NASDAQ Archives - Green Market Report

Adam JacksonDecember 1, 2022
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2min10941

Cannabis giant Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) laid off around 220 of its employees ahead of the Thanksgiving holiday, Business Insider first reported.

In a statement to the outlet, Curaleaf declined to say which department the cuts occurred within, though said the cuts were “a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead.”

“I don’t like having to deliver this news, and we haven’t reached this decision easily,” Curaleaf CEO Matt Darin wrote to employees in a company-wide email, which was reviewed by Business Insider. Darin noted in the email that the company has been engaged in talks with unionized employees at affected Curaleaf locations.

The news comes does not come as much of a surprise, as Curaleaf has seen slowing growth this year amid a broader slowdown in the global economy and lulled efforts regarding U.S. federal legalization.

In a Nov. 7 earnings call, founder and chairman Boris Jordan told investors that management is “acutely aware of the economic conditions our customers are navigating.”

“As such, we are taking appropriate actions to ensure we continue driving growth and margin expansion next year, irrespective of the economic climate,” Jordan said at the time.

Curaleaf’s most recent earnings showed crimping margins and rising losses despite the company eking out on revenue expectations.

CEO Matt Darin said during the call that the company is “comfortably transitioning from the asset accumulation phase to the asset optimization phase in our evolution. Importantly, we are at this juncture by choice, not market force.”


StaffAugust 15, 2022
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13min2120

The Daily Hit is a recap of cannabis business news for August 15, 2022.

ON THE SITE

Auxly Revenues Improve, Tries to Cut Costs

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF)  released its financial results for the three months ending June 30, 2022. Total net revenues from the sale of adult-use cannabis in Canada were $27.3 million for the quarter, a 31% increase from the same period last year. The net losses for Auxly in the quarter almost doubled from last year’s $8.6 million to this year’s $14.2 million. Read more here.

Columbia Care Gets Boost From New Jersey Sales

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported financial results for the second quarter ending June 30, 2022, with revenue rising 18% to $129 million over last year’s $109 million. Revenue grew 5% sequentially from the first quarter. The company reported a net loss of $54 million versus last year’s net loss of $18 million, higher than the previous quarter’s net loss of $27 million. This is also expected to be the last quarterly earnings report before the company combines with Cresco Labs. Read more here.

Agrify Reports Losses, Lowers Guidance

Agrify Corporation (Nasdaq: AGFY) up-ticked in early trading Monday despite the company posting results far below analysts’ expectations — showing the waning demand for hydroponics amid the economic slowdown. Red more here.

4Front M&A Strategy Pays Off, Plans for Bloom Farms Bought Deal

After the market closed on Monday, 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) posted positive results — buoyed by growth from lucrative M&A deals over the past year. The vertical multi-state operator announced its financial results for the second quarter ended June 30, 2022. Read more here.

IM Cannabis Revenues Rise as Company Burns Through Cash

IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) reported financial results for its second quarter ended June 30, 2022. IMCC said that revenues rose 114% in the second quarter and were $23.8 million versus the same quarter last year. Total dried flower sold was 3,210 kilograms at an average selling price of $5.72 per gram, compared to 1,842 kilograms for the same period in 2021 at an average selling price of $3.92 per gram. Read more here.

Atai Life Cuts Expenses, Extends Cash Runway

Atai Life Sciences (NASDAQ: ATAI) announced fiscal second-quarter results today for the quarter ending June 30, 2022 with no revenue, but an update on expenses and cash levels. Read more here.

Rubicon Organics Sales Rise as Premium Brand Grows

Rubicon Organics Inc. (OTCQX: ROMJF) delivered mostly positive results on Monday as the company begins to post profits — buoyed by its premium flower and pre-roll line. The Vancouver cultivator released its financial results for the second quarter ending June 30, 2022. Rubicon reported approximately $8.8 million in net revenue during the period, a 92% gain versus the same period last year. Read more here.

Planet 13 Misses on Revenue Despite Quarter Uptick

Planet 13 Holdings (OTC: PLNHF) posted results that missed expectations — showing how waning demand and slimming margins are affecting even the largest operators. The Nevada-based cannabis superstore delivered its financial results for the second quarter ending June 30, 2021. Read more here.

Sundial Sees Record Revenue as Expansion Bid Pays Off

SNDL Inc. (NASDAQ: SNDL) posted positive results as the company reaps record revenue from this year’s M&A bets. The Canadian vice operator — formerly known as Sundial Growers Inc. — delivered its second-quarter results ending June 30, 2022. Read more here.

CV Sciences Misses Expectations as Hemp Demand Stutters

CV Sciences, Inc. (OTCQB: CVSI) sales fell in the quarter as demand for hemp-derived products continues to fade. The hemp operator announced its financial results for the quarter ending June 30, 2022. Read more here.

Psychedelics Aren’t for Everyone

Before any clinical trials for psychedelics are begun, there is a standard but critical vetting process. A hopeful participant can get excluded from a trial because of uncontrolled hypertension; a history of additional risk factors such as heart failure; evidence or history of significant medical disorders; symptomatic liver disease; or because they are abusing illegal drugs. Read more here.

IN OTHER NEWS

Avicanna Inc.

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of cannabinoid-based products, announced the filing of its interim financial statements for the three-month period ending June 30, 2022. Read more here.

TPCO Holding Corp.

TPCO Holding Corp. (NEO: GRAM.U) (OTCQX: GRAMF), a consumer-focused California cannabis company, today announced its financial results for the quarter ended June 30, 2022. All amounts are expressed in U.S. dollars. Read more here.

Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a vertically integrated multi-state cannabis operator, today reported its financial results for the three months ended June 30, 2022. Financial results are reported in accordance with U.S. generally accepted accounting principles and all currency is in U.S. dollars. Read more here.

Flora Growth Corp.

Flora Growth Corp. (NASDAQ: FLGC), a manufacturer and distributor of global cannabis products and brands, reported today its financial and operating results for the six months ended June 30, 2022. All financial information is provided in U.S. dollars unless indicated otherwise. Read more here.

The Flowr Corporation

The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) announced the closing of the previously announced sale of the Flowr Forest property to an arm’s length third party for aggregate proceeds of $3.4 million. The company used a portion of the proceeds from the sale of this non-core asset to repay the outstanding balance of its ATB-led credit facility in full. The company, now bank debt free, intends to the use the remaining proceeds for working capital. Read more here.

InterCure Ltd.

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) announced its financial results for the second quarter of 2022 and provided shareholders with a business update. All amounts are expressed in Canadian dollars or New Israeli Shekels (NIS), unless otherwise noted. Read more here.

Neptune Wellness Solutions Inc.

Neptune Wellness Solutions Inc., (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced its financial and operating results for the three-month period ending June 30, 2022. Read more here.

SpringBig Holdings, Inc.

SpringBig Holdings, Inc. (NASDAQ: SBIG), a provider of SaaS-based marketing solutions, consumer mobile app experiences and omnichannel loyalty programs to the cannabis industry, today announced its financial results for the second quarter ended June 30, 2022. Read more here.

TILT Holdings Inc.

TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, is reporting its financial and operating results for the three months and six months ended June 30, 2022. Read more here.

LiveWire Ergogenics Inc.

LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring, leasing, licensing, and managing special purpose real estate properties conducive to producing sun-grown cannabis products for medical and recreational adult-use in California, reported financial results for the second quarter 2022. Read more here.

urban-gro, Inc.

urban-gro, Inc. (Nasdaq: UGRO), an integrated professional services and design-build firm offering solutions to the controlled environment agriculture (CEA) and commercial sectors, today reported second quarter financial results. Read more here.

Field Trip Health & Wellness Ltd.

Field Trip Health & Wellness Ltd. announced that it has filed a listing application in connection with the previously announced intention to list its common shares on the TSX Venture Exchange (TSXV). It is anticipated that the shares will commence trading on the TSXV under the ticker symbol “FTHW” at the opening of the market on August 17, 2021. Read more here.

Small Pharma Inc.

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that it has received approval from the U.K. Medicines and Healthcare products Regulatory Authority (MHRA) and the Regional Ethics Committee to initiate a drug interaction clinical trial in the U.K. The study will assess the interaction between serotonin reuptake inhibitors (SSRIs) and SPL026, the company’s lead N, N-dimethyltryptamine (DMT) candidate, in patients with major depressive disorder. Read more here.


Adam JacksonAugust 2, 2022
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4min2271

Clever Leaves (NASDAQ: CLVR) could become one of the world’s top five cannabinoid exporters by the end of this year, according to a new report by Cantor Fitzgerald analyst Pablo Zuanic. The findings come a week ahead of the company’s second-quarter earnings release and half a year since CEO Andres Fajardo was tapped to lead the company out of a desperate cash burn and into new, more profitable markets overseas.

Clever Leaves’ plan so far seems to be good on schedule. It has inked lucrative deals with players in overseas markets such as Portugal, Germany, Australia, Brazil, Colombia and Israel.

While the outlook is still a “show me” story, it said, the new distribution partnerships add value with the assumption that continued medical market growth in those overseas markets will work to Clever Leaves’ advantage long-term. The estimates do not account for recreational cannabis legalization in Germany or elsewhere.

“Still, while we are positive on the company’s top-line growth outlook, profitability and cash burn are key investment risks,” the report said. “In fact, although the cost base has been rationalized, capex lowered, and debt mostly paid down, cash burn remains an issue.”

Cantor Fitzgerald assigned Clever Leaves an “Overweight” rating and a 12-month price target of $4.50. The stock was lately selling at 94 cents, but its 52-week high was $12.40. Zuanic wrote, “From a purely trading perspective, positive news flow about regulatory changes, especially in Colombia and Germany, could favorably impact sentiment,” as a reason the price could jump.

“In relative terms, the stock offers better “pure-play” exposure to growth in overseas medical cannabis markets,” the report said, “and eventually to (recreational) legalization in those markets.”

Global Business

With Clever Leaves focused on markets outside North America, the key for the company is to capture downstream margins. In general, these markets enjoy better economics due to higher barriers to entry such as EU certification and high start-up costs, as well as fewer licensed growers. Cantor estimates that retail prices in Europe’s medical markets, especially Germany, are three times those seen in Canada. U.S. prices in Israel and Australia are also well above the North American average. As part of its rescoped strategy, the company is now focused on exports to Australia, Germany, Brazil, and Israel.

“Yes, the company is also targeting the U.S., but we see that as more long-term optionality for CLVR’s cannabinoids exports,” the report said.

This year, the company used the bulk of the $23 million equity raise executed in the first quarter — in which the share count increased 45% — to pay down all the convertible debt, as well as borrowings related to the Herbal Brands deal. Additional shareholder dilution remains a risk, “in our view, given ongoing cash burn,” it said, though capex needs are now much lower and inventory levels are expected to come down.

“The main issue is for the company to scale up the top-line (profitably) and minimize cash burn,” the report said. “The company has less than $27 million left in an equity facility, and this could be tapped depending on the timing of overseas market growth.”


StaffJune 29, 2022
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7min1230

The Daily Hit is a recap of the top cannabis business stories for June 29, 2022.

ON THE SITE

CannaRegs Lawsuit Comes to a Quiet End

The cannabis tech firm CannaRegs announced that a lawsuit that was filed against it has been dismissed. CannaRegs is a  technology platform that provides users enhanced access to all state and municipal cannabis rules and regulations. It was acquired by Fyllo in January 2020. Fyllo is another cannabis tech firm whose CannaBrain marketing technology ingests and interrogates billions of data points, allowing brands to safely build and execute advertising campaigns while also enabling publishers to create and monetize compliant ad inventory. At the time of the acquisition, Amanda Ostrowitz, CannaRegs’ founder and CEO,  joined Fyllo as its Chief Strategy Officer reporting to CEO Chad Bronstein. Read more here.

Law Could Allow Cannabis Ads on Local TV, Radio

Broadcasters have been notorious for their refusal to air cannabis ads. Even in states where the product is legal, advertisers found themselves being turned down as the Federal Communication Commission (FCC) took the stance that a federally illegal product could not be advertised. Read more here.

Summer Trends See Sales Spike on Long Weekends, Holidays

If predicted trends prove to be true, this Thursday, June 30, may be the busiest cannabis retail sales day for summer 2022, as Americans in legal states get ready to celebrate the long 4th of July weekend. Cannabis consumers are likely to celebrate independence by indulging in their favorite flower and other products that enhance a day at the beach, backyard BBQ with friends, or summer vacation in some legal destination. Read more here.

IN OTHER NEWS

Red White & Bloom Brands Inc.

Red White & Bloom Brands Inc., (CSE: RWB) (OTCQX: RWBYF) provided this update on the status of a management cease trade order granted on May 3, 2022 by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order. On May 3, 2022, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2021, beyond the period prescribed under applicable Canadian securities laws. Read more here.

Tilray Brands, Inc.

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, announced that its medical cannabis division, Tilray Medical, has expanded its medical cannabis offerings in the United Kingdom. Tilray Medical now offers the broadest portfolio of cannabis flower in the UK market today, including a differentiated range of high THC products, cultivated at its EU-GMP-certified facility in Portugal. Read more here.

Decibel Cannabis Company Inc.

Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF), a cannabis producer, announced that is has received its certification to export its cannabis products internationally. “This is a very important milestone for the outlook of the Company as this certification unlocks untapped markets for Decibel. The opportunity allows the Company to provide its high-quality craft cannabis products internationally, while also setting the stage for the Decibel brands to develop international recognition and additional consumer exposure,” said Paul Wilson, Chief Executive Officer. Read more here.

Sugarbud Craft Growers Corp.

Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS, SUGR.WR, SUGR.DB) (OTCQB: SBUDF) announces that it has entered into shares for services agreements with certain arm’s length service providers, pursuant to which Sugarbud will issue a total of 665,020 Shares at a deemed price of $0.35 per Share in satisfaction of amounts owing to such persons in the aggregate amount of $232,757. The Shares to be issued in connection with the Transaction will represent approximately 10.2% of the issued and outstanding shares of Sugarbud on a post-transaction basis. Read more here.

CEA Industries Inc., Merida Capital Holdings

CEA Industries Inc. (NASDAQ: CEAD, CEADW), a controlled environment agriculture (CEA) systems engineering and technologies company, announced it has entered into an agreement with Merida Capital Holdings in which Merida agrees to use the company as its sole provider of certain products and services for Merida’s indoor cultivation facilities. Read more here.

Allied Corp.

Allied Corp. (OTCQB: ALID) announced that it has completed the first shipment of commercial dried cannabis from Colombia to an international market. On April 01, 2022, Colombia enacted the new legislation allowing for the legal export of dried cannabis produced in Colombia. In April 2022, Allied submitted several applications for export approvals. After many levels of regulatory inspections, analyses, discussions and questions, Allied’s first export approval came in June 2022. Read more here.


StaffJune 21, 2022
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10min2160

The Daily Hit is a recap of the top cannabis business stories for June 21, 2022.

ON THE SITE

Juva Life Gets $11 Million in Pelorus Equity Deal

Privately owned Pelorus Equity Group has closed an $11.8 million financing with Juva Life Inc. (OTC: JUVAF), a life science company with pharmaceutical research and development and consumer-facing operations in cannabis production and distribution. Pelorus said the primary purpose of the financing was to finance the exercise of the tenant’s purchase option on its recently completed Stockton cultivation facility, as well as provide working capital and R&D funding. Read more here.

Prices Falling for Cannabis Companies

Once upon a time, owning a cannabis company seemed like a sure bet. Even if you couldn’t make the business work, there was always an option to sell it. So many people have been desperate to get into the cannabis industry that they were willing to pay just about any price. In other words premium prices regardless of whether the business warranted it or not. Now as the bear market in stocks seems to have some staying power and competition in some cannabis markets is heating up, prices for these businesses is dropping. Read more here.

High Times Sells LGBTQ Titles

High Times has sold its LGBTQ publications to Equal Entertainment for an undisclosed amount. The publications include Out.com/ Magazine, Advocate.com/ Magazine, Out Traveler Magazine, Plus Magazine, and Pride.com and given a new name for the company Equal Pride. According to the press release, “The acquisition returns the company to LBGTQ+ majority ownership and creates the largest LGBTQ+ – owned media, digital, TV, and entertainment company in the country with the majority of Equal Pride employees also identifying as LGBTQ+, women, and/or people of color.” Read more here.

The Bulls Are Running in Psychedelic Stocks

The stock market has been tough over the last month, as has most of the U.S. economy. The Federal Reserve raised interest rates by 0.75 percent on Wednesday, June 15, and that reduces the amount of money in the economy. Besides mortgages, rising interest rates impact the stock and bond markets, credit cards, personal loans, student loans, auto loans, and business loans according to Forbes. It’s the third hike this year and the largest since 1994. The move is aimed at countering the fastest pace of inflation in over 40 years. Another rate hike could come in July, according to Fed Chairman Jerome Powell. Read more here.

IN OTHER NEWS

Cronos Group Inc., Ginko Bioworks

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), a global cannabinoid company, and Ginkgo Bioworks (NYSE: DNA), a horizontal platform for cell programming, today announced the achievement of the third target productivity milestone in their partnership to produce eight cultured cannabinoids. Using Ginkgo’s platform for organism design and development, Cronos has successfully achieved the productivity target for tetrahydrocannabivarin (THCV), a cannabinoid hypothesized to reduce the appetite-enhancing property of THC. Access to additional rare cannabinoids will support Cronos’ innovation pipeline and commercialization strategy. Read more here.

BioLumic Inc.

BioLumic Inc. today announced the closing of a $13.5-million Series B funding round that will be used to accelerate commercial growth for its cutting-edge, patented agricultural technology that harnesses the power of ultraviolet light to improve plant productivity. The funding round is led by OurCrowd and is joined by Finistere Ventures, Icehouse Ventures, Rabo Ventures, Entourage Effect Capital, Arcview Ventures Seed Fund, Flatiron Venture Partners, RIV Capital, Virtu Capital, Bravos Capital, Privthi, NZ Booster Fund, Norwind Capital, MIG Nominee No 1 Limited, Aspire NZ Seed Fund and others. Read more here.

Rubicon Organics Inc.

Pierre Lassonde, of 45 Hazelton Ave, Toronto, Ontario, M5R 2E3, today announced that on June 20, 2022, Mr. Lassonde sold common shares of Rubicon Organics Inc., a company with a head office at 505-744 West Hastings Street, Vancouver, BC, V6C 1A5, in an amount of 1,000,000 Common Shares. The Common Shares were sold to the Chair of the Board of Directors of Rubicon, Julie Lassonde, and occurred through the facilities of the TSX Venture Exchange at a price of C$0.77 per Common Share, for aggregate consideration of C$770,000. Read more here.

Body and Mind Inc.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ),  a multi-state U.S. cannabis operator, reported its financial results for the third fiscal quarter ended April 30, 2022. Read more here.

In related news: Body and Mind Inc., a multi-state U.S. cannabis operator, is pleased to provide an update on the first amendment to the Seaside dispensary purchase agreement. The company, through its wholly owned subsidiary, DEP Nevada, Inc., executed definitive agreements to purchase the Reef dispensary in Seaside California on November 30, 2021 and has been operating the dispensary since December 1st, 2021. Read more here.

CEA Industries Inc., Greene Brothers Farm

CEA Industries Inc. (NASDAQ: CEAD, CEADW) subsidiary, Surna Cultivation Technologies LLC, a leader in controlled environment agriculture (CEA) systems engineering and technologies, today announced it has entered into a letter of intent to provide products and mechanical engineering services over five phases with Greene Brothers Farm, Inc., a family owned and operated farm that is developing a 26-acre site exclusively for indoor cannabis cultivation. CEA Industries anticipates contract revenues of approximately $10 million over an estimated two to three-year period. The initial contract, valued at $1.2 million, is for the first phase of products and services and is planned to be completed by early Q4 2022. Read more here.

Intercure Ltd., Cookies

Intercure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) announced today the opening of the first flagship Cookies store in Austria, located in the Neubau district of Vienna. The flagship location offers Cookies’ unique CBD menu, available for the first time in Europe, as well as clothing and life-style products. In the future, as regulations are evolving, pharmaceutical grade medical cannabis will be available for Austrian patients, including Cookies EU-GMP THC products. Read more here.

Captor Capital Corp.

Captor Capital Corp. (CSE: CPTR; FRANKFURT: NMVA; STUTTGART: NMVA), announced today that the board of directors has initiated a process to identify, examine and pursue strategic alternatives to the company’s current business. Brady Cobb, a cannabis industry veteran, has been named as the interim chairman of the board of directors, effective July 1, 2022, to oversee the leadership of the company and the Strategic Review process with an eye towards maximizing operational efficiencies and charting the most accretive path forward to maximize shareholder value. Read more here.

AIkido Pharma Inc.

Shalom Auerbach, a significant stockholder of AIkido Pharma Inc. (NASDAQ: AIKI) owning approximately 3.8% of its common stock, today issued the following letter to stockholders of AIkido Pharma Inc. Read more here.


StaffJune 15, 2022
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8min1150

The Daily Hit is a recap of the top cannabis business stories for June 15, 2022.

ON THE SITE

Hightide’s Revenue Jumps 98%

After the market closed on Tuesday, High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) released its financial results for the second fiscal quarter of 2022 ending April 30, 2022. Revenue for High Tide increased to $81.0 million versus $40.9 million in the same quarter last year. Sequentially, revenue increased by 12% compared to the first fiscal quarter. This represents the second-highest quarterly revenue figure generated by a Canadian cannabis company reporting in Canadian dollars. The net loss was trimmed by 33% to $8 million in the quarter versus last year’s net loss of $12 million for the same time period. Read more here.

Large CBD Pain Study Delivers Positive Results

Radicle Science, an AI-driven healthtech B-corp company reported strong positive results from one of the largest clinical trials on pain treated with cannabinoids. The study involved over 1,600 participants from across the U.S. It was a randomized and controlled clinical trial done in partnership with Open Book Extracts (OBX). All the formulations in the trial led to statistically significant and clinically meaningful improvements in pain after just 4 weeks—all with minimal side effects. Read more here.

Awakn is Hopeful for Addiction Treatment Milestones in 2022

Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) reported its financial results for the first quarter ending April 30, 2022. Awakn recorded revenue of $253,154 via Awakn’s clinics versus zero in the prior year. This represents a 23.9% or $48,834 versus the three months ended January 31, 2022. Read more here.

IN OTHER NEWS

Icanic Brands Company, Inc.

Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), a multi-state brand operator of premium cannabis brands in California, is pleased to announce that it has changed its year-end from July 31 to December 31. For the transition year, the Company will provide audited financial statements for the 17-month period from August 1, 2021 to December 31, 2022. The reason for the change of year-end is to align the Company’s year-end with the year-end of LEEF Holdings, Inc. (“LEEF”), a California based extractions company that the Company acquired on April 20, 2022. Read more here.

Chalice Brands Ltd.

Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF), a consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, announced that further to its news release on May 3, 2022, the filing of its audited annual financial statements for the fiscal year ended December 31, 2021 and the related management’s discussion and analysis, as well at the financial statements for the three months ended March 31, 2022 and the related management’s discussion and analysis continues to be delayed. Read more here.

springbig, Tuatara Capital Acquisition Corporation

springbig, a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, and Tuatara Capital Acquisition Corporation today announced that they have completed their previously announced business combination. The Business Combination was approved at a special general meeting of TCAC shareholders on June 9, 2022. Read more here.

Body and Mind Inc.

Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ), a multi-state US cannabis operator, is pleased to provide an update on the extension and amendments to its loan agreement entered into between the company, DEP Nevada, Inc., a wholly owned subsidiary of the company, the guarantors as set forth in the Loan Agreement, FG Agency Lending LLC and Bomind Holdings LLC, dated July 19, 2021, as amended on November 30, 2021. The Company has entered into a second amendment to the Loan Agreement to extend the maturity date by one year to July 19, 2026. Read more here.

Entourage Health Corp.

Entourage Health Corp. (TSX-V:ENTG) (OTCQX:ETRGF) (FSE:4WE), a Canadian producer and distributor of cannabis products, is pleased to announce that shareholders overwhelmingly approved all proposed resolutions at its annual general and special meeting of shareholders held virtually in Toronto, Ontario on June 10, 2022. Read more here.

AFC Gamma, Inc.

AFC Gamma, Inc. (NASDAQ:AFCG) today announced its dividend for the quarter ending June 30, 2022.The Board of Directors of AFC Gamma declared a quarterly dividend of $0.56 for the quarter ending June 30, 2022, per outstanding share of common stock, payable on July 15, 2022 to the common stockholders of record on June 30, 2022. The June quarterly dividend represents the fourth consecutive increase of AFC Gamma’s quarterly dividend and a 47.4% year-over-year dividend increase. Read more here.

HEXO Corp.

HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) is pleased to announce that at its special meeting of shareholders held yesterday, holders of common shares of HEXO overwhelmingly approved the previously announced equity purchase agreement with 2692106 Ontario Inc. and KAOS Capital Ltd. A total of 73,880,016 Common Shares (approximately 16.12% of the issued and outstanding Common Shares) were represented at the Meeting in person by virtual attendance or by proxy. Read more here.

NewLake Capital Partners, Inc.

NewLake Capital Partners, Inc. (OTCQX: NLCP), a leading provider of real estate capital to state-licensed cannabis operators, today announced that its board of directors has declared a second quarter 2022 cash dividend of $0.35 per share of common stock. The dividend is equivalent to an annualized dividend of $1.40 per common share, and is the Company’s fifth consecutive quarterly dividend increase. The dividends are payable on July 15, 2022, to stockholders of record at the close of business on June 30, 2022. Read more here.

 

 

 


StaffJune 14, 2022
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5min1160

The Daily Hit is a recap of the top cannabis business stories for June 14, 2022.

ON THE SITE

Tilray Gets Hexo at a Cheaper Price

Tilray Brands, Inc. (Nasdaq: TLRY) was able to lower the price it is paying for Hexo. The changes to the original deal include an additional discount on Tilray Brands’ purchase price as well as the reduction of the conversion price under the HEXO Note from C$0.85 to C$0.40 per share. The deal is expected to close on or about July 15, 2022. Read more here.

Fire & Flower Revenue Falls in Fiscal First Quarter

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWD) announced its financial results for the fiscal 2022 first quarter ending April 30, 2022. Fire & Flower reported revenue fell 7% to $40.9 million for the quarter from $44.1 million in the previous year. Fire & Flower attributed the drop to increasing competition from new licenses issued and pricing pressures in the cannabis retail market. The company trimmed its net losses to $9.9 million versus last year’s net loss of $61.6 million. Read more here.

Innovations in Precision Medicine are Helping to Advance Psychedelics

One of the most important benefits of psychedelics research and development is how it has employed the newest approaches of medical technology to find out exactly how and what psychedelics do inside the human body. Read more here.

IN OTHER NEWS

Northern Lights Acquisition Corp., Safe Harbor Financial

Northern Lights Acquisition Corp. (NASDAQ: “NLIT”), a special purpose acquisition corporation, announces that it will hold a special meeting of its stockholders on June 24, 2022, at 2pm ET to approve the business combination whereby NLIT will acquire SHF, LLC, d/b/a Safe Harbor Financial and other related matters. Read more here.

Hightide Tide Inc.

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, filed its financial results for the second fiscal quarter of 2022 ended April 30, 2022, the highlights of which are included in this news release. The condensed interim consolidated financial statements for the three and six months ended April 30, 2022, and the accompanying management’s discussion and analysis can be accessed by visiting the Company’s website at www.hightideinc.com. Read more here.

Medical Marijuana, Inc.

Medical Marijuana, Inc. (OTC: MJNA), a publicly traded cannabis company in the United States that produces cannabis-derived nutraceutical products, brands and supply chain, announced today that in May its subsidiary Kannaway® has achieved its largest revenue month in the company’s history for its Japan division. Read more here.

Pyxus International, Inc.

Pyxus International, Inc. (OTC Pink: PYYX), a global agricultural company, today announced results for its quarter and fiscal year ended March 31, 2022. As described in more detail below, results presented for the prior fiscal year period reflect the combined results of the Successor and Predecessor periods reflecting, respectively, the periods prior to and subsequent to the Company’s emergence from Chapter 11 proceedings. “In January 2022, we completed the exit of our cash-flow-negative cannabinoid operations. Our restructuring activities generated savings in SG&A, which contributed to a $55.9 million decrease in expense compared to last year.” Read more here.

Red White & Bloom Brands Inc.

Red White & Bloom Brands Inc., (CSE: RWB)(OTCQX: RWBYF) provided an update on the status of a management cease trade order granted on May 3, 2022 by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order. On May 3, 2022, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2021, beyond the period prescribed under applicable Canadian securities laws. Read more here.

 


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