John SchroyerNovember 28, 2023
The company plans to continue building on its cannabis operations.
Irwin Naturals Archives - Green Market Report
John SchroyerNovember 28, 2023
StaffAugust 29, 2023
The Daily Hit is a recap of the top financial news stories for Aug. 29, 2023.
On the Site
New York Judge Changes Course on Exemptions, Freezes All Cannabis Licensing
New York state Judge Kevin Bryant abruptly reversed course in a new order on Tuesday that now forestalls any exemptions to a retail licensing freeze in New York. He also blasted state regulators for not having their ducks in a row. Bryant rejected exemptions for all 30 of the retailers that the OCM said were primed to open. Read more here.
RIV Capital Gets Closer to Opening Adult-Use Sales in New York
After the markets closed on Monday, RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) released its financial results for the three months that ended June 30. Due to a change in Riv’s fiscal year end from March 31 to Dec. 31, the company noted that its current fiscal year will be comprised of three quarters for a total of nine months, beginning on April 1 and ending on Dec. 31. Read more here.
Silo Wellness Buys NUGL in Deal Valued at C$43 Million
Silo Wellness, Inc. (CSE: SILO) (OTCQB: SILFF) is buying NUGL Inc. (OTC Pink: NUGL) in a deal valued at C$43 million. Last month Silo announced it was partnering with Jamaica-based Kaya Group, which is owned by Nugl. Nugl and Kaya merged in April 2022 to form a multifaceted cannabis lifestyle company. Read more here.
Irwin Naturals’ Psychedelics Expansion Costs Build Through Q2
Nutraceutical firm Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) continued to pay for its expansion into psychedelics clinics, posting a $5.4 million loss in the second quarter ended June 30, down from a $111,000 profit for the same period a year ago. Read more here.
Other Earnings:
• PharmaCielo’s Q2 Revenue Plunges
• Red White & Bloom Sees Revenue Slump in Second Quarter
In Other News
Indiva Ltd.
Indiva Ltd. (TSXV:NDVA), reported Q2 net revenue of C$7.5 million, 20.3% sequential decrease from Q1 and a 7.6% year-over-year decrease, driven primarily by the loss of revenue from Indiva Life Lozenges and declines in sales of Wana gummies. Read more here.
Reddi Beverage Co.
Reddi Beverage Co. LLC says it has sold infused beverages under the FLORA brand and trademark since 2019, but learned in May at the National Restaurant Association Trade Show in Chicago that Floral Beverages LLC was seeking to trade on its name and goodwill, when it reserved a booth directly next to Reddi’s “to prominently display its confusingly similar FLORAL brand for cannabidiol-infused beverages.” Read more here.
Shiny Health & Wellness Corp.
Shiny Health & Wellness Corp. (TSXV: SNYB), a provider of premium cannabis products announces that its ShinyBud adult-use dispensaries in Ontario, will begin sales of Shiny Health’s first white label products with two Quebec based licensed producers to manufacture products consisting of hash and THC flower. Read more here.
John SchroyerAugust 29, 2023Total losses for the year so far are at $13.1 million.
Debra BorchardtMay 26, 2023Irwin Naturals has defaulted on its debt.
StaffMarch 22, 2023
The Daily Hit is a recap of the top financial news stories for March 22, 2023.
On the Site
Exclusive Interview: New York’s Cannabis Czar on the Legal Market’s Long Play
Axel Bernabe, the chief of staff and senior policy director for New York’s Office of Cannabis management, connected with Green Market Report for an hour-long discussion on the Empire State’s recreational market rollout, and made several revelations, including that the state may award up to 100 more retail permits in the near future. Read more here.
Michigan Cannabis Prices Spiked in February, First Time Since Legalization
Michigan recreational marijuana prices rose in February – reversing a price free fall since Michigan dispensaries began selling in December 2019 – as growers appear to be growing fewer plants to prevent losses and state regulators up enforcement efforts. Read more here.
Oklahoma Launches Cannabis Crackdown, Revokes Farm License
The Oklahoma Medical Marijuana Authority has begun what could be a lengthy crusade to rid its state cannabis industry of bad actors, and the crackdown began with the revocation of a cultivation permit the state said was in violation of the Oklahoma residency requirement. Read more here.
Irwin Naturals Buys Keta Media
Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) has acquired Keta Media, LLC, dba Ketamine Media as of March 17, 2023 in a deal initially announced in September 2022. While the amount paid for the company wasn’t disclosed, it was said to be all cash and that Irwin would assume certain debts of Keta Media. Ketamine Media is the nation’s foremost advertising company dedicated to raising awareness about the clinical use of ketamine. Read more here.
Vext Science Revenue Ticked Down in 2022 as Arizona Sales Flat
Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) had a decent 2022 in Arizona despite challenging economic conditions caused by high inflation rates. The MSO reported its financial results for the period ending December 31, 2022. Read more here.
In Other News
New York
New York. Gov. Kathy Hochul has thrown her support behind civil fines of up to $10,000 a day for unlicensed commercial cannabis activity, in an attempt to crack down on the state’s thriving illicit market. Read more here.
SAFE Banking
The chairman of a key Senate committee says lawmakers need to act on marijuana banking legislation “this year,” and his Republican counterpart on the panel agrees that the issue will “come to a conclusion likely in this Congress.” Read more here.
Debra BorchardtMarch 22, 2023
Marketing company expected to help clinic expansion.
StaffMarch 16, 2023The Daily Hit is a recap of the top financial news stories for March 16, 2023.
On the Site
New York Cannabis Coalition Sues State Over Recreational Market Rollout
A group of businesses, hopeful cannabis entrepreneurs, and at least one medical marijuana-supporting physician has filed suit against the state of New York and its cannabis regulators, calling for recreational retail licensing to be opened up immediately to all stakeholders. Read more here.
Lowell Farms Sells Off Parts to Satisfy Debts
Lowell Farms Inc. (CSE: LOWL) (OTCQX: LOWLF) agreed to sell its “Lowell Smokes” and “35s” brands and associated intellectual property to Lowell Brands LLC. This newly formed Delaware limited liability company is being called BrandCo. In return, the company said that noteholders have agreed to forgive all debts the company owed under the Debentures. In addition, the company’s Chairman George Allen is leaving to be replaced by Ann Lawrence. Read more here.
Irwin Naturals Drops Bid to Buy Braxia Scientific
Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) said that it no longer plans to buy Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF), an unexpected reversal after the two struck a deal to combine forces in January. Closing had been planned for this month. Read more here.
Cresco Labs Records $180M Loss in Q4, Misses on Revenue
Despite record sales last year, Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) saw its revenues start to shrink at year-end as declining prices continue to eat at margins, new financial statements released on Thursday show. Read more here.
More earnings:
Weedmaps Losses Surpass $82 Million for 2022
Leafly Plans New Round of Layoffs After Posting $5 Million Profit in 2022
Tilt Sales Down Nearly $30 Million in 2022, Losses Rise
GrowGeneration Posts $163 Million Loss, CEO Says 2023 Looking Brighter
In Other News
Trulieve
A woman suing Trulieve Inc. over unwanted text messages she says violate the Telephone Consumer Protection Act told the U.S. District Court for the Southern District Court of Florida on Thursday that she had settled her individual claims against the company. Read more here.
4Front Ventures Corp.
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) has appointed cannabis industry veteran Kris Krane to its board of directors to fill the vacancy created from the resignation of Kathi Lentzsch as a director of the company. Krane served as a strategic advisor to the company since stepping down as co-founder and president of Mission Dispensaries after more than a decade with the business. Read more here.
American Patriot Brands
he Securities and Exchange Commission today charged American Patriot Brands Inc., a cannabis cultivation and distribution company, its CEO, and five other entities and individuals for their participation in a long-running scheme in which they raised more than $30 million from more than one hundred investors across the country and siphoned off millions of those funds to enrich themselves. Read more here.
Adam JacksonMarch 16, 2023
Irwin said there was a 'lack of a clear business rationale' to complete the deal.
Adam JacksonMarch 2, 2023
Irwin Natural's bid to snap up Braxia is also expected to close by the end of March.
StaffFebruary 22, 2023Serenity is expected to add $3 million in EBITDA to Irwin's financials.
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