Marijuana Money Archives - Green Market Report

Video StaffJuly 23, 2021

4min5470

July 10 or Dab Day is turning into a dud day. It’s also called “oil” day and the idea is that 710 upside down spells oil. This year total US cannabis sales decreased by -10.4% over an average of the previous four Saturdays. concentrates sales increased by 24.1% and were the only category that enjoyed positive growth.

Ayr Wellness Inc. (OTC: AYRWF) is buying Nevada-based Tahoe Hydroponics Company, LLC in a deal valued at $17 million. It is a cash and stock deal that will consist of $5 million in cash, $3.5 million in debt, and approximately $8.5 million in stock. Tahoe Hydro operates roughly 33,000 square feet of total cultivation and manufacturing space in its facilities in Carson City, Nevada, and Sparks, Nevada.

Entourage Health Corp. (formerly WeedMD Inc.) (TSX-V:ENTG) (OTCQX:WDDMF) announced preliminary unaudited revenues of $13.6 million for the three months ending June 30, 2021. The company said this was another sequential quarter of record sales growth across its adult-use and medical sales channels.

Clever Leaves Holdings Inc. (Nasdaq: CLVR) closed on $25 million in financing from Catalina LP, an affiliate of SunStream Bancorp Inc., a joint venture initiative sponsored by Sundial Growers Inc. (Nasdaq: SNDL).

Empower Clinics (OTC: EPWCF) is selling its legacy cannabis assets for $1 million and said it plans to fully focus on its integrated healthcare business. 

Michigan-based Gage Growth Corp. (CSE: GAGE) has added another high-profile name to its dispensaries. Gage and Pure Beauty have entered into an exclusive five-year partnership agreement to launch Pure Beauty’s line of premium cannabis products in Michigan, pending Michigan. Pure Beauty is a California-based boutique cannabis brand that combines art, culture, and style with sustainable and social justice practices.

And finally, Harborside Inc. (CSE: HBOR), (OTCQX: HBORF) announced that Peter Bilodeau has been asked to step down from his role as Interim Chief Executive Officer effective immediately, and Matt Hawkins, Chairman, will assume the position of Interim CEO while the company completes its search for a successor.


Video StaffJuly 16, 2021

5min6400

The big news this week was that  Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR), and Sen. Cory Booker (D-NJ) released the full text of their federal draft marijuana legalization bill called the Cannabis Administration and Opportunity Act. This massive piece of legislation is clocking in at a hefty 163 pages. In general, the legislation aims to deschedule cannabis, expunge prior records, fund equity programs, remove collateral consequences, and transfer regulatory authority for marijuana to the Food and Drug Administration and other federal agencies. Only consumers over the age of 21 would be allowed to buy legal cannabis and adults would be limited to purchases of up to 10 ounces. The bill would also impose a federal tax on marijuana products and put some of that revenue toward grant programs meant to support people from communities most impacted by prohibition who want to participate in the industry.

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) released its results for the third quarter ending May 31, 2021, with revenue growing 31% over last year to $29.1 million. This was an increase of 51% from the second quarter. The net loss fell 96% to just $4 million from last year’s $89 million

EVIO Inc. (OTC: EVIO) has entered into a Letter of Intent to acquire Leading Edge Pharms, Inc. (LEP) of Henderson, Nevada. LEP is a biotechnology company focused on the research, development, and commercialization of novel cannabinoid therapies and innovative drug delivery systems that provide safe and effective topical solutions for pain management.

High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) is buying a dispensary chain with six stores owned by 102105699 Saskatchewan Ltd. for C$2,900,000. High Tide will acquire a portfolio of six retail cannabis locations in Regina, Saskatchewan, out of which one is operational and five are in various stages of construction and development and are all expected to be operational by the end of 2021.

Australis Capital Inc., operating as Audacious (CSE: AUSA) (OTC: AUSAF) is buying a cannabinoid-infused shot beverage company called LOOS.

MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) said that it has decided to suspend construction and certain business activities at the company’s Warman facility effective July 12, 2021. Additionally,  MJardin said in a statement that it has launched a Sales and Investment Solicitation Process related to the company, and all its Canadian and US assets.

And finally

Sacha Baron Cohen, the creator of the character “Borat” has sued privately-owned Massachusetts cannabis company Solar Therapeutics Inc. and the company’s President Edward Dow III for $9 million. Cohen is angry that his likeness as the character Borat was used without his permission on a billboard that was placed on a busy highway. The lawsuit claims that by using Cohen’s image it looks as if he is endorsing cannabis products.


Video StaffJuly 9, 2021

3min8920

This is your Marijuana Money Minute for the week ending July 9. It was a shortened trading week with markets closed on Monday for the 4th of July holiday. It was also fairly quiet for the cannabis industry. 

 

 Agrify Corporation (NasdaqCM:AGFY) entered into a definitive agreement with current customer Nevada Holistic Medicine for the build-out of their 12,400 square foot state-of-the-art facility that should result in about $12,000 in fees. The company has also signed a definitive Collaboration Agreement forming a long-term research and development partnership with Curaleaf Holdings. Agrify will supply its software platform for three years at Curaleaf’s primary R&D facility located in Massachusetts.

 

Gage Growth Corp.  (CSE: GAGE) (OTC: GAEGF) now has an exclusive partnership agreement with multi-platinum-selling, GRAMMY Award and Golden Globe Award-nominated recording artist Wiz Khalifa’s brand, Khalifa Kush (“KK”), to develop and launch a line of premium cannabis products in the state of Michigan. Gage will be the exclusive producer, processor, and retailer of KK branded products in Michigan.

 

 WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) is changing its name to Entourage Health Corp. over the next few months. The company said that throughout the transition it will continue doing business as Entourage Health Corp., its Health Canada license will continue under its wholly-owned subsidiary WeedMD RX Inc.

 

Terra Tech Corp. (OTCQX:TRTC) has changed its name to Unrivaled Brands following its completed merger with UMBRLA, Inc. As part of its rebranding, Terra Tech will start trading under its new ticker symbol, “UNRV”, on the OTCQX market at the market opening on Thursday, July 8, 2021.

 

Khiron Life Sciences  (OTCQX: KHRNF) has agreed to sell 27 million units of the company for gross proceeds of $12 million. 


Video StaffJuly 2, 2021

5min10520

Akerna (NASDAQ: KERN) is predicting the 4th of July will bring in over $206 million in legal cannabis sales across the United States. The report predicts July 2nd to be the second highest sales day of the year, just after 4/20. 

TPCO Holding Corp. also known as The Parent Company (OTCQX: GRAMF) is buying a West Hollywood, CA dispensary named  Calma West Hollywood in a deal valued at $11.5 million. It is expected to close in the third quarter of 2021.

There were a few earnings to discuss this week. 

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) said its revenue increased by 99% to $40.9 million in the second quarter versus $20.6 million in the same quarter last year. 

Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) reported first quarter revenue rising 53% to $13.9 million over last year’s $8.8 million. This topped the previous guidance from Flower One of $13.5 million and was a big jump sequentially over the fourth quarter’s $9.7 million.

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) announced preliminary unaudited revenue results for the quarter ending in  May. The Company expects total revenue to be approximately $7.1 million, representing a $5.1 million increase compared to the second quarter of 2021.

CBD company Exactus, Inc. (OTCQB:EXDI)  acquired Panacea Life Sciences which was founded by Leslie Buttorff, in 2017 as a woman-owned business Buttorff will lead the newly merged company.

It seems like capital raising is back with a vengeance. 

 Kadenwood, a leading plant-based wellness company has raised $50 million of cash and media value in a Series B fundraising round. 

Nabis, California’s largest licensed cannabis wholesale marketplace platform, announced it raised $23 million in a Series B funding round.

Columbia Care Inc.  (OTCQX: CCHWF) closed its previously announced private placement raising $75 million.

Markets will be closed on Monday in the U.S. to celebrate the fourth of july holiday. Everyone have a safe and happy weekend.

 


Video StaffJune 25, 2021

5min11350

It was a big week for legalization in the northeast. Connecticut officially legalized adult-use cannabis. on July 1, adults ages 21 and older may legally possess up to 1.5 ounces of cannabis flowers and up to five ounces of marijuana in their private residence. Retail sales of cannabis and cannabis products are not anticipated to begin until some time next year.

Rhode Island’s Senate has approved a bill to legalize and now it moves to the state’s house for approval. 

A Manhattan federal judge sentenced two former consultants for cannabis delivery company Eaze Technologies Inc to prison last Friday for their roles in a scheme to dupe U.S. banks into processing credit card transactions for cannabis purchases. The fraudulent transactions totaled $100 million in payments to the online cannabis marketplace. U.S. District Judge Jed Rakoff sentenced Hamid (Ray) Akhavan, 43, to two and a half years in prison and Ruben Weigand to 15 months in prison. 

The Massachusetts Cannabis Control Commission fined both TILT Holdings Inc. (CSE: TILT) (OTCQX: TLLTF) and Ayr Strategies (OTC: AYRWF) last week for over $200,000 each as both companies try to resolve issues each blamed on previous management. The settlement also allows each company to move forward with plans in the state. 

Canopy Growth Corporation  (TSX: WEED) (NASDAQ: CGC) has completed its acquisition of The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF), a deal that was valued at $435 million.

Alimentation Couche-Tard Inc. (OTC: ANCUF),  the owners of Circle K exercised warrants to acquire over 10 million shares of Fire & Flower Holdings Corp.  (TSX: FAF) (OTCQX: FFLWF). The company now owns roughly 20% of Fire & Flower. 

Bhang Inc. (CSE: BHNG) (OTCQX: BHNGF) provided an update with respect to its previously announced management cease trade order issued by the Ontario Securities Commission on May 3, 2021. The company reported that revenue dropped considerably from $4.6 million in 2019 to just $1.6 million in 2020. Product sales dropped from $3.7 million in 2019 to just $120,915 in 2020, with licensing income making up the difference.

Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) announced that it is changing its name to Audacious Brands.  The company’s ticker symbol will remain AUSA on the CSE and AUSAF on the OTC. The company said it will consolidate its brands under the new Audacious banner and intends to launch additional product lines under the new name.


Video StaffJune 18, 2021

4min11410

WM Holding Company better known as Weedmaps completed its previously announced business combination with Silver Spike Acquisition Corp. (Ticker: “SSPK”). SSPK changed its name to WM Technology, Inc. The ticker symbol will change to “MAPS” and began trading as such on the Nasdaq this week.

Several acquisitions happened this week

Canadian-based Cronos Group Inc. (NASDAQ: CRON) is buying an option to acquire 10.5% of U.S.-based PharmaCann for $110.4 million. 

Columbia Care (OTC: CCHWF) has entered into a definitive agreement to acquire Medicine Man Denver in a deal valued at $42M.

Cannabis company Creso Pharma Limited  (ASX: CPH)  (OTCQB: COPHF) is merging with psychedelic treatment company Red Light Holland Corp. (CSE: TRIP) (OTC Pink: TRUFF) to create The HighBrid Lab. 

We also had a lot of earnings this week

HEXO Corp. (NYSE: HEXO)  reported that its third-quarter fiscal 2021 total revenue slid by $10.2 million sequentially to $22.6 million.

Fire & Flower Holdings Corp. (OTCQX: FFLWF)  reported its fiscal first quarter revenue rose 90.7% to $44.1 million. However, Fire & Flower also delivered a net loss of $61.6 million.

KushCo Holdings, Inc. (OTCQX: KSHB) reported preliminary results for its fiscal third quarter with revenue expected to be between approximately $27.5 million and $28.0 million. This is a decline from the $32.9 million in revenue in the second quarter

Greenway Greenhouse Cannabis Corporation has filed a prospectus for a listing on the CSE. The company is majority-owned by Sunrite Greenhouses Ltd., an established cultivator of greenhouse-grown produce within the Del Fresco Group of companies. 

Berlin-based cannabis start-up Sanity Group has closed a $44.2M USD Series A financing round. Previous investors include celebrity angels like music producers will.i.am, Scooter Braun and actress Alyssa Milano.

The state of Connecticut keeps trying to pass the legalization of adult-use cannabis but seems to be thwarted each time. In the state’s recent special session, the Senate approved a full legalization bill by a vote of 19-12. After some back and forth over the social equity component, the governor has now said he will sign it. Sales are expected to begin next May.


Video StaffJune 11, 2021

2min11390

Connecticut failed to move forward with legalizing adult-use cannabis sales. The state has already legalized medical marijuana, but state Republicans thwarted the effort to expand legalization by delaying a vote.

This week Vireo Health changed its name to Goodness Growth Holdings, which is similar to the companies retail store name Green Goods. The company also changed its ticker from VREOF to GDNSF on the OTC Marketplace.

Jushi Holdings got caught up on its financial earnings releases. The company delivered the full year 2020, fourth quarter 2020, and first quarter 2021 this week. For the first-quarter revenue increased 29% sequentially to $32 million. Jushi also forecast that for the second quarter revenues should be in the range of $40-$45 million, which is a little slower growth than what the company has been experiencing

Planet 13 reported record sales in May as Las Vegas comes roaring back to life. May is the 3rd month in a row the company has had record sales as the company recorded $11 million. Sales are even better than before the pandemic and Vegas hotels are quickly selling out as tourists return from lockdowns.

California supply chain company bought the cannabis software company Blackbird, which once belonged to TILT Holdings.

In money moves, Red White & Bloom raised over $36 million and retired $7.7 million in debt. While Auxly Cannabis raised $15 million. Viridian Advisors has noted that so far in 2021, cannabis companies have raised twice as much money as in 2020 at this point in the year.

 


Video StaffJune 4, 2021

3min12940

Markets were closed on Monday in the U.S. for the Memorial Day holiday, so this shortened the trading week.

The country’s leading e-commerce company Amazon (NASDAQ: AMZN) said it will no longer include marijuana in our comprehensive drug screening program for any positions not regulated by the Department of Transportation. Instead, it will treat it the same as alcohol use. The company also said it will be actively supporting The Marijuana Opportunity Reinvestment and Expungement Act of 2021 (MORE Act)—federal legislation that would legalize marijuana at the federal level, expunge criminal records, and invest in impacted communities.

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) reported that its fourth-quarter revenue increased 38% to $148 million. The net losses for the quarter were $617 million, an improvement over 2020’s net losses of $710 million. The company blamed the bloated net losses on non-cash fair value changes of $292 million and impairment and restructuring charges of $75 million primarily related to its Canadian restructuring. For the full year, net revenue increased 37% to $546 million but the fiscal year net loss was an eye-popping $1.7 billion.

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) reported that its net revenues fell 9% to $12.4 million versus last year’s $13.7 million for the same time period. This missed the Yahoo Finance average analyst estimate for revenues of $13.65 million. The company blamed the decline on decreased store traffic due to COVID-19 restrictions, however, there were also declines in the wholesale business related to lower yields. The net losses for the quarter grew 21.9% to $2.9 million from last year’s $2.3 million.

Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) reported first-quarter revenue of $23.1 million which rose 97% sequentially from $11.7 million in the fourth quarter of 2020. The net income for Hollister in the first quarter was $2.0 million versus a net loss of $2.2 million in the first quarter of 2020. Investors seemed pleased with the results as the stock was moving higher by almost 20%.

The Scotts Miracle-Gro Company (NYSE: SMG) announced increased sales and earnings guidance for fiscal 2021 based on the continued strength of both its U.S. Consumer and Hawthorne segments. For the fiscal year, Scotts now expects company-wide sales growth of 17% to 19%. The revision is due mainly to stronger growth in the U.S. Consumer segment, where Scotts now expects sales growth of 7 to 9%, compared with its previous range of 4 to 6%. Hawthorne sales also continue to exceed expectations as the Company now expects sales growth of 40 to 45% for the full year, compared with previous guidance of 30 to 40% growth.


Video StaffMay 14, 2021

5min12640

It was a big week for Trulieve Cannabis Corp.  (OTC: TCNNF). The florida-based company said it was buying  Harvest Health & Recreation Inc.  (OTCQX: HRVSF) in a deal valued at approximately $2.1 billion. The combined businesses will have operations in 11 states with 126 dispensaries serving both the medical and adult-use recreational cannabis markets. Right after that Harvest Health reported its first-quarter revenue rose 101% to $88.8 million. The company said in its earnings that it has a cash position of $106 million, but the company’s total liabilities are $554 million.

Then on Thursday Trulieve said its revenues increased 102% to $193.8 million and beat the Yahoo Finance average analyst estimate for revenues of $189 million.

GrowGeneration Corp. (NASDAQ: GRWG) reported its first-quarter 2021 revenues rose 173% to $90 million. GrowGen said same-store sales increased 51% year over year. Net income was $6.1 million, or $0.10 per share which beat the estimate for $0.07.

Green Thumb Industries Inc.  (OTCQX: GTBIF) continues to show its strength delivering total revenue of $194.4 million in the first quarter up 89% from last year beating analyst estimates. The company also delivered a net income of $10.4 million versus last year’s net loss. 

Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) reported revenue increased 9.1% to $23.4 million, but net losses grew to $13 million.

In the not so great column:

MedMen Enterprises Inc. (OTCQX: MMNFF) reported its revenue fell to $32 million, from last year’s $44.1 million. This also missed the average analyst estimates of $37.3 million.

The Green Organic Dutchman (TSX: TGOD) (US: TGODF) reported its unaudited revenue increased 194% year over year to $8.98 million but decreased 18% sequentially abd blamed covid store closings for the drop. 

In stock news:

ETF Managers Group has launched its latest cannabis ETF (exchange-traded fund) that will once again focus on the cannabis U.S. stocks. The ETFMG U.S. Alternative Harvest ETF (NYSE Arca: MJUS) will begin trading on the New York Stock Exchange.

Flora Growth Corp. (NASDAQ: FLGC) priced its IPO raising $16 million and will trade on the NASDAQ with the symbol “FLGC.” 

True Leaf Brands  (OTC Pink: TRLFF) has launched both a traditional private placement and an equity crowdfunding offering.


Video StaffMay 7, 2021

5min16790

This year’s New York City annual cannabis parade brought out a who’s who of New York politicians and activists. Senator Chuck Schumer told the Green Market Report that he and Senator Booker will be introducing legalization legislation in a few weeks.

Sundial Growers Inc. (NASDAQ: SNDL)  said it was buying Inner Spirit Holdings  (CSE: ISH) (OTCQB: INSHF) in a deal valued at approximately $131 million. Inner Spirit is better known as the retailer and franchisor of Spiritleaf recreational cannabis stores across Canada. The Spiritleaf network includes 86 locations and the deal is expected to close in the third quarter of 2021.

Ascend Wellness Holdings, Inc. closed its previously announced IPO raising $80 million. The shares began trading today on the Canadian Securities Exchange, under the ticker symbol “AAWH.U”. The company expects its shares to become quoted on the OTC markets in the near future.

Tilray, Inc. and Aphria Inc. have officially completed the previously announced merger. The combined company, which will be known as Tilray and the combined company had a market cap of approximately $8.2 billion. 

Jazz Pharmaceuticals plc (Nasdaq: JAZZ) closed on its acquisition of GW Pharmaceuticals and announced financial results for the first quarter of 2021 and affirmed financial guidance for 2021. Total revenues increased 14% in the first quarter of 2021 to $607 million compared to the same period in 2020 which was $534 million.

The Scotts Miracle-Gro Company (NYSE: SMG)  announced company-wide sales increased 32% in its fiscal second quarter to $1.83 billion versus $1.38 billion a year earlier. This beat the analyst estimates on Yahoo Finance. Sales for the hydroponic segment known as Hawthorne increased 66% to $363.8 million. Scotts said that due to its fiscal calendar, the second quarter of 2021 ended six days later than the second quarter of fiscal 2020. The shift had a sales impact of approximately $122.5 million within the lawn and garden business.

Cansortium Inc. (OTCQB: CNTMF) reported revenue increased 54% to $14.7 million in the fourth quarter versus $9.5 million for the same time period in 2019. Cansortium also delivered a net loss of $8.4 million in the quarter, which was an improvement over last year’s net loss of $32.8 million for the same time period. For the full year of 2020, Cansortium reported its revenue increased 84% to $52.4 million. 

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) delivered another quarter of solid results. The real estate investment trust (REIT) reported that its total revenues increased 103% to $42.9 million for the first quarter ending March 31, 2021. This beat the yahoo Finance average analyst estimate for revenues of $42.88 for the quarter.

Cannabis data firm Headset has raised $1.825M in a round led by Silverleaf Venture Partners, a private equity investment manager.

 


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