Nevada Archives - Green Market Report

StaffDecember 1, 2022
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5min5650

The Daily Hit is a recap of cannabis business news for Dec. 1, 2022.

ON THE SITE

Colorado Cannabis Industry Enduring ‘Largest Downturn’ in its History

One of the most mature cannabis markets in the United States, Colorado, is going through a financial crisis. The statewide industry is suffering a major sales dip that has been trending downward for the better part of a year, and insiders expect business casualties in coming months. Read more here.

Dutchie Co-Founders Step Down, Board Names New Leadership Team

Cannabis tech company Dutchie underwent a major leadership shakeup this week. The co-founding duo of Ross and Zach Lipson stepped down from their leadership posts at the privately held Oregon business, and the board of directors has named a new chief executive officer, chief financial officer, general counsel, and a vice president of engineering. Read more here.

Radient Technologies Deep in Debt, Trying to Swim Upward

Alberta-based cannabis extract maker Radient Technologies Inc. (TSXV: RTI) posted second-quarter results showing it either needs more cash flow or financing to keep the ship sailing. The company said it has overdue liabilities concerning rent, wages, long-term debt, and leases. Read more here.

Can Publicly Traded Bonds Keep the Cannabis Industry from Getting Smoked?

In 2021, cannabis companies racked up $1.65 billion in debt; in 2022, it skyrocketed to more than $5.62 billion of issued debt financing. Alarms are now going off because these loans are maturing, and payments are coming due. Since bankruptcy is not an option, what is the solution? Read more here.

Nevada Doles Out Consumption Lounge Licenses

Nevada picked 20 independent lounge licenses for businesses looking to build out new facilities for consumption lounges and sell product from other operators, with half of those licenses designated for social equity applicants. Read more here.

IN OTHER NEWS

New York

New York’s equity-focused rollout of its legal marijuana market relies heavily on a $200 million fund to support the state’s first retailers. Yet the team picked to raise and manage that money – an NBA Hall of Famer and a shoewear entrepreneur – have repeatedly failed to deliver on their biggest and boldest claims, including investing in entrepreneurs of color with a $100 million fund. Read the NY Cannabis Insider investigation here.

Minnesota

The Minnesota Department of Health will add irritable bowel syndrome and obsessive-compulsive disorder to the list of qualifying medical conditions for participation in Minnesota’s medical cannabis program. Under state law, the new qualifying conditions will take effect Aug. 1, 2023. Read more here.

Jacksons BevCo

CordovaCann Corp., a cannabis-focused consumer products and retail company, has forged a deal with Midwest retailer Jackson BevCo Inc. to facilitate the opening and operation of cannabis retail stores within or beside Jacksons convenience stores starting in 2023. Read more here.


StaffNovember 1, 2022
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7min9520

The Daily Hit is a recap of cannabis business news for Nov. 1, 2022.

ON THE SITE

New York Regulators Roll Back Cannabis Testing Standards

New York cannabis regulators on Tuesday took a major step in easing testing lab safety standards for the upcoming recreational marijuana market, apparently in response to industry pressure regarding contamination thresholds. The Office of Cannabis Management notified licensed growers via email on Tuesday that “the Office has updated its Laboratory Testing Limits to remove the pass/fail limits” for bacteria, mold, and yeast. Read more here.

Nevada Receives 100 Cannabis Lounge Applications, Predicts Opening Early 2023

Nevada has taken another step toward becoming the first state with a solidly functioning cannabis consumption lounge industry that allows businesses both sell cannabis and have visitors smoke on-site. The state Cannabis Compliance Board announced Monday on Twitter that it had received a total of 100 consumption lounge applications before the submission window closed on Oct. 27. Read more here.

Hexo Reports $1 Billion Loss for Fiscal Year 2022

Hexo (Nasdaq: HEXO) reported net revenue for fiscal year 2022 of $191.1 million, up from $123.8 million from the fiscal year that ended July 31, 2021. Total revenue was $265 million, up 53% from the prior fiscal year. The net loss for the full year was an eye-popping $1 billion versus last year’s net loss of $115 million. Read more here.

Sol Global Continues Slow Exit from Cannabis

SOL Global Investments Corp. (CSE: SOL) (OTCPK: SOLCF) did not release any third-quarter revenue figures but instead noted its net losses. For the third quarter, the total loss from investments was $11.2 million versus a gain of $12.5 million for the same period in 2021. The company also reduced its stake in cannabis from 18% to 14% and is instead gravitating to companies like electric motorcycle company Damon Motors and robotic delivery company Kiwi Campus. Read more here.

Avant Brands Bids to Buy Flowr Corp. Subsidiary out of Bankruptcy

1000343100 Ontario Inc., of which Canadian cannabis producer Avant Brands Inc. (TSX:AVNT) (OTCQX:AVTBF) owns 50% of the issued and outstanding shares, has entered into a stalking horse purchase agreement to acquire all of the issued and outstanding shares in the capital of The Flowr Group Inc., a subsidiary of The Flowr Corp. A stalking-horse bid is the initial bid on the assets of a bankrupt company. Other buyers can submit competing offers following a low-end stalking horse bid. Read more here.

Cannabis Activists Push for Psychedelics Renaissance

As the psychedelics industry’s disagreements with the federal government on a variety of issues continue to rage, the fight to make things right between the citizens of this country and their duly-elected officials over a federally illegal plant has been taken up by some of the same activists who led the charge for cannabis. Read more here.

IN OTHER NEWS

SNDL Acquires Zenabis Business

SNDL Inc. (Nasdaq: SNDL) announced today that, in the context of proceedings pursuant to the Zenabis Group’s filing under the Companies’ Creditors Arrangement Act (Canada), it has successfully closed its acquisition of the Zenabis Business, pursuant to an approval order of the Québec Superior Court. Read more here.

Virginia

Marijuana remains in a legal gray area in Virginia 16 months after the state legalized the possession and use of marijuana for recreational purposes. But the state has not established a legal means of acquiring the product for nonmedicinal uses. Read more here.

Massachusetts

When Massachusetts lawmakers passed a package of reforms to the state’s marijuana business laws over the summer, their intent seemed clear: To crack down on municipalities charging cannabis operators unjustified “impact” fees, which are ostensibly meant to offset the negative effects of a marijuana business. But now, with the law scheduled to take effect next week, there is widespread disagreement over its implementation — and a likelihood that many cities and towns will for the time being continue to collect impact fees that exceed the new legal limits. Read more here.


StaffOctober 27, 2022
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5min9540

The Daily Hit is a recap of cannabis business news for Oct. 27, 2022.

ON THE SITE

Trulieve Worker Death Could Spur Changes in Massachusetts Cannabis Industry

The death of a Trulieve employee at a Massachusetts product manufacturing facility in January may lead to significant shifts within the state’s cannabis industry. That could include additional industry oversight, momentum for unionization efforts, and perhaps more yet-unforeseen shifts such as the founding of a state-run testing lab to act as a check on privately owned marijuana labs, sources told Green Market Report. That doesn’t include the still-unclear blowback for Trulieve (OTC: TCNNF) (CSE: TRUL) itself. Read more here.

Florida Chills Plan to Sell Cannabis at Circle K Gas Stations

Investors and others bullish on the news that Green Thumb Industries (OTCQX: GTBIF) would start selling medical marijuana out of stores attached to Florida Circle K gas stations next year may have to curb their enthusiasm. The state’s Department of Health told Green Market Report that the project “has not been approved by the state.” Read more here.

Verano Refinances Debt Extending Maturity Dates

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has entered into a credit agreement to refinance its existing $350 million credit facility, extending the maturity date to Oct. 30, 2026. Refinancing comes amid the company’s new legal battles with its spurned acquisition of Goodness Growth. Read more here.

Dozens of Michigan Cities to Vote on Fate of Cannabis Businesses

Marijuana is on the ballot next month in at least 32 communities across Michigan. The vast majority are asking voters whether the community should allow marijuana retailers and growers to operate. The state’s marijuana industry has suffered a massive blow in recent months due to oversupply of product, collapsing prices more than 45% in the last year. Read more here.

IN OTHER NEWS

Nevada

A Clark County District Court judge has ruled in favor of local cannabis advocates and declared that ​​the Nevada State Board of Pharmacy is no longer authorized to govern cannabis and must remove marijuana, cannabis, and cannabis derivatives from the controlled substances list. Read more here.

Bloomios

Bloomios Inc. (OTCQB: BLMS), a white-label and private-label manufacturer and wholesaler of hemp-derived nutraceutical, cosmetics, and pet products, has acquired Infusionz, a wholly owned subsidiary of Upexi (NASDAQ: UPXI).  Moving forward, Bloomios will manufacture products retained by Upexi, and Upexi has provided significant financing to enable this transaction. The acquisition includes Infusionz’s portfolio of CBD gummy brands and customers, along with its associated order flow, product formulations, manufacturing operations, equipment, and sales team. Read more here.

Chemistree Technology Inc.

Chemistree Technology Inc. (CSE: CHM) (OTCQB: CHMJF) has negotiated the conditional sale of its Washington state subsidiary. The company executed a Share Purchase Agreement with an arms-length party, whereby the company under certain circumstances would sell 100% of its Washington Assets via the sale of subsidiary, Chemistree Washington, to the other party in exchange for consideration of $500,000. Read more here.


StaffOctober 5, 2022
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5min8640

The Daily Hit is a recap of cannabis business news for October 5, 2022.

ON THE SITE

NBA Legend Isiah Thomas Hopes To Score In His International Hemp Venture

One World Products (OTCQB: OWPC), a fully-licensed hemp and cannabis producer in Colombia — owned by former Detroit Pistons point guard Isiah Thomas — is one step closer to commercialization. The news comes as OWP recently found $10 million in financing to help scale industrial hemp operations and work its way into the capital markets by 2023. Thomas has previously said that he wants the auto industry to trade plastic for hemp. Read more here.

DEA Licensed BRC Raises $20 Million

An active Drug Enforcement Administration (DEA) pharmaceutical cannabis license holder, Biopharmaceutical Research Company completed a $20 million Series A fundraise. BRC said the raise will help it aggressively scale its operations and increase its product offering, conduct sponsored research, and execute its go-to-market strategy. Read more here.

Nevada Cannabis Sales Drop For Fiscal 2022

The Nevada Cannabis Compliance Board (CCB) and the Nevada Department of Taxation (DoT) released figures showing more than $965 million in taxable sales reported by Nevada’s legal cannabis industry over a 12-month period. Read more here.

Croptober Not Feeling So Celebratory

National cannabis wholesale prices continued their multi-month plunge at the end of September, likely not a good sign for outdoor marijuana farmers heading into harvest season known in the industry as ‘Croptober’. According to Cannabis Benchmarks, for the week that ended Sept. 30, the company’s spot index decreased 2.2% down to $966 per pound of cannabis flower, down from over $1,050 per pound two months ago. Read more here.

The Marriage Of Herbal Nutriceuticals and Psychedelics

Nutraceuticals have been getting a bad health and wellness rap for years. Most of the chatter is about them not being “real”; doctors ignore them in part because they have not gone through any FDA-approved clinical trials—even as their patients rave about the health benefits they get from taking them. Now there’s a movement to team up nutraceuticals with psychedelics and apply the science developed around psychedelics to advance nutraceuticals as more credible health and wellness products. Read more here.

IN OTHER NEWS

Curaleaf Holdings, Inc., Tryke Companies

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), an international provider of consumer products in cannabis, today announced the completion of its previously announced acquisition of Tryke Companies (dba as Reef Dispensaries), a privately held vertically integrated, multi-state cannabis operator. With the close of the transaction, Curaleaf’s national footprint has reached 29 cultivation sites and 144 dispensaries nationwide. Read more here.

atai Life Sciences N.V.

atai Life Sciences N.V. (Nasdaq: ATAI), which is developing VLS-01, a form of N,N-dimethyltryptamine (DMT) for the treatment of treatment-resistant depression (TRD), announced today the dosing of the first subject in their Phase 1 SAD trial of VLS-01. Read more here.

Zylorion Health Inc.

Zylorion Health Inc., a precision mental health care and psychedelic therapy focused company, today announced the filing of a composition of matter patent with the United States Patent and Trademark Office for the company’s novel second-generation lead psychedelic compound. Read more here.


StaffOctober 4, 2022
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1min7180

The Nevada Cannabis Compliance Board (CCB) and the Nevada Department of Taxation (DoT) released figures showing more than $965 million in taxable sales reported by Nevada’s legal cannabis industry over a 12-month period.

During Fiscal Year 22 (July 1, 2021 – June 30, 2022), licensed adult-use cannabis retail stores and medical dispensaries generated $965,091,123 in taxable sales. This is a decrease of roughly 4% as compared to over $1 billion in taxable sales from FY 21. The majority of sales were conducted in Clark County and unincorporated cities in Southern Nevada.

Nevada had made a big deal of crossing into the billionaire’s club in 2021 in the thick of Covid, so to see sales drop in 2022 as tourism has increased is troubling. Year-to-date Las Vegas visitor volume has increased by 27% and convention attendance has increased by 255%.

 


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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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