Maryland cannabis Archives - Green Market Report

StaffOctober 3, 2023
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BusinessDaily Hit

The Daily Hit: October 3, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Oct. 3, 2023.

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Missouri Awards Nearly 50 Microbusiness Licenses

Missouri cannabis regulators on Monday announced 48 winners of coveted marijuana microbusiness licenses. Six permits were apportioned to each of the state’s eight congressional districts, of which two were dispensary microbusinesses and the other four were wholesale facilities. Read more here.

Maryland Retail Cannabis Sales Tick Down in September

Maryland retail cannabis sales topped $90 million for medical and recreational marijuana goods, combined, in September, according to state figures. Total sales of $90.5 million fell slightly from the $91.7 million reported in August. Read more here.

Your Take: How to Navigate Maryland’s Adult-Use Landscape

From the moment that Maryland’s voters approved the adult-use of marijuana in convincing fashion, attention turned to Annapolis, where state lawmakers were tasked with finalizing the ground rules of the new market. Read more here.

Stock Market Moves: Verano, Leafly

Both Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) and Leafly Holdings (NASDAQ: LFLY) made announcements regarding the exchanges where the cannabis stocks are traded. Verano is moving its common shares to the Cboe from the Canadian Securities Exchange, while Leafly made it back into the good graces of Nasdaq. Read more here.

New York Lawmakers Urge Governor to Sign Cannabis Crop Rescue Act

The Cannabis Crop Rescue Act was introduced May 19 by state Democratic Sen. Michelle Hinchey and passed in June, but is waiting for Gov. Kathy Hochul to sign the legislation into law. Read more here.

In Other News

Aurora Cannabis

Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) closed its previously announced bought deal offering of 53,187,500 common shares at a price of C$0.73 per offered security, for aggregate gross proceeds to Aurora of approximately C$38.8 million. The gross proceeds include the full exercise of the over-allotment option by Canaccord Genuity to purchase 6,937,500 additional common shares on the same terms as the offering. Read more here.

Curaleaf Holdings

Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF) closed its previously announced marketed offering of subordinate voting shares for total gross proceeds of C$16.2 million. Read more here.

MedMen Enterprises

MedMen Enterprises Inc. announced that its annual financial filings for the fiscal year ended July 31 will require “additional time.” The company previously identified errors in prior reports that resulted in misstatements. As a result, the company also anticipates restating financials from 2022. Read more here.

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StaffSeptember 6, 2023
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BusinessDaily Hit

The Daily Hit: September 6, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Sept. 6, 2023.

On the Site

Dutchie Countersues ScanSource Over $17.1M Unpaid Goods Claim

E-commerce cannabis company Dutchie filed a countersuit against tech distributor ScanSource amid an ongoing $24.7 million legal dispute. Dutchie’s parry move accuses ScanSource of not only breaching its contract but also of delaying the placement of orders for 35,000 tech products. Read more here.

Maryland Cannabis Regulators Outline Social Equity Requirements

Maryland regulators have unveiled guidelines to determine eligibility for social equity applicants in the upcoming cannabis licensing application period. The state’s Office of Social Equity is tasked with outlining who qualifies as a social equity applicant, while the newly established Maryland Cannabis Administration will oversee the verification and license application processes. Read more here.

Anti-Marijuana Group Files Second Lawsuit Against New York

An anti-marijuana group has filed its second lawsuit against the state of New York, this time alleging that the $200 million state fund established to help justice-involved retail licensees obtain real estate for their shops is tantamount to “money laundering.” Read more here.

Third Minnesota Tribe to Enter Recreational Marijuana Market

The recreational marijuana business in the Land of 10,000 Lakes is picking up, with a third Minnesota-based Native American tribe announcing plans to enter the trade. Recreational possession and use became legal in the state on Aug. 1, but the state has yet to create a framework for businesses to operate under. Read more here.

Springbig to Delist From Nasdaq, Trade on OTC Markets

Cannabis marketing company SpringBig Holdings Inc. (OTC: SBIG) announced late last week that it will be removed from the Nasdaq, but it will continue trading on over-the-counter markets. Read more here.

In Other News

Keego Harbor, Michigan

A Michigan appellate panel has ruled the city of Keego Harbor wrongly excluded a proposed charter amendment from the November ballot that would establish regulations for two adult-use marijuana retail facilities, saying petitions pushing charter amendments are not subject to approval by the city clerk before being circulated for signatures. Read more here.

BDSA

Cannabis sales increased 0.8% sequentially in July after increasing 0.3% in June, according to cannabis data analytics firm BDSA. Looking at a per-day basis, sales decreased 2.4% sequentially. Read more here.

Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) has expanded its hemp-derived CBD portfolio into Brazil. In partnership with Herbarium, the leading Brazilian company in herbal medicine, Aurora will launch the company’s full-spectrum, single-source 3% CBD oil, under the Herbarium brand. Read more here.

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StaffAugust 1, 2023
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BusinessDaily Hit

The Daily Hit: August 1, 2023

4min00

The Daily Hit is a recap of the top financial news stories for August 1, 2023.

On the Site

TerrAscend Forecasts 23% Net Revenue Growth in 2023

TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) reported net revenue of $72.1 million for its second quarter ended June 30, an increase of 12.7% year-over-year and 3.9% sequentially. It marks the seventh consecutive quarter of growth. Read more here.

Maryland Doubles Cannabis Sales in First Month of Adult-Use Marijuana

Maryland cannabis companies sold a total of $87.43 million worth of both medical and recreational marijuana goods in the market’s first month of adult-use sales, according to state figures. Flower accounted for 58% of the products sold. Read more here.

Minnesota Becomes 23rd State to Legalize Adult-Use Cannabis

Beginning today, new legislation allows Minnesotans 21 and older to possess and use certain amounts of cannabis and cannabis products. However, retail sales aren’t expected to begin until early 2025, after the new state Office of Cannabis Management develops the framework for the program. Read more here.

Marijuana Industry Cuts Down on D.C. Lobbying

A broad trend of cannabis industry belt-tightening has now affected advocacy efforts in Washington, D.C., with many trade organizations slashing their lobbying budgets or in some instances shuttering the efforts altogether. Read more here.

Christina Lake Cannabis Weathers Distillate Price Compression

Despite market price compression in distillate, Vancouver-based Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) achieved revenue growth in its second quarter, rising 36% to $5.4 million from the same period last year, with an 81% increase sequentially. The firm saw a 118% increase in the volume of distillate sold for the first half of the year, versus the same six-month period last year. Read more here.

In Other News

Columbia Care Holdings

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) will voluntarily delist its common shares from the facilities of the Canadian Securities Exchange, effective as of market close on Aug. 2. Columbia Care will continue trading on the Cboe Canada, the new business name of the NEO Exchange. Read more here.

Avicanna

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) has closed on its acquisition of the Medical Cannabis by Shopper’s Business from Shoppers Drug Mart. In addition, the company launched a new medical cannabis care platform, MyMedi.ca. Read more here.

Medical Marijuana Inc.

Medical Marijuana Inc. (OTC: MJNA) announced that its network marketing division, Kannaway, has completed an Asset Purchase Agreement with eXfuse LLC, dba KZ1, a Japan-based network marketing company. The KZ1 acquisition will increase the sales force of the company’s Kannaway division in Japan by approximately 1,450 individuals. Read more here.

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