MariMed Archives - Green Market Report

StaffNovember 21, 2023
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BusinessDaily Hit

The Daily Hit: November 21, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Nov. 21, 2023.

On the Site

Family Sues Trulieve Over Death in Massachusetts Cannabis Facility

The family of Lorna McMurrey, a 27-year-old woman who died from an asthma attack at a Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) production facility in Massachusetts, has filed a wrongful death lawsuit against the company. Read more here.

Slang Puts Itself up for Sale

Slang Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) may be putting itself up on the sales block.. The decade-old cannabis company retained PGP Capital Advisors LLC to assist in exploring, reviewing, and evaluating strategic alternatives that may be available to maximize shareholder value. Read more here.

Cronos Group Gets Investor Case Dismissed

Cronos Group Inc. (NASDAQ: CRON) got some good news from U.S. District Judge Eric N. Vitaliano when he dismissed the investor lawsuit against the cannabis company. The lead plaintiff in the case, Keith Norman, alleged that Cronos Group knew it mislabeled some transactions that it recorded as sales. Read more here.

MariMed Secures $58.7M from Needham Bank

MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) closed on a 10-year $58.7 million loan with Needham Bank, a Massachusetts-based community bank. The money from the loan will first be used to pay off existing loans and potentially buy some assets, the company said. Read more here.

Earnings:

• Indiva Posts Record Earnings as Cannabis Edibles Demand Surges

• LEEF Brands Faces Revenue Decline Despite Cost-Cutting Efforts

In Other News

AgriCann Solutions Corp.

AgriCann Solutions Corp. received licensing from Health Canada that allows for the production and distribution of a wide range of cannabis-infused products, including edibles, beverages, concentrates, and topicals (the “Cannabis 2.0 licence”), through AgriCann’s wholly owned subsidiary Newline Ventures Inc. Read more here.

Curaleaf Holdings

A lawsuit in Florida federal court alleges cannabis company Curaleaf discriminated against one of its managers due to his age and an injury he sustained at work by firing him after he enlisted an attorney to assist with his workers’ compensation claim. Read more here.

Veriheal

Cannabis health-tech company Veriheal announced the three winners of its annual Innovation in Cannabis Scholarship for 2023, each of whom will receive $10,000 to put toward college tuition and fees. Read more here.

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StaffNovember 8, 2023
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BusinessDaily Hit

The Daily Hit: November 8, 2023

5min00

The Daily Hit is a recap of the top financial news stories for Nov. 8, 2023.

On the Site

Ohio Voters Say Yes to Adult-Use Marijuana

On Tuesday night, Ohio voters approved Issue 2, a measure to legalize and regulate recreational marijuana for adults statewide. As of 9:35 p.m. ET, the “Yes” vote leads with roughly 55.5% of the vote while “No” has 44.5% of the vote. Read more here.

• Related: What’s Next for Adult-Use Cannabis in Ohio after Issue 2 Approval?

4 Michigan Communities Reject Cannabis Sales

Tuesday’s election may indicate that Detroit’s five-county region is all but full up on where marijuana retailers can set up shop. Voters overwhelmingly rejected ordinances to allow for marijuana sales in Rochester, Birmingham, Grosse Pointe and Keego Harbor. Read more here.

Oklahoma to Revoke 165 Marijuana Cultivation Permits Over Signage Violations

Oklahoma cannabis authorities are set to revoke 165 medical marijuana grow permits for failure to comply with a new rule that mandates each business have a sign out front. Read more here.

Green Thumb Industries Income Dips in Q3 but Still Profitable

Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF) had yet another profitable quarter for the three months ended Sept. 30 with $10.8 million in net income, a slight dip from the $13.4 million it made in the second quarter. Read more here.

More Earnings:

• AFC Gamma Q3 Income Down by Half, Company Names New CEO

• Chicago Atlantic Keeps Interest Income Stable at $13.7M for Q3

• Cronos Sees Record Revenue, Signals Optimism Despite Unrest Overseas

• Flora Growth Swings to Profitability on Restructuring, Sales Surge

• MariMed Posts $4.2M Loss in Q3 Despite Maryland Rec Launch

• Turning Point Brands Reports Downturn Amid Restructuring Efforts

• Verano Raises Cash Flow Guidance After Record Q3 Revenue

• Village Farms’ Bet on Cannabis, Tech-Fortified Produce Pays Off

• Weedmaps Loses $2.5M in Third Quarter With Dip in Revenue, Clients

In Other News

Lifeloc Technologies

Lifeloc Technologies, Inc. (OTC PINK:LCTC), a developer and manufacturer of breath alcohol and drug testing devices, posted quarterly net revenue of $2.7 million in the third quarter of 2023, resulting in a quarterly net profit of $110,000, or $0.04 per diluted share. Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) issued a notice of redemption for all of its outstanding 9.75% senior secured notes due 2024. The aggregate principal amount of the notes currently outstanding is $130 million. Read more here.

CONTINUE READING
StaffAugust 2, 2023
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BusinessDaily Hit

The Daily Hit: August 2, 2023

5min00

The Daily Hit is a recap of the top financial news stories for Aug. 2, 2023.

On The Site

Unlicensed Cannabis Sales Overrun State’s Legal Program, Strangling Tax Revenue

Legal cannabis sales and tax revenues in New York are at a fraction thus far of what was originally projected, due in large part to the thriving unlicensed market, which one attorney estimated was upwards of 36,000 businesses statewide. Read more here.

MariMed Ends Q2 in the Red Despite Increasing Revenues

Massachusetts-based MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) posted a $900,000 loss for its second quarter of the year, despite increasing revenues year-over-year by $3.5 million, the company reported Wednesday. Read more here.

Oklahoma Supreme Court to Decide Medical Marijuana Permit Fee Case

The Oklahoma Supreme Court this week heard arguments on a lawsuit filed last month by a coalition of cannabis companies who argue that a large business fee increase, which went into effect in June, is illegal because it’s tantamount to a tax hike. Read more here.

New Mexico Asks Court to Halt Sales at Rulebreaking Dispensary

New Mexico cannabis officials have asked a district court to halt sales at a licensed marijuana shop they say has been illegally selling out-of-state marijuana and manufacturing its own products without proper permits. Read more here.

Bill Reintroduced to Prep Federal Government for Marijuana Legalization

In another sign that some in Washington, D.C. are thinking ahead to when the cannabis industry becomes federally legal, Democratic U.S. Sen. John Hickenlooper of Colorado just last week reintroduced a bill designed to get the federal bureaucracy ready to adjust properly for when legalization occurs. Read more here.

Hawthorne’s Sales Slump Drags Scotts Miracle-Gro’s Q3 Profits Down

Lawn and garden products maker Scotts Miracle-Gro Co. (NYSE: SMG) reported lower-than-expected third quarter earnings ending July 1, 2023, mainly due to a sharp decline in its hydroponic business segment, Hawthorne. Read more here.

Turning Point Nets $9.9 Million in Q2 Revenue Beat

Smoking accessories dealer Turning Point Brands Inc. (NYSE: TPB) saw better-than-expected second-quarter financial results ending June 30, 2023, buoyed by rising legal consumption as more state markets open. Read more here.

California Cannabis Farmers Hoping Supreme Court Will Hear Corruption Cases

A small cadre of cannabis farmers from the heart of California’s Emerald Triangle, who have been trying for years to expose local corruption through court cases, are now placing their last hopes in the U.S. Supreme Court via a petition that was filed on July 12 and another that their attorney said should be filed by Friday this week. Read more here.

In Other News

Minnesota

While many other localities around Minnesota are busy banning cannabis commerce or installing moratoriums on licensing, Minneapolis has taken the opposite approach and announced a “permissive” policy for marijuana retailers. Read more here.

Arizona

There are now 26 social equity licenses available in Arizona, licenses aimed at people from those communities, which are available by lottery. But a new investigation from the Arizona Center for Investigative Reporting shows many of those licenses are now owned by corporate dispensaries instead. Read more here.

New York

New York City is now ranked as the top city in the world when it comes to marijuana consumption, according to a recent study. Read more here.

CONTINUE READING
StaffJuly 13, 2023
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BusinessDaily Hit

The Daily Hit: July 13, 2023

5min00

The Daily Hit is a recap of the top financial news stories for July 13, 2023.

On the Site

AYR Wellness, Trulieve Expand in Ohio Despite Cannabis Oversupply

Multistate cannabis operators continue to look at expansion opportunities in Ohio, despite a clear glut of cannabis products. U.S. cannabis operator, AYR Wellness Inc. (OTCQX: AYRWF), announced Wednesday. Meanwhile, MSO giant Trulieve Cannabis Corp. (OTCQX: TCNNF) opened its first medical marijuana dispensary in Columbus on Tuesday. Read more here.

MariMed Stages 280E Tax Protest in Boston Harbor

As hopes for federal legislative relief for the cannabis industry begin to fade, the focus has returned to the issue of 280e. In that spirit, MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) surprised crowds at Boston Harbor when they boarded the Liberty Star schooner and reenacted the tea party revolution. Read more here.

Illinois Grants 55 New Retail Cannabis Licenses Via Lottery

The state of Illinois added 55 more licenses to sell marijuana, adding to a pool of 192 licenses awarded last year. The new licenses could expand the industry in Illinois, which has suffered from a lack of retail outlets where customers can buy cannabis products. Read more here.

Native American Tribe May Open First Recreational Dispensary in Minnesota

A Native American tribal medical cannabis dispensary may become the first to launch in Minnesota’s recreational marijuana market, following a vote this week by the Red Lake Nation. Read more here.

Trees Corp Merges with 420 Investments in Reverse Takeover

Alberta-based 420 Investments Ltd. will go public via a reverse takeover of Toronto-based Trees Corp. (NEO: TREE), the companies said Wednesday. The merger is subject to the approval of Cboe Canada, which was formerly known as the NEO Exchange. Read more here.

North Carolina Won’t Legalize Medical Marijuana This Year, House Speaker Says

A bill to legalize medical marijuana in North Carolina that won bipartisan support earlier this year in the state Senate has been doomed in the lower chamber, the speaker of the state House of Representatives confirmed this week. Read more here.

In Other News

Grown Rogue International

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) closed the first tranche of a non-brokered private placement of unsecured convertible debentures  with an aggregate principal amount $5 million. Read more here.

BZAM Ltd.

BZAM Ltd. (CSE: BZAM) (US-OTC:BZAMF) agreed to purchased an aggregate of 630,000 class A shares in the capital of BZAM Cannabis Corp., from certain minority shareholders pursuant to share purchase agreements entered into with each of the BCC shareholders. Once approved, the closing of the share purchase will result in the BZAM Ltd. owning 71.2% of BCC, which is a 13.6% increase of its existing ownership stake of BCC. Read more here.

Botanica

Botanica, makers of Mr. Moxey’s and Journeyman cannabis-infused edibles, secured $9 million in Series B funding from a group led by KEY Investment Partners and GreenAxs Capital. Other prominent firms participating in the round include Entourage Effect Capital and AFI Capital Partners. In conjunction with the financing, Tiby Erdely of KEY will be joining Botanica’s board of directors. Read more here.

CONTINUE READING
StaffJune 8, 2023
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BusinessDaily Hit

Daily Hit: June 8, 2023

3min00

The Daily Hit is a recap of the top financial news stories for June 8, 2023.

On the Site

TerrAscend to Acquire Maryland Dispensary For $22 Million in Mostly Stock Deal

Toronto-based TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced Thursday that it will acquire a Maryland medical marijuana dispensary for $22.1 million in a mostly stock deal, less than a month before adult-use cannabis sales are set to launch in the state on July 1. Read more here.

New York Launches Enforcement Crackdown on Unlicensed Marijuana Shops

New York state authorities have begun what they say will be a sweeping crackdown on the 1,500 or more unlicensed marijuana businesses that have sprouted up over the past year, with surprise inspections and cease-and-desist orders issued at seven retail shops in New York City on Wednesday. Read more here.

Sunderstorm Acquires Abide Brands

California-based Sunderstorm has purchased the vape company Nevada-based Abide Brands, the maker of Bounti Vapes, for an undisclosed amount. It is the first acquisition by Sunderstorm with the intent to expand the company’s product offering line. Read more here.

Exclusive Interview: MariMed Leadership Talks Path to Profitability

Massachusetts-based MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) posted a profit in 2022, an anomaly among U.S. publicly traded cannabis companies which combined for billions in losses. CEO Jon Levine and CFO Susan Villare recently sat down with Green Market Report to talk about how the business positioned itself to weather the headwinds under which the national marijuana industry labors and what they think it will take for the broader sector to reach sustainable profitability. Read more here.

In Other News

Colorado

Colorado’s marijuana businesses could soon see higher licensing fees as state regulators deal with their first cannabis cash shortage. The majority of the Colorado Marijuana Enforcement Division’s funding comes from licensing fees and fines on dispensaries, growing operations, and other legal pot businesses. As Colorado’s marijuana industry suffers through a recession and more businesses shut down or leave the state, however, the MED is running out of money. Read more here.

CONTINUE READING

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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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