Adam JacksonJune 1, 2023
Trulieve said the moves were cost-cutting measures.
Massachusetts cannabis Archives - Green Market Report
Adam JacksonJune 1, 2023
StaffMay 24, 2023
The Daily Hit is a recap of the top financial news stories for May 24, 2023.
On the Site
Massachusetts Cancels Cannabis Lounge Pilot Program to Aid Openings
Massachusetts marijuana regulators on Monday decided to cancel a long-planned pilot program for the rollout of cannabis consumption cafes, a move they hope will get such lounges open sooner instead of later. Read more here.
Delaware Allocates Money, Staff to Establishing Adult-Use Cannabis Market
Delaware lawmakers this week took the first step toward implementing the state’s new recreational marijuana market by allocating $2.2 million and 34 staff members to the job in the upcoming annual budget. Read more here.
NY Cannabis Authorities: ‘No Historical Precedent’ for Lawsuit Claims
Cannabis regulators in New York asked a state court to dismiss a lawsuit filed by a group of medical operators. The group, known as the Coalition for Access to Regulated & Safe Cannabis, said the state has not done enough to suppress unlicensed marijuana sales. Read more here.
Michigan Regulators Propose Stripping Licenses from Companies that Don’t Pay Vendors
In proposed rules released this month, Michigan’s Cannabis Regulatory Agency is seeking authority to deny licenses to businesses found in court to have not paid vendors. It’s a move that would set the industry apart from nearly every other industry in the state. Experts in the industry, however, believe the rule could create havoc in an industry already under financial pressure due to low prices. Read more here.
Earnings:
• Cresco Labs Stays Locked on Columbia Care Megadeal Amid Mixed Results
• Slang’s Investment in Vermont Pays off as Revenues Rise
In Other News
PRODUCT RECALL: Green Trees Medicinals
Colorado’s Marijuana Enforcement Division has announced a recall for marijuana from Green Tree Medicinals, a dispensary in Berthoud, because of potentially dangerous levels of the mold aspergillus. The recall, issued May 23, includes three recreational harvest batches and one medical batch of flower, shake or trim sold at Green Tree from Jan. 5 through March 30. Read more here.
Dama Financial
A marijuana financial services company has revised its testimony on a congressional cannabis banking bill following pushback over remarks made at a Senate committee hearing this month where a compliance officer suggested a “pause” to further amend the legislation. Read more here.
Lowell Farms
Lowell Farms Inc. (CSE:LOWL; OTCQX:LOWLF) closed a sale leaseback transaction with New Wilston Associates LLC pursuant to which Lowell SR LLC, a subsidiary of the company, has sold its drying and midstream processing facility in Monterey County California for aggregate consideration of $19.4 million, including the buyer’s assumption of the existing mortgage on the facility. Read more here.
John SchroyerMay 24, 2023
The original pilot program called for only 12 localities to open consumption lounges and cafes.
StaffApril 20, 2023The Daily Hit is a recap of the top financial news stories for April 20, 2023.
On the Site
More Cannabis Investments Busted
Unsuspecting investors trusted these cannabis companies which they now accuse of fraud. The desire to be a part of the cannabis industry and promises of quick and hefty returns have caused many investors to lose their money. Read more here.
Police Pilot Roadside Cannabis Test in Missouri
A neuro-diagnostic company, Oculogica, said it has launched a pilot program to trial a new roadside cannabis test that supposedly provides immediate results, with a wider release slated toward the end of the year. Read more here.
Oregon Issues First Licenses For Psilocybin Facilitators
Oregon Health Authority (OHA) released a statement on April 18 noting that the authority had licensed the state’s first three facilitators for providing psilocybin services. Read more here.
GRN Holdings Completes Acquisition of Mendocino Green
GRN Holding Corporation, Inc. (OTC Pink: GRNF) has completed the purchase of Mendocino Green Inc, which includes a cultivation license, nursery license, and distribution license from one of the oldest cannabis license holders in California. Read more here.
Massachusetts Company Flips the Script on 4/20
April 20 may be the biggest sales day of the year for the vast majority of cannabis retailers, but Temescal Wellness is placing its priorities on employee mental health rather than profits for this year’s marijuana holiday. Read more here.
In Other News
Dutchie Outage on 4/20
Technology platform Dutchie, which provides point-of-sale (POS) hardware for cannabis retailers across the United States, reported interruptions and outages on Thursday – the unofficial marijuana holiday 4/20 and one of the biggest sales day of the year in the industry. Read more here.
Illinois
The marijuana industry in Illinois is expanding with more dispensaries set to open, but some workers are asking lawmakers to fix some of the rules. Read more here.
Minnesota
A bill in the Minnesota Legislature to legalize adult-use cannabis appears to be nearing the finish line, with a vote apparently in the state House slated for Monday. Read more here.
John SchroyerApril 20, 2023
Temescal Wellness is opting to close its door on one of the biggest sales day of the year.
John SchroyerApril 17, 2023
Christopher Esposito was charged last year with selling fraudulently obtained stock in Cannabiz Mobile.
John SchroyerApril 11, 2023
The town contends it doesn't need to provide documentation to support the levied fee.
StaffApril 3, 2023The Daily Hit is a recap of the top financial news stories for April 3, 2023.
On the Site
New York Adds Another 99 Cannabis Retailers, Bringing Total Licensed to 165
New York marijuana regulators on Monday awarded another 99 conditional adult use retail dispensary permits to applicants, bringing the total of marijuana shop permits awarded to 165. The winners included 13 applicants from Brooklyn, Central New York, Western New York, and the Mid-Hudson regions, which had previously been blocked by an injunction. Read more here.
Massachusetts Cannabis Prices, Profits Hit Record Low
Prices for both wholesale and retail level cannabis in Massachusetts are at their lowest levels in five years, and the trend has put a financial hurt on businesses. In January, the average retail price per gram of cannabis flower hit $7.12, NBC Boston reported while citing state data. That’s down from more than the $14 per gram price in the final months of 2018. Read more here.
Goodness Growth Earnings Benefit from Arizona Exit, Minnesota Market Changes
Goodness Growth Holdings Inc. (CSE: GDNS) (OTCQX: GDNSF), saw revenue climb 39% in the fourth quarter, which the company’s interim CEO attributes in part to “removal of the negative performance drag” from the former Arizona cultivation facility. Read more here.
Embattled Skymint Regains Control of 3 Michigan Dispensaries After Court Order
Embattled cannabis firm Skymint reopened three dispensary locations last weekend after a court ruling settled a squabble between the company and an entity it acquired last year. Read more here.
POSaBIT Buys Banking Compliance Firm for $7.5 Million
Legal cannabis point-of-sale provider POSaBIT Systems Corp. (CSE: PBIT) has acquired assets from bank compliance firm Hypur Inc. for up to $7.5 million in cash and equity. Read more here.
In Other News
Rubicon Organics
In the fourth quarter of 2022, Rubicon Organics (TSXV: ROMJ) (OTCQX: ROMJF) earned $11 million of net revenue, an increase of 5% when compared to the third quarter of 2022. Net revenue was relatively flat from the third quarter as the company had certain facility maintenance and downtime which impacted crop yields and availability of supply in the autumn. Read more here.
Christina Lake Cannabis Corp.
Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) reported revenue for 2022 grew 177% to $10.1 million from $3.6 million in the prior year. Revenue growth was driven by the growing demand for premium distillate, extended product offerings, and expanding customer base. Read more here.
John SchroyerApril 3, 2023
Prices have trended down over the past two years.
StaffMarch 23, 2023The Daily Hit is a recap of the top financial news stories for March 23, 2023.
On the Site
Exclusive Interview: Untangling New York’s True Party of Ownership Rule
New York cannabis policy czar Axel Bernabe spoke to Green Market Report to outline exactly what is and isn’t allowed for cannabis businesses under the state’s two-tiered market structure, including controversial “True Party of Interest” regulations. Read more here.
California State Officials Launching Crackdown on Local Cannabis Corruption
California’s state government has had enough of corruption in its marijuana industry at the city and county level, and is launching a new crackdown in at least six yet-to-be-named jurisdictions, to look for evidence of pay to play schemes, bribery, and other instances of wrongdoing. Read more here.
Curaleaf to Close New Jersey Grow, Lay Off Up to 40 Staff
Massachusetts-based cannabis titan Curaleaf (CSE: CURA/OTCQX: CURLF) confirmed this week that it plans to close its marijuana cultivation facility in Bellmawr, New Jersey, which could reportedly result in up to 40 layoffs. Read more here.
Charlotte’s Web Sales Fell in 2022 as CBD Demand Fades
Despite inking major deals, Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) saw falling revenue in 2022 due in part to waning demand in an increasingly saturated cannabidiol (CBD) industry. Read more here.
Emerging East Coast State Markets to Buoy Cannabis Industry as Legalization Stalls
While the most-seasoned legal recreational state markets saw declines in revenues for the first time in 2022, recently legalized states on the East Coast are expected to fuel growth for the time being, according to a report by New Frontier Data. Read more here.
In Other News
Cannabis rescheduling
U.S. Health and Human Services Secretary Xavier Becerra, whose agency was tasked last fall with kicking off a federal review of marijuana’s status as a Schedule 1 controlled substance, said during a TV interview this week that his office is working as quickly as it can, but didn’t provide any details or timeline. The review could ultimately lead to federal marijuana legalization, and Becerra shared a clip on Twitter. Listen to highlights here.
Georgia
Nine companies that applied for medical cannabis business licenses have filed suit against a state commission that was in charge of awarding permits, and the situation has led to a proposed compromise from a state lawmaker. Read more here.
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