Green Thumb Industries Archives - Green Market Report

StaffMay 12, 2021
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Green Thumb Industries Inc.  (OTCQX: GTBIF) continues to show its strength as an industry leader after reporting solid financial results for the first quarter ended March 31, 2021. GTI delivered total revenue of $194.4 million, up 9.7% sequentially and up 89.5% from $102.6 million in the prior-year period. this beat the Yahoo Finance average analyst estimate for revenue of $187 million.

The company also delivered a net income of $10.4 million or $0.05 per basic and diluted share, compared to a net loss of $4.2 million, or a loss of $0.02 per basic and diluted share in the prior year. This was lower than the Yahoo Finance analyst estimates for $0.08 per share.

GTI said that revenue growth was primarily driven by increased scale in the Consumer Packaged Goods and Retail businesses, especially in Illinois and Pennsylvania. Overall performance was driven by the expanded distribution of Green Thumb’s branded products, 13 new store openings, and increased traffic in the company’s 56 open and operating retail stores. In the first quarter of 2021, Green Thumb generated revenue from all 12 of its markets: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania. The company continued to invest in the expansion of its cultivation and manufacturing capabilities in Illinois, Maryland, Massachusetts, New Jersey, Ohio and Pennsylvania.

“2021 is off to a strong start. In the first quarter, we delivered year-over-year revenue growth of 90%, reported adjusted operating EBITDA growth of 179%, and recorded our third sequential quarter of positive net income. Our business continues to scale as the demand for cannabis swells across the country, and our team continues to rise to the occasion for our patients and customers,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.

Total selling, general and administrative expenses for the first quarter were $59.3 million or 30.5% of revenue, compared to $45.4 million or 44.3% of revenue for the first quarter 2020. Improved operating costs as a percentage of revenue reflected increased operating leverage in the Company’s Consumer Packaged Goods and Retail businesses.

“We are excited to expand our east coast footprint by signing an agreement to enter the Virginia cannabis market. This follows the recent sweep of adult use legalization measures across Virginia, New York and New Jersey where we see material untapped market potential. Our recent debt financing at industry leading rates positions us to capitalize on the opportunities ahead. A strong balance sheet, supported by a low cost of capital, is key to staying ahead in this fast-paced new industry. As the green wave continues to gain momentum, it is more important than ever to maintain our focus on strong execution and high-value capital allocation.  This is the best way for us to build long-term sustainable value for all of our stakeholders,” said

Solid Balance Sheet

The company closed the quarter with cash and cash equivalents of $275 million. Following the end of the quarter, the company closed a $216.7 million senior secured non-brokered private placement financing through the issuance of senior secured notes. GTI said it intends to use the proceeds to retire its existing $105.5 million senior secured debt and for general working capital and various growth initiatives.

 


StaffMay 3, 2021
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Green Thumb Industries Inc. (GTI) (OTCQX: GTBIF) is buying Virginia-based  Dharma Pharmaceuticals LLC for an undisclosed amount. the acquisition is expected to close in the second half of 2021. Dharma was the first operator to provide medical products to Virginia’s patients in 2020 and is strategically positioned to scale in the emerging adult-use market. Last month, Virginia became the first Southeastern state in the United States to legalize adult-use cannabis after the Virginia General Assembly approved legislation.

“Change is happening. We are seeing sweeping cannabis reform across the country in favor of expanded access. This momentum has finally reached the first state south of the Mason-Dixon line to ratify adult-use cannabis sales and we are excited to work with the Dharma team in Virginia,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “This industry will create consequential economic opportunities and social change in a part of the country that remains void of legal access to cannabis today. We look forward to serving Virginia’s current medical patients, and future adult-use consumers, while supporting the tremendous positive impact that the legal cannabis industry can have on local communities.”

Currently, Virginia has only legalized medical marijuana and while adult use has been also legalized, sales won’t begin until January 2024. With a population of nearly 8.5 million, Virginia is expected to generate over $1.5 billion in legal cannabis sales, which would create significant tax revenue for the Commonwealth and employ thousands of Virginians.

GTI has been rapidly expanding throughout the U.S. Once this deal is closed, the company will have a presence in 13 markets: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, and Virginia. GTI noted that as one of only five licenses in the Virginia medical cannabis market, Dharma is licensed to grow, process, and retail cannabis directly to consumers. In a statement, the company said that the acquisition includes an existing production facility and retail dispensary located in Abingdon, VA. Green Thumb will also have the opportunity to open up to five additional retail locations in the Commonwealth.

Kevin Gibbs, Partner and Head of Operations of Merida Capital Holdings, which is the current majority-equity owner of Dharma, added, “Over the past two years our team has worked hard to introduce the first medical cannabis products to Virginia’s patients. Together with Green Thumb, Dharma’s offering will expand to prepare for the introduction of adult-use sales in the first market in the Southeastern United States.”

 


Debra BorchardtMarch 31, 2021
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Earlier this week, the Chicago Tribune ran a story alleging that cannabis company Green Thumb Industries Inc. (OTCQX: GTBIF) was under federal investigation for possible pay-to-play violations during its push for coveted state licenses. The article cited an unnamed source. The story claimed that investigators were looking into campaign donations as the company was seeking licenses in Illinois. No charges have been filed in the investigation according to the story. The stock fell over 11% in trading on Tuesday as the article made the rounds.

The story was relatively vague and stated, “It’s unclear what specific aspects of Green Thumb’s political giving, hiring or other activities are being scrutinized by federal authorities. The exact time frame and origin of the probe were not known.”

In a statement, Green Thumb said it possesses absolutely no evidence to corroborate claims that there is an open investigation by federal authorities as alleged in an article by the Chicago Tribune under a misleading headline published on March 29, 2021.

Green Thumb said it first learned of the alleged probe into supposed violations regarding obtaining licenses from a Chicago Tribune reporter who cited unnamed sources shortly before the article was published. The company went on to say that Federal authorities have made no effort to initiate contact with Green Thumb.

“The Chicago Tribune has published unfounded allegations that completely contradict our corporate values,” said Green Thumb Founder and CEO Ben Kovler. “The reporter did not cite any credible sources nor evidence, and published under a salacious front page headline intended to mislead. This is not just irresponsible journalism but reckless behavior that impacts the livelihood of our employees, the close bond to the communities in which we serve, and the trust of our investors. Our company has secured licenses through competitive state-run programs and traditional M&A transactions. We have taken painstaking measures to scale compliantly as we provide access to well-being through cannabis, and will continue to hold ourselves to the highest standards.”

The article did state that records showed that GTI’s executives and affiliates donated to a number of politicians as well as a political action committee that was instrumental in the marijuana legalization effort. However, that is common practice in every state where companies are pushing for legalization. The story didn’t mention whether other Illinois license holders had also donated to the legalization effort.

The story said that the company also hired lobbyists and consultants with deep ties to then-House Speaker Michael Madigan. Yet, it failed to note that most of the license holders in the state also helped support the fight for legalization by making donations.


Debra BorchardtFebruary 9, 2021
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Green Thumb Industries Inc. (OTCQX: GTBIF) filed a Form S-1 registration statement to sell up to 10 million of its subordinate voting shares. Shortly following becoming effective, Green Thumb said it received and accepted an offer from a single institutional investor to purchase approximately 3.1 million registered subordinate voting shares at $32.03 per share for a total of $100 million.  The sale will close on February 9, 2021.  The company said that the principal purpose of this offering is to increase Green Thumb’s capitalization and financial flexibility.

“Institutional investors are waking up to the great American cannabis growth story,” said Green Thumb Founder and Chief Executive Officer Ben Kovler.“This investment reflects the very real interest, understanding, and momentum behind the potential $100 billion U.S. cannabis opportunity that is happening now. The industry needs more meaningful access to capital to unleash the true economic and social growth potential. The next step should be allowing U.S. cannabis companies to formally list on major U.S. exchanges just like our Canadian counterparts. The U.S. cannabis industry creates jobs, tax revenue, and has the opportunity to address head on some of the major injustices and inequities brought on by the War on Drugs.”

The company did not disclose the name of the buyer. GTI stock was lately selling at roughly $33, near the company’s 52-week high of $34 and far exceeding the year’s low of $3.69.

Strong Earnings

GTI is a leading cannabis consumer packaged goods company and the owner of Rise Dispensaries. In November, the company reported its earnings for the third quarter of 2020. Overall, the company’s balance sheet was strong and retained a positive cash flow for the third consecutive quarter. Green Thumb’s revenue increased 31.3% quarter-over-quarter, and year-over-year 131.% to $157.1 million. The company’s gross margin for the third quarter of 2020 was 55.4%, an increase from a 53.2% gross margin the quarter prior.

The company’s adjusted operating EBITDA increased by 50% to $53.2 million, or 33.9% of revenue for the third quarter of 2020. The prior quarter ended with an adjusted EBITDA of $35.4 million, or 29.6% of revenue. As of September 30th, 2020, Green Thumb’s current assets totaled $159.1 million and included cash and cash equivalents equaling $78.1 million. The company reported a total debt outstanding of $97.1 million, $0.3 million being due within 12 months.

Retail revenue increased by 27.9% quarter-over-quarter, primarily being driven by increased foot traffic in established stores. Comparable sales growth exceeded 65%, on a base of 25 stores. Green Thumb Industries also partnered with the Last Prisoner Project in an attempt to help raise awareness and funds towards the incredibly important cause. The company also announced the launch of the License Education Assistance Program, designed to equip social equity business applicants for success in Illinois.

Headquartered in Chicago, Illinois, Green Thumb has 13 manufacturing facilities, licenses for 97 retail locations and operations across 12 U.S. markets. Established in 2014, Green Thumb employs over 2,300 people and serves thousands of patients and customers each year.

 


William SumnerAugust 28, 2019
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It’s time for your Daily Hit of cannabis financial news for August 28, 2019.

On the Site

SLANG Worldwide

SLANG Worldwide Inc. (CNSX: SLNG) delivered its financial results in Canadian dollars for the second quarter ending June 30, 2019, with revenue increased sequentially by 44% to $7.2 million and a big jump over last year’s $440,000 for the same time period. More importantly, Slang reported a net income of $17.5 million in the quarter versus a net loss of $13 million for the same time period in 2018. An even bigger accomplishment sequentially with a net loss of $16.1 million in the first quarter.

Environmental Issues Decided For San Diego Cannabis Dispensaries

On August 19, 2019, the Supreme Court of California issued a unanimous opinion in Union of Medical Marijuana Patients, Inc. (“UMMP”) v. City of San Diego. Except for the parties and the limited number of individuals who follow litigation involving environmental law, this case has moved through the California court system with little notice.

Texas Cannabis Report Ceases Publishing

In June 2013 Texas Cannabis Report launched as a premier news agency dedicated to covering the issue of cannabis activism and policy. Texans did not have a reliable source of news in this area, prompting our formation. Six years later there has been much progress made in ensuring this under-served community has access to quality and reliable information.

Green Thumb Industries

Green Thumb Industries Inc.  (CSE: GTII) (OTCQX: GTBIF) reported that its second-quarter revenue increased 228% to $44.7 million for the period ending June 30, 2019, over last year’s $13.6 million.  Revenue grew 60% over the first quarter of 2019. The company said that the revenue growth was driven by organic growth across GTI’s consumer products and retail businesses, strategic acquisitions and increased store traffic.

In Other News

TILT Holdings

TILT Holdings Inc. (CSE: TILT) (OTCQB: SVVTF) has released its financial results for the quarter ending on June 30, 2019. Revenue was $39 million, up 13% from the previous quarter. EBITDA was a loss of $4 million, up from a loss of $7.9 million. The net loss was $48.9 million. “The second quarter was a highly productive period for TILT. We continue to optimize our organization, including the dismissal and re-alignment of senior leadership, accelerate integration efforts, dramatically reduce overhead and instill an enhanced focus on profitable growth. TILT is making progress on our key initiatives to drive operational stability and progress toward profitability…” commented TILT Holdings interim CEO Mark Scatterday.

Origin House

Origin House (CSE: OH) (OTCQX: ORHOF) released its financial results for the three and six month period ending on June 30, 2019. Revenue for the quarter was $21.4 million. The gross margin was $4.4 million and adjusted EBITDA was a loss of $21 million. The net loss was $34.9 million. “”I am very proud of the entire Origin House team for generating another quarter of record revenue growth, leveraging the California brand support and distribution platform we built over the past several years, to deliver results for shareholders,” said Origin House CEO Marc Lustic.

Curaleaf Holdings

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) announced the release of its financial results for the second quarter. Total revenue for the quarter rose from $35.25 million in the previous quarter to $48.48 million. Adjusted EBITDA was $3.35 million, up from a loss of $3.6 million. The net loss was $24.54 million. “With the industry’s largest operational footprint, we have the scale to rapidly accelerate growth across the country. I continue to believe Curaleaf is the best positioned operator in the cannabis space with the potential to create substantial shareholder value,” said Curaleaf CEO Joseph Lusardi.

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced that it has signed a definitive agreement to purchase ABI SF, LLC, which operates a Bay Area cannabis cultivation facility and owns the premium cannabis brand State Flower. Initially, TerrAscend agreed to purchase 49.9% of State Flower for $2.85 million, along with extending a line of credit up to $3.75 million for cultivation facility improvements. The company has since upped its stake to 50.1%.

Vibe Bioscience

Vibe Bioscience Ltd. (CSE: VIBE) released its financial results for the three and six months ending on June 30, 2019. Quarterly revenue rose from $1.31 million in the first quarter to $3.09 million. The gross margin was $1.2 million and adjusted EBITDA was $113,322.


Debra BorchardtAugust 28, 2019
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Green Thumb Industries Inc.  (CSE: GTII) (OTCQX: GTBIF) reported that its second-quarter revenue increased 228% to $44.7 million for the period ending June 30, 2019, over last year’s $13.6 million.  Revenue grew 60% over the first quarter of 2019. The company said that the revenue growth was driven by organic growth across GTI’s consumer products and retail businesses, strategic acquisitions and increased store traffic.

Still, GTI delivered a net loss of $22.2 million versus a net loss of $9.7 million in the first quarter. The loss was attributed to a decrease in value from a variable note receivable in other income and debt-related interest expenses.

“We are pleased to report another solid quarter of positive yet disciplined momentum with record revenue and positive adjusted operating EBITDA as our strategic plan delivers on operating efficiencies from scale. Continued execution of key priorities such as the closing of Integral Associates, accelerated store openings, and expanded distribution of our brand portfolio sets us up well for the future,” said GTI Founder and Chief Executive Officer Ben Kovler. 

Expenses Rise

The company saw a heavy increase in total operating expenses to $32.5 million versus $12.1 million for the same period last year and $26.1 million in the first quarter. The company said that increased headcount contributed to the rising expenses as the company grow and also non-cash expenses related to stock-based compensation of $6.3 million for the quarter.

In May, the company closed on a $105.5 million senior secured non-brokered private placement of notes. GTI said it plans to use the proceeds for general working capital purposes, strategic growth initiatives and to retire existing debt.

Balance Sheet

As of June 30, 2019, GTI had cash and cash equivalents of $135.8 million and long-term liabilities of $153.4 million, plus $96.3 million in total debt.

“We are deep in the chapter of maximizing the levers in our business to drive long-term operational performance that delivers value for our shareholders and the communities in which we operate, ” Kovler continued. “We are focused on optimizing our wholesale and retail businesses, integrating our acquisitions, and further strengthening compliance across the organization.”

 


William SumnerJune 18, 2019
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It’s time for your Daily Hit of cannabis financial news for June 18, 2019.

On the Site

Luxury Cannabis is Not Going Away Anytime Soon

The world of cannabis is becoming more refined. When California first legalized medical cannabis in 1996, the only way one could purchase cannabis legally was through darkly-lit dispensaries with bars on the windows that were squirreled away in industrial parks. More than two decades later, the cannabis industry has evolved to a point where its consumers are more sophisticated and discerning, giving rise to a new sub-market within the industry: Luxury Cannabis.

MediPharm Labs

MediPharm Labs Corp. (LABS.V) (MEDIF) (MLZ.F) has applied to list its common shares on the Toronto Stock Exchange (TSX). MediPharm Labs continues to trade on the TSX Venture Exchange under the symbol “LABS”. This follows the company’s announcement that it had closed its previously announced bought deal offering of 13,514,000 common shares in the capital of the company at a price of $5.55 per common share for aggregate gross proceeds of C$75 million.

Surterra Wellness

Biotech company Intrexon Corporation (NASDAQ: XON) and cannabis company Surterra Wellness (Surterra) announced an exclusive global licensing agreement.  The two companies will join forces to help Surterra’s cannabinoid production by using Intrexon’s proprietary yeast fermentation platform. According to the company statement, yeast fermentation of cannabinoids provides advantages over conventional plant-based extraction.

Flowr Corp.

The Flowr Corporation (TSXV: FLWR)(OTC: FLWPF)  has received a loan commitment from a syndicate of lenders led by ATB Financial in its capacity as lead arranger and administrative agent for up to $50,000,000 of committed senior secured credit facilities.

Executive Spotlight: Ben Kovler, CEO, Founder & Chairman of Green Thumb Industries (GTI)

Ben Kovler brings his extensive experience managing complex operating companies and his deep commitment to philanthropy as Founder, CEO and Chairman of Green Thumb Industries.

In Other News

California Cannabis Enterprises

California Cannabis Enterprises (CCE) announced that it has appointed Daryl Kato as its Chief Operating Officer. Kato is the former chief financial officer (CFO) and board director at Nissin Foods USA and finance manager for confections and snacks at Nestle USA. “With an aggressive plan for continued growth and a commitment to expand our family of companies and world-class brands, attracting top talent like Daryl will give us a competitive advantage as the cannabis marketplace expands and matures,” said CCE CEO Kyle Kazan.

CAVU Resources

CAVU Resources, Inc. (OTCMKTS: CAVR) announced that it has applied to trade under a new symbol, “KUSH.” The change was requested because the company wants its symbol to reflect the new cannabis-focused direction the company is taking. CAVU is also seeking a regional accounting firm to provide audit services for 2017, 2018 and the current year to date 2019 so that it can start the procedure of up-listing to OTCQB.

Delta 9 Cannabis

Delta 9 Cannabis Inc. (TSXV: NINE) (OTCQX: VRNDF) announced that its previously announced offering will be for an offering size of a minimum of $10,000,000 and up to $14,000,000. Priced as $1,000 per unit, the company will issue between 10,000 and 14,000 convertible debenture units. The offering is being co-led by Mackie Research Capital Corporation, as sole bookrunner, and Canaccord Genuity Corp. as co-lead agents.

Jushi Holdings

Jushi Holdings Inc. (NEO: JUSH.B) has entered into an agreement to acquire an unnamed Phase I Medical Marijuana Dispensary Permit holder and three provisional Phase II Medical Marijuana Dispensary Permit holders for an aggregate of approximately $63 million. Of the $63 million, $27.11 million will be paid in cash, $27.5 million will be paid through the issuance of certain 10% secured notes, and the remaining balance will be paid through the issuance of approximately 3.38 million shares to the sellers of the purchased companies.


StaffJune 18, 2019
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Ben Kovler brings his extensive experience managing complex operating companies and his deep commitment to philanthropy as Founder, CEO and Chairman of Green Thumb Industries. Ben founded GTI in 2014 and has successfully grown it into a national cannabis consumer packaged goods company and retailer that manufactures and distributes a portfolio of branded cannabis products including Rythm, Dogwalkers, The Feel Collection, and Beboe, among others. The company also owns and operates a rapidly growing national chain of retail cannabis stores called Rise™.

Ben is frequently featured as an industry thought leader in media outlets such as Bloomberg, Barron’s, Business Insider, CNBC and Forbes.

He is also co-founder and CEO of Invest For Kids (IFK), an annual forum bringing together portfolio managers, family offices and analysts to share investment ideas to benefit children in llinois. In its first nine years, IFK generated more than $11 million to benefit 40 youth organizations that have helped 85,000 children. Ben is also on the board of the Providence St. Mel School and the Academy for Global Citizenship.

Ben earned a Bachelor of Arts in philosophy, politics and economics from Pomona College and an M.B.A. in accounting and finance from The University of Chicago. Ben and his wife, Amy, enjoy living in Chicago with their two children.

GMR Executive Spotlight Q & A:

Full birth name: Benjamin Kovler

Title: CEO, Founder & Chairman

Company: Green Thumb Industries Inc. (commonly known as GTI)

Years at current company: Since starting the company five years ago in 2014, we now have over 1,000 team members across the country – it has been quite a humbling experience.

Education profile: Earned a Bachelor of Arts in philosophy, politics and economics from Pomona College and an M.B.A. in accounting and finance from The University of Chicago.

Most successful professional accomplishment before cannabis: In 2009, I co-founded Invest For Kids, an annual hedge fund investor conference that brings together the Chicago investment community and renowned investment managers to share their best ideas to   benefit children’s charities in Chicago. Over the past 10 years we have raised more than $14 million supporting over 60 youth organizations and 85,000 children.

Company Mission: GTI is on a mission to empower the right to wellness by progressing responsible adult use of cannabis through an authentic family of brands and people-first retail experiences while being committed to community and sustainable profitable growth.

Company’s most successful achievement: It’s difficult to name just one achievement –our incredible team, over 1,000 strong, has navigated a highly complex and rapidly evolving industry to become a market leader. GTI was among the first to go public and access the capital markets, which is just one example of our team being ahead of curve to position our business for the future.

Has the company raised any capital (yes or no): Yes

if so, how much?: Over $350 million since being founded in 2014.

Any plans on raising capital in the future?  We recently completed a $105 million debt financing which was a huge win for our business and shareholders. This type of self-conducted debt financing was the first of its kind in our industry and helps us continue to drive down the cost of capital to position our team and infrastructure for long term success.

Most important company 5 year goal: Continue to lead the industry through fast-paced regulatory change and be a place where our team can grow both professionally and personally – ultimately positioning GTI to generate over $1 billion in sales.

 


William SumnerJune 6, 2019
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Cresco Capital Partners (Cresco Capital) announced today that it has closed an oversubscribed fund of $60 million. Founded in 2014, Cresco Capital was one of the first and largest private equity firms to focus solely on the legal cannabis industry. Although the two names are similar, Cresco Capital is not connected to Cresco Labs (OTCMKTS: CRLBF), which is a vertically owned cannabis company operating in 11 U.S. states.

“Surpassing our original goal of raising $50 million for CCP Fund II by almost twenty-percent not only represents a significant milestone for Cresco Capital Partners, it serves to validate the leadership role we play in providing growth capital and advisory services to companies within the cannabis industry,” said Matthew Hawkins, Managing Principal of Cresco Capital Partners. “With the overwhelming success of CCP Fund II, we are preparing to begin marketing a third fund in which we hope to raise $200 million. This fund will continue to target investments in value-add opportunities in the legalized cannabis space both plant touching and non-plant touching.”

To date, the company has raised more than $85 million and has invested over $50 million in 32 cannabis companies through two funds, CCP I and CCP II, and co-investment vehicles.

The company’s portfolio includes a diverse set of cannabis companies, ranging from cultivation to ancillary services. Several of Cresco Capital’s most notable investments include MJ Freeway, PROHBTD, NorCal Cannabis Company, Sunderstorm, Phylos Biosciences, Sublime, Cellibre, and Harborside/FLRish Inc. Most recently, Harborside closed a C$19.5 million private placement of subscription receipts, with Cresco Capital as one of its investors.

So far, the company has achieved seven exits between its two funds; including Acreage Holdings (OTCMKTS: ACRGF) and Green Thumb Industries (CNSX: GTII); who recently closed the acquisition of Integral Associates, which holds multiple retail dispensary licenses in California and Nevada, as well as two cannabis cultivation and processing facilities.


William SumnerJune 5, 2019
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It’s time for your Daily Hit of cannabis financial news for June 5, 2019.

On the Site

Free Advice For California’s Cannabis Tax Collection

Everyone knows the maxim “Free advice is worth what you pay for it”  There are, however, exceptions.  Everyone knows a second maxim “The exception that proves the rule”  In this article, we provide free advice to the California Department of Tax and Fee Administration (“CDTFA”).

Creative Digital Methods For Effectively Marketing A Cannabis Company

One of the most interesting and exciting elements to the, now emerging, legalized cannabis trade is how cannabis’ image, its past connotations and all of the potential uses that it has open to it, affects its sales and sales potential. Given that we’re talking about image, we’re really talking about marketing, and how you could creatively market something which was previously not only illegal most places, but actively frowned upon…

In Other News

Gabriella’s Kitchen

Gabriella’s Kitchen Inc. (CSE: GABY) (OTCQB: GABLF) announced that it has upsized a previously announced private placement offering of C$10 million units of the company up to C$20 million. Advised by its lead underwriter, GMP Securities L.P., the company has structured the upsized offering with a base of up to C$16 million with an over-allotment option of C$4 million. The proceeds of the offering will go towards capital expenditures, potential acquisitions, brand and sales investment, working capital, and general corporate purposes.

Medicine Man Technologies

Medicine Man Technologies, Inc. (OTCQX: MDCL) announced that it has entered into binding term sheets to acquire Colorado-based Los Sueños Farms, LLC, North America’s largest sustainable cannabis farm, and Mesa Organics Ltd., a cannabis dispensary and infused products manufacturing company. The acquisition was made possible through the passage of the Colorado measure House Bill 19-1090, which opens Colorado’s cannabis industry to outside investors.

Green Thumb Industries

Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) has announced that it has closed its acquisition of Integral Associates. Included in the acquisition is Integral Associates’ three high-traffic Essence retail stores located in the Las Vegas area, including the only cannabis retail store on the Las Vegas Strip; eight additional retail licenses in Nevada; a retail license in West Hollywood; Desert Grown Farms, a 54,000 square foot state-of-the-art cultivation and processing facility; and Cannabiotix NV, a 41,000 square foot cultivation and processing facility.


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