Debra BorchardtNovember 15, 2023
The company attributed its lack of revenue to a change in payment processors.
Lucy Scientific Discovery Archives - Green Market Report
Debra BorchardtNovember 15, 2023
Adam JacksonOctober 16, 2023
The financials doesn't include the firm's more recent spending spree.
Debra BorchardtOctober 4, 2023
Increased SG&A and regulatory costs drove the losses.
StaffSeptember 26, 2023
The Daily Hit is a recap of the top financial news stories for Sept. 26, 2023.
On the Site
Lucy Scientific Mum on High Times Deal
The recent acquisition of High Times Holding Corp. by Lucy Scientific Discovery Inc. (NASDAQ: LSDI) raised many questions – but the company doesn’t appear to want to answer them. The deal was expected to be finalized in two weeks, but that deadline is now in the rearview mirror, and there has been no update. Read more here.
New York Regulators to Issue 1,500 Cannabis Licenses in Upcoming Round
New York regulators are planning to issue roughly 1,500 marijuana business licenses when the upcoming permit application window opens next Wednesday, one of the state’s top cannabis overseers disclosed. That would vastly expand the current licensed New York market. Read more here.
Alaska Eases Rules on Cannabis Ads, Free Samples
Alaska regulators significantly loosened key restrictions that could lead many cannabis businesses to greater profitability simply by letting them advertise in many common venues and offer free samples to customers through legal dispensaries. Read more here.
Dunkin’ Takes E-Cigarette Maker to Court Over Branding
The lawsuit contends that Singh Handicraft Corp.’s branding for its e-cigarettes is strikingly similar to Dunkin’s distinctive design. Specifically, the disposable vaporizers, shaped like an iced coffee cup and a glazed doughnut, display a logo that mirrors Dunkin’s signature orange and pink color palette and rounded font. Read more here.
Organigram Holdings Seeks C$500 Million Financing Approval
Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) is paving the way to distribute up to C$500 million in securities. The company announced on Monday it had filed a preliminary short form base shelf prospectus with Canadian securities commissions. Read more here.
In Other News
Better Health Sciences
Better Health Sciences, a wholly owned subsidiary of TransGlobal Assets Inc. (OTC PINK: TMSH), has acquired 100% of the assets of Synergy Health Services. This strategic alignment augments BHS’ trajectory in the dynamic health and wellness sector, particularly through alignment with BHS’s recent acquisition of Cannascribe. Read more here.
New York
The Syracuse New York mayor Walsh said that the City’s Division of Code Enforcement, with New York State investigators from the State Department of Taxation and Finance and the Office of Cannabis Management, seized illegal products at five stores in the city and closed the shops. Read more here.
San Franscisco
Proprietors of San Francisco cannabis dispensaries say allowing Amsterdam-style consumption lounges would be a positive move, but it would do little to address their biggest problem: There are simply too many shops chasing too few customers, particularly as the city’s tourism industry has taken a hit. Read more here.
Debra BorchardtSeptember 26, 2023
The information provided publicly was notable for its lack of detail.
StaffSeptember 12, 2023The Daily Hit is a recap of the top financial news stories for Sept. 12, 2023.
On the Site
New York Regulators Sign Off on Oct. 4 Licensing Launch During Contentious Hearing
New York regulators formally signed off Tuesday on opening the next round of both recreational and medical marijuana business licensing on Oct. 4, with hopes the move could lead to much-needed market progress. Read more here.
More Licensing Wrinkles in Alabama
Yet another wrinkle has arisen amid Alabama’s attempts to sort out its ongoing and contentious medical marijuana licensing process, with some stakeholders claiming they were now wrongly discredited as having owners with felony convictions. Read more here.
Lucy Scientific Acquires BlueSky Wellness in All-Stock Deal
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) has announced its acquisition of hemp maker BlueSky Wellness in another all-stock deal, hot on the heels of purchasing rights to cannabis brand, High Times. Read more here.
International Star Eyes Cannabis-Themed Entertainment
International Star Inc. (OTC: ILST) announced today its purchase of a 20% stake in a new film production firm, B Studios. The latest foray is part of ILST’s strategy to broaden its presence in the cannabis-themed entertainment sector, according to a news release Monday. Further details regarding the transaction will be provided in subsequent announcements. Read more here.
GMR Hosts First New York Focused Summit on September 13
Green Market Report is hosting its first New York-focused Summit. The program for this event is unique in that it follows the New York supply chain featuring speakers from each level of licensing beginning with cultivators and ending with investors. Read more here.
In Other News
U.S. Virgin Islands
The Office of Cannabis Regulations has released new draft rules, which are open for public comment through Oct. 10. A timeline for approval of the rules has not been finalized, and it remains unclear when Virgin Islanders will be able to apply for licenses to legally grow and sell cannabis. Read more here.
RAMM Pharma Corp.
After an exchange of correspondence with the CSE, RAMM Pharma Corp. (CSE: RAMM) decided not to proceed with its previously announced non-brokered private placement. The CSE had responded to the announcement of intent, saying, “the Issuer has nearly $6 million in cash with no apparent immediate need for the private placement.” The company will resubmit its intention to commence a normal course issuer bid. Read more here.
The Bettering Co.
The Bettering Company, a new luxury cannabis edibles brand, received $6.7 million in funding, bringing the company’s total funding to date over $11 million. The Bettering Company will launch sales of its branded THC-infused gummies in fall 2023 in dispensaries across Illinois. Read more here.
Adam JacksonSeptember 12, 2023
The deal is projected to diversify and boost Lucy’s revenue streams.
StaffSeptember 7, 2023The Daily Hit is a recap of the top cannabis financial news stories for Sept. 7, 2023.
On the Site
Lucy Scientific to Acquire High Times Brand Rights
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) agreed to acquire the intellectual property of High Times. The acquisition will grant Lucy a steady flow of income from licensing and royalties linked to High Times, Cannabis Cup, and 420.com brands. Read more here.
Alabama Cannabis Regulators to Meet with Failed Applicants in Apparent Negotiation
Alabama cannabis regulators are set to negotiate with several would-be medical marijuana companies that have filed suit against state officials, in an apparent attempt to reach a settlement deal. The companies are challenging the haphazard licensing process that has yet to reach any resolution, even after two rounds of permitting. Read more here.
New California Lawsuit Targets Santa Barbara Cannabis Farms Over Odor
A local nonprofit in Santa Barbara County, California, filed a new lawsuit against three marijuana farmers, alleging that the growers refuse to utilize effective odor control and are tantamount to a public nuisance. Read more here.
New York Lawmaker Promises Hearing to Address Rec Market Shortcomings
New York lawmakers will hold a public hearing at the end of October in Albany to give stakeholders a chance to critique the adult-use marijuana market rollout – and perhaps influence legislation coming next year, a key Democratic state senator announced Thursday morning. Read more here.
Cresco Labs Launches Cannabis Ads on Spotify
Music streaming platform Spotify, which claims a subscriber base that exceeds 220 million users, now includes Chicago-based Cresco Labs (CSE: CL) (OTC: CRLBF) among its advertisers. Read more here.
In Other News
Maine Adult-Use Cannabis
t’s a multimillion-dollar industry that doesn’t seem to be slowing down in Maine, but some say new rules for the adult-use marijuana industry could harm businesses and consumers. The proposed changes cover everything from delivery to new packaging requirements. Read more here.
Avextra AG
Germany-based Avextra AG signed distribution agreements with two leading Swiss pharmaceutical partners and one Austrian pharmaceutical distribution partner. Under the terms of the agreements, Avextra will supply its purified API Dronabinol as well as standardized cannabis extracts manufactured in its GMP facility in Germany to both Switzerland and Austria. Read more here.
Adam JacksonSeptember 7, 2023The deal's poised to inject $10 million worth of revenue into Lucy by 2024.
Debra BorchardtJuly 13, 2023Lucy Scientific went public in February.
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