Medical Marijuana Inc. Archives - Green Market Report

StaffNovember 22, 2022
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BusinessDaily Hit

The Daily Hit: November 22, 2022

5min10350

The Daily Hit is a recap of cannabis business news for Nov. 22, 2022.

ON THE SITE

Rhode Island Green Lights Recreational Sales for Five Dispensaries

Recreational cannabis sales will kick off next month in Rhode Island for at least five existing medical dispensaries, Gov. Dan McKee announced today. In a press release, McKee said he and the state Department of Business Regulation have granted “hybrid retail licenses” to the five dispensaries, which will be able to start selling adult-use cannabis on Dec. 1. Read more here.

Oregon Governor Pardons 45,000 Cannabis Convictions

Oregon Gov. Kate Brown this week announced she’s heeding President Joe Biden’s call last month for U.S. governors to pardon low-level cannabis convictions and pardoned roughly 45,000 residents. Read more here.

New Products Drive Revenue Growth for Canadian Edibles Maker Indiva

Canadian edibles producer Indiva (TSXV: NDVA) (OTCQX: NDVAF) launched a “record number” of new products in the third quarter of 2022, which drove up revenues to year-over-year growth of 5.9%, but the company still recorded a loss of $1.9 million. Read more here.

Medical Marijuana Inc. Posts Falling Revenue, Focuses on Overseas Hemp Ventures

Medical Marijuana Inc. (OTC: MJNA) saw revenue fall in the third quarter despite cutting costs in during the period, according to financial results for the quarter ended Sept. 30. Those measures mostly benefitted margins for the company. Read more here.

Report: Cannabis Flower Prices Continue Freefall

Inflation might be getting all the headlines, but cannabis flower appears to be immune from its influence. According to data from cannabis analytics firm Headset, the most popular consumption format for cannabis has been suffering wide-scale price compression. Read more here.

IN OTHER NEWS

Etain LLC

The New York State Cannabis Control Board and the New York State Office of Cannabis Management have approved Etain LLC’s change of control request. Etain is the owner and operator of a legally licensed Registered Organization with cannabis cultivation and manufacturing facilities and retail dispensaries in the state of New York. This approval clears the path for RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) to complete its previously announced acquisition of Etain and Etain IP LLC. Read more here.

Oregon

Oregon cannabis regulators approved a final rule Nov. 17 to address gaps in the regulated laboratory testing sector that have drawn licensee complaints about THC potency numbers in the competitive state environment. Under the new rule, the Oregon Liquor and Cannabis Commission may require a licensee to submit samples identified by the commission to a laboratory of the commission’s choosing to be tested in order to determine whether a licensee is in compliance with the cannabis testing. Read more here.

Société québécoise du cannabis (SQDC)

For the second quarter of its current fiscal year, the Société québécoise du cannabis (SQDC) has reported comprehensive income of $22.3 million. The SQDC is a government corporation mandated to distribute and sell cannabis in Québec with a focus on protecting customers’ health and safety. Read more here.

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Adam JacksonOctober 4, 2022
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Business

Medical Marijuana Inks Asset Purchase Deal To Expand Hemp Footprint

3min8420

Medical Marijuana, Inc. (OTC: MJNA) — formerly known as GRN Holdings — has entered into an agreement to purchase assets from a hemp and natural wellness company for an undisclosed amount.

Bill Andreoli, the president of seller MFINITY Global will become the president of Medical Marijuana, Inc. subsidiary, Kannaway, LLC.

“This Agreement sets Kannaway on a new and exciting course, addition via acquisition,” said Blake Schroeder, CEO of Medical Marijuana, Inc. “Our Company is well positioned for this model, and we are eager to build upon this agreement as a model for the future.”

MJNA said that MFINITY ‘s product line features Muscadine, a “powerful antioxidant that provides many wellness benefits.”

The company said that MFINITY products will be marketed and sold exclusively under the Kannaway brand and are now available for sale through Kannaway’s independent distributors and on its website.

MFINITY’s sales force will become Kannaway Brand Ambassadors, and will immediately have access to market and sell non-psychoactive, cannabis-based products.

The deal aligns with Medical Marijuana Inc.’s newly implemented growth model of expansion through acquisition, the company said.

The addition of newly-minted Andreoli further positions MJNA to pursue that growth strategy “given Mr. Andreoli’s success in completing over a dozen acquisitions throughout his career.”

MJNA said that its in-house manufacturing and distribution capabilities allow the company to add formulations and product lines from acquired companies and generate product sales across its international platform.

“I could not be more excited to take on my new role as Kannaway President and lead the company and its expansion strategy,” said Andreoli.

“Successfully acquiring and integrating brands is something I’ve done with great success in the past and I look forward to implementing that model here at Medical Marijuana, Inc.”

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William SumnerAugust 15, 2019
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BusinessDaily Hit

The Daily Hit: August 15, 2019

7min3290

It’s time for your Daily Hit of cannabis financial news for August 15, 2019.

On the Site

Trulieve

Yesterday, Trulieve Cannabis Corp. (OTCMKTS: TCNNF) (CNSX: TRUL) announced the release of its second quarter financial results. Year-over-year, Trulieve’s increased 149% from $23.3 million to $57.9 million. Keeping pace with revenue, operating expenses also rose from $6 million to 14.8 million, representing a 146% increase. Gross profit was $37.6 million, and the gross profit margin was 65%. Adjusted EBITDA was $31.6 million.

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV) (OTCQX: HRVSF) has reported its financial results for the second quarter, ending on June 30, 2019. Revenue rose from $19.2 million in the previous quarter to $26.6 million, representing an increase of 39%. If one were to include Harvest Health’s completed and pending acquisitions, quarterly revenue would be $78 million.

Money Moves From Aurora Cannabis, Green Growth Brands

Aurora Cannabis Inc.  (NYSE | TSX: ACB) said that it has secured commitments from an expanded syndicate of lenders led by the Bank of Montreal to amend and upsize its existing C$200 million secured credit facility.

Green Growth Brands Inc. (CSE:GGB) (OTCQB:GGBXF) said that it has entered into backstop commitment letters with each of All Js Greenspace LLC, Park Lane Capital Limited, and Chiron Ventures Inc. in which they have committed to subscribe for and purchase up to C$102,796,241 in the aggregate or roughly $77 million of convertible debentures to support the Company’s operations and capital needs.

Canopy Growth

Canopy Growth Corporation  (TSX: WEED) (NYSE: CGC) stock dropped over 10% after the company announced its financial results for the first quarter ending June 30, 2019. The worst of the news in the release was that the company’s fiscal first-quarter net losses of C$1.28 billion, or C$3.70 a share, dwarfed last year’s losses of C$91 million, or 40 cents a share. The loss was attributed to a non-cash charge of $1.2 billion in Canopy’s extinguishing warrants related to the Constellation Brands Inc. (NYSE: STZ) investment.

In Other News

Vireo Health

Vireo Health International, Inc. (CNSX: VREO) (OTCQX: VREOF) announced that its affiliate, Ohio Medical Solutions (OMS), has been granted a Certificate of Operation by the Ohio Department of Commerce. OMS, which was previously granted a provisional processing license, will begin operations immediately. The license will allow OMS to purchase plant material from cultivators and manufacture Vireo-branded medical cannabis products.  “We are delighted that Ohio Medical Solutions will begin manufacturing Vireo products for the benefit of Ohio patients,” said Vireo CEO, Kyle Kingsley, M.D. “The City of Akron has been great to us and as our business grows, we look forward to continuing to create new jobs and make a positive impact on the local economy.”

Front Range Biosciences

Front Range Biosciences (FRB) announced that it has entered a collaborative licensing agreement with Steep Hill, and that it will acquire Steep Hill’s Genomics Research & Development team. The agreement will help accelerate FRB’s marker-assisted breeding program and develop new traits and varieties of hemp and cannabis. “The Steep Hill R&D team is among the top three cannabis genomics groups in the world, and we are very excited to welcome them to FRB,” said Dr. Jonathan Vaught, CEO and Co-Founder of FRB. “This acquisition is a major value inflection point for FRB…”

Medical Marijuana Inc.

Medical Marijuana Inc. has filed its financial results for the second quarter. Revenue rose 30.8% to $20.7 million. Gross profit was $15.4 million and adjusted EBITDA was $1.5 million. General and administrative expenses decreased from 21% of sales in Q2 2018 to 16% of sales revenue. “We are excited to continue our tremendous sequential success with the second quarter of 2019 proving to be the largest sales revenue quarter in the history of our Company,” said Dr. Stuart Titus, CEO of Medical Marijuana, Inc. “As the world continues to become more receptive to learning about the benefits of hemp-derived CBD, we are enthusiastic about being at the forefront of the global cannabis industry which, according to Arcview Market Research, could be worth $57 billion by 2027.”

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William SumnerOctober 26, 2018
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Daily Hit

The Daily Hit: October 25, 2018

5min2990

It’s time for your Daily Hit of cannabis financial news for October 25, 2018.

On the Site

MedMen Enterprises

MedMen Enterprises (MMNFF) reported fourth quarter revenues of $20.6 million, an increase of 1,317% over last year’s $1.5 million and a 44% sequential increase over the third quarter revenue of $14.3 million. The jump was attributed to the number of stores that came online during the quarter. However, operating expenses for the fourth quarter, including SG&A, was $72.6 million.

Canadian Cannabis Companies Report Record Sales Post-Legalization

It has been a little more than a week since recreational cannabis sales were launched in Canada, and already the policy has become a big hit. Millions of dollars in cannabis sales have already been recorded, and in the province of British Columbia alone there have been more than 21,000 transactions.

Cannabis Companies Are Navigating Trump’s Tariffs

Medical Marijuana, Inc. (OTC: MJNA) CEO Dr. Stuart Titus tells Green Market Report how his company has had to navigate the rapidly changing landscape when it comes to President Trump’s approach to international trade and tariffs.

In Other News

Aurora Cannabis Inc.

Aurora Cannabis Inc. (ACB) announced that the Polish Ministry of Health has given the company approval to import its first shipment of medical cannabis, which is expected to occur over the next several days. Aurora Deutschland GmbH will ship the product to a hospital and a pain treatment in Warsaw. “Becoming the first company to supply cannabis to Poland is validation of Aurora’s ability to do business in international markets with high barriers to entry,” said Neil Belot, Chief Global Business Development Officer for Aurora. “This is an important milestone for patient access in Poland…”

Namaste Technologies Inc.

Namaste Technologies Inc.  (N) today closed its previously announced bough deal short form prospectus offering, which included the full exercise of the over-allotment option. In total, 17.25 million units of the company were sold at a price of $3.00 per unit; generating $51.75 million in funding. Each unit consisted of one common share and three quarters of one common share purchases warrant. Eight Capital and Canaccord Genuity Corp. acted as co-lead underwriters and joint book runners. The underwriters for the deal received a 6% commission of the gross proceeds. The proceeds from the offering will be used by the company to general working capital; as well as inventory and supplies, capital improvements, personnel and facility operations, etc.

4Front Holdings, LLC

4Front Holdings, LLC announced that it has closed a private placement of equity securities. Initially seeking $15 million, the company increased the initial amount to $31 million due to increased demand. Eight Capital acted as the lead underwriter and bookrunner. The proceeds of the offering will go towards the funding of ongoing investments, the buildout of its multiple Mission-branded dispensaries and cultivation facilities, and for merger and acquisition opportunities. “The success of the Offering demonstrates that our message of pursuing prudent yet aggressive growth is resonating with investors,” said Josh Rosen, 4Front CEO and co-founder. “I’m particularly excited by the caliber of our new investors, as well as the broad participation in the Offering by our existing investors.”

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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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