Illinois cannabis Archives - Green Market Report

StaffMarch 7, 2023


The Daily Hit is a recap of the top financial news stories for March 7, 2023.

On the Site

Illinois Out-of-State Cannabis Sales Drop as New Missouri Market Proves Itself

Illinois saw its lowest number of out-of-state cannabis purchases since February 2021 – and Missouri’s new adult-use program could be behind the drop. Total recreational cannabis products sales by legal retailers also fell, hitting $120.5 million in February, the lowest since the same month in 2022. Read more here.

Illinois Craft Cannabis Growers Get Major Deadline Extension

The 88 social equity craft cannabis growers awarded permits by Illinois last year were granted a reprieve this past week, when the state Department of Agriculture pushed back a March 1 deadline to be operational by more than a year for many of those licensees. Read more here.

AFC Gamma Credit Losses Increase More Than 300% in 2022

AFC Gamma Inc. (Nasdaq: AFCG) reported an interest income of $21 million and a net income of $2.9 million for the fourth quarter ended Dec. 31, 2022. The company reported $0.14 per basic weighted average common share and distributable earnings of $12.6 million or 62 cents per basic weighted average common share for the fourth quarter of 2022. This beat the Yahoo Finance average analyst estimate for earnings of 58 cents and income of $18.3 million. Read more here.

Atlas Global Expands Retail in Middle East, Inks International Snoop Dogg Brand Deal

Atlas Global Brands Inc. (CSE: ATL) is rapidly moving to acquire valuable cannabis assets for its recent international venture after snapping up two pharmacies in Israel and inking an exclusive licensing agreement for Snoop Dogg’s brands. Read more here.

In Other News

Colorado Cannabis Recall

The Colorado Department of Revenue alongside the Colorado Department of Public Health and Environment issued a health and safety advisory for marijuana sold at several stores in Colorado. DOR identified harvest batches produced by Green Street LLC that passed initial contaminant testing but failed retesting. Read more here.

Scotts Miracle-Gro

Scotts Miracle-Gro (NYSE: SMG) CFO Matthew Garth said the company still sees promise in the struggling $100 billion cannabis market to which it sells indoor growing and hydroponic equipment. In the wake of “shifting tectonic plates” and oversupply issues, Garth said Monday that Scotts is rightsizing its Hawthorne segment that serves the cannabis market. Read more here.

StaffFebruary 28, 2023


The Daily Hit is a recap of the top financial news stories for February 28, 2023.

On the Site

Green Thumb Industries Loses $51 Million in Q4 Despite Revenue Increase

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) hit $1 billion in revenue for 2022, including a 6% uptick in the fourth quarter to the tune of $259 million, and even turned a profit for the year of $12 million. But the company still lost $51 million in year’s final quarter. Read more here.

Cronos Beats on Earnings, Falls on EPS as Canadian Cannabis Margins Wane

Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) posted earnings results on Tuesday that show the company trimming losses as it tries to profit in a crowded Canadian market suffering from a downward slide in prices. Cronos posted net revenue of $22.9 million for the quarter, down 11.3% over the year, though the company managed skirt past the Yahoo Finance’s analysts’ average estimate of $22.1 million. Read more here.

Illinois Rec MJ Sales Dip in January as Lawmakers Revisit Social Equity

Adult-use cannabis sales took a slight downturn last month in Illinois, from a record high of almost $144 million in December to just under $128 million in January, according to state data. The dip in sales came just before Illinois state lawmakers announced that they’re forming a new working group to tackle marijuana industry issues, including the possible expansion of the state’s social equity program. Read more here.

Nalu Bio Raises $12 Million in Series A Round

Nalu Bio, a producer of chemistry-based, ultra-pure cannabinoids, raised a $12 million Series A funding round. The privately owned synthetic cannabis company said it will use the money to accelerate the growth and scale production of cannabinoids for consumer products and therapeutics. The funding follows on the heels of Nalu Bio’s breakthrough in the cost-effective synthesis of the minor cannabinoid THCV. Read more here.

In Other News

Cowen Inc.

TD Bank Group (TSX: TD) (NYSE: TD) and Cowen Inc. (Nasdaq: COWN) have received all regulatory approvals required under their merger agreement to complete TD’s acquisition of Cowen. With this step completed, TD expects the acquisition to close on March 1, subject to the satisfaction of other customary closing conditions. Cowen also announced today that it would be discontinuing its cannabis coverage. Read more here.


Tennesseans will likely have to wait another year before they can see any movement on medical cannabis in the state. Senate Bill 1104 failed in the state Senate Judiciary Committee Tuesday afternoon on nearly a party-line vote. Read more here.

Chicago Atlantic Real Estate Finance

Chicago Atlantic Real Estate Finance Inc. (Nasdaq: REFI), a commercial real estate finance company, announced that its wholly owned subsidiary Chicago Atlantic Lincoln LLC entered into an amendment to extend the maturity of its $92.5 million secured revolving credit facility from Dec. 16, 2023, to Dec. 16, 2024, and retained the one-year extension option, subject to customary conditions. Read more here.

Sana Packaging

Sana Packaging – a sustainable cannabis packaging brand – has reclaimed over half a million pounds of ocean-bound plastic. The company launched its first reclaimed ocean-bound plastic cannabis packaging product in 2019. The company now produces six ocean-bound plastic products and has reclaimed more than 550,000 pounds of ocean-bound plastic. Read more here.

StaffJanuary 9, 2023


The Daily Hit is a recap of cannabis business news for Jan. 9, 2023.


Tilray May Pivot to Fruit, Beer Sales if Cannabis Remains Slow

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) may expand its alcohol industry footprint or begin growing fruits and vegetables to make up for a shortfall in the marijuana trade if cannabis sales remain in a slump, according CEO Irwin Simon. Because Congress has let cannabis remain federally illegal, Tilray’s U.S. distribution network is going largely unused. Read more here.

Tilray’s Revenue Falls As Net Losses Grow

Tilray Brands reported financial results for the second fiscal quarter that ended Nov. 30, 2022, as revenue fell 7% from last year’s $155 million to 2022’s net revenue of $144 million. Revenue also fell sequentially from the previous quarter’s $153 million. On a positive note, the company did record $29.2 million in operating cash flow and $25.4 million in free cash flow in the quarter. Read more here.

Illinois Cannabis Sales Topped $1.5 Billion in 2022 Amid Slowing Growth

Recreational marijuana sales in Illinois finished 2022 with more than $1.5 billion, up 13% from 2021. Total sales in December were the highest of any month at $143.9 million, following a seasonal pattern seen in previous years. But the rate of sales growth, 4% over December 2021, was the slowest this year, reflecting continued pressure on discretionary consumer spending from inflation. Read more here.

Columbia Care Announces Layoffs at Pennsylvania Facility

New York-based multistate operator Columbia Care (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) announced it will lay off 73 workers at one of its Pennsylvania cannabis production facilities, effective Feb. 28, in order to “meet the appropriate supply and demand levels of the market.” The facility in question is run by Green Leaf Medical LLC, a subsidiary of Columbia Care, in Saxton, Pennsylvania. Read more here.

Connecticut Tells Medical Marijuana Patients to Stock up Before Rec Sales Begin

A news release from the Connecticut Department of Consumer Protection urged Connecticut MMJ patients to “avoid lines, traffic” on Tuesday, Jan. 10, when recreational cannabis sales launch. That’s because the retail locations will all be hybrid dispensaries that will sell both medical and recreational marijuana, though some retailers will remain medical-only. Read more here.


RIV Capital Inc.

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF), a cannabis packaged goods company, scheduled a special meeting of its shareholders for June 6 at 10 a.m. EDT in response to the previously announced shareholder requisition from funds that are controlled or directed by JW Asset Management LLC. JWAM has requisitioned the Special Meeting to, among other things, elect five new directors to the board of directors of the company. Read more here.

Delta 9 Cannabis Inc.

As a part of its 2023 strategic plan, Delta 9 Cannabis Inc. (TSX: DN) (OTCQX: DLTNF) plans to streamline its cultivation operations and right-size capacity at its Winnipeg-based facilities, as well as various other cost cutting measures including reducing public company and investor relations costs. Cultivation capacity will be cut by roughly 40% at the facility, which will result in the temporary layoff of about 40 staff. Read more here.

AmeriCann Inc.

AmeriCann Inc. (OTCQB: ACAN) released financial and operational results for its fiscal year and quarter ending Sept. 2022. Revenue from operations increased approximately 44% for the year ended September 2022 relative to the year ended September 2021, an increase of $899,268. Read more here.


StaffJanuary 4, 2023


The Daily Hit is a recap of cannabis business news for Jan. 4, 2023.


Aurora Cannabis Sells Polaris Greenhouse, Struggles with Cash Burn

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) closed the sale of its Aurora Polaris facility for approximately $15 million. The company has been trimming its expenses over the past two years by selling off and consolidating its various production facilities, while looking overseas for growth opportunities as the U.S. remains in legalization purgatory. Read more here.

Virgin Islands Votes to Legalize Adult-Use Cannabis

The U.S. Virgin Islands Senate voted to legalize adult recreational cannabis use, sending the legislation known as Bill 34-0345 to Gov. Albert Bryan Jr. for signature. Medical cannabis has been legal in the Virgin Islands since 2019. Read more here.

Sunset Island Buys Calamus for Undisclosed Amount

Sunset Island Group Inc. (OTC: SIGO) has purchased Calamus Brands for an undisclosed amount. Sunset Islands said that the acquisition of Calamus Brands would allow it to expand its operation. The company statement said that the expansion, when completed, would include 205,000 square feet of cannabis operations. Read more here.

Illinois Incubator Takes Action for Minority Cannabis

One cannabis group in Illinois has decided to take social equity matters into its own hands. The 1937 Group launched a new social equity incubator to address the very unequal distribution of cannabis licenses in the state. Read more here.


Atlas Global Brands 

Atlas Global Brands Inc. completed its reverse take-over transaction with Atlas Biotechnologies Inc., AgMedica Bioscience Inc., and Cambrosia Ltd., and the concurrent acquisition by Cambrosia of Tlalim Pappo Ltd., Pharmacy Baron Ltd., and R.J. Regavim Ventures Ltd., privately held operating cannabis pharmacies in Israel. The companies will join to form Atlas Global Brands Inc., which expects to begin trading on the Canadian Securities Exchange on Jan. 13 under the ticker symbol ATL. Read more here.


In just seven days, Affinity Health and Wellness medical marijuana dispensary will become one of nine hybrid cannabis dispensaries in Connecticut selling products for general adult use. The move will allow the company to tap into an industry that’s estimated to bring in $73 million in state revenue by 2026. Read more here.

New York Office of Cannabis Management

New York’s Office of Cannabis Management  missed a deadline mandated by the state’s cannabis law to produce a social and economic equity plan, which is meant to guide the rollout of the state’s emerging marijuana industry. The agency said it will submit a report about its “social equity-related activities” by the end of the week. 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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