Harborside Archives - Green Market Report

Debra BorchardtDebra BorchardtFebruary 18, 2021
tax.jpg

5min970

California-based cannabis company Harborside Inc.  (CSE: HBOR), (OTCQX: HBORF) has been fighting the IRS over tax payments related to IRC Section 280E, which
prohibits businesses engaged in the trafficking of controlled substances (including cannabis as specified in Schedule I of the FCSA) from deducting normal business expenses associated with the sale of cannabis.

The company announced that the United States Tax Court ruled in favor of the Commissioner of Internal Revenue with respect to Docket Nos. 12313-15,12353-15, and 15714-18 to disallow all of SJW’s deductions pursuant to I.R.C. sec. 280E for all the years at issue.  Harborside said in a statement that the accrued liabilities in connection with its SJW dispensary will now be less than the provision previously set aside. The SJW refers to San Jose Wellness which had two pending tax court cases.

“Since our new Board of Directors was seated on November 24 th, we have committed to resolving all 280e disputes with the IRS and more importantly, the end of federal prohibition,” said Matt Hawkins, Chairman of Harborside. “I’m encouraged to report that our provision more than accounts for the potential liability with respect to the Cases. Harborside has developed a strong reputation for providing high-quality products and retail experiences to the California market and will continue to support the legal cannabis industry.”

In a company filing, Harborside had noted that on September 30, 2020, the reserve for that tax payments totaled approximately $38.2 million (December 31, 2019 – $36.5 million), which was comprised of the tax liability of approximately $26.7 million, a sum which includes the separate tax proceedings described below, and accrued interest of approximately $11.5 million (December 31, 2019 – approximately $9.8 million).

San Jose Wellness

The first case involves the 2010, 2011, and 2012 tax years, and in this case, the IRS has asserted a tax deficiency of $2,120,215. The second case involves the 2014 and 2015 tax years. The IRS has asserted in the second case that SJW owes an additional $2,259,528 in tax and penalties. Both of these proceedings involve substantially the same issues as the PMACC cases. The first SJW case has been stayed before the U.S. Tax Court, pending the outcome of the above-described tax cases involving PMACC. The second SJW case is proceeding without trial and briefs are being submitted. The Company expects that ultimately the SJW cases will also be controlled by the outcome of the PMACC Ninth Circuit appeal proceedings.

“The Company, after consulting with outside counsel, believes that only its subsidiaries that are either cannabis license holders or are otherwise plant-touching are subject to IRC Section 280E. However, there is a general risk that the IRS could attempt to apply Section 280E to other subsidiaries of the Company, in which instance the tax liability of the Company could be greater. While the Company would contest such efforts, the outcome of any such litigation is unpredictable.”

280 E Issues

The problem with cannabis businesses being unable to claim typical business deductions is that it affects a company’s profits. Many of the central issues relating to the interpretation of Section 280E remain unsettled, and there are critical tax accounting issues regarding the allocation of expenses to the cost of goods sold (thus avoiding disallowance as deductions under Section 280E). IFRIC 23 – Uncertainty over Income Tax Treatments (“IFRIC 23”) provides guidance that adds to the requirements in IAS 12 – Income Taxes (“IAS 12”) by specifying how to reflect the effects of uncertainty in accounting for income taxes. The Company evaluated these uncertain tax treatments, using a probability-weighted approach to assess the range of possible outcomes as required in its adoption of IFRIC 23 and, although it strongly disagrees with the positions taken by the IRS and the findings of the Tax Court, the Company has determined that a reserve for an uncertain tax position should be recorded for all years subject to statutory review.


Debra BorchardtDebra BorchardtJanuary 20, 2021
Harbor-min.jpg

3min3720

California-based cannabis company Harborside Inc. (CSE: HBOR), (OTCQX: HBORF) upsized its previously announced brokered private placement of units of the company at a price of C$2.55 per SVS Unit for gross proceeds of approximately C$27 million, representing an increase of C$7 million, due to excess demand.  The stock was lately selling near $2.22, which isn’t far from the company’s 52-week high of $2.40.

ATB Capital Markets and Beacon Securities Limited are co-lead agents to the offering. The company said it expects to use the net proceeds from the offering for general corporate and working capital purposes. The company said in a statement that it has granted the Agents an option to sell up to an additional 15% of the Units in the Offering, exercisable in whole or in part at any time prior to the closing of the Offering. As previously announced, Entourage Effect Capital, LLC, one of the largest shareholders of Harborside, is participating in the offering with approximately C$9.0 million in commitments.

C-Suite Changes

Harborside has been making some moves in the C-suite and the board lately. Last week, it was announced that Chief Operating Officer Greg Sutton stepped down from his position effective January 15, 2021. At the time Interim CEO Peter Bilodeau said, “On behalf of the whole team, I want to extend my heartfelt appreciation to Greg for his contributions and tireless efforts during his tenure with Harborside. We wish him the best in his future endeavors.” At the beginning of the month, the company announced that it and Steve DeAngelo were separating and that the company was eliminating the role of Chairman Emeritus, effective December 31, 2020.

At the time Steve DeAngelo said, “Harborside was founded on the principle of providing safe and affordable access to cannabis for those who require it. I’m proud of the immense work that has been completed to get us to where we are today and wish the very best for the company as it continues to grow. Moving forward, I will continue to focus on environmental, social and corporate governance (ESG) issues and opportunities in the legal cannabis industry.”

 


StaffStaffJanuary 4, 2021
Harbor-min.jpg

4min4460

Harborside Inc.’s (OTCQX: HBORF) Co-founder Steve DeAngelo is parting ways with the company as the company said it is eliminating the role of Chairman Emeritus, effective December 31, 2020. A longtime activist and strong advocate for the cannabis reform movement, Mr. DeAngelo co-founded Harborside in 2006 as a non-profit medical cannabis dispensary. Harborside was granted one of the first six medical cannabis licenses in the United States and was one of the first in the nation to support comprehensive cannabis education for seniors, veterans, and families with severely ill children.

DeAngelo said in a statement, “Harborside was founded on the principle of providing safe and affordable access to cannabis for those who require it. I’m proud of the immense work that has been completed to get us to where we are today and wish the very best for the Company as it continues to grow. Moving forward, I will continue to focus on environmental, social, and corporate governance (ESG) issues and opportunities in the legal cannabis industry”.

DeAngelo co-founded several iconic cannabis businesses and organizations including Harborside, Steep Hill Laboratory, the Arc View Group, the National Cannabis Industry Association, and the Last Prisoner Project. Steve’s creative projects include a book, The Cannabis Manifesto, and a Discovery Channel mini-series, Weed Wars. He was a lead organizer and fundraiser for I-59, Washington DC’s medical cannabis initiative, and is famed for his successful litigation against the Department of Justice (the “DOJ”), which halted DOJ’s last-ditch 2011 campaign to shut down California’s medical cannabis dispensaries.

However, long before Harborside was even a thought, DeAngelo joined the Youth International Party – also known as the Yippies as a young adult. He went on to become the lead organizer of the annual Fourth of July Smoke-In in D.C., carrying the position for a decade. DeAngelo graduated summa cum laude from the University of Maryland. He also opened a legendary D.C. counter-cultural gathering place that became known as a refuge for local cannabis and peace activists during the Reagan-Bush era, including William KunstlerWavy Gravy, and author Jack Herer.

Matt Hawkins, Chairman of Harborside, said, “On behalf of the Board, I’d like to thank Steve for his service to Harborside and for his history of activism in furtherance of building the robust, legal cannabis industry that exists today.”


StaffStaffDecember 4, 2020
Harbor-min.jpg

5min3390

Peter Bilodeau is a serial entrepreneur with extensive leadership experience across many sectors, including the cannabis industry, merchant and investment banking, retail, manufacturing, real estate, and oil & gas. He is President and CEO of Foundation Markets Inc. and FMI Capital Advisory Inc. Prior to launching his entrepreneurial career, Peter worked for one of Canada’s major chartered banks quickly advancing to the senior management ranks. Peter is a former real estate appraiser with extensive experience in various types of real property valuation. Mr. Bilodeau’s business prowess is frequently called upon through his finance and consulting business and as a member of the Board of Directors of several companies.

Full birth name: Peter Bilodeau

Title: Interim CEO

Company: Harborside Inc.

Years at current company: 1

Education profile: Peter has a Masters Degree in Business Administration, with a specialty in Financial Services, from Dalhousie University, Halifax, Nova Scotia, Canada.

Most successful professional accomplishment before cannabis:

Over the years, Peter has assisted multiple clients in various business sectors, including cannabis, retail, manufacturing, agriculture, and the resources sectors, with financing requirements as well as management and consulting mandates, often assisting in pushing companies past their operational roadblocks and helping them achieve their business goals. Most recently, Peter helped Quinsam Capital Corporation through their transition to a focus on cannabis, raising roughly $15M in financing and serving as President and director before resigning to dedicate his time fully to Harborside.

Company Mission:

Harborside’s mission is to be the preeminent retailer of cannabis products in the markets in which we serve by providing quality cannabis at affordable prices: quality, choice and trust. Since day one in 2006, we have taken pride in staying steadfast to our mission of taking an individual approach with each patient, providing them with knowledge, transparency and a variety of options to make the best decision for their own needs.

Company’s most successful achievement:

As one of the first six dispensaries in California, Harborside’s history is full of firsts and we are proud to be known as industry trailblazers. In 2019, we opened the first and only recreational drive-thru in California at our Desert Hot Springs location. We are also extremely proud of our Harborside Farms facilities in Salinas, where we cultivate our own quality-tested, craft cannabis for our in-house brands as well as others in the California market, allowing us to become a successful vertically integrated company and maximizing returns.
Our fourteen years of operations have been filled with multiple victories, not only for the company itself but also for the industry as a whole. One monumental industry win was our 2016 victory over the federal government, with the forfeiture of their five year-long attempts to seize Harborside’s leased premises in Oakland as part of their crackdown on the California medical marijuana industry.

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

If so, how much?: Over several financings throughout the years, we have raised over USD $42M to date.

Any plans on raising capital in the future? We will announce more on this topic in the months ahead after a strategic review, which is currently underway, and the installment of our new board.

Most important company 5-year goal: Our goal is expansion across the board – from our California retail and wholesale footprints to our in-house brand presence and brand offerings. Ultimately, we want to maximize and reap the benefits of vertical integration and in turn, maximize our stakeholder value.


StaffStaffOctober 13, 2020
Harbor-min.jpg

2min6050

Harborside Inc. (OTCQX: HBORF) released preliminary unaudited third-quarter 2020 financial results for the period ending September 30, 2020 showing that gross revenue for the quarter is expected to exceed $18.5 million.  Net revenue for the quarter ending in June was $15.2 million with net losses of $1.7 million. 

The company did not release any information with regards to profits or losses. investors may need to be reminded that Harborside changed its ticker symbol from “HSDEF” to “HBORF” on the OTCQX market effective today October 7, 2020.

“I’m thrilled with the ongoing performance of our business and proud to have seen the whole Harborside team rally together this year,” said Peter Bilodeau, Chairman and Interim CEO of Harborside. “We have come a long way in just 9 months and today more than ever, we are well-positioned to take advantage of the opportunities ahead of us while continuing to provide our customers with the highest quality products and driving strong returns for our shareholders.”

The company said that growth in the quarter continues to be driven by improved harvest yields and production of premium flower varieties combined with higher sales volumes and higher average prices per pound of the company’s farm operation in Salinas, California combined with the strength of the company’s retail operations, where enhanced merchandising and pricing initiatives have resulted in, amongst other things, improved product mix, selected pricing changes and higher sell-through of internally produced products.

 


StaffStaffJuly 30, 2020
shutterstock_1706396005.jpg

6min9480

Editors Note: This story was written by Jackie Bryant.

Like everything else touched by COVID-19, unexpected trends and shifts have occurred in the cannabis industry. One such shift is towards consumers seeking value products, which are rising in popularity due to a reduction in work and income across many different industries as the COVID-19 crisis wears on. In particular, low price/high THC combinations seem to be the magic bullet for anyone shopping for cannabis on a budget. 

Canndescent, a brand that initially entered the market with a luxury-focus, recently launched the company’s third brand, Baker’s Cannabis Co. The brand offers lower-cost but still decent quality products, like $6 one-gram pre-rolled joints and $55 half-gram pre-ground pouches, which come equipped with rolling papers and crutches. 

Old Pal

The style echoes one of the original legal value cannabis brands, Old Pal, which began selling its pre-ground cannabis flower in similar packaging and has gained popularity for its surprisingly high-quality product despite being priced comparatively lower than others in the space.

“Quality weed at fair prices has always been in high demand,” says Rusty Wilenkin, CEO of Old Pal, noting that this isn’t exactly a specific-to-COVID trend. “Value at Old Pal means more than just perceived value of low cost, to us value is the best quality at fair prices. During COVID, we’ve seen steady demand from consumers for our products. The industry overall has felt disruption with changing and varying regulations for retail shopping state to state. And while this is not unique to the cannabis industry, with the industry being as young as it is, these changes have been even more demanding.”

Canndescent

“Consumers aren’t visiting dispensaries as often as before,” explains Canndescent’s CMO Sam Arellano regarding a specific buying trend that can be directly attributed to COVID. “When they do, they’re opting for cannabis in larger weight/sizes with strong value equations to carry them between visits. We’re experiencing this increase in demand with Baker’s Cannabis Co. Despite COVID-19, demand has been consistently strong and steadily growing as consumers come to trust Baker’s quality, price, and availability.”

Arellano continues, speaking to a very specific type of customer–people who genuinely use cannabis as part of their daily routine. So much of the cannabis industry revolves around the highest potency possible, which is expensive to cultivate and produce. Add in state and local taxes on top of dispensary mark-up, and suddenly, someone who was used to paying legacy market prices faces an incredible new sticker shock for something that is part of their everyday life.

“Beyond price, they care about efficacy, availability, and trust,” Arellano says of frequent users. “Trust that the cannabis they choose is free from pesticides and other harmful containments, grown responsibly by a cultivator they respect. Availability as in, always there when they want it. And efficacy as in quality product and consistent experience.”

Harborside

CEO Peter Bilodeau from Harborside (OTC: HSDEF) in Oakland also sees the low price/high THC correlation, but suggests there are other value trends afoot, too, and that rather than hunting for potency regardless of any other factors, buyers are instead settling on personal ratios of price to THC relative other factors. 

“For some, low price and high THC correlates to value,” he says, “but we still have a varied customer base that is looking for high quality, small-batch items, flavor, consistency, and a wide selection of strains/options. We think this is why people tend to shop for the sales items for the best deal versus only shopping for items that are consistently priced lower.” 

Overall, Bilodeau says, Harborside has seen an increase in customers shopping for their sales products as well as increased basket sizes.

In any industry, the value market has always been, well, invaluable to the success of most brands that don’t market themselves to be exclusively luxurious. In an age where inequality is rising and in an industry where inequality is always at the forefront of political issues, like cannabis is, it makes even more sense that value-marketing would become an increased priority for cannabis brands looking to corner the market. 

Now that cannabis has been deemed essential in many states, sweeping federal legalization is again being discussed and it appears that economic upheaval is here to stay, at least for a while, the market for value cannabis brands has never been brighter.

 


StaffStaffJune 30, 2020
daily_hit004-1280x533.png

8min4610

It’s Time for your Daily Hit of cannabis financial news for June 30, 2020. 

On the Site 

GW Pharmaceutical 

GW Pharmaceuticals plc (NASDAQ:GWPH) has pushed the legalization of cannabis ahead with its work on the drug Epidiolex. Now the company is making its plans for its other cannabis drug Sativex known and it’s impressive and hopeful. 

The company is announcing its plans for its pipeline product nabiximols to the U.S. market. This strategy includes multiple opportunities for the submission of an initial New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA), the earliest of which could occur in 2021. 

Zynerba 

Some drugs work and at other times they don’t, which is the whole point of testing and the importance of trying to find solutions to patient conditions. Unfortunately for Zynerba Pharmaceuticals, Inc. (ZYNE) its latest top-line results from the 14-week pivotal CONNECT-FX (Clinical study of Cannabidiol (CBD) in Children and Adolescents with Fragile X) trial failed to produce the necessary threshold for positive results. The stock was selling off as a result of the news. 

IIP & GrowGen 

Cannabis investors remain hungry for stock as long as the company is one with solid and consistent revenue. It seems GrowGeneration Corp. (NASDAQ: GRWG) and Innovative Industrial Properties, Inc. (NYSE: IIPR) are two such companies. Both priced and upsized offerings today. 

HBO Max 

HBO Max has become the latest production company to use cannabis products as a marketing tool. The company is partnering with Sunderstorm’s Kanha Cannabis Infused Gummies and online cannabis marketplace Eaze to launch a collection of character-inspired CLOSE ENOUGH edibles. 

“Close Enough, is a surreal animated comedy about a married couple, their five-year-old daughter, and their two divorced best friends/roommates all living together on the east side of Los Angeles. The series is from the creator  JG Quintel, creator of the Emmy Award-winning “Regular Show” and begins streaming on July 9. 

Paragon Coin 

Coin Telegraph reported that Paragon Coin will face federal claims from a class-action lawsuit alleging that the firm’s $70 million ICO from 2017 violated securities laws. The website said that a Californian federal judge has certified an investor class in a lawsuit alleging that the cannabis crypto firm Paragon Coin Inc violated securities laws in its 2017 initial coin offering (ICO) that raised $70 million. Paragon Coin promoted its ‘PRG’ tokens as a currency for the cannabis industry and hired popular rapper The Game to promote the offering. 

In Other News 

Harborside 

Harborside (OTC:HSDEF)said that its delay in completing the Annual Filings occurred due to the impact of the COVID-19 pandemic. “In addition, as previously announced, the company is relying on the blanket exemptions issued by provincial securities commissions due to COVID-19 to extend the date of filing its interim financial report for the three months ended March 31, 2020 and related management’s discussion and analysis. The Company does not expect to file the Interim Filings before the expiry of the 45-day extension on July 14, 2020.” 

The company said it continues to expect to file the Annual Filings, as well as the financial statements for the fiscal years ended December 31, 2017 and 2018, no later than July 10, 2020 and will apply to have its previously disclosed cease trade order revoked. Harborside said it expects trading to resume on the CSE shortly after the revocation of the CTO. 


Debra BorchardtDebra BorchardtNovember 22, 2019
Harbor-min.jpg

5min9440

California-based dispensary company Harborside Inc. (CSE: HBOR) reported that its third-quarter revenue increased 22.4% year-over-year to $14.1 million for the quarter ending September 30, 2019. The company said that the increase in revenue was attributed to a 13.5% growth in retail revenue and 57.1% growth in wholesale revenue.

Net losses for the third quarter were trimmed to $1.2 million versus last year’s net loss of $5.2 million for the same time period. This was attributed to decreases in fair value of biological assets, increases in operating expenses and a one-time write-down of investment which was offset by a non-cash gain on derivative liabilities of $9 million due to translation on exercise prices of options and warrants, and conversion prices of debentures, denominated in other foreign currencies.

“We are pleased with the continued strong results from our retail and wholesale operations, which have contributed to a robust third quarter. Our revenue growth remains solid and Q3 represents the 15th quarter in a row in which our revenue has tracked over $10 million,” said Harborside Interim CEO Peter Bilodeau.

“While we are pleased with our third-quarter results, there is still much work to be done. We are focused on executing on our goals, continuing to drive growth through our retail and wholesale divisions, and remaining laser-focused on our California-centric growth plan. In addition, we have worked with our executives, members of the Board of Directors and insiders to extend the terms of the company’s lockup agreements until June 1, 2020, and expect analyst coverage of our company to commence shortly.”

Expenses

Harborside reported that its total operating expenses for the quarter were $8.7 million, which rose over last year’s $6.7 million for the same time period. Total operating expenses in the third quarter of 2019 included general & administrative expenses of $5.4 million,  $2.1 million in expenses related to share-based incentive compensation, $2.3 million of share-based payments, an allowance for expected credit loss of $0.3 million, and $0.284 million of depreciation and amortization.

“In addition, in order to be a profitable business, we must address costs. To reach our goal of reducing our operating expenses, we have begun implementing the cost-cutting initiatives the Alvarez & Marsal team identified to recognize the efficiencies in our business and have focused on streamlining our operating costs at our Salinas facility.” Total assets totaled $53.0 million and included $16.6 million of cash on hand.

Looking Ahead

“We are updating our full-year 2019 revenue guidance from $5557M to $5052M to reflect the delayed timing of the openings of the Desert Hot Springs and San Leandro locations and the delayed closing of the LUX acquisition. Both stores are in the process of opening, and we now expect LUX to close by the end of December, such that they will be reflected in our run rate for 2020. The delay in the closing of the LUX acquisition is expected to result in an approximately $1.5 million decrease to 2019 annual revenue, and an additional $2 million decrease in revenue resulting from the delay in the opening of the two new locations. Additionally, a production issue at the Company’s farm disrupted three harvests which the Company expected to monetize in the fourth quarter of 2019 worth approximately $1.5 million of revenue.”

The company noted that 2019 guidance does not include the results of any pipeline acquisitions other than LUX.


StaffStaffAugust 30, 2019
Harbor-min.jpg

4min14230

California-based cannabis dispensary company Harborside Inc.  (CSE: HBOR) delivered its results for the second quarter ending June 30, 2019, with revenues up 20% to $12.7 million. The results were driven by 6.5% growth in retail revenue and 208% growth in wholesale revenue.

Harborside reported a net loss for the second quarter of $15.6 million versus last year’s net loss of $4.8 million for the same time period. It was attributed primarily to a $15.4 million provision for potential tax penalties under 280E. The company had fought the 280e tax battle, which would have benefited the entire industry had they won. Unfortunately,  the issue remains tied up in the courts.

In addition to that, the company had $3.6 million of non-recurring expenses related to its reverse takeover transaction and other one-time items, offset by a non-cash gain on derivative liabilities of $7.2 million due to translation on exercise prices of options and warrants, and conversion prices of debentures, denominated in other foreign currencies.

“The second quarter was a milestone for Harborside. On June 10, we listed on the CSE after completing the RTO and raising capital. I am pleased that in our first quarter as a public company, we reported solid revenue growth and were profitable on an Adjusted EBITDA basis and that we now rank among the top 20 US-listed cannabis companies by revenue,” said Harborside CEO Andrew Berman.

He went on to say, “That said, the Board and our executive team are not at all satisfied with the significant loss of market capitalization in our first months as a public company. While the overall market is down, what upsets us is that Harborside is down even more despite our installed base of revenue and solid growth prospects. We think we are significantly undervalued, and to demonstrate that firm belief, today we also announced that we are implementing a normal course issuer bid under which we expect to buy up to 5% of our subordinate shares.”

Deals Called Off

As of August 29, Harborside decided that it would not move forward with the purchase among “FLRish Retail Management & Security Services LLC and Airfield Supply Co., Inc. and its owner, in light of the company’s current share price and the substantial cash component of the purchase price which management has determined are not in the best interests of shareholders.”

In addition to that, Harborside said it also will not move forward with “The Agris Acquisition as contemplated by the Agris Agreement, in light of the principal owner’s demand for an increase in the purchase price and other terms which in management’s judgment make the transaction not in furtherance of the Company’s goals or strategy or otherwise in the interests of the Company’s shareholders, and given the Company’s already substantial capacity to produce high-quality cannabis at its Salinas facility at significant scale.” The company went on to say that Menna Tesfatsion, the founder and principal owner of Agris Farms, would not be joining Harborside as Chief Operating Officer.

Berman did give a forecast for 2019, “We are targeting $55 to $57 million of revenue and to achieve positive Adjusted EBITDA. We believe that the combination of solid topline growth and margin expansion for a cannabis asset trading at 1.5x revenue makes for a highly attractive investment opportunity.” 


Debra BorchardtDebra BorchardtJuly 29, 2019
daily_hit004-1280x533.png

4min10130

It’s time for your Daily Hit of cannabis financial news for July 29, 2019.

On The Site

Nextleaf Solutions
Extraction technology company Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) said that its common shares will begin trading today on the OTCQB Market. Nextleaf will trade on the OTCQB under the symbol “OILFF” and the company’s common shares will continue to trade on the Canadian Securities Exchange under the symbol “OILS”. Nextleaf owns a portfolio of issued and pending patents pertaining to the company’s unique, industrial-scale process of extraction and purification of cannabinoids.

CannBioRx
Special Purpose Acquisition Company (SPAC) KBL Merger Corp. IV (NASDAQ: KBLM) signed a definitive agreement for the merger of a wholly-owned subsidiary of KBLM with CannBioRx Life Sciences Corp., a drug development company focused on treating inflammatory diseases. It began trading last Friday as a NASDAQ-listed cannabis biotech.

Fake CBD
Hundreds of people have been benefited from using Cannabidiol (CBD) – a substance scientifically proven to be safe for human consumption – even for children!
It not only has a wide range of therapeutic benefits but also has been useful for treating numerous serious ailments and disorders. However, not all products touted as “natural CBD oil” are actually as natural they claim to be.

In Other News

SOL Global Investments Corp. (SOL.CN) (SOLCF) has purchased an additional 16,766,250 common shares in the capital of HeavenlyRx Ltd. at a price of $0.40 for an aggregate subscription amount of CAD$23,909,000.
The subscription is part of a larger private offering by HeavenlyRx of Heavenly Shares. As a result of this subscription, SOL Global now holds 44.53% of the issued and outstanding Heavenly Shares and the other shareholders of Heavenly Rx collectively hold the remaining 55.47%. The Heavenly Shares are subject to an indefinite hold period under applicable Canadian securities laws.

Radient Technologies Inc. (TSX Venture: RTI)(OTCQX: RDDTF) has issued an aggregate of 93,151 common shares to a third-party consultant for services provided during the quarter ended June 30, 2019, pursuant to the shares for service agreement previously approved by the TSX Venture Exchange. The common shares were issued at the TSX Venture Exchange 15 day VWAP share price of CAD $0.87.

Iconic Northern California cannabis company Harborside Inc. (CSE: HBOR) has appointed Mattio Communications as its investor relations advisors. Mattio is a New York-based communications firm which provides public and private cannabis companies with an array of services designed to maximize shareholder value through customized strategic investor relations programs (see https://www.mattio.com/). Harborside has also engaged Mattio to provide media and public relations support in an effort to build awareness of the Harborside brand and to capitalize on the company’s heritage as one of the oldest, largest and most respected cannabis retailers in the world.



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 – 21 hours

Here’s why everyone in the industry should be careful about after former CEO J…

@GreenMarketRpt – 21 hours

The cannabis community is certainly pleased to see that the state of has legalized adult-use cannabis, bu…

Back to Top

You have Successfully Subscribed!