Green Thumb Industries Archives - Green Market Report

StaffNovember 8, 2023
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BusinessDaily Hit

The Daily Hit: November 8, 2023

5min00

The Daily Hit is a recap of the top financial news stories for Nov. 8, 2023.

On the Site

Ohio Voters Say Yes to Adult-Use Marijuana

On Tuesday night, Ohio voters approved Issue 2, a measure to legalize and regulate recreational marijuana for adults statewide. As of 9:35 p.m. ET, the “Yes” vote leads with roughly 55.5% of the vote while “No” has 44.5% of the vote. Read more here.

• Related: What’s Next for Adult-Use Cannabis in Ohio after Issue 2 Approval?

4 Michigan Communities Reject Cannabis Sales

Tuesday’s election may indicate that Detroit’s five-county region is all but full up on where marijuana retailers can set up shop. Voters overwhelmingly rejected ordinances to allow for marijuana sales in Rochester, Birmingham, Grosse Pointe and Keego Harbor. Read more here.

Oklahoma to Revoke 165 Marijuana Cultivation Permits Over Signage Violations

Oklahoma cannabis authorities are set to revoke 165 medical marijuana grow permits for failure to comply with a new rule that mandates each business have a sign out front. Read more here.

Green Thumb Industries Income Dips in Q3 but Still Profitable

Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF) had yet another profitable quarter for the three months ended Sept. 30 with $10.8 million in net income, a slight dip from the $13.4 million it made in the second quarter. Read more here.

More Earnings:

• AFC Gamma Q3 Income Down by Half, Company Names New CEO

• Chicago Atlantic Keeps Interest Income Stable at $13.7M for Q3

• Cronos Sees Record Revenue, Signals Optimism Despite Unrest Overseas

• Flora Growth Swings to Profitability on Restructuring, Sales Surge

• MariMed Posts $4.2M Loss in Q3 Despite Maryland Rec Launch

• Turning Point Brands Reports Downturn Amid Restructuring Efforts

• Verano Raises Cash Flow Guidance After Record Q3 Revenue

• Village Farms’ Bet on Cannabis, Tech-Fortified Produce Pays Off

• Weedmaps Loses $2.5M in Third Quarter With Dip in Revenue, Clients

In Other News

Lifeloc Technologies

Lifeloc Technologies, Inc. (OTC PINK:LCTC), a developer and manufacturer of breath alcohol and drug testing devices, posted quarterly net revenue of $2.7 million in the third quarter of 2023, resulting in a quarterly net profit of $110,000, or $0.04 per diluted share. Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) issued a notice of redemption for all of its outstanding 9.75% senior secured notes due 2024. The aggregate principal amount of the notes currently outstanding is $130 million. Read more here.

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Debra BorchardtOctober 3, 2023
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BusinessEdiblesPublic

Judge Denies GTI’s Request for Edible Arrangements to Pay Legal Tab

3min00

Edible Arrangements may have had a change of heart with regard to suing Green Thumb Industries (OTC: GTBIF) over the use of the name “Incredibles,” but GTI will still need to pay its own legal bill after the judge denied the company’s request that Edible Arrangements pay the tab.

Background

Edible Arrangements franchises stores to sell fruit baskets and arrangements made of cut fruit and other goodies, as well as chocolate and snack products. According to the case, Edible also obtained federally registered trademarks for “Edible Arrangements” and “Edible.” It sought trademark protection for various other related marks, including “Edible Treats,” “Incredible Edible(s),” and “Incredible.”

In December 2018, Edible decided to expand its product offerings to include edible CBD under the “Incredible Edibles” brand and sought additional trademark protection for use of “Incredible Edibles” not only for fruit arrangements but also for dietary and nutritional supplements.

As it turned out, these CBD products didn’t sell that well.

“Edible’s rollout of its CBD products has not been smooth or particularly successful, with only $23,587.89 of the $1,459,888.290.01 in Edible’s total U.S. sales from 2019 through 2021 coming from CBD products,” the latest court document said. “Edible stores no longer sell Incredible Edibles, with Edible instead choosing to sell them mainly online.”

GTI began selling its cannabis-infused edible products using the name Incredibles in 2010. When it tried to patent the brand name, the company found out about the Edible company’s attempt to patent a similar name and decided to wait and see what happened with the patent office.

Edible decided to sue GTI in 2020 over the use of the name; GTI countersued claiming the word edible was a generic term.

After discovery, the parties agreed to dismiss their claims.

Legal Bill

After the voluntary dismissal, GTI argued that Edible should be responsible for all the legal bills, but U.S. District Judge Sara L. Ellis disagreed. She stated in her opinion that fees can be awarded in exceptional cases, but she didn’t consider this case to fit that description.

The judge also argued that because GTI sought to get patent protection on its name, that undermined the argument that Edible was being unreasonable in filing its complaint.

The opinion from the judge didn’t state how much the legal bills were but did ask Edibles to respond to GTI’s bill by October 20.

1727000-1727514-https-ecf-ilnd-uscourts-gov-doc1-067129315782

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StaffSeptember 5, 2023
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BusinessDaily Hit

The Daily Hit: September 5, 2023

5min00

The Daily Hit is a recap of the top financial news stories for Sept. 5, 2023.

On the Site

Tilt Sells Interest in Shinnecock Tribe Dispensary

Tilt Holdings Inc. (OTC: TLLTF) sold its interests in Standard Farms NY to CGSF Investments LLC for $1.4 million. The news comes after Tilt cut ties with several of its social equity brands and told investors on an earnings call that its partnership with the tribe was “undergoing a deep analysis,” due to issues in the New York adult-use rollout. Read more here.

Green Thumb Industries Authorizes Repurchase of 10.4 Million Shares

Chicago-based Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) on Tuesday announced a year-long stock share repurchase program for up to 10.4 million shares, ostensibly designed to increase the value of the company’s roughly 200 million other shares. Read more here.

Teamsters Ratify Worker Contracts at Three GTI Shops in Illinois

The International Brotherhood of Teamsters claimed another victory over Chicago-based multistate operator Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) this week when the labor union ratified an employment contract for workers at three cannabis dispensaries in Illinois. Read more here.

Treated ‘Like a Coke Dealer’: Cannabis Workers Lose Out On Mortgages, Loans

Vixen Yerock secured a home loan from an FDIC-approved bank and was set to close on a new home in March — that is before the bank discovered she was soon to receive paychecks from a major weed supplier. Gateway Bank, who underwrote the mortgage, notified Yerock two weeks before closing on the home that they would not service her loan due to who was signing her paycheck. Read more here.

 Lawsuit Alleges New Jersey City Officials Violated Ethics Rules in Licensing

Hopewell Borough in central New Jersey is the latest target of a lawsuit alleging corruption by local officials in a competitive marijuana licensing process, with losing applicant Sourland Provisions claiming that the mayor of the town and several other officials wrongly aided a winning license holder, Evolve Sky. Read more here.

In Other News

22nd Century Group

In a complaint filed Friday in New York federal court, investor Kenneth Troup said that while 22nd Century Group disclosed that it was auditing and addressing weaknesses in its internal accounting through its public statements, it denied that it was subject to any SEC investigation – a fact the claimants say was false. Read more here.

MediPharm Labs

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ), a pharmaceutical company specialized in precision-based cannabinoids, completed the sale of vacant land for net proceeds of C$1.9 million dollars. This land was previously used by VIVO Cannabis for outdoor cannabis growing. Read more here.

Humble & Fume

Humble & Fume Inc. (CSE: HMBL) (OTC Pink: HUMBF), a North American distributor of cannabis and cannabis accessories, transitioned from the OTCQX platform to the OTC Pink Sheets, effective August 31. Humble’s common shares now trade under the new ticker symbol HUMBF on the OTC Pink Sheets. Read more here.

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