LEEF Brands Archives - Green Market Report

StaffSeptember 20, 2023
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5min00

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

On The Site

Cannabis Stocks Pop on News of SAFER Banking Act

Marijuana stocks shot up Wednesday after news broke that the SAFE Banking Act had been rewritten as the SAFER Banking Act, breathing new life into federal cannabis reform just weeks after the monumental news that the Biden administration recommended the rescheduling of marijuana. Read more here.

Mississippi Releases Revised Medical Cannabis Industry Rules

Mississippi cannabis regulators announced new revisions to industry regulations, with 202 pages of red-lined changes to the former rules released by the state Department of Health on Thursday.Read more here.

Kentucky Hemp Company Purchases Manufacturing Partner

Kentucky-based CBD maker Cornbread Hemp closed on the acquisition of an unnamed manufacturing partner, marking a transition to full vertical integration for the business. Read more here.

Leef Brands Closes Acquisition of Santa Barbara Cultivation Facility

California-based Leef Brands (CSE: LEEF) (OTC: LEEEF), formerly known as Icanic Brands, completed the acquisition of a 1,900-acre ranch in Santa Barbara County for $5.48 million, which the company intends to transform into “one of the largest biomass cultivation sites in California.” Read more here.

Enveric Receives Patent for Psilocybin Molecules

Enveric Biosciences (NASDAQ: ENVB) announced that the United States Patent and Trademark Office issued U.S. Patent No. 11,752,130, titled “Carboxylated Psilocybin Derivatives and Methods of Using,” pertaining to the Company’s EVM301 Series of molecules being developed as potential treatments for mental health disorders. Read more here.

Seelos Reports Mixed Results From Phase II Ketamine Study

Seelos Therapeutics, Inc. (Nasdaq: SEEL) announced top-line data demonstrating clinically meaningful treatment effects across multiple endpoints and a well-tolerated safety profile from the double-blind, placebo-controlled cohort (Part 2) of its Phase II study of SLS-002 (intranasal racemic ketamine) for Acute Suicidal Ideation and Behavior (ASIB) in adults with Major Depressive Disorder (MDD). Read more here.

In Other News

Congress

Members of the U.S. House of Representatives, Oversight and Accountability Committee voted 30-14 today in favor of bipartisan legislation, H.R. 5040: The Cannabis Users’ Restoration of Eligibility (CURE) Act, which expands federal employment and advancement opportunities for those with a history of past cannabis use. Read more here.

Oklahoma

The Oklahoma Medical Marijuana Authority seized around 14,000 marijuana plants and 4,850 pounds of marijuana earlier this week. Not only did they seize thousands of pounds of illicit marijuana, but five businesses were also shut down as a result of the investigation. Read more here.

Nevada

On Tuesday, the Nevada Cannabis Compliance Board (CCB) approved a conditional license for a cannabis consumption lounge on the AREA15 campus, which houses popular attractions such as Meow Wolf’s Omega Mart, Illuminarium, and a recently announced Universal Halloween-themed park. Read more here.


StaffAugust 22, 2023
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3min00

The Daily Hit is a recap of the top financial news stories for Aug. 22, 2023.

On the Site

Verano Sues Alabama Marijuana Commission Over License Loss

Chicago-based Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) on Monday followed through with its threat to sue Alabama marijuana regulators, after a state commission voided a medical cannabis business license that had been granted to the multistate operator in June. Read more here.

Lawsuit Between Scotts’ Hawthorne, Luxx Lighting Heats Up

The battle between hydroponic heavyweight Hawthorne, a subsidiary of Scotts Miracle-Gro (NYSE: SMG), and Luxx Lighting is heating up. The relationship between the two companies began in 2021 when Hawthorne agreed to buy Luxx Lighting in a deal valued at $215 million. Read more here.

StateHouse, Pelorus Ink Major Service Agreement for Humboldt Facilities

California-based cannabis company StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF) has announced an 18-month managed service agreement with Pelorus Capital Group. Under the deal, StateHouse will be taking over operations at the Willow Creek facility in Humboldt County, commonly referred to as the “Humboldt Facilities.” Read more here.

Leef Brands Sees 14.6% Sales Boost in Q2

California-based Leef Brands Inc. (CSE: LEEF) (OTC: LEEEF) reported Q2 net sales of $9.3 million, a rise of 14.6% versus the previous year. Profit figures also rose, with a gross profit of $2.9 million, a year-over-year growth rate of 8.2% for the quarter. Read more here.

In Other News

Humble & Fume

Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) bolstered its expansion plans with an additional $4 million investment by Green Acre Capital Distribution Corp. into HC Solutions Holdings Inc., a joint venture company established by Humble and Green Acre. The focus of this venture continues to be the strategic distribution of cannabis products across the United States, with a primary focus on California. Read more here.

CuraScientific Corp.

CuraScientific Corp. (OTCPINK: CSTF) reported revenue of $441,000 for the three months ended June 30, up significantly from the $9,000 reported a year ago. The company also reduced convertible notes from $1.2 million in the period ended June 30, 2022, to $335,000 for the latest period. Read more here.


StaffAugust 3, 2023
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4min00

The Daily Hit is a recap of the top financial news stories for Aug. 3, 2023.

On The Site

Former FDA Regulator Predicts Cannabis Rescheduling This Year

A former attorney and enforcement czar at the U.S. Food and Drug Administration told Green Market Report in an exclusive interview he believes the Biden administration is poised to reschedule marijuana this year or in early 2024, and that the move won’t squeeze out smaller cannabis companies, contrary to many widespread industry fears. Read more here.

Michigan Cannabis Redevelopment Project Collapses Into Massive Lawsuit With City

A redevelopment plan with the Detroit suburb of Pontiac was slated for a $40 million cannabis-friendly business campus, but a legal battle involving bribery allegations has derailed the project. Read more here.

Military Veterans Sue New York Cannabis Regulators Over Marijuana Licensing

A new lawsuit has been filed against New York cannabis regulators, by a quartet of disabled military veterans who have been thus far shut out of retail marijuana licensing. Read more here.

Study: ‘Vast Majority’ of Hemp Delta-9 Goods Illegally Modified

The “vast majority” of delta-9 hemp goods being sold around the U.S. – upwards of 75% – have been illegally modified or sourced from marijuana, according to a new scientific study released this week by California researchers. Read more here.

Story Cannabis Co. Acquires Four-Dispensary Chain in Arizona

Arizona-based multistate operator Story Cannabis Co. announced the acquisition this week of four vertically-integrated marijuana licenses in the Phoenix metro area, bringing its homestate footprint to 11 retail shops and two cultivation facilities. Read more here.

Innovative Industrial Reports Rising Revenue

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) delivered total revenues of approximately $76.5 million in its second quarter of the year, representing an 8% increase from the prior year’s quarter. The company also reported net income of approximately $40.9 million for the quarter, or $1.44 per diluted share. Read more here.

In Other News

LEEF Brands

LEEF Brands, Inc. (CSE: LEEF) (OTC: LEEEF) has entered escrow on a $7 million purchase of 1,900-acre Salisbury Canyon Ranch in Santa Barbara, California. Read more here.

Alabama

The embattled chairman of the Alabama Medical Cannabis Commission, Dr. Steve Stokes, has resigned. His resignation comes just over a week after a Montgomery attorney asked a judge to issue a writ of quo warranto, removing him from that position. Read more here.


Debra BorchardtJanuary 12, 2023

7min00

There have been a lot of expectations for consolidation in the cannabis industry and so it seems 2023 is already off to a busy start. Today there are three deals to mention.

Akerna

Akerna (Nasdaq: KERN) announced it was selling 365 Cannabis also known as The NAV People to 365 Holdco LLC as of an agreement signed on January 11, 2023. Under the terms of the SPA, Akerna received a cash payment of $500,000 and the parties agreed to terminate an earn-out payment due and payable to the principals of 365 Holdco LLC with a deemed value of $2,283,806. According to a company statement, $100,000 of the cash payment is being held back by 365 Holdco in accordance with the terms of the SPA for post-closing accounts payable adjustments and certain indemnification claims through April 30, 2023.

Akerna acquired 365 Cannabis in a deal valued at $17 million in October 2021. At the time Akerna CEO Jessica Billingsley said, “The 365 Cannabis acquisition represents the final piece of the puzzle for connecting cannabis compliance with mainstream ERP offerings to give our clients a choice between all of the most popular financial and operational systems.” The acquisition of 365 Cannabis by Akerna was meant to accelerate the deployment of a financial solution strategy with the addition of Microsoft capabilities, further establishing Akerna as the most robust cannabis-compliant ERP system offering a complete portfolio of mainstream tax and financials.

Despite selling the asset for much less than it cost, Akerna shares were up almost 41% in pre-market trading to lately sell at $1.37. Akerna has been working to improve its balance sheet over the past year. The company said in November that it continues to explore strategic and financial alternatives to strengthen its balance sheet. It also announced in November that shareholders voted in favor of a 20-for-1 reverse stock split which was effectuated immediately thereafter in order to maintain compliance with Nasdaq listing standards.

LEEF Brands

LEEF Brands, Inc. (OTCQB: ICNAF) has completed the acquisition of The Leaf at 73740 LLC in an all-stock transaction as of January 11, 2023. The transaction was previously announced on September 19, 2022. The Leaf is a premium California retailer located in the heart of Palm Desert, California at 73740 El Paseo.

“We are extremely excited to welcome The Leaf into the LEEF Brands family and to commence our corporate strategy of acquiring top performing and best in class retail dispensaries in locations that will serve to augment LEEF product offerings in select markets. The Leaf has built a trusted retail platform in the heart of Palm Desert and we look forward to garnering invaluable customer insights through The Leaf’s platform and begin to integrate those insights throughout our organization to build a lasting relationship with the cannabis consumer. We also look forward to building upon The Leaf’s trusted retail platform and continuing the legacy of R.D Hubbard, in building a best-in-class cannabis retail experience,” said Micah Anderson, CEO of LEEF Brands. “Our acquisition strategy is two-fold: gain operational efficiencies and significantly grow revenue. We will accomplish this by consolidating operating expenses and building the presence of our in-house brands in-store.”

Wee-Cig International

Wee-Cig International Corporation (OTCMarkets: WCIG) signed a Letter of Intent (LOI) to acquire The Jamaican Brew House. The Jamaican Brew House is a producer of an exclusive neutral liquid base made from cannabis that can be used in a range of food and beverage applications. The naturally soluble liquid eliminates the need for emulsification or nanoencapsulation, resulting in a finished product that has consistent CBD/THC content and is free of the taste of cannabis terpenes. JBH is the first company to utilize a botanical process to naturally create a neutral cannabis base and is further differentiated by its innovative products, unique flavor profiles, and customer-first experience, making cannabis products more enjoyable for consumers. The team at JBH includes sales and marketing leaders from the beverages industry, cannabis and food processing, and a corporate advisory team, all of whom will bring their industry knowledge to the company’s operations.

“I am extremely excited to announce we have entered into a Letter of Intent,” comments Efraim Babayov, CFO of Wee-Cig International Corporation. “The expansion of operations of The Jamaican Brew House is expected to be the focus of our company in 2023 and will bring a new and existing operating segment. I believe this acquisition once concluded will provide tremendous value to our company and shareholders.”

Russell Korus, CEO, President, and director of the company, has resigned all positions. Mr. Efraim Babayov has agreed to assume the role of interim CEO and President.

This acquisition will bring a patent-pending technology to Wee-Cig International Corporation, which the company intends to immediately commence marketing. The company said it expects to enter into a definitive agreement with JBH no later than thirty (30) days from entry into this LOI, with closing during the first quarter of fiscal 2023.


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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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