Marijuana Money Archives - Green Market Report

Video StaffVideo StaffSeptember 7, 2018
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Next week is the Green Market Summit on September 14 in New York City, go to www.greenmarketsummit.com to buy your tickets. We’ve got TheStreet’s Jim Cramer interviewing Brian Athaide, the CEO of The Green Organic Dutchman (TGODF) and Danny Moses of Moses Ventures, the trader made famous in The Big Short will talk about why he’s long marijuana. All the conference goers will get to attend the one-year anniversary party for the Green Market Report.

It was a shortened trading week with markets closed on Monday for Labor Day, but there were lots of financial deals happening.

Cronos Group (CRON) announced a partnership with Gingko Bioworks to produce cultured cannabinoids in a deal potentially valued at $122 million.

The Flowr Corporation raised $36 million in an oversubscribed offering ahead of its plans to do a reverse takeover of the Needle Capital Corp. This is expected on or about September 10th. This company is led by former founders of MedReleaf.

Canndescent raised another $13 million that’s in addition to the $10 million they already raised. The California cannabis company will use the money for expansion.

Liberty Health (LHSIF) reported that its second-quarter sales jumped 95% to $2.2 million. The company also got approval by Florida to implement FlorPass as the state’s first online patient management system. the company said that “The growth in revenue reflects the wider recognition of the Liberty brands in terms of quality and consistency as well as the patient-centric approach that the Company uses. The corresponding patient count increased to almost 10,000 patients at the end of August from 4,600 at the end of May, a 112% increase over this time period.”

Charlotte’s Web (CWEB.CN) closed on a $5.6 million private placement, this follows the company’s launch on Canadian markets last week.

Aurora Cannabis (ACBFF) closed on its big $200 million debt facility and the company got The Green Organic Dutchman to agree to an extension for its investment option into the company.

And finally, Kush Bottles (KSHB) officially changed its name to Kushco Holdings.


Video StaffVideo StaffAugust 31, 2018

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As a reminder folks, the Green Market Summit is on September 14 in NYC, head to www.greenmarketsummit.com for your tickets. This is the first time you will see TheStreet’s Jim Cramer interview The Green Organic Dutchman CEO Brian Athaide.

Charlotte’s Web, the cannabis company responsible for turning CNN’s Dr. Sanjay Gupta into a medical marijuana believer filed for an IPO worth C$100 million and began trading on Thursday under the symbol CWEB. That’s a pretty rich valuation considering the company only had $40 million in revenues for 2017. Having said that the company has a 14% market share for CBD products

Early this week, Plus Products filed a  prospectus for its IPO and is planning to list shares on the Canadian Securities Exchange. The company hopes to raise $15 million through the offering,

CannaRoyalty Corp.  (CNNRF) agreed to sell its equity stake in Alternative Medical Enterprise or Alt-Med to  Tidal Royalty Corp. (TDRYF) for $8 million. Canna Royalty will continue to have the right to license MÜV products in California, Nevada, Canada and other select markets. CannaRoyalty said that the sale of AltMed represents a roughly 168% return on investment for its shareholders.

CV Sciences, Inc. (CVSI) issued a statement denying that it had violated securities laws. The statement stemmed from a claim by Citron Research that CV Sciences had a patent application rejected by the United States Patent and Trademark Office (USPTO) and that it didn’t disclose this to shareholders. That prompted a class action lawsuit. CV Sciences said it appealed the rejection, but didn’t really address whether it had told shareholders about the patent office’s communications.

Lots of earnings this week as we close out the third quarter of the calendar year here are the highlights.

MPX Bioceuticals (MPXEF) reported that its revenues increased 224% to 14.5 million Canadian dollars versus last year’s $4.5 million. Still, though MPX delivered a net loss of 11 million Canadian.

Green Thumb Industries (GTBIF) announced that its revenues in the second quarter rose 25% from $10.9 million to $13.6 million, driven mostly by the increased wholesale distribution of its finished branded products to retail customers in Illinois and Maryland, as well as increased traffic at the company’s retail stores.

Tilray (TLRY) reported that its revenues increased to $9.7 million, an increase of 95.2% over last year’s $4.9 million for the same time period. The company said that the jump was due to increased patient demand in Canada, sales to licensed producers and international sales.

In addition to these companies, you can get more details on earnings from Golden Leaf Holdings, True Leaf Medicine, FluroTech, WeedMD, VIVO Cannabis and Kalytera therapeutics on the Green Market Report website.

This weekend is Labor Day and so markets will be closed on Monday.


Video StaffVideo StaffAugust 24, 2018

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Don’t’ forget to buy your tickets now for the Green Market Summit to be held on Sept. 14 in NYC. For the first time ever you’ll get to see TheStreet founder Jim Cramer interview The Green Organic Dutchman’s new CEO Brian Athaide. This week TGOD said it is acquiring HemPoland in an immediately accretive deal

The state of California released its tax data for Q2 cannabis sales last week.  Tax revenue from the cannabis industry totaled $74 million from April 1, 2018, through June 30, 2018. However, the state is behind what it had estimated it would get. For the first six months California only bro,ught in $135 million, not the $175 million it expected.

MedMen (MMNFF) said on Monday that its stores accounted for roughly six percent of all legal retail sales of cannabis and cannabis products in the second quarter for the state. On a separate note, MedMen signed an exclusive deal to use the iconic Woodstock brand on cannabis products and get premium placement at Woodstock branded festivals.

Namaste Technologies Inc. (NXTTF) signed a wholesale supply agreementwith Manitoba-based licensed producer, Bonify Inc.  Namaste will buy bulk cannabis products through the wholly-owned subsidiary, Cannmart. Bonify is a leading provider of medical marijuana and it operates a large-scale cultivation facility.  Namaste also signed a revenue sharing agreement with cannabis business tech company Cannvas MedTech Inc.

CannaRoyalty reported that its second quarter revenues jumped 266% to C$3.5 million Canadian dollars and the company delivered a net income of $9.3 million. Compare that to last year’s C$2 million loss for the same time period.

Toronto-based Emblem Corp. (EMMBF) reported second-quarter revenues of $1.5 million for the quarter ending June 30, 2018, an increase of 180% over last year. The company also delivered a gross loss of $159,000 for the quarter versus last year’s zero amount and a let loss of $4.7 million versus last year’s net loss of $2.9 September

Kaya Holdings had a 45% increase revenues with $291,000 for the quarter. It’s a 60% increase year-over-year.

Cannabis Strategic Ventures acquired The Asher House Pet CBD brand.

BlackRock is now the largest institutional holder of 22nd Century group stock

Canopy Growth said that its venture arm Canopy Rivers will complete its Reverse Take over of AIM2 during the week of September 17 and will use the symbol RIV. As a side note, Canopy Rivers will be at the Green Market Summit.

 

 


Video StaffVideo StaffAugust 17, 2018

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Buy your tickets now for the Green Market Summit to be held on Sept. 14 in NYC. Go to www.greenmarketsummit.com for details.

The big news this week was the $5 billion investment by alcohol company Constellation Brands (STZ) into Canopy Growth (CGC). Constellation made an earlier investment in the company late last year and this recent move brings its total ownership up to 38%. Constellation also paid a premium for its shares. Canopy plans to use the money for strategic expansion into other countries.

That wasn’t the only big deal this week.

The longtime Bay Area Harborside dispensary which is actually a company called FLRish Inc. is entering into a binding letter agreement with  Lineage Grow Company Ltd.  (CSE:BUDD) for a reverse takeover in a deal valued at C$200 million. Lineage will acquire all of the outstanding shares of Harborside in exchange for newly issued shares of Lineage.

C21 Investments Inc. (CSE: CXXI)  has entered into an agreement to acquire Oregon-based premium cannabis edible companies Grön Chocolate and Grön Confections. The deal is expected to close by November 1, 2018. C21 has agreed to pay Grön unitholders $6.8 million plus the bonus earn-out shares of $4.375 million

Cronos Group (CRON) stock popped over two percent in early market trading after the Canadian cannabis reported that its revenue for the second quarter jumped 428% to $3.4 million. It was an increase of $2.8 million over the previous year’s quarter.

The main drivers behind the revenue increase were an expansion in patient onboarding, an increase in average sales price and the strong growth in cannabis oil sales. Second quarter cannabis sales were responsible for 40% of the company’s domestic medical sales.

The Green Organic Dutchman (TGODF) reported its quarterly results that demonstrate the company is still in a phase of ramping up as there are no sales to report as of yet. The net loss for the quarter ending June 30, 2018, was C$8.5 million or C$0.04 per share versus last year’s C$2.3 million loss or C$0.02 per share.

MedMen (MMNFF) reported its unaudited fiscal fourth-quarter sales of $19 million. The sales come from 7 locations in Southern California and do not include the newest store in Abbot Kinney or the store that was just opened in Las Vegas. The company said it would release its full-year audited results in October.

Cowen Research initiated coverage on Tilray Inc. with an Outperform rating and a $34 price target.

Stifel initiated a buy rating on GW Pharmaceuticals (GWPH) and $181 (36% upside) price target citing bullish prospects for Epidiolex.


Video StaffVideo StaffAugust 10, 2018

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It was a busy week for earnings and most of them came from the biotech side of the industry.

GW Pharmaceuticals reported that its revenue rose 34.6% to $3.5 million and its net loss fell 31.7% to $35.7 million. The company also said it was gearing up for the launch of its drug Epidiolex, which was approved by the FDA by hiring more people. GW also continued to state that it expects cannabis to be rescheduled as a result of the FDA approval.

Insys Therapeutics Inc. (INSY) delivered its second-quarter numbers on Wednesday missing analysts estimates for revenues and earnings. This was following an earlier announcement that it had settled with the Department of Justice saying that it had agreed to pay $150 million over five years.

Arena Pharmaceuticals reported a net loss of $31 million or 65 cents per share, which missed analysts estimates by 3 cents. Don’t worry, the company is sitting on a cash equivalent and investments balance of $592.4 million.

General Cannabis Corp (CANN) announced financial results for the quarter ended June 30, 2018. The company delivered a net loss of $3.6 million for the quarter a 130% drop from the previous year’s loss of $1.5 million for the same time period. The loss per share was ($0.10) versus last year’s loss of ($0.08). Revenues jumped to $1.1 million from last year’s $833,000.

In the non-earnings news – Willam “Beau” Wrigley joined Surterra Wellness’ board and helped the company close a $65 million fundraising round bringing that company’s total raise to $100 million. The medical marijuana company is focused on the Florida and Texas markets.

Navy Capital invested $3 million into Nevada-based Oasis Cannabis. The deal could go higher if the overallotment is taken pushing it to $5.75 million.

Aurora Cannabis entered into an LOI to acquire HotHouse Consulting.

Sugarmade, Inc. (SGMD), a publicly traded cannabis-related hydroponics supply companies is returning to the OTCQB Venture Market.

Mentor Capital, Inc.(MNTR), an M&A and funding provider for the cannabis and medical marijuana sector, will start to trade on the OTCQX Best Market effective today


Video StaffVideo StaffAugust 3, 2018

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Here are the top financial cannabis news stories for the week ending August 3, 2018.

Scythian Biosciences is taking the money it received from selling its Caribbean and Latin American assets to Aphria and is entering the Florida market. It is purchasing CannCure along with two other entities in a deal valued at $136 million.

Maricann upsized its private placement to $35 million.

Earnings season is underway and we had quite a few companies deliver their numbers, so let’s jump right in.

An overproduction of cannabis in California and regulatory changes put pressure on the Hawthorne division of Scotts Miracle-Gro (SMG). At first glance, it looked like a strong quarter with sales increasing 2% for the overall company and the Hawthorne division, but the cannabis sales actually dropped had it not been for acquisitions.

CV Sciences (CVSI) popped on its overall solid second quarter. Sales rose 203% to $12.3 million and the gross profit came in at $9 million, a huge improvement over last year’s $2.8 million.

Isodiol International (ISOLF) reported a net annual loss of C$36 million, but revenue came in at C$19 million, well above last years’ $300,000 and the company recorded a gross profit of $8.8 million.

Organigram (OGRMF) stock rose when it reported sales of $3.7 million for the fiscal third quarter and earned net income of $2.8 million.

Zynerba Pharmaceuticals (ZYNE) delivered a net loss of $12 million, but the company is still sitting on $43 million in cash. The company recently completed an offering, which investors felt was unnecessary because it diluted the stock but it has set the company up with a big cash cushion.

And finally. While everyone is touting the size of the California cannabis market, the job growth in the industry out there is slowing, while cannabis job growth in the northeast is booming. A new report by Joblift noted a surge in medical marijuana job postings this year in Pennsylvania, Massachusetts and yes even here in NY.

Green Market Report is hosting its first cannabis conference on Sept. 14. Go to www.greenmarketsummit.com for more details.

 


Video StaffVideo StaffJuly 27, 2018

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The big news this week was the announcement by Acreage Holdings of its $119 million capital raise. This U.S. cultivator is in 13 states and soon to be 15. It is the largest U.S. cannabis company raise and sets the company on a solid path to becoming publicly traded this fall on the Canadian stock exchange. The most amazing part of this story is that Acreage did this without hiring bankers. That’s baller.

The Cato Institute released a new report that said if drugs were legalized the government could save billions of dollars in drug enforcement and also make billions in tax revenues.

Emblem ended up buying all of Natura Naturals in a deal valued at C$76 million. The company announced last week that it made a $3 million dollar investment. This week it decided to buy the whole enchilada.

MariMed acquired iRollie in a deal valued at $600,000.

MedMen completed a strategic investment in Lowell Herb Co., the California pre-roll company known for its celebrity endorsements and marijuana flower crowns.

CV Sciences released unaudited second quarter results boasting Q2 revenue of$12.3 million, up 203% over last year and a 53% sequential increase. The company also announced that it has applied to list on the NASDAQ Capital Market. Until approved, the company will continue trading on the OTC Markets under its current symbol, CVSI. “We believe up-listing from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets,” said CV Sciences CEO Joseph Dowling.

Bespoke Extracts was approved for an uplisting to the OTC Venture Market Place. “We are very pleased to be trading on the OTCQB as it will provide our shareholders and potential new investors with greater transparency and liquidity in our common stock.

PotNetwork Holdings had to take back its Form 10 to become a fully reporting SEC company after its accounting firm lost its certification. On Thursday the company hired a new firm and is back on track.


Video StaffVideo StaffJuly 20, 2018

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Tilray priced its $153 million IPO at $17 a share The stock is listed on the NASDAQ exchange and was priced above its estimated $14-$16 price range. The company recently amended the IPO from raising $100 million to $153 million. The stock immediately traded higher to over $23 a share for a gain of 35%.

Aphria Inc. (APHQF) is acquiring Scythian Biosciences Corp. (SCCYF) Latin American and Caribbean assets in a deal valued at $193 million. The acquisition will allow Aphria to quickly expand into Columbia, Argentina, and Jamaica. It will also give Aphria first offer and refusal for Brazil.

Emblem Corp.  (EMMBF) is making a $3 million strategic equity investment into Canadian cannabis company Natura Naturals Inc. In addition to the investment, the two companies have also signed a three-year cannabis supply agreement for Natura to provide Emblem up to 3,000kg of high-quality cannabis flower per year from its Phase 1 cultivation facility. The deal is expected to close later this week.

AmeriCann, Inc. (OTCQB: ACAN), an agricultural-technology company that is developing the next generation state-of-the-art greenhouse cannabis cultivation and processing properties, announced today that it has closed an all-equity financing offering with total proceeds of $3,819,000.

The Green Organic Dutchman paid a dividend in the form of a warrant. The warrant is for a spin-off company that will be called TGOD Acquisitions. TGOD said that it had come across many companies that weren’t a great fit for TGOD, but were good companies none the less.

Green Spirit Industries Inc. (GSRX) has changed its name to GSRX Industries Inc.  The Company will continue trading under ticker symbol “GSRX”.

Aurora Cannabis Inc. (ACBFF) has joined a growing number of cannabis companies working with the Canadian e-commerce platform Shopify. Today, Aurora announced that it had reached an agreement with Shopify to leverage the e-commerce site’s platform to assist in distributing Aurora’s medical and recreational cannabis globally.

 


Debra BorchardtDebra BorchardtJuly 13, 2018

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July 10 is or 710 is becoming a big sales promotion day and is growing in popularity. If you turn the numbers upside down, it loosely resembles the word “OIL.” So, fans of cannabis oil as using that as an excuse to celebrate. Not convinced?

According to MJ Freeway, point-of-sale (POS) data from thousands of cannabis retailers across the U.S., Monday, July 10, 2017 sales were 15% higher than average Monday sales. The 15% increase can be wholly attributable to increased concentrate purchases.

Canopy Growth Corporation said it was acquiring Hiku Brands Company Ltd.  (HIKU.CN) and paying a premium for the shares. Canopy is paying C$1.91 per share, which is a 33% premium based on the average price over a 20-day period. Consequently, WeedMD has terminated its plans to merge with Hiku and will receive a $10 million termination fee. The companies had announced an “Arrangement Agreement” back in April. That deal was more a merger than an acquisition.

Kush Bottles, Inc. (KSHBacquired Zack Darling Creative Associates, LLC along with its wholly-owned subsidiary, The Hybrid Creative, LLC, a specialist design agency based in Santa Rosa, California. Kush Bottles acquired ZDCA for a total purchase price of $1.45 million in cash and 360,000 shares of Kush common stock. Kush also announced this week that it was changing its name to Kushco Holdings

Nutritional High (SPLIF) announced that it has signed a definitive agreement for the acquisition of Pasa Verde, a commercial scale cannabis oil extraction and edible facility in Sacrament, California.

Sunniva Inc. (SNNVF) announced that it intends to spin out its Canadian assets into a separate Canadian entity and apply to list the shares on the Toronto Stock Exchange and the NASDAQ Stock Market in an effort to unlock the underlying value of the company’s assets on both sides of the border.

Tilray Inc.  amended its IPO to raise $135 million. The company has applied to list its shares on the NASDAQ.

Sproutly Canada Inc, a ACMPR Licensed Producer of cannabis is now trading on the CSE with the ticker SPR. The company just recently submitted their letter of intent to acquire Infusion Biosciences .


Video StaffVideo StaffJuly 6, 2018

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It was a slow news week with the Fourth of July holiday falling in the middle of the week on Wednesday. The markets were closed for trading and it seems many people were taking part of the week as extended holidays.

Sunda,y July 1 was supposed to be the start of recreational marijuana sales in Massachusetts, but the state has only issued one license and there are no labs licensed to test product. Vermont legalized adult use cannabis, but sales of the product are illegal. And California set that day as the day for all products sold in dispensaries to be compliant with the new regulations causing many businesses to offera huge sale to dump non-compliant products.

Flow Kana announced the completion of a $22 million round of financing, led by a $15 million investment from Gotham Green Partners.

Pharmaceutical company Zynerba said that the phase 1 study for its cannabinoid compound ZYN001 failed and that the company was moving instead with its other drug ZYN002. The company’s stock plunged over 15% in early trading on Thursday, but trimmed those losses by the afternoon.

The Canadian province Alberta decided upon its cannabis suppliers and several companies were happy to announce the news but only hometown favorite Aurora Cannabis and Maricann actually stated the amount that was agreed to be supplied. Other companies included Aphria, Organigram, Emblem WeedMD and Supreme Cannabis.



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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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