Oklahoma cannabis Archives - Green Market Report

StaffMarch 22, 2023
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BusinessDaily Hit

Daily Hit: March 22, 2023

4min4950

The Daily Hit is a recap of the top financial news stories for March 22, 2023.

On the Site

Exclusive Interview: New York’s Cannabis Czar on the Legal Market’s Long Play

Axel Bernabe, the chief of staff and senior policy director for New York’s Office of Cannabis management, connected with Green Market Report for an hour-long discussion on the Empire State’s recreational market rollout, and made several revelations, including that the state may award up to 100 more retail permits in the near future. Read more here.

Michigan Cannabis Prices Spiked in February, First Time Since Legalization

Michigan recreational marijuana prices rose in February – reversing a price free fall since Michigan dispensaries began selling in December 2019 – as growers appear to be growing fewer plants to prevent losses and state regulators up enforcement efforts. Read more here.

Oklahoma Launches Cannabis Crackdown, Revokes Farm License

The Oklahoma Medical Marijuana Authority has begun what could be a lengthy crusade to rid its state cannabis industry of bad actors, and the crackdown began with the revocation of a cultivation permit the state said was in violation of the Oklahoma residency requirement. Read more here.

Irwin Naturals Buys Keta Media

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF)  has acquired Keta Media, LLC, dba Ketamine Media as of March 17, 2023 in a deal initially announced in September 2022. While the amount paid for the company wasn’t disclosed, it was said to be all cash and that Irwin would assume certain debts of Keta Media. Ketamine Media is the nation’s foremost advertising company dedicated to raising awareness about the clinical use of ketamine. Read more here.

Vext Science Revenue Ticked Down in 2022 as Arizona Sales Flat

Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) had a decent 2022 in Arizona despite challenging economic conditions caused by high inflation rates. The MSO reported its financial results for the period ending December 31, 2022. Read more here.

In Other News

New York

New York. Gov. Kathy Hochul has thrown her support behind civil fines of up to $10,000 a day for unlicensed commercial cannabis activity, in an attempt to crack down on the state’s thriving illicit market. Read more here.

SAFE Banking

The chairman of a key Senate committee says lawmakers need to act on marijuana banking legislation “this year,” and his Republican counterpart on the panel agrees that the issue will “come to a conclusion likely in this Congress.” Read more here.

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StaffMarch 8, 2023
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BusinessDaily Hit

Daily Hit: March 8, 2023

4min6860

The Daily Hit is a recap of the top financial news stories for March 8, 2023.

On the Site

Oklahoma Voters Reject Adult-Use Cannabis in Low-Turnout Special Election

Oklahoma’s burgeoning cannabis industry will remain medical only after voters rejected a proposed ballot initiative that would have legalized adult-use marijuana in the state. Nearly 62% voted no, while 38% voted yes, with more than 95% of ballots counted as of Wednesday morning. Despite the backing of several high-profile organizations, including the Oklahoma Democratic Party and the Marijuana Policy Project, the initiative faced opposition from law enforcement groups and some prominent political leaders. Read more here.

Slang Worldwide Latest Multistate Brand to Exit California

Slang Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) will become the latest multistate cannabis brand to effectively pull up stakes from California, CEO John Moynan said in an interview with Green Market Report on Tuesday. The pivot comes less than two years after the company made a splash about re-entering California, which it previously left in 2019. Read more here.

Michigan’s Skymint in Receivership, Showing Cracks in Cannabis Market

Skymint, one of Michigan‘s largest marijuana cultivators and retailers, is now under the control of a receiver as the industry faces an increasingly difficult market in the state. The action by the Ingham County Circuit Court in Lansing signals what could be one of the largest marijuana company failures in the U.S. in the nearly decade-long span since the substance was legalized in certain states. Read more here.

Trulieve Revenue Slips in Fourth Quarter

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) delivered fourth-quarter revenue of $302 million, with 2% retail revenue growth and 96% of revenue from retail sales. This fell by 1% from $305 million in the same time period in 2021 and missed the Yahoo Finance estimate for revenue of $304 million. Read more here.

IM Cannabis Corp. to Lay Off At Least 20% of Workers in Major Restructuring

Israel-based IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC) announced Wednesday it will lay off at least 20% – and perhaps up to a quarter – of its employees in its Middle East home nation, in a restructuring push toward profitability. Read more here.

In Other News

NewLake Capital Partners

NewLake Capital Partners, Inc. (OCTQX: NLCP), a provider of real estate capital to state-licensed cannabis operators, reported revenue of $12.2 million for the fourth quarter ended Dec. 31, 2022. That’s a year-over-year increase of 35.7%. Net income attributable to common stockholders totaled $6.7 million, as compared to $4.3 million. Read more here.

Women in Cannabis

Women holding executive positions in the cannabis industry only grew 1% to 23.1% in 2021, short of the greater US business world where women hold 35% of leadership. Maybe if women had more control of the industry – you would see stronger performance. Read more here.

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StaffFebruary 22, 2023
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BusinessDaily Hit

Daily Hit: February 22, 2023

4min6390

The Daily Hit is a recap of the top financial news stories for February 22, 2023.

On the Site

TPCO Merges with Gold Flora in All-Stock Deal

TPCO Holding Corp. (OTCQX: GRAMF), also known as The Parent Company, is merging with California-based cannabis company Gold Flora Corp. Gold Flora will be the majority holder of the company with 51% of the shares, while The Parent Company shareholders will own approximately 49%. The combined company will be called the New Parent, but it will operate as Gold Flora Corp. Read more here.

Two Weeks Until Oklahoma Recreational Cannabis Vote

In just under two weeks, Oklahoma voters will get to decide if they want an even more accessible, consumer-friendly cannabis industry when they weigh in on State Question 820, which would legalize recreational marijuana, in addition to the state’s immense medical marijuana trade. Read more here.

Delivra Health Turns a Profit in Latest Quarter

Canada-based Delivra Health Brands (TSXV: DHB) (OTCQB: DHBUF) managed to turn a small profit in the first two fiscal quarters of 2023, including making C$890,000 in the second quarter, which ended on Dec. 31. Read more here.

New Hampshire House Approves Recreational Cannabis Legalization

The lower chamber of the New Hampshire Legislature moved to join the rest of New England by passing a bill to legalize adult-use cannabis, but the state Senate still looms as an obstacle. The measure, House Bill 639, was given the thumbs-up by the full House on a 234-127 vote. Read more here.

Cannabis Attorney Says New York’s Legal Market Isn’t Actually Off to a Slow Start

From her first cases as a cannabis attorney, Scheril Murray Powell knew she wanted to focus on equity and representation in the budding legal marijuana industry. As one of the attorneys helping Black farmers enter the medical marijuana sector, she sought to raise their standing in cultivating the plant. Since then, she’s helped seven states legalize cannabis. Read more here.

In Other News

BioHarvest Sciences

BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) announced a private placement of up to C$8 million of two-year convertible notes. The funds raised will predominantly support the company’s growth in its polyphenols/antioxidants vertical. The funds will also support the R&D program for potentially providing API’s to the pharmaceutical industry on the basis of its botanical compositions. Read more here.

Tilray Brands

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) entered into an agreement for the issuance of 120,000 shares of Series A Preferred Stock. The goal of the issuance, according to CEO Irwin Simon, is to facilitate “accretive acquisitions” going forward. Read more here.

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