John SchroyerNovember 10, 2023
The company's client count fell 15% from the previous quarter.
Leafly Archives - Green Market Report
John SchroyerNovember 10, 2023
StaffOctober 3, 2023
The Daily Hit is a recap of the top financial news stories for Oct. 3, 2023.
On the Site
Missouri Awards Nearly 50 Microbusiness Licenses
Missouri cannabis regulators on Monday announced 48 winners of coveted marijuana microbusiness licenses. Six permits were apportioned to each of the state’s eight congressional districts, of which two were dispensary microbusinesses and the other four were wholesale facilities. Read more here.
Maryland Retail Cannabis Sales Tick Down in September
Maryland retail cannabis sales topped $90 million for medical and recreational marijuana goods, combined, in September, according to state figures. Total sales of $90.5 million fell slightly from the $91.7 million reported in August. Read more here.
Your Take: How to Navigate Maryland’s Adult-Use Landscape
From the moment that Maryland’s voters approved the adult-use of marijuana in convincing fashion, attention turned to Annapolis, where state lawmakers were tasked with finalizing the ground rules of the new market. Read more here.
Stock Market Moves: Verano, Leafly
Both Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) and Leafly Holdings (NASDAQ: LFLY) made announcements regarding the exchanges where the cannabis stocks are traded. Verano is moving its common shares to the Cboe from the Canadian Securities Exchange, while Leafly made it back into the good graces of Nasdaq. Read more here.
New York Lawmakers Urge Governor to Sign Cannabis Crop Rescue Act
The Cannabis Crop Rescue Act was introduced May 19 by state Democratic Sen. Michelle Hinchey and passed in June, but is waiting for Gov. Kathy Hochul to sign the legislation into law. Read more here.
In Other News
Aurora Cannabis
Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) closed its previously announced bought deal offering of 53,187,500 common shares at a price of C$0.73 per offered security, for aggregate gross proceeds to Aurora of approximately C$38.8 million. The gross proceeds include the full exercise of the over-allotment option by Canaccord Genuity to purchase 6,937,500 additional common shares on the same terms as the offering. Read more here.
Curaleaf Holdings
Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF) closed its previously announced marketed offering of subordinate voting shares for total gross proceeds of C$16.2 million. Read more here.
MedMen Enterprises
MedMen Enterprises Inc. announced that its annual financial filings for the fiscal year ended July 31 will require “additional time.” The company previously identified errors in prior reports that resulted in misstatements. As a result, the company also anticipates restating financials from 2022. Read more here.
John SchroyerSeptember 22, 2023
The order only explicitly exempts Leafly from the enforcement.
StaffAugust 10, 2023The Daily Hit is a recap of the top financial news stories for Aug. 10, 2023.
On the Site
Investor Lawsuits Target Montana Cannabis Business Residency Requirement
Two lawsuits seek to overturn Montana’s residency requirement, which mandates that all of its licensed marijuana businesses be majority-owned by in-state locals. The suits were filed in both state and federal courts by a father-and-son team, Tom and Jerry Reed, who sought to buy a company they had already invested in. Read more here.
Connecticut Marijuana Sales Dip Slightly in July
Total marijuana sales in Connecticut dipped a notch in July, to $23.6 million from $23.8 million in June, according to new state data released Thursday. While there was an uptick in adult-use sales, medical marijuana sales decreased a small percentage. Read more here.
Leafly Boosted by Cost-Cutting Measures Despite Sales Slump
Online cannabis discovery platform Leafly Holdings Inc. (Nasdaq: LFLY) reported revenue of $10.7 million for the second quarter ended June 30, reflecting an 11% slump from the same period last year, which slightly beat Yahoo analyst average expectations of $10.27 million. Read more here.
Aurora Cannabis Revenues Skyrocket But Still a Losing Quarter
Canada-based Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) reported a huge revenue boost in its first quarter of its 2024 fiscal year, which closed June 30, but it still posted a C$28.3 million loss. However, that was a major improvement from a year prior when the company lost C$619 million. Read more here.
More Earnings:
• Charlotte’s Web Sees More Downturn in Q2
• Flora Growth Posts 140% Revenue Surge Amid Q2 Losses
• Struggling Halo Collective Releases Multiple Quarters Worth of Financials
• NewLake Capital Reports Increasing Revenue With Solid Tenants
• Nova Cannabis Reports Record Revenue, Positive Net Earnings
• TerrAscend Builds in Key Markets to Beat Q2 Analyst Expectations
In Other News
Lowell Farms
Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF) reported net revenue for the second quarter ended June 30 fell 47% to $7 million, as compared to $13.2 million for Q2 2022. Sequentially, net revenue fell 7% from the first quarter. Read more here.
VerifyMe
VerifyMe, Inc. (Nasdaq: VRME) reported quarterly consolidated revenue of $5.3 million for the three months ended June 30, an increase of 19% compared to $4.5 million for the three months ended June 30, 2022, primarily attributable to the acquisition of the PeriShip Global business in April 2022. Read more here.
StaffJuly 24, 2023
The Daily Hit is a recap of the top financial news stories for July 24, 2023.
On the Site
Big Name Marijuana Brands Dive Into Intoxicating Hemp Products
At least four high-profile companies have already made the leap in varying forms, including California-based Cookies, New York-based Curaleaf, Mike Tyson’s celebrity brand Tyson 2.0, and California cannabis brand Jeeter. Read more here.
New York’s Empire Cannabis Club Pledges to Take Regulators to Court
Unlicensed marijuana retail chain Empire Cannabis Club – which has six locations spread around New York City – is intent on taking state regulators to court in order to prove its legality. Empire’s owners said they will defend their business model as legal, pursuant to the 2021 Marijuana Regulation and Taxation Act, which includes a “safe harbor” provision for marijuana membership clubs. Read more here.
Massachusetts Social Equity Fund Never Funded
A special state fund in Massachusetts created in 2022 by lawmakers to route millions of dollars in aid to social equity entrepreneurs was never given a single dollar, and so has never awarded any monies to social equity cannabis companies. Read more here.
Body and Mind to Sell Ohio Dispensary to PA MMJ Operator FarmaceuticalRX
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) agreed to sell its Ohio dispensary for more than $8 million, the company announced Monday. The sale is part of Body and Mind’s ongoing strategy to enhance its operating flexibility as it focuses on its other statewide stakes. The company also recently left the Michigan market. Read more here.
Leafly Sued by Photographer for Using Tupac, Snoop Dogg Photos
The online dispensary locator app Leafly (OTC: LFLY) is in hot water for using a photographer’s images of rappers Tupac Shakur and Snoop Dogg. Photographer T. Eric Monroe, whose work has been featured in publications such as Thrasher and XXL Magazine, claims Leafly Holdings unlawfully published and displayed Monroe’s original photography on its website. Read more here.
In Other News
Minnesota
A new Minnesota state law, which kicks in Aug. 1, allows people 21 or older to use pot and legally grow and possess limited amounts of it. The law sets up a licensing structure and a state agency to regulate growers and sellers. But some decisions about where pot can be used and sold are left to municipalities – many of which are placing temporary bans on cannabis retail. Read more here.
Florida
Two Black farmers have received licenses to grow, process and sell medical marijuana in Florida, after a new state law helped clear the way for the long-awaited licenses. The Florida Department of Health issued the licenses July 11 to Suwannee County farmer Terry Donnell Gwinn and Bascom-based Shedrick McGriff. The farmers each met a Friday deadline to submit a required $5 million bond to begin operating, sources confirmed. Read more here.
Albania
The Albanian Parliament on Friday legalized cannabis for medical purposes in a country once known as a European crossroads for marijuana trafficking. The Parliament voted 69-23 to allow limited and controlled growth of cannabis plants, a move harshly contested by the opposition. Read more here.
Debra BorchardtJuly 24, 2023
The photographer is asking for legal fees and damages - to be determined by the court - to be covered.
John SchroyerMay 11, 2023
The losses came despite a 21% reduction in staff and other cost-saving measures.
John SchroyerMarch 28, 2023The announcement follows another round of layoffs earlier this year.
John SchroyerMarch 16, 2023The company will cut an additional 21% from its staff.
StaffNovember 10, 2022
The Daily Hit is a recap of cannabis business news for Nov. 10, 2022.
ON THE SITE
Tyson 2.0 Creates Parent Company with Ric Flair
TYSON 2.0, legendary boxer, entrepreneur and cannabis advocate Mike Tyson’s premium cannabis brand, and Ric Flair Drip, world-renowned pro-wrestler Ric Flair’s cannabis line, announced that they are joining forces under a new parent company, Carma Holdings LLC. Additionally, TYSON 2.0’s board of directors will transition to Carma, with the announcement of the addition of attorney Alex Spiro. Read more here.
Aurora Cannabis Flexes Tightened Balance Sheet Even as Sales Fall
Canadian cannabis giant Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) saw fiscal first-quarter net revenue for medical cannabis fall 23% year-over-year to C$36.6 million, and down 14% over the quarter, while adult-use cannabis revenue fell 28% year-over-year to C$13.7 million. Read more here.
Glass House Brands Delivers on Optimistic Q3 Forecast
Glass House Brands Inc. (NEO: GLAS.A.U, GLAS.WT.U) (OTCQX: GLASF, GHBWF) set big expectations for the third quarter – and then promptly delivered. The vertically integrated operator reported revenue of $28.3 million for the quarter, up 72% versus the second quarter and up 65% from the same period a year ago. Read more here.
Leafly Revenue Edges Up, Even After Steep Layoffs
Stock for Leafly Holdings Inc. (Nasdaq: LFLY) was up 6% on Thursday after the bell, when the company reported financial results for the third quarter showing revenue in line with expectations. Revenues totaled $11.8 million, up 8.1% over the third quarter last year, in line with Yahoo Finance’s average analysts’ estimate of $11.75 million. Read more here.
Colorado Green Lights Certain Psychedelics with a Slim Victory
Voters in Colorado passed a ballot initiative that would permit adults 21 and older to possess certain psychedelics and create a framework for state-licensed psilocybin “healing centers.” With 88% of the vote counted, Proposition 122 garnered 51.4% of the votes, a margin it maintained throughout Wednesday. Read more here.
Additional earnings announcements:
- Lowell Farms Sales Fall By 34%
- Ayr Wellness Delivers Solid Quarter
- Ascend Loses Another $17M, Slows Losses by Expanding Footprint
- Urban-Gro Reports ‘Encouraging’ $67 Million in Backlogged Contracts
IN OTHER NEWS
Silver Spike Investment Corp.
Silver Spike Investment Corp., a specialty finance company that was formed to invest across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately held cannabis companies, today announced that for the three months ended Sept. 30, total investment income was $1.2 million. Read more here.
Charlotte’s Web Holdings
Charlotte’s Web Holdings Inc., the market leader in cannabidiol hemp extract wellness products, announced a new distribution agreement with Stark Foods International, a distributor of European specialty food and beauty products to grocery and retail. In total, Stark Foods reaches nearly 15,000 doors through its multi-broker network. Read more here.
Columbia Care
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP), a cultivator, manufacturer, and provider of cannabis products in the U.S., opened Cannabist Carytown in Richmond, the company’s 85th active dispensary nationwide and fifth in Virginia. The company plans to open 12 dispensaries in the state. Read more here.
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