Green Thumb Industries Archives - Page 2 of 9 - Green Market Report

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

On the Site

Tilray Leans into Beer in All-Cash Deal

Cannabis company Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) continued to expand its alcohol footprint by acquiring eight beer and beverage brands from Anheuser-Busch (NYSE: BUD) in an all-cash deal. Read more here.

Colorado Audit Finds Lax Cannabis Industry Oversight by State

Colorado state audit requested by lawmakers on inspections of marijuana dispensaries found that regulators hadn’t lived up to their mandate, with oversight spotty and incomplete between 2019 and 2022. Read more here.

Cronos Reports Reduced Revenue, Announces Asset Sale

Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) delivered its 2023 second-quarter earnings as lower flower sales in Israel caused total revenue to fall to $25.7 million. Cronos also reported a net loss of $8.4 million, withdrew guidance, and announced the sale of assets. Read more here.

Green Thumb Industries Continues Profitable Streak in Q2

While GTI’s latest quarterly performance was an increase from the first quarter, with profits up 46% from Q1’s $9.1 million in income, the numbers are down from the same time period a year ago, when GTI made $24.4 million. Read more here.

More Earnings:

AFC Gamma Falls Short on Revenue as Tenants Skip Rent
Ascend Wellness Delivers Solid Second Quarter
GrowGeneration Sees 15.1% Same-Store Sales Slump
Verano Posts Solid Second Quarter Revenue, Raises Guidance
Weedmaps Returns to the Black in Q2 with $1.9 Million Profit

In Other News

SMRB LLC

A cannabis company own er must pay nearly $700,000 in restitution and civil fines for his role in a scheme that ultimately defrauded investors out of $4.8 million, the Ninth Circuit has ruled, saying it didn’t matter the yacht he bought with investor money was worth less than the amount he “ultimately lost” in the scheme. Read more here.

BYND Cannasoft Enterprises

BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN, CSE: BYND) reported revenue increased 21% to C$251,047 in Q2 2023 from C$207,653 in the same period a year ago. Net loss increased 242% to C$1.1 million. Read more here.

Missouri

Missouri’s application period for microbusinesses will close this week. Next month, the Missouri Lottery will pick six winners from each of the state’s eight congressional districts, for a total of 48 new small business licenses. Read more here.


StaffJuly 18, 2023
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5min00

The Daily Hit is a recap of the top financial news stories for July 18, 2023.

On The Site

Deceased Worker From Green Thumb Industries Identified, Teamsters Call for Action

A worker at Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) who died while on the job Friday has been identified as 60-year-old Julie Devinney, whose sudden passing prompted a call for reform and unionization at the business from the International Brotherhood of Teamsters. Read more here.

Trulieve Sues Ohio Cannabis Company Over $24 Million Debt

Florida-based Trulieve (CSE: TRUL) (OTCQX: TCNNF) has filed a civil lawsuit against a former business partner in Ohio of Harvest Health & Recreation, which it acquired two years ago, for nearly $24 million in debts. Read more here.

FSD Pharma Wins Multi-Million Dollar Dispute Over Failed Drug Trial

Toronto-based biopharmaceutical company FSD Pharma Inc. (Nasdaq: HUGE), which dabbles in psychedelic-based drugs after venturing out of cannabinoid molecules, scored what it views as a David-over-Goliath victory against a large contract research firm over an arbitration dispute. Read more here.

Clinics Boost Revenue For Numinus Wellness

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company focused on evidence-based psychedelic-assisted therapies, posted strong financial results for the third quarter ending May 31, 2023. Read more here.

Judge Says Metrc Can Withhold Tags From Colorado Licensee

A Colorado licensee has been fighting Metrc over unpaid fees for tags and in the latest round a judge said Metrc could withhold tags – potentially shutting down the business. Read more here.

Reality Hits Hard For License Lottery Winners

New owners of 55 social equity marijuana retail permits awarded in Illinois last week via lottery will now have to prove their eligibility to the state and also raise enough money to get their businesses open, which can be a tough hurdle to clear. Read more here.

In Other News

Curaleaf Layoffs

Curaleaf, the leading grower and seller of cannabis in New Jersey, announced Monday that it is laying off 49 employees at its Winslow production facility, saying the slower-than-expected rollout of the sector has impacted the amount of product that can be sold, despite a strong market for it. Read more here.

New York

A New York City entrepreneur who illegally sold marijuana at a dozen shops across Manhattan must pay more than $400,000 in taxes and proceeds from illicit sales of cannabis, as part of a crackdown on the thousands of unlicensed operations across the city. Read more here.

Vermont

Flood-ravaged cannabis businesses in Vermont learned they are ineligible for federal assistance due to the illegality of marijuana. Read more here.

North Carolina

Members of the Eastern Band of Cherokee Indians will vote in September on whether they want to legalize marijuana possession and sales on tribal lands for anyone 21 and older — not just for those seeking it for medical use that the North Carolina tribe had already authorized. Read more here.


John SchroyerJuly 18, 2023
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6min00

A worker at Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) who died while on the job Friday has been identified as 60-year-old Julie Devinney, whose sudden passing prompted a call for reform and unionization at the business from the International Brotherhood of Teamsters.

Devinney, a part-time worker for the past three years at the GTI production facility in Rock Island, Illinois, collapsed Friday during a pre-shift exercise, WeedWeek reported. She started “gasping for air,” per a police report the news outlet obtained. Although her coworkers tried CPR, and called for an ambulance, she was declared dead at the scene.

Devinney had developed chronic obstructive pulmonary disease and “severe breathing problems,” the police report stated, and the fire department had been called multiple times in the past year “due to Julie not being able to breathe.”

Her supervisor, Amy Hermiston, was “advised that Julie was often transported to the hospital for these issues,” and she had to leave work early on many occasions due to her breathing issues, including on the day before she died, according to the police report.

Devinney’s situation was advanced enough that she carried an inhaler and nitroglycerin in her purse, medicines often used to treat coronary artery disease, WeedWeek reported.

The deputy county coroner has determined that Devinney died from natural causes, but the Teamsters said that the situation demands more action by GTI to protect employees, particularly given that this is the second death at a cannabis production facility within 18 months.

The first was 27-year-old Lorna McMurrey, a worker at a Trulieve marijuana grow in Massachusetts who died in January 2022 due to a breathing problem that was attributed to the “hazards of ground cannabis dust,” an initial report by the Occupational Safety and Health Administration (OSHA) found.

“There have been significant concerns about occupational hazards at this operation – particularly regarding respiratory health – in the past,” Jim Glimco, President of Teamsters Local 777, said in a release. “We also know that those concerns haven’t always been adequately addressed when brought to the attention of higher-ups. GTI needs to take drastic and immediate action to address the safety concerns of its workforce.”

The GTI facility where Devinney worked was not unionized, WeedWeek reported previously, but the Teamsters have faced off against GTI multiple times in the past at dispensaries owned by the Chicago-based multistate operator. GTI is still facing several federal labor complaints filed by the Teamsters, and the union said Devinney’s death further highlights “a consistent lack of respect” for its workers, and called for the company to allow the Rock Island employees to organize.

The Teamsters also took a shot at GTI over a WeedWeek report that one of the workers at the Rock Island factory was threatened after he posted information about Devinney’s death on social media and said it fits a pattern of how it’s “egregiously violated federal law” in the past during union organizing drives.

Magen Townsend, a former GTI worker turned Teamsters organizer, said in the release that while she worked at the Rock Island grow, she and “many others … had serious safety concerns that weren’t addressed.”

“Lack of air filtration, proper ventilation, and safety equipment were among our primary issues,” Townsend said. “GTI needs to be held accountable for refusing to acknowledge these serious concerns and putting workers at risk.”

In an email, a GTI spokeswoman wrote, “To the best of our knowledge, this tragic death was not related to the working environment. According to the police report, the Rock Island County Deputy Coroner conducted an investigation and determined the cause of death to be from natural causes.”

“The safety of our team is our top priority, and we regularly review working conditions to ensure we are adhering to the highest safety standards for our team,” the spokesperson wrote. “Results from air quality testing conducted to date have complied with all regulatory acceptable standards and we feel confident in the work environment and safety measures we have in place.”

Regarding the allegations from the Teamsters, GTI called it an “attempt to push their own agenda by instilling fear and uncertainty on top of the grief we all feel.”

“We are focused on supporting our team members and the family during this difficult time,” the spokesperson wrote.

There have also been at least two federal workplace safety complaints filed about the Rock Island facility with OSHA, WeedWeek previously reported and a total of four against the company nationwide.


StaffJuly 17, 2023
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4min00

The Daily Hit is a recap of the top financial news stories for July 17, 2023.

On The Site

Colorado Cannabis Sales Continue Falling

In May, Colorado marijuana sales continued to plummet as a statewide industry slump hammers businesses, with sales hovering near their lowest point in four years. Read more here.

Green Thumb Industries Worker Dies at Illinois Facility

An employee of Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) died recently while on the job at a grow operation in Rock Island, Illinois, raising additional questions about worker safety in the cannabis industry following another worker death last year in Massachusetts. Read more here.

New Study Says Patients May Stay on Depression Meds While Taking Psilocybin Therapy

Compass Pathways (Nasdaq: CMPS) has revealed positive results from a phase 2 clinical trial investigating the use of its synthetic psilocybin treatment, COMP360, alongside daily SSRI antidepressants in treating persistent depression, the company announced Monday. Read more here.

Former Curaleaf Exec to Head iAnthus Amid RICO Suit, Alleged Mismanagement

Amid a pending lawsuit and serious allegations of funds misappropriation, Canadian producer iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCPK: ITHUF) has appointed Richard Proud as its new chief executive officer and director on the board of directors. Read more here.

SEC Seeks Judgment in Former cbdMD CEO’s Fraud Case

Fund manager Martin Sumichrast looks like he admitted his guilt in a fraud case while simultaneously claiming through his lawyers that the claims were outrageous, according to a report in Law360. Read more here.

New Markets Within California Staggeringly Slow to Open

The California marijuana business landscape remains one of the toughest in the nation, and over the past three years one of the areas in which industry advocates had placed much of their hopes – repealing city-level bans on cannabis commerce – has made barely any gains, despite a flurry of victorious pro-marijuana ballot measures and ordinances. Read more here.

In Other News

Missouri

Less than a year after recreational marijuana first hit the shelves in Missouri, the state is cracking down on just how appealing marijuana product packaging can be. New rules, governing the number and types of colors, symbols and text that can be displayed on marijuana products, go into effect next year. Read more here.

Oregon

Many Oregon marijuana industry insiders say the entire business is a “wreck,” with most businesses losing money and wholesale prices in a tailspin. Read more here.

Congress

Democratic senators are seeking to pass a series of marijuana reform amendments, including a proposal to legalize medical cannabis for military veterans, through a must-pass defense bill that’s set to be considered this week. Read more here.


John SchroyerJuly 17, 2023
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4min01

An employee of Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) died recently while on the job at a grow operation in Rock Island, Illinois, raising additional questions about worker safety in the cannabis industry following another worker death last year in Massachusetts.

Though little is yet known about the Illinois victim or how she died, WeedWeek reported that the death took place in a “non-work area of the facility,” per a spokesman for the Illinois Department of Agriculture. And the Rock Island county coroner told the news outlet that the death is being attributed to natural causes and not the work environment.

GTI confirmed the death to WeedWeek and said last week the company was still working on confirming details surrounding the circumstances of the death, which it called a “tragic event” and said “our deepest condolences go out to her family.”

“However we have no reason to believe it was related to the work environment,” GTI said in a statement. “We are focused on supporting our team members and the family during this difficult time.”

WeedWeek reported that the woman who died was roughly 60 years old, and had recently switched from a desk job to one in a production area of the grow, according to a coworker identified as “Marv.”

Marv told WeedWeek that he had been subject to coughing fits while working in the GTI grow, and also said he received a “very threatening” call from a GTI human resources staffer after he posted on social media that a coworker had died.

Separately, an official with the Teamsters Local 777 told WeedWeek that the worker had died from chronic obstructive pulmonary disease.

GTI is also still facing a number of federal labor complaints filed with the National Labor Relations Board by the Teamsters, in connection with a nearly two-week strike at three of GTI’s Illinois dispensaries.

The possibility that the GTI worker died from breathing-related issues runs parallel to reports that another cannabis cultivation worker employed by multistate operator Trulieve, who died in January 2022 at one of the company’s Massachusetts grows after suffering a reaction to “ground cannabis dust,” a report from the Occupational Safety and Health Administration stated.

That situation was ultimately settled by Trulieve for a fine of just $14,502.

It’s yet unclear whether OSHA will take on a new investigation into the most recent death at the GTI Rock Island facility, but GTI has been cited at least four times in the past by OSHA for various violations, WeedWeek reported, including two complaints filed just this year regarding the Rock Island grow. Both of those complaints are still open.

GTI spokespeople did not immediately respond to a request for comment Monday from Green Market Report.


StaffMay 30, 2023
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The 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.


StaffMay 15, 2023
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The Daily Hit is a recap of the top financial news stories for May 15, 2023.

On the Site

Green Thumb Industries Facing 10 Federal Complaints from Teamsters

Although the nearly two-week strike at several Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) facilities by unionized workers has concluded, the Illinois-based multistate operator is still negotiating with the International Brotherhood of Teamsters over employment terms for many of its workers. Read more here.

Cannabis Companies Skymint, 3Fifteen Battle in Receivership

Lawyers entangled in the court-ordered receivership of Lansing marijuana giant Skymint continue to battle over the company’s finances. The alleged trouble stems from Skymint‘s $78 million acquisition of Birmingham-based competitor 3Fifteen Cannabis in April 2022. Read more here.

Related: SNDL Sales Dip in First Quarter

Columbia Care Sees Revenue Uptick Despite Retail Closures

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported its top-line revenue for the first quarter grew 1% from the same quarter in 2022 to $124.5 million. The growth beat expectations by $1.3 million and was largely driven by strong performance in the East Coast markets, particularly New Jersey, Virginia, and West Virginia. Read more here.

Tilt Pledges ‘Frugality as a Core Value’ After $5M Loss

Tilt Holdings (NEO: TILT) (OTCQX: TLLTF) lost $4.9 million for its first quarter in 2023, a vast improvement from the final three months of 2022, when it lost a whopping $73 million. But that’s only one step in the right direction, intimated the newly minted interim CEO Tim Conder. Read more here.

TPCO Sales Down But So Are Losses

TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF), which does business as The Parent Company, posted a $16.5 million loss for the first quarter of 2023, a solid improvement from the $735 million it managed to burn through in the 24 months before that. Read more here.

More Earnings:

Auxly Cut Expenses, Achieves Positive Adjusted EBITDA in Q1
Enveric to Cut Costs, Cannabis Operations
Fire & Flower Revenues Rise Slightly in First Quarter
4Front Ventures Provides Rosy Outlook as it Expands Illinois Operations
Goodness Growth Ekes Past Expectations
Restructuring, Strategy Rework Fuel IM Cannabis’ Q1 Profit Boost
Safe Harbor Offsets $1.4M Loss with $1B Deposit Capacity Increase

In Other News

Pelorus Capital Group

Pelorus Capital Group, a provider of commercial real estate loans for the regulated cannabis sector, announced that $50 million in aggregate principal amount of 7% senior secured notes due Sept. 26, 2026, issued by its private mortgage real estate investment trust subsidiary, the Pelorus Fund REIT LLC, have been assigned an A rating by Egan-Jones Rating Company – the highest rating issued to date in the cannabis industry. Read more here.

CEA Industries

CEA Industries Inc. (Nasdaq: CEAD, CEADW) more than doubled its revenue in the first quarter of 2023 to $4.7 million compared to $1.7 million for the same period in 2022. The increase was primarily attributed to improvements in the company’s supply chain and deployment of project work as it worked through delayed projects from prior periods. 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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