Michigan cannabis Archives - Green Market Report

StaffMarch 22, 2023
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BusinessDaily Hit

Daily Hit: March 22, 2023

4min4950

The Daily Hit is a recap of the top financial news stories for March 22, 2023.

On the Site

Exclusive Interview: New York’s Cannabis Czar on the Legal Market’s Long Play

Axel Bernabe, the chief of staff and senior policy director for New York’s Office of Cannabis management, connected with Green Market Report for an hour-long discussion on the Empire State’s recreational market rollout, and made several revelations, including that the state may award up to 100 more retail permits in the near future. Read more here.

Michigan Cannabis Prices Spiked in February, First Time Since Legalization

Michigan recreational marijuana prices rose in February – reversing a price free fall since Michigan dispensaries began selling in December 2019 – as growers appear to be growing fewer plants to prevent losses and state regulators up enforcement efforts. Read more here.

Oklahoma Launches Cannabis Crackdown, Revokes Farm License

The Oklahoma Medical Marijuana Authority has begun what could be a lengthy crusade to rid its state cannabis industry of bad actors, and the crackdown began with the revocation of a cultivation permit the state said was in violation of the Oklahoma residency requirement. Read more here.

Irwin Naturals Buys Keta Media

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF)  has acquired Keta Media, LLC, dba Ketamine Media as of March 17, 2023 in a deal initially announced in September 2022. While the amount paid for the company wasn’t disclosed, it was said to be all cash and that Irwin would assume certain debts of Keta Media. Ketamine Media is the nation’s foremost advertising company dedicated to raising awareness about the clinical use of ketamine. Read more here.

Vext Science Revenue Ticked Down in 2022 as Arizona Sales Flat

Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) had a decent 2022 in Arizona despite challenging economic conditions caused by high inflation rates. The MSO reported its financial results for the period ending December 31, 2022. Read more here.

In Other News

New York

New York. Gov. Kathy Hochul has thrown her support behind civil fines of up to $10,000 a day for unlicensed commercial cannabis activity, in an attempt to crack down on the state’s thriving illicit market. Read more here.

SAFE Banking

The chairman of a key Senate committee says lawmakers need to act on marijuana banking legislation “this year,” and his Republican counterpart on the panel agrees that the issue will “come to a conclusion likely in this Congress.” Read more here.

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StaffJanuary 25, 2023
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BusinessDaily Hit

Daily Hit: January 25, 2023

5min6560

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.

CONTINUE READING
StaffJanuary 23, 2023
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BusinessDaily Hit

Daily Hit: January 23, 2023

4min7630

The Daily Hit is a recap of the top financial news stories for January 20, 2023.

On the Site

Dutchie Sues Akerna Over Access to Pennsylvania Market

Dutchie claims that Akerna, which won the Pennsylvania state contract for its seed-to-sale marijuana inventory tracking program, deliberately erected systemic barriers for competitors like Dutchie so that medical marijuana companies in the state are more likely to use Akerna’s software. Read more here.

Lawsuits Clog the Pipes in Michigan Cannabis Program

For many marijuana operations seeking to open locations in communities across Southeast Michigan, plans are dying on the vine. Dozens of companies remain at loggerheads with city councils over the licensing selection process, and the disputes have been playing out in Michigan’s court system for years. Read more here.

Incoming: Next States to Join the Cannabis Industry?

The U.S. cannabis legalization movement – and thus the industry to which it gave birth – will continue to grow this year and next, almost certainly via a combination of state markets opening, ballot measures forcing cannabis legalization into state law, and state legislatures that decide it’s time to allow medical or recreational marijuana. Read more here.

Agrify to Recalibrate for Positive Cash Flow This Year

Agrify Corp. (Nasdaq: AGFY) said it is trying to “align its resources and growth plan with the current operating environment.” The company said that the measures will help the balance sheet go cash positive by year’s end. Read more here.

Delaware Lawmakers Introduce Longshot Cannabis Legalization Bills

Democratic lawmakers in Delaware have again introduced a pair of bills that would legalize adult-use cannabis. At first blush, the attempt appears likely doomed, primarily because Gov. John Carney has remained steadfastly opposed to legalization. Read more here.

In Other News

Clever Leaves Holdings Inc.

Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW), a multinational operator and licensed producer of pharmaceutical-grade cannabinoids, is winding down all its operations in Portugal as part of its ongoing restructuring initiatives. Under this restructuring plan, the company expects its Portuguese flower cultivation, post-harvest processes, and manufacturing activities to cease in full by the end of the first quarter of 2023. Read more here.

StoneCastle Cannabis Growth Fund

Spartan Fund Management Inc. intends to terminate its StoneCastle Cannabis Growth Fund, effective on or about March 24. Effective today, units of the fund will no longer be available for purchase by new or existing unitholders. Read more here.

Massachusetts

Despite falling prices and increasing competition, marijuana business officials across the state, and particularly in Central Massachusetts, still see the cannabis market as primed for opportunity, with operators having to be smarter about the way they operate their marijuana businesses. Read more here.

CONTINUE READING
StaffJanuary 18, 2023
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BusinessDaily Hit

Daily Hit: January 18, 2023

3min7100

The Daily Hit is a recap of the top financial news stories for January 18, 2023.

On the Site

New York’s First Cannabis Retailer Sued over Website Accessibility

The nonprofit Housing Works, which launched recreational cannabis sales in New York City last month, is now facing a legal fight over its website, in a suit filed by a blind woman, claiming it’s in violation of the Americans with Disabilities Act. Read more here.

Bespoke Financial Sues ‘In Da Cut’ For Not Paying Its Debt

Cannabis lender Bespoke Financial is suing California-based In Da Cut LLC’s CEO, Drayten Howell, and DOES 1-10 for not paying back the money that was borrowed. According to the court complaint filed on Jan. 11, Bespoke loaned money to In Da Cut in February 2022 so that In Da Cut could pay third-party vendors for goods and services that had been purchased. Read more here.

Michigan Cannabis Sales Hit New Record

Michigan had a banner year in 2022, ending with $221.7 million in sales for the month of December alone and a full-year total of $2.3 billion, a new record for the state’s marijuana industry. That annual sales figure is a 28% increase from 2021. Read more here.

Cannabis ETF Investors: Bad Timers, but Committed

Cannabis ETF investors are a loyal bunch, but not so great at market timing. Just look at one of the more popular cannabis ETFs, the AdvisorShares Pure U.S. Cannabis ETF managed by Dan Ahrens, where investors seem to buy high and sell low. Read more here.

In Other News

Body and Mind Inc.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ), a multistate operations-focused cannabis company, posted revenue for fiscal year 2022, ended July 31, 2022, of $31.6 million, a 17.6% increase over FY 2021 revenue of $26.9 million. Read more here.

Nass Valley Gardens

Nass Valley Gardens Inc., a Nevada registered C-Corp and a wholly owned subsidiary of Nass Valley Gateway Ltd., (CSE: NVG) (OTC: NSVGF)(FSE: 3NVN), signed a definite agreement to purchase 100% of Super Scientific Laboratories LLC, a manufacturer of products focused on CBD, cannabidiols, vapes, gummies, soaps, lotions, and other consumer products. Read more here.

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