Dustin WalshAugust 14, 2023
Prices have also rebounded since January.
Michigan Cannabis Regulatory Agency Archives - Green Market Report
Dustin WalshAugust 14, 2023Dustin WalshAugust 9, 2023
NMU launched its medicinal plant chemistry bachelor's degree in 2017.
Dustin WalshJuly 27, 2023
They got it — and then some
Dustin WalshJuly 21, 2023
Sky Labs was slapped with a $100,000 fine last month for failing compliance testing.
Dustin WalshJune 15, 2023
The MRA found several violations, including disabled security cameras and unlabeled products.
Dustin WalshMay 2, 2023
Michigan's cannabis industry has a trust problem. Regulators hope a state-run testing lab can help.
Dustin WalshApril 28, 2023
The challenge stems from a recall in 2021.
StaffApril 13, 2023
The Daily Hit is a recap of the top financial news stories for April 13, 2023.
On the Site
Cannabis Water CEOs Plead Not Guilty in Pump & Dump Scheme
The former CEOs of American Premium Water Corp., Zachary Davis and Ryan Fishoff, pleaded not guilty in a $10 million pump-and-dump scheme that cost Ohio investors more than $219,000. The indictment was first filed in the Northern District of Ohio on March 8 against six individuals associated with the cannabis-infused water company. Read more here.
Michigan Cannabis Market Keeps Breaking Its Own Sales Records
The Michigan marijuana market continued to break records in March, hitting a new sales high of almost $250 million for the month, after selling $2.3 billion in 2022. The new sales record includes $9.8 million in medical marijuana sales and $239.8 million in recreational cannabis sales, for a total of $249.6 million in March, according to data from the Michigan Cannabis Regulatory Agency. Read more here.
Connecticut Approves Three More Social Equity Retailers
The Connecticut Social Equity Council last week signed off on the trio of equity joint venture shops for Budr Hartford Holding Corp. The joint ventures are essentially partnerships between social equity entrepreneurs and established companies that will front startup expenses for the new dispensaries. Read more here.
Avant Brands Delivers Solid Quarter
After the markets closed on Wednesday, Avant Brands Inc (TSX: AVNT)(OTCQX: AVTBF) reported its revenue rose 71% to $7.9 million for the fiscal first quarter that ended Feb. 28, 2023. The net loss from operations of $100,000 (an improvement of 98% or $1 million). Read more here.
Benzinga Miami Reveals More Cracks in Cannabis
Despite a struggling stock market, consumer demand for cannabis is higher than ever – and companies are focused on creating clear, enjoyable experiences to drive growth. That sentiment permeated the recent Benzinga Cannabis Capital Conference in Miami, where cannabis industry leaders gathered to discuss strategies and insights. Read more here.
In Other News
Ignite International Brands
A consulting firm is asking a Nevada federal court to award it nearly $157,000 in legal fees a week after winning a $1.6 million judgment against a cannabis company run by Instagram celebrity Dan Bilzerian in a contract dispute. Read more here.
Urban-Gro
Urban-gro Inc. (Nasdaq: UGRO) signed more than $40 million in contracts in the first quarter 2023, bringing the company’s total backlog to a record $123 million as of March 31, 2023. The company also reiterated its guidance, and in the first quarter of 2023, the company received $2.4 million of cash following a settlement with its former bank. Read more here.
Insa
Marijuana grower and retailer Insa has laid off staff in recent weeks, citing numerous challenges from out-of-state competition that did not exist months before, according to Peter Gallagher, CEO and co-founder. Gallagher did not specify how many jobs were cut. Read more here.
StaffMarch 22, 2023
Fewer plants being grown and stepped up enforcement appear to be driving the price trend.
StaffDecember 14, 2022The Daily Hit is a recap of cannabis business news for Dec. 14, 2022.
ON THE SITE
Dutchie Founders Sue the Company for Orchestrating a Coup
The founders of e-commerce cannabis company Dutchie are suing the current leaders and accusing them of orchestrating a coup. Dutchie was founded in 2017 by brothers Ross and Zachary Lipson and was originally called Courier Plus Inc. The two say they were improperly kicked out of the company by the current board and are insisting they are still directors and officers of the company. Read more here.
California Testing Lab Shutters Without Notice, Lays Off All Employees
A longstanding cannabis testing lab in northern California suddenly closed its doors this week with almost no notice to employees or clients, multiple sources confirmed to Green Market Report on Wednesday. Santa Rosa-based Sonoma Lab Works is now effectively shut down, said one former employee who requested anonymity. Read more here.
Report: Georgia Court of Appeals to Rule on Medical Marijuana Licensing Case
The Georgia Court of Appeals will weigh in on a lawsuit that alleges the state’s medical marijuana licensing process – which granted permits to two companies, Florida-based Trulieve and Georgia-based Botanical Sciences to manufacture and sell cannabis oils – was corrupt. Read more here.
Michigan’s November Cannabis Sales Jump 33% Over Last Year
Despite challenges in the cannabis industry, the state of Michigan reported that its November sales jumped by 33.2% over last year to $203.4 million. The Michigan Marijuana Regulatory Agency reports cannabis sales on a monthly basis and separates the data by medical and adult use. Read more here.
New Jersey Consumption Lounges Face Strict Rules
The New Jersey Cannabis Regulatory Commission (NJ-CRC) recently approved proposed rules and regulations for cannabis consumption lounges in the state, but if some things don’t change, it will be difficult for these businesses to be profitable. Read more here.
IN OTHER NEWS
The Source
The Source, a marijuana shop in Northampton, Massachusetts, that opened only in March, will close Friday. It’s the first marijuana shop in the state to shut down since the first legal adult-use dispensaries opened in 2018. Many in the industry see this as a harbinger of a shakedown in a maturing industry, especially in Northampton, which has 12, soon to be 11, operational stores. Read more here.
New York hemp
As New York prepares for the imminent launch of legal adult-use marijuana sales, the governor has signed a bill aimed at expanding the state’s hemp market by promoting collaborative partnerships to identify more opportunities to utilize the crop and its derivatives for packaging, construction, and other purposes. Read more here.
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