John SchroyerMay 22, 2023
Curaleaf will pay $100,000 into a fund for affected consumers.
Oregon cannabis Archives - Green Market Report
John SchroyerMay 22, 2023
StaffMay 1, 2023
The Daily Hit is a recap of the top financial news stories for May 1, 2023.
On the Site
Oregon Audit Forces State Official to Resign Cannabis Consultancy
Oregon’s secretary of state on Monday cut ties with a marijuana business she’d been consulting with after the business arrangement came to light following a state audit of Oregon’s cannabis industry. Read more here.
Cookies Partner Says 1 of 2 Lawsuits Dismissed, Blasts Press Coverage
A business partner of California-based global cannabis brand Cookies on Friday vigorously defended the company leadership following news last week of two pending lawsuits against the business and several of its executives. Read more here.
Akerna Sells Cannabis Assets to MJ Freeway Acquisition Corp. for $5M
Marijuana tech firm Akerna (Nasdaq: KERN) agreed to sell its cannabis-focused software assets to a special purpose acquisition company known as MJ Freeway Acquisition Co. for $5 million, a bid that a few weeks ago sidelined another potential buyer, POSaBIT. Read more here.
Cannabis Testing Lab Accuses Michigan of ‘Stonewalling’ Evidence Disclosure in Recall Fight
Bay City-based Viridis North LLC and the Michigan Cannabis Regulatory Agency have been wrapped up in litigation for two years over the recall of products tested by the lab. The state agency alleged Viridis’ testing results on 64,000 pounds of marijuana product contained “inaccurate and/or unreliable results.” The value of the recalled product at the time was roughly $229 million. Read more here.
Today’s Cannabis Earnings
• Acreage Holdings Posts Flat Q4 Sales in Solid 2022
• BZAM Reports Rising Revenue, But Also A Short Runway On Cash
• Cansortium Revenue Jumps In Fourth Quarter
• Curaleaf Posts $370 Million Loss for 2022
• PharmaCielo Sees Sales Jump In The Fourth Quarter
In Other News
Jones Soda
One of the nation’s most popular craft soda companies is ready to roll out a line of cannabis-infused drinks in Michigan. The Jones Soda Company’s “Mary Jones” will be made available soon in Michigan, Washington and Nevada. Read more here.
AVD (Advanced Vapor Devices)
The U.S. International Trade Commission ruled definitively in favor of U.S. cannabis vaporization company AVD (Advanced Vapor Devices) in a year-long patent infringement investigation initiated by Chinese e-cigarette maker Shenzhen Smoore Technology Limited, which owns CCELL. Read more here.
John SchroyerMay 1, 2023
Other state lawmakers had criticized the business arrangement.
StaffApril 20, 2023The Daily Hit is a recap of the top financial news stories for April 20, 2023.
On the Site
More Cannabis Investments Busted
Unsuspecting investors trusted these cannabis companies which they now accuse of fraud. The desire to be a part of the cannabis industry and promises of quick and hefty returns have caused many investors to lose their money. Read more here.
Police Pilot Roadside Cannabis Test in Missouri
A neuro-diagnostic company, Oculogica, said it has launched a pilot program to trial a new roadside cannabis test that supposedly provides immediate results, with a wider release slated toward the end of the year. Read more here.
Oregon Issues First Licenses For Psilocybin Facilitators
Oregon Health Authority (OHA) released a statement on April 18 noting that the authority had licensed the state’s first three facilitators for providing psilocybin services. Read more here.
GRN Holdings Completes Acquisition of Mendocino Green
GRN Holding Corporation, Inc. (OTC Pink: GRNF) has completed the purchase of Mendocino Green Inc, which includes a cultivation license, nursery license, and distribution license from one of the oldest cannabis license holders in California. Read more here.
Massachusetts Company Flips the Script on 4/20
April 20 may be the biggest sales day of the year for the vast majority of cannabis retailers, but Temescal Wellness is placing its priorities on employee mental health rather than profits for this year’s marijuana holiday. Read more here.
In Other News
Dutchie Outage on 4/20
Technology platform Dutchie, which provides point-of-sale (POS) hardware for cannabis retailers across the United States, reported interruptions and outages on Thursday – the unofficial marijuana holiday 4/20 and one of the biggest sales day of the year in the industry. Read more here.
Illinois
The marijuana industry in Illinois is expanding with more dispensaries set to open, but some workers are asking lawmakers to fix some of the rules. Read more here.
Minnesota
A bill in the Minnesota Legislature to legalize adult-use cannabis appears to be nearing the finish line, with a vote apparently in the state House slated for Monday. Read more here.
StaffMarch 13, 2023The Daily Hit is a recap of the top financial news stories for March 13, 2023.
On the Site
Silicon Valley Bank Failure Could Have Tangential Effects for Cannabis, Experts Say
The surprise failure on Friday of Silicon Valley Bank – the biggest U.S. bank to fail since 2008 – has some marijuana finance experts warning that there are almost certain to be ripple effects for cannabis companies, even if the cannabis sector doesn’t take a direct hit from SVB going under. Read more here.
Glass House Brands 2022 Sales Improve as California Flower Prices Rise
California-based single-state operator Glass House Brands (OTC:GLASF) has positioned itself to benefit from rising flower prices in the state as more competition bounces out of the cultivation business. Read more here.
Michigan Court Approves Skymint Order as Industry Braces for Receiverships
A Michigan court officially approved an order that appoints an independent third party to oversee the financial management of Skymint, the brand name for Green Peak Innovations Inc. Skymint, which owes its investors at least $135 million and is behind on rent obligations and back taxes, was placed into receivership by a judge last week. Read more here.
Oregon Cannabis Prices Bottoming Out Again
Oregon marijuana prices have hit their lowest point in the history of the state’s legal market, at $4 a gram for average recreational customers. That’s down 16% from last year, according to an annual report from the Oregon Liquor and Cannabis Commission delivered to the state legislature last month. Read more here.
Unrivaled Brands, People’s California Settle All Litigation
A messy case of legal fingerpointing between two California companies has apparently ended amicably, with both Unrivaled Brands and People’s California agreeing to a settlement. Although the terms of the settlement were not immediately disclosed, the end result is that both companies will “request a stay of all pending litigation.” Read more here.
In Other News
High Fusion
High Fusion Inc. (CSE: FUZN) closed the sale of its property in Pueblo, Colorado, with funds received on March 10, 2023, to be applied to the repayment of the 2020 debentures. The Property was originally purchased by the company in 2014 and leased to Palo Verde LLC, a licensed cannabis business under the Colorado Marijuana Enforcement Division. In March 2021, High Fusion was approved for the transfer of the MED license, and Palo Verde LLC was purchased at that time. However due to a lack of funding, the Palo Verde operation had minimal activity during 2022, and both the medical and adult use licenses have not been renewed. Read more here.
Heritage Cannabis
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) met the regulatory requirements and has achieved approval from the Brazil Health Authority (ANVISA) to import its first formulated CBD product into Brazil. Heritage also achieved stability on two additional products that are awaiting final approval. Read more here.
John SchroyerMarch 13, 2023
Prices slid back to pre-pandemic levels.
John SchroyerNovember 22, 2022
Gov. Kate Brown announced she's heeding President Joe Biden's call to pardon low-level cannabis convictions.
John SchroyerSeptember 23, 2022
The acquisition further expands Halo's cultivation footprint in the Pacific Northwest.
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