John SchroyerDecember 1, 2023
The companies assert that a school was not included on maps during the initial permitting process.
Michigan cannabis Archives - Green Market Report
John SchroyerDecember 1, 2023
StaffNovember 30, 2023
The Daily Hit is a recap of the top financial news stories for Nov. 30, 2023.
On the Site
Ohio Bill Would Allow Local Bans, Additional Taxes on Cannabis Businesses
A Republican state lawmaker in Ohio has introduced a bill to partially gut the voter-approved ballot measure that legalized recreational marijuana in the midwestern state earlier this month, setting the stage for a possible legislative battle over the future shape of the state’s cannabis trade. Read more here.
California, Michigan Move to Fund Social Equity Programs
Both California and Michigan made separate moves to get more funding to social equity cannabis companies in recent days, with the former poised to award $15 million to local governments that have social equity permit programs and the latter newly reserving $1 million in grants for eligible companies. Read more here.
StateHouse Looks for New Revenue Streams, Efficiencies as California Struggles
California-based StateHouse Holdings Inc. (CSE: STHZ) (OTCQB: STHZF) recorded a $17 million loss in the third quarter this year, up dramatically from the $1.9 million net loss in the second quarter, but down year-over-year from the $20.1 million the company lost in the same period a year ago. Read more here.
Simply Better Brands Revenue Grows 45% in Q3, Losses Trimmed
Simply Better Brands Corp. (TSXV: SBBC) (OTCQB: SBBCF) reported its interim financial results for the third quarter ended Sep. 30, during which revenue grew 45% to $19.4 million. The company noted that the revenue growth was achieved while simultaneously reducing operating expenses by $4.3 million. Read more here.
More Earnings:
• Adastra Revenue Keeps Climbing, Losses Trend Down in Q3
• MTL Cannabis Q2 Revenue Soars Post-Merger
• Vibe Growth Net Loss Inches Upward as Revenue Shrinks in Q3
In Other News
POSaBIT Systems Corp.
POSaBIT Systems Corp. (CSE: PBIT) (OTC: POSAF) reported revenue of $13.6 million for the third quarter ended Sept. 30, up 32% over the same period a year ago. Net loss for the quarter was $7.5 million. Read more here.
Oregon
For most of 2023, a downward trend in cannabis production in Oregon promised an easing of the industry’s woes. But state economists Mark McMullen and Josh Lehner’s most recent forecast, released Nov. 20, contained crushing news for the industry. Read more here.
Virginia
A new report found that because of high prices, fewer Virginians obtain medical cannabis through the state’s regulated market, compared to other states. The data revealed the cost of a gram of medical marijuana costs $14 in Virginia. A gram of medical cannabis costs $8.73 in Washington DC, while a gram of adult-use cannabis in Maryland costs $9.27. Read more here.
John SchroyerNovember 30, 2023
The grant programs are designed to help social equity businesses get a leg up.
Adam JacksonNovember 22, 2023
The backbone of Marley's weed brand talks business.
StaffNovember 14, 2023The Daily Hit is a recap of the top financial news stories for Nov. 14, 2023.
On the Site
Tryke Sues Curaleaf Over Alleged $13M Price Change to Merger Deal
Multistate operator and cannabis titan Curaleaf has been sued over allegations that it wrongly changed the deal terms of a merger after the purchase had already closed. Three-state operator Tryke Companies, which does business as Reef Dispensaries, said in a lawsuit that Curaleaf wrongly tried to drive the cash price down by $12.9 million after the deal closed, with no justification for the change. Read more here.
Recreational Cannabis Brings More Tax Revenue than Alcohol in Michigan
Recreational marijuana is bigger than beer, wine, and liquor in Michigan. During the 2023 fiscal year, which ended on Sept. 30, the state of Michigan collected nearly $100 million more in recreational marijuana excise taxes than in fiscal year 2022, according to a House Fiscal Agency report released last week. Read more here.
Ohio Republican Legislators Willing to Push Back on Issues 1, 2
Ohio voters last week supported a constitutional amendment guaranteeing basic abortion rights and a law allowing the legal use of recreational marijuana. Some Republican state lawmakers quickly went on the record pushing back against the measures, vowing to use legislative oversight and powers to upend or ignore the changes. Read more here.
Jushi Still Awash in Red Ink Despite Trimming Losses
Florida-based Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) reduced its losses for the third quarter this year by 62% year-over-year, but it still lost $20.6 million, bringing its losses for the year so far to $47 million. Read more here.
The Cannabist Revenue Flat as Maryland Market Grows
The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CBSTF), formerly known as Columbia Care, reported its financial results for the third quarter ended Sept. 30. Revenue dropped slightly from last year’s $135 million to this year’s $129 million, it was also essentially flat from the second quarter. Read more here.
More earnings:
• Body and Mind Cuts Losses to $20M in Latest Fiscal Year
• BYND Sales Slip as Regional Tensions Rise
• Gold Flora Financials Benefit from TPCO Merger
• Goodness Growth Loses $5.2M Despite Revenue Increase
• Ispire Records Net Loss Despite Strong Growth in Vape Sales
• Lowell Farms Revenue Continues to Decline
• MediPharm Labs Adds M&A Back to Growth Strategy
• Safe Harbor Revenue, Deposits Up as Company Passes $20B Milestone
• Margin Pressures, Competition Drive Schwazze’s Q3 Loss
• Unrivaled Brands Sees Revenues Slip As Legal Cases Mount
Get more cannabis earnings updates here.
StaffOctober 19, 2023The Daily Hit is a recap of the top financial news stories for Oct. 19, 2023.
On the Site
Cresco Labs Latest Cannabis Company to Leave Arizona
Cresco Labs (CSE: CL) (OTC: CRLBF) has sold its sole Arizona business, Encanto, to an affiliate of Mint Cannabis for $6.5 million. The move comes as Cresco seeks to sharpen its focus on core markets and products after its mega-merger with MSO counterpart Columbia Care fell apart this past summer. Read more here.
• Related: Arizona Cannabis Sales Decline in June, July
SNDL Consolidates Cultivation, Eyes $10M in Annual Savings
Canadian firm SNDL Inc. (NASDAQ: SNDL) announced operational changes aimed at growing its marijuana segment’s bottom line. Central to the strategy, the company will consolidate its cultivation at its Atholville, New Brunswick, facility and the closer of its Olds, Alberta, facility. Read more here.
Fraction of Craft Growers Operational in Illinois, Despite Dedicated Fund
Just 10 out of 87 craft cultivation marijuana business permits issued in 2021 by Illinois are operational thus far, despite millions in state capital that’s been doled out to support the ventures. Read more here.
Altria Sues 34 Vape Companies, Contends Competitors are Illegal
Marlboro cigarette maker Altria Group Inc. (NYSE: MO) and one of its electronic cigarette-maker subsidiaries have filed a lawsuit against nearly three dozen competitors that it contends are routinely breaking both state and federal laws, in an attempt to drive the vape companies out of business. Read more here.
Marijuana Lobbyists Sentenced for Bribery Scheme in Michigan
Two lobbyists for marijuana companies were sentenced to federal prison Wednesday for their roles in a scheme in which a top regulator was paid bribes to facilitate licenses to enter Michigan’s lucrative medical marijuana market. Read more here.
In Other News
Affinity Federal Credit Union
Affinity Federal Credit Union has announced its strategic partnership with Green Check, a leading FinTech connector and technology provider in the burgeoning cannabis banking sector. This collaboration aims to extend Affinity’s services to the legal cannabis-related business segment within the communities it serves. Read more here.
Alabama
A circuit judge in Alabama who is hearing a variety of lawsuits related to the stalled issuance of medical marijuana production and distribution licenses on Wednesday said he may allow companies with non-contested permits to move forward. Read more here.
Ohio Adult-Use Legalization
Companies in the cannabis industry, such as Scotts Miracle-Gro, are hoping for help from Ohioans when they vote on Issue 2, which would legalize recreational marijuana for adults. Early voting is underway across the state for the Nov. 7 election. Read more here.
StaffOctober 19, 2023
A top regulator was paid bribes to facilitate licenses for Michigan's lucrative medical marijuana market.
StaffOctober 18, 2023The Daily Hit is a recap of the top financial news stories for Oct. 18, 2023.
On the Site
What to Know About Ohio’s Marijuana Legalization Referendum
With Issue 2, Ohioans have another opportunity this fall to legalize recreational marijuana. With early and absentee voting for the Nov. 7 election underway, here are some key details to know about Issue 2. Read more here.
Bills to Allow State-Tribal Cannabis Compacts Sent to Michigan Governor
Bipartisan legislation would clear the way for the state of Michigan to enter into compacts with American Indian tribes over cannabis industry regulation and taxation. State lawmakers and tribal advocates say the two-bill package would create parity between tribally licensed and state licensed cannabis operators. Read more here.
Oregon Cannabis Associations Merge
Two of Oregon’s cannabis industry associations – the Oregon Cannabis Association and the Cannabis Industry Alliance of Oregon – voted unanimously to merge, effective immediately. CIAO Executive Director Jesse Bontecou was named to lead the combined organization, which will continue under the CIAO banner. Read more here.
Vext Divests in Arizona
Vext Science (CSE: VEXT) (OTCQX: VEXTF) announced Tuesday that it plans to sell its cultivation facility in Prescott Valley, Arizona, to Elevate Cannabis Co. for $6.5 million. Read more here.
Pre-Rolls Chasing Flower, Vape Pens in Popularity
Pre-rolled joints as a marijuana product category have been surging recently as consumer habits continue to morph, according to a new report from Seattle-based cannabis analytics firm Headset. Growth in the category “vastly outperform(ed) other cannabis product categories,” Headset found, growing 13.4% in the U.S. and 36.5% in Canada. Read more here.
In Other News
Dormitory Authority of the State of New York
Reuben McDaniel is no longer the president and CEO of the Dormitory Authority of the State of New York. DASNY spokesperson Jeffrey Gordon confirmed McDaniel’s departure on Tuesday. Gordon said McDaniel “left for another opportunity.” Read more here.
22nd Century Group
A New York magistrate judge has recommended final approval for a $3 million settlement in investors’ lawsuit alleging that 22nd Century Group concealed a U.S. Securities and Exchange Commission investigation, along with a $1 million payout to the investors’ attorneys. Read more here.
Denmark
Recently published data from the Danish Health Data Authority shows that the number of patients taking part in the medical cannabis Pilot Programme, launched in 2018, has skyrocketed 90% since the second quarter of 2022 and now represents the largest access scheme in the country. Read more here.
StaffOctober 18, 2023
The bills would allow tribal operators to buy and sell in the state’s regulated market.
StaffOctober 16, 2023The Daily Hit is a recap of the top financial news stories for Oct. 16, 2023.
On the Site
Pair of Lawsuits Claim Fraud in Arkansas Marijuana Licensing
Two new lawsuits accuse prominent Arkansas attorneys of committing fraud in order to circumvent a state residency requirement on behalf of an out-of-state client who wanted medical marijuana business licenses. Read more here.
Five More New York Cannabis Retailers Opening
New York’s legal marijuana retail club is about to increase by five, state regulators announced on Monday. Two retailers opened last Friday, while three others are slated to open later this week. Read more here.
Maryland Judge Sides With Hemp, Blocks New Law
A Maryland judge denied a temporary restraining order against hemp producers, saying that the hemp products were legal under the 2018 Farm Bill. The Maryland Hemp Coalition filed the case against the state’s 2023 Cannabis Reform Act. Read more here.
Lucy Scientific Debt Climbs in Fiscal Year Report
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) reported its full-year results for the period ended June 2023, in which the psychedelic start-up piled onto its mounting deficit despite new M&A developments. The company did report some revenue, but losses also piled up. Read more here.
Cannabis is Big Business for Michigan Law Firms
The legalization of cannabis in Michigan created a boon for law firms across the state and has propelled lawyers ahead in their careers. Since the start of legal marijuana sales in 2018, the lawyers have been absolutely critical in standing up for the newly-regulated industry. Read more here.
Vext Science Snaps up Two More Ohio Dispensaries in $9.4M Deal
Vext Science (CSE: VEXT) (OTCQX: VEXTF) announced an agreement Monday to purchase two Ohio-based cannabis dispensaries from Big Perm’s Dispensary Ohio, LLC. The deal, valued at approximately $9.4 million, is slated to close in 2024. Read more here.
In Other News
4Front Ventures Corp.
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) entered into a $10 million senior secured credit facility agreement with ALT Debt II LP, an affiliate of Altmore Capital. The funds will be disbursed in two tranches and are committed to building out the company’s retail operations in Illinois. Read more here.
Maine Cannabis Union
Cannabis workers in Maine have united to form a union with the goal of advocating for their rights and better working conditions. The Maine Cannabis Union said it is committed to improving wages, benefits, and workplace conditions for all employees within the industry. Read more here.
Alabama Medical Cannabis Commission
The Alabama Medical Cannabis Commission adopted new application and licensing rules after months of legal disputes and amid stalled settlement negotiations over the commission’s evaluation process. The rules adopted Thursday by the commission will allow the panel to keep scores it gave to prior applications but give applicants the chance to outline deficiencies. Applicants will have the opportunity to present their proposals to the commission in a public meeting. Read more here.
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