Housing Works Archives - Green Market Report

StaffMarch 20, 2023


The Daily Hit is a recap of the top financial news stories for March 20, 2023.

On the Site

Aurora Seeks to Dilute Shares as Cannabis Capital Raises Remain Scarce

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) asked Canadian regulators on Friday to approve a plan to $650 million worth of stocks, debt, and other financial products over the next two years. Read more here.

Bilzerian’s Ignite Faces More Trouble Over Documents

Instagram celebrity Dan Bilzerian and his cannabis-focused company Ignite International Brands are in hot water with the courts for not turning over documents in a contract dispute case. According to Law360, the company was told on Feb. 28 that it had 10 days to produce 65 documents, which it failed to do. Read more here.

Michigan’s Gage Cannabis Pinches TerrAscend’s Earnings

TerrAscend said it effectively overpaid for both Ferndale-based Gage Cannabis and Morenci-based Pinnacle Emporium as the value in the Michigan market plummeted due to product oversupply and increased competition. The publicly traded company (OTC: TRSSF) recorded a $332.5 million loss in 2022, largely due to $311.1 million in impairment charges tied to the acquisitions. Read more here.

Housing Works Launches Legal Cannabis Delivery in ‘Select NYC Neighborhoods’

The first licensed recreational cannabis retailer in New York has now added home delivery to its options for customers, albeit in only a handful of areas within New York City. Housing Works, the nonprofit that launched adult-use marijuana sales in December, began offering home delivery a “few weeks” ago. Read more here.

Mississippi Legislature Tweaks Medical Marijuana Program

Mississippi lawmakers this week gave final approval to a bill that, on its face, contains a number of business-friendly provisions that may make life easier for the state’s medical cannabis operators. House Bill 1158, which both chambers passed as of last week, heads now to Gov. Tate Reeves for his signature. Read more here.

In Other News


Businesses across the recreational cannabis industry in Oregon are facing some of the worst economic conditions since marijuana was legalized over seven years ago. The average price per gram of marijuana has fallen to $4, a record low according to a recent state budget forecast. Read more here.

IGC Pharma

India Globalization Capital Inc. (NYSE American: IGC) becan operating under the new name IGC Pharma Inc., effective March 30, as part of a rebranding strategy that better reflects IGC Pharma’s strategic focus and vision for the future. Read more here.

StaffJanuary 18, 2023


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

On the Site

New York’s First Cannabis Retailer Sued over Website Accessibility

The nonprofit Housing Works, which launched recreational cannabis sales in New York City last month, is now facing a legal fight over its website, in a suit filed by a blind woman, claiming it’s in violation of the Americans with Disabilities Act. Read more here.

Bespoke Financial Sues ‘In Da Cut’ For Not Paying Its Debt

Cannabis lender Bespoke Financial is suing California-based In Da Cut LLC’s CEO, Drayten Howell, and DOES 1-10 for not paying back the money that was borrowed. According to the court complaint filed on Jan. 11, Bespoke loaned money to In Da Cut in February 2022 so that In Da Cut could pay third-party vendors for goods and services that had been purchased. Read more here.

Michigan Cannabis Sales Hit New Record

Michigan had a banner year in 2022, ending with $221.7 million in sales for the month of December alone and a full-year total of $2.3 billion, a new record for the state’s marijuana industry. That annual sales figure is a 28% increase from 2021. Read more here.

Cannabis ETF Investors: Bad Timers, but Committed

Cannabis ETF investors are a loyal bunch, but not so great at market timing. Just look at one of the more popular cannabis ETFs, the AdvisorShares Pure U.S. Cannabis ETF managed by Dan Ahrens, where investors seem to buy high and sell low. Read more here.

In Other News

Body and Mind Inc.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ), a multistate operations-focused cannabis company, posted revenue for fiscal year 2022, ended July 31, 2022, of $31.6 million, a 17.6% increase over FY 2021 revenue of $26.9 million. Read more here.

Nass Valley Gardens

Nass Valley Gardens Inc., a Nevada registered C-Corp and a wholly owned subsidiary of Nass Valley Gateway Ltd., (CSE: NVG) (OTC: NSVGF)(FSE: 3NVN), signed a definite agreement to purchase 100% of Super Scientific Laboratories LLC, a manufacturer of products focused on CBD, cannabidiols, vapes, gummies, soaps, lotions, and other consumer products. Read more here.

Adam JacksonJanuary 13, 2023


A second New York dispensary is set to open in Manhattan more than two weeks after the state saw its first legal adult-use sale.

The “Union Square Travel Agency: A Cannabis Store,” will be located at the former home of an old Chase bank on the corner of Broadway and East 13th Street, across from the Union Square subway station.

The store plans to open in February, but have a soft opening on Friday at a facility with an entrance at 62 East 13th St. while the main 5,000-square-foot space is being built out.

Of the proceeds, 51% will go to the Doe Fund, which provides housing, career training and counseling to marginalized populations in New York City. Additionally, the store will only sell products cultivated in the state with a focus on women and BIPOC-owned businesses.

The dispensary will be open from 10 a.m. to 10 p.m. on weekdays and 10 a.m. to 11 p.m. on weekends, seven days a week.

The first legal adult-use dispensary opened Dec. 28 at a former Gap retail store in lower Manhattan near Astor Place. The historic opening marked a long-awaited launch of a state marijuana market that many analysts project could become one of the country’s most promising.

Despite the proliferation of numerous illegal shops throughout the state, Gov. Kathy Hochul announced on Dec. 21 that Housing Works,  is a minority-controlled nonprofit that focuses on helping those with HIV and AIDS, would be the first of 36 recently licensed dispensaries to begin selling cannabis to the general public. Housing Works has been known for running a small chain of charitable retail outlets.

The state is expected to issue an additional 139 licenses in the coming months for about 900 applicants. The state reserved its first round of retail licenses for applicants with marijuana convictions or their relatives, plus some nonprofit groups.

It also planned a $200 million public-private fund to aid social equity applicants with real estate, though its status and how much progress has been made is not exactly clear. Industry stakeholders told Green Market Report in November that there’s been little news on how much progress has been made by fund managers in actually raising capital or getting state monies deposited, so that actual retail spaces can be leased for social equity cannabis companies.

The Dormitory Authority of the State of New York then missed its Dec. 30 deadline to report to the governor, the legislature and the public on its status and details about the social equity program and its relationship with the firm it selected as a fund manager. A DASNY spokesperson told NY Cannabis Insider last week that the agency “will have the report out soon.”

The New York Office of Cannabis Management, also extended the license application window for marijuana testing labs to March 31, from its originally scheduled closure of New Year’s Eve.

Chris Alexander, the executive director of the OCM, told the Cannabis Control Board at a public meeting in December that adding that the state is still looking for top-notch lab candidates.“That is a cornerstone of the market that we’re building,” he said.

Alexander also said that the state is rolling out more resources to support the legal marijuana market and to suppress the thriving illicit trade, including:

  • A public education campaign called “Why Buy Legal New York.”
  • A new verification emblem to be displayed by licensed retailers.
  • Ongoing enforcement against unlicensed retailers, including the seizure of more than $4 million in illegal cannabis products from 53 locations by the New York City Sheriff’s joint task force.

Video StaffDecember 30, 2022


New York opened its first adult-use cannabis dispensary in lower manhattan on December 29, 2022. The state had insisted sales would begin by the end of the year and it managed to do that in the waning days of 2022. Non-profit Housing Works is the first dispensary and all its profits will go to its charitable works.

“For years, advocates and members of New York’s cannabis community have been working toward this momentous milestone; the first adult-use dispensary opening its doors, stocked with brands and products grown, processed, manufactured and owned right here in New York,” said Kristina Lopez Adduci, CEO and founder of House of Puff. “We are ecstatic that House of Puff will be one of those New York brands that will be available for purchase and thank Housing Works for supporting us and other local cannabis companies during this crucial moment. The opening of their dispensary is just one embodiment of the vision set out by the MRTA and is a significant step towards establishing a fully operable and equitable legal cannabis industry built by and for New Yorkers and our communities most adversely affected by cannabis prohibition.”

“While working in the Governor’s office, I had the honor of helping shape the Marihuana Regulation and Taxation Act (MRTA). It is the most ambitious cannabis legislation in the nation and great care was taken to learn from states that came before us and work to establish a truly equitable, legal cannabis industry,” said Jesse Campoamor, founder of Campoamor & Sons. “Today’s store opening is an important milestone for New York’s nascent cannabis industry and begins the process of rewriting the narrative on cannabis. Just a few years ago, New York led the nation in cannabis arrests, but soon New York will lead the country in legal sales and tax revenue collection. I congratulate everyone on this monumental day, including Governor Hochul, the Office of Cannabis Management, the Cannabis Control Board, and of course, Housing Works, and look forward to celebrating the opening of the first dispensary.”

“Since the MRTA was signed, now nearly two years ago, we have all been envisioning the moment that legal adult-use sales would finally launch here in New York,” said Allan Gandelman, President of the Cannabis Association of New York. “The state’s first recreational dispensary opening its doors with shelves stocked full of New York-owned-and-operated brands, including products grown and processed by CANY members, is a culmination of all the hard work, dedication, and advocacy of the cannabis community over the past several years. We applaud Housing Works for being mindful and supportive of this vision and congratulate them on their entrance into the industry. Though this moment feels surreal, we hope it’s just one of many upcoming milestones achieved toward building a truly restorative, opportunistic, and sustainable New York-led cannabis industry.”

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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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