MariMed Archives - Green Market Report

StaffJanuary 25, 2023
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The Daily Hit is a recap of the top financial news stories for January 25, 2023.

On the Site

New York Approves 30 More Cannabis Retailers

The New York Cannabis Control Board nearly doubled the number of licensed retailers to date during its Wednesday meeting with the approval of 30 new licenses. That brings the statewide total of locations approved so far to 66, with more still on the way. Read more here.

Ascend Wellness Expands into Maryland with $19 Million Acquisition Deal

New York-based Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) announced its expansion into Maryland with its $19 million purchase of Devi Holdings, which runs four operational medical marijuana dispensaries. Read more here.

Michigan Developer Files $60M Lawsuit over Medical Marijuana Permits

Rubicon Real Estate Holdings, its principal Joseph Brown, and Brown Design Consultants allege in the suit filed in Oakland County Circuit Court that the city, and its clerk Garland Doyle, dragged its feet on issuing the permit for nearly four years, causing the developer’s lender to pull its $45 million in loans and led to the loss of several tenants for the proposed development. Read more here.

Apeks Sued For Faulty Extraction Machine Costing $357,000

Apeks is being sued for selling a $357,000 extraction machine that the buyers claim didn’t live up to the sales claims. Ryan Elmore and Warren Blesofsky, owners of California-based medical cannabis business LB Atlantis LLC, bought Apeks’s new “High Production Series” machine, which was marketed as being able to process “nearly 60 pounds of raw material per day when operating for 23 hours per day with a 90% cannabinoid extraction rate.” Read more here.

MariMed Finds $35 Million in New Funds

MariMed, Inc. (CSE: MRMD) (OTCQX: MRMD) has closed on a $35 million secured credit facility, with Chicago Atlantic as the lead lender. MariMed said it has already borrowed $30 million at close and can draw down up to an additional $5 million over the next six months. Read more here.

In Other News

The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (OTC: TGODF) plans to become BZAM Ltd. after its board of directors approved the name change. The move is still subject to regulatory approval including that of the Canadian Securities Exchange. Read more here.

Georgia medical cannabis

The state commission in charge of Georgia’s medical marijuana program adopted a rules Wednesday for the manufacture and sale of low-THC cannabis oil to patients suffering from a variety of diseases. The rules will govern various aspects of the program including the facilities that will produce the oil, the dispensaries where the oil will be sold, and the independent laboratories that will test the product. Read more here.

New York cannabis

The NY Committee on Open Government published an advisory opinion on Jan. 20, after medical marijuana patient Tim Mitchell inquired about the legality of certain Office of Cannabis Management and Dormitory Authority of the State of New York public meeting practices. Read more here.


StaffDecember 12, 2022
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The Daily Hit is a recap of cannabis business news for Dec. 12, 2022.

ON THE SITE

Experts Predict New York Cannabis Taxes Will Undercut Legal Market

Prices of legal recreational cannabis across New York will likely be at least twice as much as marijuana sold by unlicensed dealers and smoke shops, which will lead to a struggle for survival for much of the industry, according to a white paper authored by a pair of tax attorneys. Read more here.

Personal Liability for Cannabis Business Debts? Maybe, Says Tax Expert

Since business bankruptcy protections aren’t available to cannabis companies, executives don’t have the same personal protections they do in other industries, and it means their personal bank accounts could get ravaged by tax collectors, if they’re not careful. Read more here.

MariMed CEO Bob Fireman Passes Away Unexpectedly

MariMed Inc.  (CSE: MRMD) (OTCQX: MRMD) announced that Chairman, CEO, and co-founder Robert Fireman died unexpectedly on Dec. 11, 2022. The company said it will provide further information on succession once the board has had an opportunity to determine the best path forward. Read more here.

Kansas Lawmakers to Revisit Medical Cannabis Legalization Next Year

A Republican state senator in Kansas plans to introduce a bill in January to legalize medical marijuana, putting the state on the list of potential new U.S. cannabis markets that could be on the horizon. Read more here.

Jushi Makes Money Moves

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) announced the second closing of its previously announced private offering of 12% second lien notes and detached warrants to purchase the company’s subordinate voting shares at an exercise price of $2.086. Jushi also entered into a sale-leaseback situation on equipment. Read more here.

IN OTHER NEWS

Health Canada

Health Canada announced amendments to the Cannabis Act and its regulations concerning cannabis research and testing, and cannabis beverages. The updates include an increase to the public possession limit for cannabis beverages that will now allow adults in Canada to possess up to 17.1 litres (equal to 48 cans of 355 ml each) of cannabis beverages in public for nonmedical purposes. Read more here.

Trulieve

Workers laid off by Trulieve Inc. (CSE: TRUL) (OTCMKTS: TCNNF), Florida’s largest medical marijuana operator, have filed a potential class-action lawsuit alleging the Tallahassee-based company failed to give adequate notice before letting them go. Read more here.


StaffDecember 12, 2022
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MariMed, Inc.  (CSE: MRMD) (OTCQX: MRMD) announced that Chairman, Chief Executive Officer, and co-founder Robert Fireman died unexpectedly on December 11, 2022. The company said it will provide further information on succession once the Board has had an opportunity to determine the best path forward.

“Bob Fireman worked tirelessly and passionately until his last day as Chairman and CEO of MariMed to fulfill our mission of improving people’s lives, much as he did as a philanthropist who cared so deeply about the people and community around him,” said Jon Levine. “He was my business partner and dear friend, and I look forward to honoring his legacy by achieving our shared vision for the Company. He was one-of-a-kind and will be deeply missed by his family, his wide circle of friends, the cannabis community that he helped build, and the entire MariMed family.”

The company statement noted that Fireman served as CEO of MariMed since 2017 and a member of its Board of Directors since the company’s formation. An early pioneer and visionary in the industry, under his leadership the MariMed team applied for and was awarded legal cannabis licenses in several states across the United States and developed and operated state-of-the-art, regulatory-compliant cannabis cultivation, production, and retail facilities.

MariMed Leadership

Fireman led the company’s successful transformation to a plant-touching, highly profitable multi-state operator that cultivates, produces, and distributes award-winning cannabis products that are top-sellers in the markets in which they are available. They include the premium flower brand Nature’s Heritage, Betty’s Eddies fruit chews, K-Fusion precision-dosed, chewable mint tablets, and more.

Prior to MariMed, Bob developed a number of successful businesses across diverse industries. He created Consumer Card Marketing, Inc (CCMI), which pioneered the implementation of card-based loyalty marketing programs for 50,000 retail, grocery and drug stores and was later sold to a division of News Corporation. Later, he created and now sits on the Board of Directors of Sky Vegetables, a hydroponic farming company that delivers fresh produce to lower-income citizens in the Bronx, New York.

A practicing attorney for over 30 years, Mr. Fireman’s legal acumen and entrepreneurial experience in diverse industries served were instrumental in navigating MariMed through the complex, highly-regulated, emerging cannabis industry. Mr. Fireman is survived by his wife and partner of nearly 30 years, Ellen Porter Fireman.

“On behalf of the entire MariMed family, we extend our deepest condolences to Ellen and the Fireman and Porter families,” said Mr. Levine.


Debra BorchardtAugust 9, 2022
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After the close on Monday, MariMed, Inc.  (CSE: MRMD) (OTCQX: MRMD) delivered its financial results for the second quarter ended June 30, 2022. MariMed’s revenue of $33 million just barely edged out the previous year’s revenue of $32 million and was higher than the first quarter’s revenue of $31 million. However, it missed the Yahoo Finance average analyst estimate for revenues of $36 million. The company reported a net income of $1.9 million versus last year’s net income of $7.6 million.

The company also cut its guidance for revenue to a range of $135 million to $140 million versus the previous range of $145 million to $150 million. The non-GAAP Adjusted EBITDA was changed to $35 million to $40 million versus the previous range of $47 million to $52 million.

“We executed on our strategic plan, growing revenue both year-over-year and sequentially,” said Bob Fireman, Chief Executive Officer of MariMed. “Our growth was driven by increased traffic in our dispensaries despite the headwinds facing the entire industry and inflation in the U.S. being at a 40-year high. We continue to report some of the strongest financial results in the industry and remain poised for reaccelerated revenue and earnings growth in 2023 and beyond.”

“The second quarter brought some challenges to the industry and MariMed that were primarily outside of our control. We took assertive actions that drove additional traffic into our dispensaries and launched multiple new products that are increasing our sales within our wholesale business,” said Susan Villare, Chief Financial Officer of MariMed. “We are confident that the financial and operational decisions we are making positions us for accelerating growth in the near term and beyond.”

On a positive note, the company also announced the acquisition of a conditional dispensary license in the central-eastern part of Illinois bordering Indiana. Once open, it will mark the fifth Thrive branded dispensary the Company owns and operates in Illinois. MariMed currently owns and operates four adult-use dispensaries in Anna, Harrisburg, Metropolis, and Mt. Vernon.

In July, MariMed announced the dual listing of its common shares on the Canadian Securities Exchange (“CSE”) under the stock symbol MRMD. Management said it believes a dual listing on the CSE allows easier access for institutional and retail investors in Canada and North America to acquire MariMed stock. The company said it has already seen new institutional investors taking equity positions in the Company’s common stock.


StaffJuly 12, 2022
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The Daily Hit is a recap of the top cannabis business stories for July 12, 2022.

ON THE SITE

MariMed Begins Trading On The CSE

MariMed, Inc. (CSE: MRMD), (OTCQX: MRMD) began trading its common shares on the Canadian Securities Exchange (CSE) today, July 12, under the ticker symbol MRMD. MariMed’s shares will continue to trade on the OTCQX under the ticker symbol MRMD. MariMed believes trading on the CSE will increase liquidity for shareholders and provide easier access to Canadian retail and institutional investors, in addition to U.S. investors on the OTCQX market. Read more here.

New York Has Potential To Be Number One, If It Can Beat Illicit Dealers

New York is often considered a likely major player in the US cannabis market. While reasonable, the state’s immense unlicensed consumption habits have some wondering if it will face problems as California has. If so, what might happen to New York’s licensed operators, including social equity license holders, a priority component of the state’s Marijuana Regulation and Taxation Act. Read more here.

Netflix Launches Psychedelic Pollan Series

Netflix (NASDAQ: NFLX) has launched four episodes of “How to Change Your Mind” based on the Michael Pollan book of the same name. The four-part docu-series was executive produced by Alex Gibney and directed by Alison Ellwood. The series is based on The New York Times best-selling book and it dives into the science of psychedelics while touching on consciousness, dying, addiction, depression, and transcendence. Each episode targets a different mind-altering substance: LSD, psilocybin, MDMA, and mescaline. Read more here.

The Dangers of Popularizing Psychedelics

So much good news from trusted sources about psychedelics today has really made the topic part of the zeitgeist of a world looking for help, as we all struggle to deal with many mental health and wellness issues within the context of a worldwide pandemic showing new signs of continuing. Read more here.

IN OTHER NEWS

Cryomass Technologies Inc.

OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Cryomass Technologies Inc. (OTCQX: CRYM), a company preparing to manufacture and operate field-mobile equipment for the handling of harvested cannabis, hemp and other high-value plant material, has qualified to trade on the OTCQX® Best Market. Cryomass Technologies Inc. upgraded to OTCQX from the OTCQB® Venture Market. Read more here.

Jushi Holdings Inc.

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced that Ed Kremer has resigned from his position as Chief Financial Officer to accept a role at a competing large cannabis multi-state operator. Mr. Kremer’s resignation will take effect today, July 12, 2022.  Mr. Kremer is party to an employment agreement with Jushi, which, among other things, prohibits him from working for a competitor for a 12-month period. While Jushi is appreciative of Mr. Kremer’s hard work to support the timely filing of audited financials, the Company takes such post-employment obligations seriously and will take steps to enforce its contractual rights. Read more here.

AmeriCann Inc.

AmeriCann Inc. (OTCQB:ACAN), a cannabis company that develops cultivation, product manufacturing and distribution facilities, today provided financial and operational updates for its Massachusetts cannabis cultivation, product manufacturing and distribution campus. The company achieved a significant increase in year-over-year quarterly revenue, increasing over 36% for the quarter ended June 2022 relative to the quarter ended June 2021, an increase of $213,902. Read more here.

Medical Marijuana, Inc., Kannaway® Japan

Medical Marijuana, Inc. (OTC: MJNA), a publicly traded cannabis company in the United States that has launched cannabis-derived nutraceutical products, brands, and supply chain, announced today that in June, its subsidiary Kannaway® has achieved its largest revenue month in the company’s history for its Japan division. Read more here.

Akanda Corp., Tetra Bio-Pharma

Akanda Corp. (NASDAQ: AKAN) and Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF) (FRA: JAM1), today jointly announced that Akanda will supply Tetra with pharmaceutical grade cannabis flower in a microdose cap form, for use in a Storz & Bickel Mighty Medic Vaporizer for global commercialization of Tetra’s QIXLEEFTM and related products. In addition, Akanda will act as a contract development and manufacturing organization (CDMO) for Tetra’s clinical drug and commercial supply programs. With this project, Akanda becomes a CDMO in addition to being an EU GMP cannabis manufacturer, marking Akanda’s first entry into cannabinoid drug development. Read more here.

China Infrastructure Construction Corp., Cannabis Bioscience International Holdings, Inc.

China Infrastructure Construction Corp., a company traded on the OTC Markets Pink tier under the symbol CHNC, announces that, in addition to completing its public audit on March 21, 2022, its independent registered public accounting firm, PWR CPA LLP, has completed its review of the company’s financial statements for the first three quarters of the fiscal year that ended May 31, 2022. This review is a significant step in the prompt completion of audited financial statements for the fiscal year then ended, as well as in preparing for the change of the company’s corporate name to Cannabis Bioscience International Holdings, Inc., which it plans to accomplish as soon as it is able to comply with regulatory requirements. Read more here.

Rodedawg International Industries, Inc.

Rodedawg International Industries, Inc. (OTC Pink: RWGI) announced the acquisition of Tree Moguls™, a premium cannabis lifestyle brand based in Southern California. Christopher Swartz, CEO, states, “This acquisition is an immediate revenue producing opportunity and allows Rodedawg to enter into the $6 billion dollar California cannabis market through licensing and distribution opportunities. As part of the acquisition, Rodedawg also acquires a deep technology stack which includes Augmented Reality (AR) and Virtual Reality (VR) embedded branding for the Tree Moguls™ brand.” Read more here.

Zoned Properties®, Inc.

Zoned Properties®, Inc. (OTCQB: ZDPY), a real estate development firm for emerging and highly regulated industries including legalized cannabis, today announced the company has secured an initial debt facility of up to $4.5 million. Read more here.

Pacific Stone

Pacific Stone, a seed-to-sale company producing 6.5 percent of the licensed California market’s cannabis flower, announces its ongoing partnership with RIP Medical Debt and participating California retailers with the goal of alleviating $3 million in medical debt for families across the state of California. Read more here.


StaffJuly 12, 2022
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4min2220

MariMed, Inc. (CSE: MRMD), (OTCQX: MRMD) began trading its common shares on the Canadian Securities Exchange (CSE) today, July 12, under the ticker symbol MRMD. MariMed’s shares will continue to trade on the OTCQX under the ticker symbol MRMD. MariMed believes trading on the CSE will increase liquidity for shareholders and provide easier access to Canadian retail and institutional investors, in addition to U.S. investors on the OTCQX market.

“We are excited to announce this significant milestone of our dual listing on the CSE,” said Robert Fireman, Chief Executive Officer of MariMed. “We believe listing on the CSE will increase liquidity for our shareholders and provide access to a significant pool of prospective retail and institutional investors, as well as potential additional Wall Street analyst coverage.”

In May, MariMed reported its first-quarter revenue of $31 million, which increased 27% from the previous year’s revenue of $24 million for the same time period. At the time MariMed maintained its previous financial guidance for fiscal year 2022 revenue of $145 million to $150 million. The company also forecast its gross margin in line with fiscal 2021 gross margin of 54% to 55% and non-GAAP Adjusted EBITDA of $47 million to $52 million. The capital expenditures are estimated to be of approximately $25 million.

“We ended the first quarter with a cash balance of $33.5 million and generated positive cash flow from operations of $8.5 million. Our strong first-quarter financials during an industry-wide slowdown, gives us confidence we will meet or beat our financial guidance for 2022,” said Jon Levine, Chief Financial Officer of MariMed.

Since the first quarter closed, MariMed closed on its acquisition of Kind Therapeutics, a leading vertically integrated cannabis operation in Maryland, that MariMed developed and managed for several years. The company now operates a cultivation and processing facility in a 180,000 square foot industrial building in Hagerstown and plans to open and operate a medical dispensary in Annapolis later this summer. MariMed also closed on the acquisition of a craft cannabis license in Illinois, enabling MariMed to become fully vertical in this high-growth state. Construction of a new cultivation and processing facility in Mount Vernon, Illinois is underway. When completed, the company expects to sell its portfolio of award-winning brands in its four Thrive dispensaries and into the Illinois wholesale marketplace. The Company expects this will lead to increased revenue and gross margins in Illinois beginning in late 2022.

The company will report its second-quarter 2022 financial results on August 8, 2022, after the market closes.


StaffMay 18, 2022
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The Daily Hit is a recap of the top cannabis business stories for May 18, 2022.

ON THE SITE

Canopy Growth Acquires Jetty Extracts for $69 Million

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) is buying Lemurian, Inc. better known as Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, contingent upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty. Read more here.

Bright Green Listed on NASDAQ

Bright Green (NASDAQ: BGXX) is a cannabis company with no revenue that just began trading on the NASDAQ, despite the exchange’s insistence that it won’t list U.S. cannabis companies due to the product being federally illegal. Bright Green plans to produce cannabis for research purposes with the Drug Enforcement Agency‘s (DEA) blessing, which seems to be the reason why the NASDAQ has allowed the company to trade. It would be considered federally legal cannabis. The stock is trading at $26. Read more here.

Cresco Revenues Fall

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF)  released its financial results for the three months ended March 31, 2022, as revenue fell from the fourth quarter’s $217 million to the first quarter’s $214 million. Cresco Labs did note that the revenue increased 20% over last year’s $178 million for the same time period. This also beat the Yahoo Finance average analyst estimate for sales of $213 million. Read more here.

GMR Women’s Leadership Awards: Ralina Shaw

Ralina is the founder of House of Tyne and on the leadership team of 4thMVMT,  a leading social impact organization based in Los Angeles with a mission to support those who have been adversely affected by onerous Cannabis laws. They do this by educating, empowering, and training those adversely affected to run/operate their BIPOC-led “Sixty Four & Hope” retail dispensaries in Los Angeles (2 recently opened locations and counting). Read more here.

 Psychedelics on the World Stage

Every year world leaders come together to discuss the global economy at the World Economic Forum’s annual gathering in Davos Switzerland. This small town in the Alps has become the place where the smartest people on the planet come together to discuss solutions to the world’s economic problems and issues. It is not uncommon for various industries to establish a meeting place for people to come together for conversations. In 2019, the Canada Cannabis House hosted a three-day event for people in the cannabis industry to introduce themselves and talk about business with people who were unfamiliar with the industry. Read more here.

 Women Creating Cannabis Brands (VIDEO)

On April 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Women Creating Cannabis Brands.” These savvy and accomplished women have created truly unique and original products and companies. Their products are unlike others in their categories. This panel explores what it takes to create a company and product that stands out in a sea of sameness. Read more here.

IN OTHER NEWS

Ayr Wellness Inc.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a leading vertically integrated U.S. multi-state cannabis operator (MSO), today announced that it has launched first sales from its Phoenix, Arizona cultivation facility. Concurrently, the company announced the launch of its national pre-roll brand, STiX Pre-Roll Co. in Arizona. Read more here.

American Green, Inc.

American Green, Inc. (ERBB:OTC) has purchased the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. Phoenix, AZ. 85009.  The building sits on a 62,000 square foot site and was previously leased by ERBB in August 2021 with an option to buy. American Green has exercised its option to buy the building and now owns it. The purchase price was set at $3.75 million at the time of the signing of the lease last year. Recently, the building was professionally appraised for $5.3 million, giving American Green $1.55 million of additional equity, at the time of closing. When added to the down payment of $1.123 million, there is now a total of $2.673 million of equity in the new “Cypress Chill” cannabis grow building. Read more here.

MariMed Inc.

MariMed Inc. (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, announced today it had been awarded a provisional dispensary license by the Ohio Board of Pharmacy. MariMed won this license in the Ohio lottery process. The license allows the Company to develop a medical dispensary in Tiffin, Ohio, located south of Toledo and home to the University of Bucharest and Tiffin University. Read more here.

Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, is pleased to announce that it has closed on $36.5M of additional funding under the increase option of its existing term loan credit facility. In August 2021, the Company announced it had closed on a US$210 million Senior Secured Term Loan credit facility with Seaport Global Securities LLC as lead manager.

Steep Hill Michigan

Steep Hill is pleased to announce that the Company’s licensee partner, Steep Hill Michigan, a Cannabis Regulatory Agency (CRA) licensed medical and adult-use/recreational cannabis safety compliance testing facility, has earned ISO/IEC 17025:2017 accreditation, an International Standard recognized by governments and industry participants as the standard of excellence for the technical requirements and operational competence of a quality laboratory management system. The accreditation was validated by Perry Johnson Laboratory Accreditation (PJLA), the Michigan-based world-wide leader in ISO assessment and validation. Read more here.

First Columbia Gold Corp., Green Diamond Farm

First Columbia Gold Corp (FCGD), operating as FineCannabisGoods.com, is pleased to announce an agreement to acquire Green Diamond Farms LLC of southwest Michigan. Green Diamond Farms is currently working on licensing and setting up growing facilities in different areas of the state where permitted in partnership with FCGD. Each location should gross up to $2.5 mil year 1 and $6 mil by year 2. Read more here.


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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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