John SchroyerSeptember 12, 2023
TerrAscend and Columbia Care received fines for violating state rules despite having a presence in New Jersey for years.
New Jersey cannabis Archives - Green Market Report
John SchroyerSeptember 12, 2023
StaffSeptember 5, 2023
The Daily Hit is a recap of the top financial news stories for Sept. 5, 2023.
On the Site
Tilt Sells Interest in Shinnecock Tribe Dispensary
Tilt Holdings Inc. (OTC: TLLTF) sold its interests in Standard Farms NY to CGSF Investments LLC for $1.4 million. The news comes after Tilt cut ties with several of its social equity brands and told investors on an earnings call that its partnership with the tribe was “undergoing a deep analysis,” due to issues in the New York adult-use rollout. Read more here.
Green Thumb Industries Authorizes Repurchase of 10.4 Million Shares
Chicago-based Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) on Tuesday announced a year-long stock share repurchase program for up to 10.4 million shares, ostensibly designed to increase the value of the company’s roughly 200 million other shares. Read more here.
Teamsters Ratify Worker Contracts at Three GTI Shops in Illinois
The International Brotherhood of Teamsters claimed another victory over Chicago-based multistate operator Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) this week when the labor union ratified an employment contract for workers at three cannabis dispensaries in Illinois. Read more here.
Treated ‘Like a Coke Dealer’: Cannabis Workers Lose Out On Mortgages, Loans
Vixen Yerock secured a home loan from an FDIC-approved bank and was set to close on a new home in March — that is before the bank discovered she was soon to receive paychecks from a major weed supplier. Gateway Bank, who underwrote the mortgage, notified Yerock two weeks before closing on the home that they would not service her loan due to who was signing her paycheck. Read more here.
Lawsuit Alleges New Jersey City Officials Violated Ethics Rules in Licensing
Hopewell Borough in central New Jersey is the latest target of a lawsuit alleging corruption by local officials in a competitive marijuana licensing process, with losing applicant Sourland Provisions claiming that the mayor of the town and several other officials wrongly aided a winning license holder, Evolve Sky. Read more here.
In Other News
22nd Century Group
In a complaint filed Friday in New York federal court, investor Kenneth Troup said that while 22nd Century Group disclosed that it was auditing and addressing weaknesses in its internal accounting through its public statements, it denied that it was subject to any SEC investigation – a fact the claimants say was false. Read more here.
MediPharm Labs
MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ), a pharmaceutical company specialized in precision-based cannabinoids, completed the sale of vacant land for net proceeds of C$1.9 million dollars. This land was previously used by VIVO Cannabis for outdoor cannabis growing. Read more here.
Humble & Fume
Humble & Fume Inc. (CSE: HMBL) (OTC Pink: HUMBF), a North American distributor of cannabis and cannabis accessories, transitioned from the OTCQX platform to the OTC Pink Sheets, effective August 31. Humble’s common shares now trade under the new ticker symbol HUMBF on the OTC Pink Sheets. Read more here.
John SchroyerSeptember 5, 2023
The lawsuit asserts that both the mayor and a municipal clerk had conflicts of interest.
John SchroyerAugust 25, 2023
The association noted that smaller states that launched at the same time have brought in significantly more tax revenue.
StaffJune 27, 2023
The Daily Hit is a recap of the top financial news stories for June 27, 2023.
On the Site
Florida Governor Signs Medical Marijuana Bill Despite Opposition to Federal Reform
In the span of just four days, Florida Gov. Ron DeSantis both nixed the possibility of federal marijuana decriminalization if he wins the U.S. presidency and also gave a significant boost to his home state’s medical marijuana market by signing a pro-cannabis legislative bill into law. Read more here.
New Jersey to Expand Cannabis Retail Ownership, Licensing
A sweeping expansion in the New Jersey’s cannabis retail ownership has been given a nod by the state’s legislature. The move, following the passage of A4151, will allow individuals, including current licensees, to possess up to a 35% equity stake in a maximum of seven different class 5 retail licenses. Read more here.
TerrAscend Obtains $25 Million Loan, Buys Third Maryland Dispensary
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced Tuesday that it had both closed on a $25 million commercial loan in its home nation of Canada and also acquired its third Maryland dispensary in a $6.75 million deal. Read more here.
FDA Issues Draft Guidance on Clinical Trials for Psychedelic Drugs
The U.S. Food and Drug Administration released draft guidelines to aid scientists studying the therapeutic potential of psychedelic drugs, marking an updated direction in the regulation of clinical trials for these substances. The new guidelines, intended for industries researching medical applications of psychedelics, underscored the unique challenges presented by these compounds in terms of safety and efficacy. Read more here.
From $0 to $100M: How Two Cannabis Entrepreneurs Grew Without Outside Funding
Deciding whether to fundraise for a start-up company is a big decision. On one hand, having money to support the initial growth can alleviate some of the growing pains; on the other, raising funds can be a job unto itself – and that money often comes with strings attached. Read more here.
In Other News
RECALL ALERT: Oregon
Multiple batches of cannabis flower have been recalled after testing positive for aspergillus (mold) and heavy metals (cadmium and mercury), the Oregon Liquor and Cannabis Commission announced Monday. Read more here.
New York
Licensed cannabis growers in New York would be temporarily allowed to sell their product to dispensaries with Tribal Nation licenses operating in the state under pending legislation that will soon head to Gov. Kathy Hochul. Read more here.
The Parent Co./Gold Flora
TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF) received the final order from the Supreme Court of British Columbia approving the previously announced proposed business combination with Gold Flora. Conditional approval has also been received from the NEO Exchange in connection with the agreement and the listing of the common shares and warrants to purchase common shares of Gold Flora Corp., the entity resulting from the business combination, subject to customary listing conditions. Read more here.
Adam JacksonJune 27, 2023The proposed changes specifically target diversely owned retailers.
John SchroyerJune 2, 2023
Regulators revoked the manufacturing and cultivation permits, but allowed Harmony to keep its retail license.
StaffMay 31, 2023
$98 – Average spend per product for a New Jersey dispensary shopper
Consumers were asked, on average, how much do you spend on each dispensary product? For New Jersey consumers, that number was $98, more per product than consumers in other recreational and East Coast states.
Source: Brightfield Group, US Cannabis Retail Brand Health, 2022
StaffMay 9, 2023The Daily Hit is a recap of the top financial news stories for May 9, 2023.
On the Site
New Jersey Governor Signs 280E Cannabis Tax Law
New Jersey Gov. Phil Murphy signed a law on Monday to end the state’s unfair tax treatment of cannabis businesses. The legislation, written by the New Jersey Society of CPAs Cannabis Interest Group, decouples cannabis businesses from federal Internal Revenue Code Section 280E and creates a level playing field for cannabis businesses in the state. Read more here.
Illinois Cannabis Sales Stall in April
Illinois marijuana sales growth flattened last month for the first time since the state legalized recreational cannabis in 2020, hurt by declining prices and out-of-state competition. April sales totaled $132 million, compared with $131.8 million in same period a year earlier. Read more here.
Report: MSOs Bogart Market Share
A recent report from data provider BDSA found that big multistate operators dominate the dispensary shelves in mature markets – despite competition for local brands that have commanded local customer loyalty. Read more here.
Weedmaps Loses $4 Million in Q1 Despite Increase in Clientele
California-based WM Technology Inc., better known as Weedmaps, (Nasdaq: MAPS) shrank its losses to $3.9 million for the first quarter of 2023, from more than $31 million lost in the first quarter a year ago, while also increasing its client base by 12% compared to the same time period. Read more here.
More Earnings:
• Ascend Wellness Revenues, Losses Improve in Q1
• Chicago Atlantic Real Estate Delivers Solid Quarter
• Cronos Group Revenue Slips, Updates 2023 Outlook
In Other News
GrowGeneration Corp.
GrowGeneration Corp. (Nasdaq: GRWG) reported first-quarter revenue fell 30.5% year-over-year to $24.9 million. The chain of specialty hydroponic and organic garden centers with 61 locations across 17 states maintained its revenue guidance for 2023 at between $250 million and $270 million. Read more here.
New York
A New York magistrate judge gave state cannabis regulators more time to respond to discovery demands after they claimed to be nearing a draft agreement with the Michigander who is suing over residency requirements for cannabis licenses, despite plaintiff accusations that settlement talks are “mere delay tactics.” Read more here.
StaffApril 17, 2023The Daily Hit is a recap of the top financial news stories for April 17, 2023.
On the Site
Curaleaf New Jersey Recreational Licenses Reinstated
Curaleaf (OTC: CURLF) has been granted permission to continue selling recreational marijuana at all its New Jersey locations after state regulators reversed a Friday decision that would have significantly restricted the company’s sales outlets. Read more here.
Circle K Deepens Ties with Fire & Flower
This deal gives Fire & Flower the exclusive right to negotiate with Alimentation Couche-Tard (OTC: ANCUF) when it comes to entering new retail cannabis businesses and franchise arrangements in Canada. It also opens up the possibility for retail expansion into other legal cannabis markets outside of the country. Read more here.
Outrageous Loans, Plunging Prices Hurt Michigan’s Cannabis Market
The promise of riches brought thousands to the Michigan marijuana industry. But, for some, the promise of turning plants into profit has shriveled due to tough loan terms and plummeting prices. Read more here.
Cannabiz Mobile Executive Pleads Guilty to Pump-and-Dump Scheme
Massachusetts resident Christopher Esposito was charged last year with selling 1.3 million shares of fraudulently obtained stock in Cannabiz Mobile Inc., which he failed to register with the U.S. Securities Exchange Commission, according to a press release from the Massachusetts U.S. Attorney’s office. Read more here.
The House of Cannabis Museum in New York City
Green Market Report visited The House of Cannabis this month, which is billed as the first-ever permanent home celebrating “high culture” and its impact on music, art, fashion, social reform, and cultivation. Check it out here.
In Other News
Pervasip Corp.
Pervasip Corp. (OTCPK: PVSP), a developer of companies and technologies in high value emerging markets, today announced the filing of its unaudited financial statements for its first quarter ended Feb. 28. Revenues declined 4.9% sequentially and 2% from a year ago. However, the company realized a 24% reduction in SGA expenses for the same period a year ago, a direct result of its continuing restructuring efforts toward profitability. Read more here.
Pineapple Ventures
An investor in a California cannabis venture is alleging that a former marijuana business executive, who paid $12 million to settle security fraud claims from the U.S. Securities and Exchange Commission, has been quietly controlling a new firm to commit the same kind of fraud. Read more here.
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