John SchroyerNovember 10, 2023
Expansion for the Mary Jones line experienced some delays in the quarter.
Jones Soda Archives - Green Market Report
John SchroyerNovember 10, 2023
Adam JacksonAugust 9, 2023
The company's cannabis drink division brought in nearly half a million dollars during the period.
StaffMay 4, 2023
The Daily Hit is a recap of the top financial news stories for May 4, 2023.
On the Site
Scotts Miracle-Gro Makes Positive Comments On Cannabis
The challenges presented by the cannabis industry are harder to combat than those presented by COVID-19, at least according to the CEO of Scotts Miracle-Gro. During Scotts (NYSE: SMG) latest earnings call, CEO Jim Hagedorn made some fairly positive comments about the cannabis industry, while also delivering an unvarnished assessment of the challenges. Read more here.
Tilray’s SweetWater Inks Mercedes-Benz Stadium Deal
Tilray Brands Inc. (Nasdaq: TLRY) subsidiary SweetWater Brewing Company signed a new partnership with Mercedes-Benz Stadium and the opening of two new branded bars at Atlanta’s premier sports and entertainment venue, which is home to the NFL’s Atlanta Falcons and Atlanta United of Major League Soccer. Read more here.
Green Thumb Industries Agrees to 50% Wage Hike Following Worker Strike
Following an employee strike in Illinois that began just one day before the cannabis holiday of April 20, workers at two facilities owned by Green Thumb Industries have won a 50% wage increase, according to a press release on Tuesday from the International Brotherhood of Teamsters. Read more here.
Alaska ‘Bud & Breakfast’ Cannabis Scam Netted Couple $700k, Feds Say
A married couple from a small town in the far interior of Alaska has been charged with wire fraud in connection with a sham marijuana tourism business that they never intended to launch, federal prosecutors said in a recently unsealed indictment. Read more here.
Earnings:
• Revenue, Losses Down for Jones Soda in First Quarter
• Simply Better Brands Revenue Jumps 254%
In Other News
Eastern Band of Cherokee Indians
In a reverse decision, the Eastern Band of Cherokee Indians’ Tribal Council withdrew its backing of a $64 million loan to support the Tribe’s medical cannabis program. During a meeting on Thursday, Principal Chief Richard Sneed vetoed the council’s initial approval in a multipage letter and called for an “immediate need for an accounting of the money spent to date.” Read more here.
Oregon
Oregon Secretary of State Shemia Fagan will continue in her official duties until Monday, May 8, at which point Deputy Secretary Cheryl Myers will take on oversight of the agency until a new Secretary is appointed by the governor. Fagan resigned after an ethics investigation was announced related to her consulting role for a cannabis company. Read more here.
John SchroyerMarch 13, 2023The beverage company expects to launch edible products in California soon.
StaffMarch 9, 2023The Daily Hit is a recap of the top financial news stories for March 9, 2023.
On the Site
Trulieve’s 2023 Road Map: Open More Stores and Bankroll Florida Legalization
Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) had a busy 2022 expanding and finishing off its blockbuster acquisition of Arizona-based Harvest Health & Recreation. By contrast, this year the company plans to spend more time keeping its head down and focusing on making money. Read more here.
Jones Soda Plans More Cannabis Expansion
Beverage maker Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) just finished its second year of a “three-year turnaround strategy” and is now making cannabis a core component that plan by expanding its infused-product offerings even further. Read more here.
Pennsylvania Lawmakers Weigh Options for Adult-Use Legalization
Now that Pennsylvania’s Democratic Gov. Josh Shapiro has formally introduced a budget that contains specifics for taxing adult-use cannabis, state lawmakers are beginning to examine different options on how a recreational market could be structured. That includes potentially letting state-run liquor stores sell marijuana instead of giving first crack at the market to existing medical marijuana companies. Read more here.
Ayr Wellness’ Early Bets on Emerging Markets Pay Off
Expansion efforts and key market partnerships are starting to pay off for Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) after new earnings show the Florida-based multistate operator’s new business strategies added meat to its balance sheet. The company generated $124.6 million in revenue in the fourth quarter. Still, the company reported a net loss of $166.4 million for the quarter. Read more here.
Village Farms Sales Dip Slightly in Fourth Quarter
Village Farms International, Inc. (Nasdaq: VFF) delivered revenue fell 5% to $69.5 million from last year’s $72.8 million. It just barely missed the Yahoo Finance average analyst estimate for revenue of $70 million. The company blamed the drop on a stronger U.S. dollar compared to the Canadian dollar decreasing reported U.S. sales for our Canadian Cannabis operations by ($2.4 million). Read more here.
In Other News
Unrivaled Brands
Unrivaled Brands Inc. (OTCQB: UNRV), a cannabis company with retail and cultivation operations throughout California, entered into a binding term sheet to resolve outstanding litigation with People’s California LLC, subject to final documentation. Upon execution of the binding term sheet, the parties agreed to inform the court of the settlement and request a stay of all pending litigation. Read more here.
Stiiizy
California-based cannabis and lifestyle brand Stiiizy is entering the regulated cannabis market in Illinois, bringing the number of states where the company’s products are available to five. The brand’s launch in Illinois will include three of its signature product lines, with a rollout to more than 90% of the licensed dispensaries serving the state’s $1.5 billion adult-use cannabis market. Read more here.
John SchroyerMarch 9, 2023
The beverage company called the cannabis line launch an 'outstanding success.'
StaffNovember 3, 2022
The Daily Hit is a recap of cannabis business news for Nov. 3, 2022.
ON THE SITE
Report: New York State Cannabis Fund Managers Have Conflicts of Interest
New York’s vaunted $200 million fund to support social equity cannabis companies with real estate has an apparent ethics problem: The two individuals appointed to lead the fund are already in business with California-based marijuana company Cookies. Read more here.
Jones Soda Plans Further Expansion Into Cannabis
Following on the success of its limited cannabis product launch, craft soda maker Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) said it plans to continue expanding that product line to “further establish our standing in the cannabis space.” Read more here.
Swedish Attorney to Sue Social, News Media for JuicyFields Scam
Swedish attorney Lars Olofsson said he will file a class action lawsuit against several social and news media platforms that he said helped facilitate the massive Ponzi scheme run by cannabis investment platform JuicyFields. “All of them have allowed JuicyFields to expose themselves on their platforms or magazines, and not just normal accounts but paid ads.” Read more here.
TREES to Acquire Green Man Cannabis for $6.7 Million
Denver-based TREES Corp. (OTCQB: CANN) agreed to acquire GMC LLC, which operates as Green Man Cannabis Dispensary, also located in Denver, for $6.7 million in cash and stock. The purchase brings TREES’ dispensary footprint to eight stores in two states. Read more here.
IN OTHER NEWS
Delaware
The founders of a California cannabis business startup sued an investor group in Delaware Chancery Court on Wednesday, accusing the investors of misrepresenting their experience in developing cannabis production facilities and intentionally withholding cash as a way to seize control. Read more here.
Halloween sales
Software provider Akerna (Nasdaq: KERN) announced that U.S. cannabis shoppers spent a total of $249.6 million on adult-use and medical cannabis products during this year’s Halloween weekend, reflecting year-over-year growth in excess of 6%. Read more here.
William SumnerJuly 25, 2019
The hemp-CBD company Heavenly Rx Ltd. announced today that it has closed its acquisition of Tru Brands Inc. Tru Brands is a health and wellness company focused on developing a suite of all-natural food products. Under the agreement, Heavenly Rx will acquire a 51% stake in Tru Brands for $3.5 million in cash and $2.57 million in company stock. Through a series of working capital injections, the company will eventually increase its stake in Tru Brands to 62%.
“The combination of the growing consumer demand for plant-based solutions with CBD wellness make TRU Brands’ current offering [TRUWOMEN®] and their pipeline of innovation a perfect fit for HeavenlyRx. We look forward to bringing CBD to TRUWOMEN® products and their pipeline of new innovation in the near future,” said HeavenlyRx CEO, Paul Norman.
In recent months, Heavenly Rx has made a series of strategic investments in wellness companies and big-name brands. Earlier this month, the company announced that it would acquire Airganics, a health company focused on developing high-performance wellness products. Airganics owns several brands, including MOXE, an aromatherapy diffuser that will include a CBD line later this year; Nutriair, an inhalable nutrient delivery service; and ENVY HEMP, which offs hemp-based tinctures, capsules, vapes, and energy shots.
The company also generated headlines when news broke that Heavenly Rx acquired a 25% stake in the Seattle-based soda company Jones Soda for $9 million. According to Food Business News, Jones Soda plans on using the investment to grow “its existing beverage portfolio,” which potentially includes the development of CBD-infused beverages.
“Completing this funding with a strategic partner that has vast experience in the retail industry is a significant step forward for Jones Soda,” said Jones Soda CEO, Jennifer Cue. “We believe that Heavenly Rx seeking out the Jones brand is a testament to our unique beverages that resonate well with consumers, and we expect their involvement will help accelerate future C.B.D.-infused beverage brand development.”
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