Adam JacksonNovember 29, 2023
One settlement lifts an injunction that has held up the CAURD program for months.
New York Office of Cannabis Management Archives - Green Market Report
Adam JacksonNovember 29, 2023
StaffNovember 27, 2023
The Daily Hit is a recap of the top financial news stories for Nov. 27, 2023.
On the Site
Cronos Sells Peace Naturals Campus for C$23 Million
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) is selling its Peace Naturals Campus to Future Farmco Canada Inc. for C$23 million in cash. However, Cronos won’t be leaving the property. Instead, it will lease part of the campus to continue its operations. Future Farmco is a vertical farming company. Read more here.
New York Agrees to Settle Fiore Suit, Cannabis Injunction Lift Eminent
The New York State Cannabis Control Board agreed on terms to settle two lawsuits challenging aspects of the state’s cannabis rollout, officials said Monday. The resolution, officially adopted Monday, addresses lawsuits brought in August by Carmine Fiore and his associates, as well as the Coalition for Access to Regulated & Safe Cannabis, both filed in the New York State Supreme Court of Albany County. Read more here.
22nd Century Group to Sell Hemp Business to SPAC
Tobacco and cannabis company 22nd Century Group Inc. (Nasdaq: XXII) announced plans to sell a majority of its hemp and cannabis operations, GVB Biopharma, to Specialty Acquisition Corp., a Nevada entity with connections to GVB’s current employees. Read more here.
Arkansas October Cannabis Sales Up in Volume, Down in Revenue
Arkansas’ medical cannabis industry sold 5,427 pounds of medical marijuana worth $22.5 million in October, according to new figures released Monday by the state’s Department of Finance and Administration. Read more here.
These Companies Will Score in Future Adult-Use Markets
The cannabis industry has proven over time that planting a flag in a new adult-use state pays off handsomely. For MSOs that chose wisely, New Jersey helped boost top-line sales in 2022 and this year it was the companies that staked a claim in Maryland. Read more here.
In Other News
Alabama
The Alabama Medical Cannabis Commission voted Monday to disregard scores from third-party evaluators that had been used to rank applicants for business licenses. The scores, compiled by graders hired by the University of South Alabama, have been one of the most contentious parts of the licensing process, which has been stalled since June. Read more here.
IM Cannabis Corp.
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) announced that a complaint was in the Ontario Superior Court of Justice in Canada claiming that IMC made misrepresentations in its disclosures prior to the IMC/MYM transaction in 2021. MYM shareholder plaintiffs are claiming damages that amount to approximately C$15 million. Read more here.
Treez & Metrc
Enterprise commerce technology platform Treez is partnering with Metrc to create a Global Product Catalog for the cannabis industry. Read more here.
Adam JacksonNovember 27, 2023
CAURD licensees have been languishing in regulatory limbo.
Adam JacksonNovember 17, 2023New York regulators did approve final rules for hemp operators on Friday.
John SchroyerNovember 15, 2023
The lawsuit resulted in a hold placed on hundreds of licensed operators in the state.
StaffNovember 13, 2023The Daily Hit is a recap of the top financial news stories for Nov. 13, 2023.
On the Site
New York Judge Says Marijuana Regulators Erred in Hemp Enforcement
A New York state judge delivered a setback to state marijuana regulators over an emergency hemp rule enacted over the summer. Justice Thomas Marcelle found that officials erred procedurally, delivering a legal victory to hemp drink makers who contended the rule could drive them out of business. Read more here.
Connecticut Marijuana Sales Near $25 Million in October
Medical and recreational marijuana sales in Connecticut combined to hit just over $24.8 million in the month of October, according to state data. The numbers reflect a trend that’s been building since the adult-use market in January, with recreational sales growing each month, the state Department of Consumer Protection reported. Read more here.
Glass House Wholesale Revenue Up, Nears Break-Even for Quarter
California-based Glass House Brands (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) appears to be on the right financial path. The company posted a Q3 loss of just $210,000, an enormous improvement over its Q2 loss of almost $25 million. Read more here.
TILT Holdings Q3 Gross Margin Dips Despite Revenue Growth
Tilt’s revenue climbed by 10% to $44.6 million, up from $40.5 million in the same period last year. The uptick was primarily fueled by a surge in sales volume of Jupiter, the company’s vape line, attracting both legacy and new customers. Read more here.
More Earnings
• Auxly Cannabis Group Reports Growth, Lowered Costs in Q3
• IM Cannabis Sales Slip Despite Improved Margins in Q3
• SNDL Revenue Grows as Losses Drop in Q3
• SpringBig Loses $2.7M After Leaving Nasdaq
In Other News
IGC Pharma
IGC Pharma (NYSE American: IGC) reported revenue for its fiscal second quarter ended Sept. 30 of $291,000, an increase of 44% over the same period a year ago. The company’s flagship formulation, IGC-AD1, continues to makes strides in clinical trials to address agitation in dementia due to Alzheimer’s. Read more here.
The Cannabis Place
The first service-disabled veteran and Latino-owned dispensary in New Jersey is open for business. After launching The Cannabis Place as New York’s first licensed home delivery cannabis service earlier this year, retired U.S. Marine Osbert Orduna’s venture made its New Jersey debut, unveiling a flagship storefront Nov. 9 in Jersey City. Read more here.
StaffNovember 6, 2023The Daily Hit is a recap of the top financial news stories for Nov. 6, 2023.
On the Site
Florida Medical Cannabis Company Suing State Over $1.3M License Fee
One of Florida’s 24 medical marijuana businesses has filed suit against the state over its whopping $1.33 million biennial licensing fee, which was raised in December from $60,000 under the administration of Gov. Ron DeSantis. Read more here.
Colorado Cannabis Business Park May Shutter Over Electrical Dispute
The owners of a Colorado marijuana business park are trying to foreclose on property owned by one of its tenants due to a long-running dispute over who’s responsible for paying the electrical bill. Read more here.
Cookies Shutters High-Profile LA Store, Announces New York Entry
California-based marijuana brand Cookies inked a deal to have its pre-rolled joints and vape cartridges carried by one of the few legal cannabis dispensaries in New York City, just days after the company also announced it was shuttering one of its most high-profile retail locations in Los Angeles. Read more here.
New York Enforcement Push Continues Against Unlicensed Cannabis Market
New York marijuana regulators are continuing an ongoing crackdown on unlicensed cannabis sellers, the state’s Office of Cannabis Management announced Monday, and it appears to be having some effect. Out of 47 shop inspections last month, the OCM said just eight were found to be selling without the proper permits. Read more here.
Organigram Secures $124.6M Investment from British American Tobacco
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) received a big financial boost from a subsidiary of British American Tobacco (NYSE: BTI). The company secured a $124.6 million injection from BT DE Investments Inc. to fuel growth and product innovation. Read more here.
22nd Century Group Revenue Dips in Q3
Tobacco and cannabis company 22nd Century Group Inc. (Nasdaq: XXII) saw its fortunes take a significant dip in the third quarter this year, as revenue declined both sequentially and year-over-year to $17.8 million, with a $72.7 million loss for the quarter alone. Read more here.
In Other News
Lume
Menominee Circuit Judge Mary Barglind demanded officials in Menominee,, Michigan, a city on the Wisconsin border, shutter Lume, which operates nearly 40 stores statewide; Higher Love, with six U.P. stores; and Nirvana Center, which has 13 other Michigan stores, because of an ongoing injunction she issued in September. Read more here.
CBD of Denver
CBD of Denver Inc. (OTC Pink: CBDD) reported revenue in Q3 of approximately $728,000, including $512,000 from Luxora and $216,000 from Berliner, showcasing a significant increase from the $26,907 in revenue during Q3 of 2022. Read more here.
John SchroyerNovember 6, 2023Crackdown efforts this year have resulted in seizure of almost $50 million worth of cannabis products.
John SchroyerOctober 17, 2023The CCB also heard from CAURD licensees who say they're "in the dark" about their futures.
John SchroyerOctober 12, 2023The new process will introduce randomization to the application review.
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