High Tide Archives - Green Market Report

StaffJanuary 31, 2023


The Daily Hit is a recap of the top financial news stories for January 31, 2023.

On the Site

California Takes Baby Step Toward Interstate Cannabis Commerce

The California Department of Cannabis Control’s executive director, Nicole Elliott, and general counsel, Matthew Lee, sent the eight-page letter to Attorney General Rob Bonta, asking him to issue a written opinion as to whether shipping cannabis products over state lines would run afoul of federal law, or if the state was on firm legal ground under the U.S. Constitution. Read more here.

Washington D.C. Mayor Signs Massive Medical Marijuana Overhaul Bill

Washington D.C. Mayor Muriel Bowser on Monday signed into law the Medical Cannabis Amendment Act of 2021, which for all practical purposes will establish a new adult-use cannabis market, without any license caps or restrictions on specific medical ailments. Read more here.

D.C. Cannabis Delivery Service Owner Pleads Guilty to Laundering $3.5 Million

CEO Connor Pennington, 39, pleaded guilty to conspiracy to commit money laundering after he directed and green lit a scheme in which he and other business associates within his company, JointVentures LLC., deposited cash in denominations less than $10,000 into several bank accounts they operated. Read more here.

Village Farms Raises $25 Million in Tight Capital Markets

Village Farms International Inc. (Nasdaq: VFF) completed its previously announced registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 18,350,000 common shares at $1.35 per share, together with accompanying warrants to purchase up to 18,350,000 common shares, which have an exercise price of $1.65 per share. Read more here.

High Tide Revenues Up Big But Company Still Lost C$52M in Q4

Canadian cannabis company High Tide (NASDAQ: HITI) (TSXV: HITI) saw both its revenues and its losses balloon in its final fiscal quarter of 2022, which ended on Halloween. Though revenues shot up for the year as a whole by 97% to C$356.9 million, High Tide still lost $52.5 million in the fourth quarter alone, and posted a C$70.8 million loss for the fiscal year. Read more here.

In Other News

Nextleaf Solutions Ltd.

Vancouver, British Columbia-based Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) reported total revenue of $5.4 million for the fiscal year ended Sept. 30, 2022, an increase over 52% from the year prior. Cost of sales of $3.7 million decreased of approximately 12% from the year prior. A significant portion of cost of sales is related to excess capacity, as such, as revenue scales with increased distribution, gross profit is expected to increase exponentially. Read more here.


Year one of Vermont’s legalized market, which opened in October, was highlighted by a high demand and limited supply, which officials say they expected. That’s partly because the first licenses weren’t available until the middle of the growing season. State officials now expect a ramping up of crop yields for 2023. Read more here.

Cannabis Scheduling

A GOP congressman has refiled a bill to move marijuana from Schedule I to the less restrictive Schedule III under federal law. Rep. Greg Steube (R-FL) introduced the proposal on Friday. This is the third session in a row that he’s pushed for the modest reform, titled the “Marijuana 1-to-3 Act.” Read more here.

John SchroyerJanuary 30, 2023


Canadian cannabis company High Tide (NASDAQ: HITI) (TSXV: HITI) saw both its revenues and its losses balloon in its final fiscal quarter of 2022, which ended on Halloween.

Though revenues shot up for the year as a whole by 97% to C$356.9 million, High Tide still lost $52.5 million in the fourth quarter alone, and posted a C$70.8 million loss for the fiscal year. That’s a 102% increase in losses from 2021, when High Tide finished the year C$35 million in the red.

The company’s ongoing expansion across Canada and into Germany, however, had CEO Raj Grover touting High Tide’s “record-breaking revenue” and asserting that his company is “the largest revenue-generating cannabis company in Canada with a current annual run rate of over $450 million.”

Grover pointed to High Tide’s solid retail presence nationally in Canada, with 151 storefronts and a customer loyalty program that boasts 950,000 members.

“Our bricks-and-mortar margins have slowly but steadily ticked higher over the last two quarters, and we expect this to continue, which will help amplify the impact of our anticipated same-store sales increases,” Grover said.

Going forward, Grover said, High Tide would slow its pace on mergers and acquisitions, but would still “looking at smaller, highly accretive bricks-and-mortar opportunities” to expand their retail footprint.

High Tide also in the fourth quarter inked a partnership deal with Germany-based Sanity Group, which will give it access to the German adult-use cannabis market once that launches.

The Canadian and German duo “intend to work together on go-to-market strategies, identification of quality M&A opportunities, sourcing of high-quality real estate, expansion within European markets, and regulatory compliance,” according to a press release.

Other highlights from High Tide’s fourth quarter include:

  • The acquisition of assets from Choom Holdings Inc. closed, boosting High Tide’s Canadian cannabis retail footprint by nine shops.
  • Another acquisition deal was signed, for High Tide to purchase two British Columbia cannabis stores owned by 1171882 B.C. Ltd., which does business as Jimmy’s Cannabis Shop BC.
  • High Tide added 13 other new stores in British Columbia, Alberta and Ontario.

StaffDecember 13, 2022


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


Green Thumb Taps New Executives in C-Suite Shuffle

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

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

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

Laid-Off Trulieve Worker Files Possible Class Action Suit

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

New York Hosts Dispensary Showroom in The Bronx

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

Could Residency Lawsuits Upend Social Equity in Cannabis?

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



New Hampshire

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


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

Washington state

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

StaffSeptember 29, 2022


The Daily Hit is a recap of cannabis business news for Sept. 29, 2022.


Vermont Recreational Cannabis Sales Will Launch Oct. 1 in Burlington

At least three Vermont stores will have adult-use cannabis sales beginning on Oct. 1: CeresMED in Burlington, Mountain Girl Cannabis in Rutland and FLORA in Middlebury. Several more retailers are expected to quickly follow. Read more here.

Heritage Cannabis Reports Rising Revenue, Trims Losses

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported its financial results  for the third quarter ended July 31, 2022. Heritage delivered revenue of $10 million, an increase of 111% over last year’s $5.1 million. Heritage said the growth was attributed to a continued increase in its vape and concentrate offerings as well as the launch of the flower vertical. Read more here.

Safe Harbor SPAC Complete

Safe Harbor Financial, technically known as SHF Holdings (Nasdaq: SHFS) has completed its special purpose acquisition corporation (SPAC) deal with Northern Lights Acquisition Corp. (Nasdaq: NLIT). Northern Lights is now officially known as SHF Holdings, and the stock will continue to trade on the Nasdaq marketplace. SHFS Shares began trading at $9, down 12% as the broader market experienced selling and Norther Lights shares closed at $10.81 on Wednesday. Read more here.


Canadian cannabis grower Sugarbud seeking creditor protection

Calgary, Alberta-based Sugarbud Craft Growers Corp. “expects that it is likely to default on several material debtor agreements due to ongoing liquidity constraints,” the company said in a Monday news release. The cannabis producer is seeking creditor protection. Read more here.

High Tide to Acquire 2 Jimmy’s Cannabis Shop Locations in British Columbia

High Tide (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company, entered into a definitive agreement to acquire 100% of the equity interest of 1171882 B.C. Ltd., operating as Jimmy’s Cannabis Shop BC. Under the deal, High Tide will acquire two of the five retail cannabis stores currently operated by Jimmy’s in British Columbia for $5.3 million. Read more here.

Irwin Naturals Acquiring Ketamine Media

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) has agreed to acquire all of the issued and outstanding shares of Keta Media LLC dba Ketamine Media, the nation’s leading growth platform for clinics offering ketamine-assisted therapy. With a global network dedicated to improving patient outcomes, KM has established relationships with clinics in more than 45 states and three countries connecting providers and patients using a unique patient-centered approach to communication. Read more here.

StaffSeptember 14, 2022


The Daily Hit is a recap of cannabis business news for Sept. 14, 2022.


Tempered Optimism On Cannabis Industry Future At Benzinga Chicago Conference

A diverse swath of cannabis industry insiders at the Benzinga Capital Conference this week in Chicago expressed high-flying optimism heading into 2023, but they also hedged by acknowledging the immense business hurdles that marijuana entrepreneurs still face. Read more about sentiment on the cannabis industry here.

High Tide Revenue Keeps Rising With Resilience In M&A, Members Program

Pointed consolidation efforts and increased participation in its member loyalty program drove High Tide‘s (Nasdaq: HITI) (TSXV: HITI) third-quarter revenue to nearly double what was reported last year. “These impressive numbers come despite hypercompetitive cannabis retail markets across Canada and a global softening of e-commerce sales as pandemic-related restrictions are continuing to be lifted,” CEO Raj Grover said in a news release. Read more about High Tide’s rising numbers here.

Green Market Report’s Cannabis Tech Awards Profile: Puffco, Coolest Consumption Tech

Puffco’s mission has always been to make “the magic of concentrates accessible to everyone.” The company’s advanced push-button technology hardware and accessories for vaping and dabbing helped make the category significantly more friendly to a wider group of cannabis consumers. This is why Green Market Report honored Cannabis Media at the first ever Green Market Report Tech Awards in San Francisco. Read more about Puffco’s cool consumption tech here.


Curio Wellness Announces Four New VP Positions

Curio Wellness, a cGMP-certified, vertically integrated medical cannabis company, created four new created vice president positions representing additional expertise in the areas of expansion & integration, supply chain, marketing and brand development. The appointments will help support Curio’s three-year strategic plan. Read more here.

Debra BorchardtJuly 27, 2022


Halo Collective Inc. (NEO: HALO) (OTCQX: HCANF) has decided to not buy PhytoCann Holdings SA and cited market conditions as the driving factor for not pursuing the proposed acquisition. In addition to killing the PhytoCann deal, Halo also said it essentially gave back the stores it had planned to buy from High Tide.

With regards to the termination of the PhytoCann deal, CEO Katie said, “I have worked in the legal U.S. cannabis industry for nearly a decade and frankly have never seen market conditions as challenging as what we are experiencing today. In conjunction with the Board of Directors, I have therefore decided to focus on Halo’s core assets, including California and Oregon. We are simplifying and strengthening in order to enhance shareholder value. Even under the best conditions, managing an international business out of our core product line presents complexities. We wish Phytocann’s management all the best and look forward to their continued success.”

Halo has been struggling and when it reported its first-quarter earnings the company said revenue declined 23% to $7.6 million and that sales were impacted by a significant downturn in both the California and Oregon markets.

Ms. Field added, “As the new CEO, I have aggressively reduced overhead costs and plan to continue streamlining expenses to make Halo’s core business profitable. Furthermore, I have opted for a local, tactical approach to sales and marketing that we expect to improve speed to market and connections with our consumers in California and Oregon. We are focused on the Hollywood store opening and improving inventory levels company-wide. We expect to deliver a comprehensive business update in the coming weeks.”

High Tide Stores

In July of 2021, Halo Kushbar Retail Inc., a wholly-owned subsidiary of Halo, purchased three cannabis stores in Alberta from High Tide Inc. (NASDAQ: HITI). The purchase price for the stores was paid by Halo, on behalf of Kushbar, by way of issuance to High Tide of shares in the capital Halo and a convertible promissory note. The debt owing under the Note was secured by, among other things, a share pledge of Halo in respect of the shares it held in Kushbar.

Now Halo is saying that due to a dispute between the two parties regarding certain payments in respect of the stores, Halo did not perform certain of its obligations under the purchase agreement. It seems Halo decided not to make its payments and claimed the stores weren’t generating the revenue or profits it expected. According to the company statement, High Tide has taken back the stores and Halo has no further obligations or liabilities under the Note or the purchase agreement.

Halo has noted this year that it is a going concern. At the end of March, Halo had $1.8 million in cash.

Adam JacksonJuly 19, 2022


High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) has entered into an agreement with a syndicate of underwriters led by Echelon Wealth Partners Inc. have agreed to purchase 4,310,400 units at a price of C$2.32 per Unit for total gross proceeds of approximately C$10 million. Despite raising the money in the bought deal, the company cautioned in its remarks that the overall cannabis landscape was becoming more challenging.

“On April 18, 2022, we announced that we had executed a letter of intent with Connect First Credit Union Ltd. for non-dilutive credit facilities. Due diligence on this financing remains ongoing; however, this process is taking much longer than previously anticipated. Accordingly, we are being proactive with a supplemental C$10,000,000 equity capital injection. Despite the recent deteriorating and uncertain macro environment, our operations remain very strong, and today’s news will ensure that we can continue our trajectory and take advantage of the attractive opportunities that present themselves in the market.” said Raj Grover, President and Chief Executive Officer of High Tide.

The company said that the money will be used for constructing and opening new retail cannabis store locations, the repayment of the debt, and for general corporate and working capital purposes. It reported that it had C$15 million in cash at the end of April.

Sailing Through Rough Waters

As Grover stated, the company’s previous earnings were solid. Last month, it released its financial results for the second fiscal quarter of 2022 ending April 30, 2022. Revenue for High Tide increased to $81.0 million versus $40.9 million in the same quarter last year. Sequentially, revenue increased by 12% compared to the first fiscal quarter. That represented the second-highest quarterly revenue figure generated by a Canadian cannabis company reporting in Canadian dollars. The net loss was trimmed by 33% to $8 million in the quarter versus last year’s net loss of $12 million for the same period.

In June, High Tide said it expected to continue to increase its revenue through the third fiscal quarter of 2022, and for the remainder of the year through organic growth and accretive M&A. The goal is to have at least 150 stores open by the end of the year. Currently, it has 126 stores in its Canadian retail store portfolio. The company also said it anticipates entering the British Columbia market within the third fiscal quarter of 2022 and will continue growing strategically in other provinces where it currently operates.

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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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