to US After DEA Signs Off

Canadian-based marijuana company High Tide (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) has commenced online sales of cannabis seeds directly to U.S. consumers, now that the U.S. Drug Enforcement Agency clarified earlier this year that it considers seeds to be akin to hemp, which is federally legal. Read more here.

Laid-Off Trulieve Worker Files Possible Class Action Suit

Florida-based Trulieve (CSE: TRUL) (OTCQX: TCNNF) may have a class-action lawsuit on its hands now that one ex-worker has filed suit against the business and is claiming she and “other similarly situated employees” didn’t receive a mandatory 60-day notification prior to losing their jobs. Read more here.

New York Hosts Dispensary Showroom in The Bronx

Bronx Community Foundation, partners, and CAURD applicants launched The Bronx Dispensary Showroom: A Cannabis Retail Pop-Up Experience recently. It featured a built-out model of a New York State-compliant dispensary, demonstrating the entire cannabis retail experience. Educational and workforce programming focused on opportunities to build generational wealth in under-resourced communities harmed by cannabis prohibition. Learn more here.

Could Residency Lawsuits Upend Social Equity in Cannabis?

A series of lawsuits challenging residency requirements in at least three states has some advocates of cannabis industry social equity programs worried that those programs could be in jeopardy. And they have good reason to be concerned. Read more here.

Earnings:

IN OTHER NEWS

New Hampshire

The Democratic and Republican leaders of the New Hampshire House of Representatives announced on Monday that they will be jointly filing a bill to legalize marijuana for the 2023 session – a bipartisan effort that’s backed by key advocacy and industry stakeholder groups. Read more here.

Massachusetts

Cannabis prices in Massachusetts have been steadily decreasing for more than a year, and those running businesses in the burgeoning industry expect them to keep dropping. While customers may be rejoicing over greater access to marijuana, the lowering of prices has some concerned about the ramifications for cultivators, small businesses, and the employees that make it all run. Read more here.

Washington state

Looking to the new year, some of Washington state’s cannabis businesses are focused on safety challenges, including ongoing store robberies, and preparing for the potential of interstate marijuana commerce. That’s according to the Washington CannaBusiness Association (WACA), a trade association in the state that represents marijuana retailers, producers, processors, transporters and banks. Read more here.


StaffDecember 5, 2022
daily-hit.jpg?fit=700%2C394&ssl=1

5min11490

The Daily Hit is a recap of cannabis business news for Dec. 5, 2022.

ON THE SITE

Biden Signs Historic Marijuana Research Bill, Lawmakers Push Additional Measures

After months of policy debates and trading barbs on Capitol Hill, a U.S. president has finally sent through the first piece of meaningful marijuana legislation since The Controlled Substance Act of 1970. Sen. John Hickenlooper (D-CO) also last week filed a bill that would create a federal commission to help outline the ways in which federal agencies approach implementation of eventual legalization. Read more here.

Crain’s Chicago Releases City’s Largest Cannabis Companies List

Chicago is home to a few of the cannabis industry’s leading players, including publicly traded Cresco Labs, Verano, and Green Thumb Industries, and privately held PharmaCann. They dominate Crain’s new list of Chicago’s Largest Cannabis CompaniesRead more here.

Planet 13 Confirms Consumption Lounge Win

Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) confirmed that its subsidiary MM Development Company Inc. received approval for a Nevada consumption lounge from the Nevada Cannabis Compliance Board. The Nevada CCB announced the winners of the consumption lounge license lottery. Read more here.

A Rhode Island Grower Won a Cannabis Competition, the State Fined it $10,000

As Rhode Island commenced adult-use sales last week, growers will look to compete against those vying for cultivation notoriety. However, one operator’s experience serves as a reminder for those operating in the nascent market. Read more here.

Survey: Cannabis-Based Medicine Epidiolex Works ‘Across Age Groups’

Ireland-based Jazz Pharmaceuticals (Nasdaq: JAZZ) announced that its anti-epileptic over-the-counter cannabis drug, Epidiolex, has been found to be effective “across age groups,” not just young children, according to a survey of caregivers presented recently at a gathering of the American Epilepsy Society. Read more here.

IN OTHER NEWS

Grown Rogue International Inc.

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a craft cannabis company operating in Oregon and Michigan, closed a non-brokered private placement of convertible debentures with an aggregate principal amount of $2 million. The convertible debentures bear an interest of 9% per year, paid quarterly, and mature 36 months from the date of issue. The principal use of funds will be to accelerate expansion efforts and for general corporate purposes. Read more here.

Halo Collective Inc. 

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) (FSE: A9KN) reported year-to-date revenue of just over $11.7 million for 2022. Halo continues to strengthen its market share by penetrating the Eastern Oregon region and increasing territory sales. The company currently sells to over 450 dispensaries and wholesalers statewide, with a majority of accounts ordering on a monthly basis. Read more here.

Icanic Brands Company Inc.

Icanic Brands Company Inc. (CSE: ICAN) (OTCQB: ICNAF), a California-based extraction and manufacturing cannabis company, will change its corporate name to Leef Brands Inc., now that it received approval for the move from the Canadian Securities Exchange. In connection with the name change, the company’s common shares will trade under the new trading symbol, LEEF, as of Dec. 7. Read more here.


StaffNovember 2, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

6min10820

The Daily Hit is a recap of cannabis business news for Nov. 2, 2022.

ON THE SITE

Green Thumb Beats on Record Revenue, Circle K Stores Remain in Question

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) posted positive results that beat analysts’ expectations, with record revenue showing the demand for cannabis even as profits shrink industrywide. Green Thumb reported third-quarter revenue of $261.2 million, up 2.7% sequentially and up 11.8% from the prior-year period. This beat the Yahoo Finance average analyst estimate of $257.3 million. Read more here.

The Parent Company Sells Off Extraction Division

In yet another sign that the licensed California cannabis market is struggling, San Jose-based TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF) announced Wednesday that it had sold off its entire extraction division, a subsidiary called SISU Extraction LLC, for an undisclosed sum. Read more here.

Tilray Inks Distribution Deal with Charlotte’s Web Ahead of Health Canada Review

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) has inked a partnership with U.S.-based CBD giant Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) to sell hemp extract products in Canada. Under the agreement, Charlotte’s Web’s full-spectrum CBD products will be reach dispensary shelves through Tilray’s distribution network. Previously Charlotte’s Web products were only available in Canada to those that qualified for a special access medical exemption through Health Canada for specific need-states. Read more here.

Scotts Sales Drop 33% in Fourth Quarter, More Than Forecast

The Scotts Miracle-Gro Company (NYSE: SMG) announced in its financial results for the fourth quarter that ended Sept. 30, 2022, that sales fell by 33% to $493.6 million reflecting decreases in both major business segments. This missed the Yahoo Finance analyst estimates for sales of $519 million. Read more here.

Treez Acquires Payment Company Swifter

Cannabis cloud commerce platform company Treez is buying the payment solutions company Swifter. The value of the transaction was not disclosed. However, it does follow Treez Series C funding round of $51 million in April 2022. At the time the company said it would use the new funds to expand its footprint, pursue market expansion opportunities, and invest in partnerships that would connect each link in the supply chain. Read more here.

India Globalization Revenue Rises as it Shaves Losses

India Globalization Capital Inc. (NYSE American: IGC) posted rising revenues and cut losses as it reported its second fiscal quarter 2023 financial results. Revenue was roughly $202,000 for the second quarter, versus $56,000 during the same time last year. The company said that the rise in revenue is due mostly to growing sales of its CBD-based products and services, which increased 345% over last year. Read more here.

IN OTHER NEWS

Heritage Cannabis

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has entered into an equity line of credit agreement with Obsidian Global Partners LLC whereby Obsidian proposes to purchase common shares in the capital of Heritage for the aggregate gross proceeds of up to $20 million by private placement, at Heritage’s discretion. Read more here.

Cansortium Inc.

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically integrated cannabis company operating under the Fluent brand, has agreed with certain of its directors to issue an aggregate of 1,048,386 common shares to such directors in exchange for the cancelling $162,500 of owed director fees. Read more here.


StaffOctober 27, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

5min10410

The Daily Hit is a recap of cannabis business news for Oct. 27, 2022.

ON THE SITE

Trulieve Worker Death Could Spur Changes in Massachusetts Cannabis Industry

The death of a Trulieve employee at a Massachusetts product manufacturing facility in January may lead to significant shifts within the state’s cannabis industry. That could include additional industry oversight, momentum for unionization efforts, and perhaps more yet-unforeseen shifts such as the founding of a state-run testing lab to act as a check on privately owned marijuana labs, sources told Green Market Report. That doesn’t include the still-unclear blowback for Trulieve (OTC: TCNNF) (CSE: TRUL) itself. Read more here.

Florida Chills Plan to Sell Cannabis at Circle K Gas Stations

Investors and others bullish on the news that Green Thumb Industries (OTCQX: GTBIF) would start selling medical marijuana out of stores attached to Florida Circle K gas stations next year may have to curb their enthusiasm. The state’s Department of Health told Green Market Report that the project “has not been approved by the state.” Read more here.

Verano Refinances Debt Extending Maturity Dates

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has entered into a credit agreement to refinance its existing $350 million credit facility, extending the maturity date to Oct. 30, 2026. Refinancing comes amid the company’s new legal battles with its spurned acquisition of Goodness Growth. Read more here.

Dozens of Michigan Cities to Vote on Fate of Cannabis Businesses

Marijuana is on the ballot next month in at least 32 communities across Michigan. The vast majority are asking voters whether the community should allow marijuana retailers and growers to operate. The state’s marijuana industry has suffered a massive blow in recent months due to oversupply of product, collapsing prices more than 45% in the last year. Read more here.

IN OTHER NEWS

Nevada

A Clark County District Court judge has ruled in favor of local cannabis advocates and declared that ​​the Nevada State Board of Pharmacy is no longer authorized to govern cannabis and must remove marijuana, cannabis, and cannabis derivatives from the controlled substances list. Read more here.

Bloomios

Bloomios Inc. (OTCQB: BLMS), a white-label and private-label manufacturer and wholesaler of hemp-derived nutraceutical, cosmetics, and pet products, has acquired Infusionz, a wholly owned subsidiary of Upexi (NASDAQ: UPXI).  Moving forward, Bloomios will manufacture products retained by Upexi, and Upexi has provided significant financing to enable this transaction. The acquisition includes Infusionz’s portfolio of CBD gummy brands and customers, along with its associated order flow, product formulations, manufacturing operations, equipment, and sales team. Read more here.

Chemistree Technology Inc.

Chemistree Technology Inc. (CSE: CHM) (OTCQB: CHMJF) has negotiated the conditional sale of its Washington state subsidiary. The company executed a Share Purchase Agreement with an arms-length party, whereby the company under certain circumstances would sell 100% of its Washington Assets via the sale of subsidiary, Chemistree Washington, to the other party in exchange for consideration of $500,000. Read more here.


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

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


READ MORE



Recent Tweets

@GreenMarketRpt – 7 hours

Okay Cannabis Wants To Wake & Bake in Wheeling Illinois

@GreenMarketRpt – 7 hours

Akerna Taps Out of the Cannabis Biz

@GreenMarketRpt – 8 hours

Flora Growth Stock Pops On Revenue Forecast

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.