Pharmacann Archives - Green Market Report

StaffMay 16, 2023
daily-hit.jpg
BusinessDaily Hit

Daily Hit: May 16, 2023

5min6730

The Daily Hit is a recap of the top financial news stories for May 16, 2023.

On the Site

PharmaCann Store Workers Get 20% Raises in First Contract

More than 100 unionized workers at five Illinois cannabis stores owned by PharmaCann have approved a deal that will give them 20% raises over three years. Teamsters Local 777 declined to say how much workers are currently making. But workers at some other dispensaries are paid hourly wages in the mid- to high-teens. Read more here.

iAnthus Q1 Revenue Drops as Legal Woes Continue to Mount

iAnthus Capital Holdings Inc. (CSE: IAN) (OTCPK: ITHUF) reported a first-quarter decline in both revenue and gross profit, along with a substantial net loss, for the period ending March 31. Meanwhile, the company is grappling with several legal battles that pose risks to its operational future and financial health. Read more here.

SAFE Act Gave Stocks a Slight High, Earnings Harshed That Buzz

Just the whiff of a potential piece of federal banking legislation was enough for cannabis stocks to get a boost. In the run up to the Senate Banking Committee hearing last week, the MSOS ETF started at 5.75 at the beginning of May and jumped to 6.26 on May 8. Read more here.

Planet 13 Reports Q1 Loss, Maintains Nevada Market Share

Las Vegas-based Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) posted a 3% decline in revenue for the first quarter ended March 31, which it primarily attributed to a significant drop in the average price of cannabis in Nevada. Read more here.

More Earnings:

• Ayr Wellness Revenues Rise in First Quarter
• Glass House Loses $39M Despite Increasing Revenue
• Greenlane Posts Revenue Growth, Product Expansion Despite Gross Margin Dip
• Indiva Posts $1.7M Loss, Focuses on Cutting Costs
• Red White & Bloom Takes Hit on PharmaCo Deal

In Other News

California

Cannabis operators Kiva Sales & Service, Lowell Farms, Nabis, Sunderstorm, and other key industry players in the world’s largest legal market, formally launched Financial Stability for California Cannabis, a new coalition composed of industry stakeholders. Between wholesalers, consumer brands, and producers, the FSCC represents dozens of operators and brands representing roughly 45% of the state’s industry by sales volume, and seeks to raise awareness and offer solutions to severe credit issues that threaten the industry’s stability. Read more here.

New York

When Brian Stark found out his application for a cannabis retail dispensary license was one of the first to be approved in New York, he was thrilled. Then came zoning limbo. Out of the few Long Island towns that did not opt-out of having dispensaries, many of them have local zoning restrictions that make setting up shop nearly impossible, Stark said. Read more here.

Oregon

Anyone hoping to run a cannabis dispensary in Oregon will be required to prove they’ve paid their state taxes before receiving a license or having an existing license renewed, under changes announced by Gov. Tina Kotek on Tuesday. Read more here.

CONTINUE READING
StaffDecember 5, 2022
daily-hit.jpg
BusinessDaily Hit

The Daily Hit: December 5, 2022

5min13410

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

ON THE SITE

Biden Signs Historic Marijuana Research Bill, Lawmakers Push Additional Measures

After months of policy debates and trading barbs on Capitol Hill, a U.S. president has finally sent through the first piece of meaningful marijuana legislation since The Controlled Substance Act of 1970. Sen. John Hickenlooper (D-CO) also last week filed a bill that would create a federal commission to help outline the ways in which federal agencies approach implementation of eventual legalization. Read more here.

Crain’s Chicago Releases City’s Largest Cannabis Companies List

Chicago is home to a few of the cannabis industry’s leading players, including publicly traded Cresco Labs, Verano, and Green Thumb Industries, and privately held PharmaCann. They dominate Crain’s new list of Chicago’s Largest Cannabis Companies. Read more here.

Planet 13 Confirms Consumption Lounge Win

Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) confirmed that its subsidiary MM Development Company Inc. received approval for a Nevada consumption lounge from the Nevada Cannabis Compliance Board. The Nevada CCB announced the winners of the consumption lounge license lottery. Read more here.

A Rhode Island Grower Won a Cannabis Competition, the State Fined it $10,000

As Rhode Island commenced adult-use sales last week, growers will look to compete against those vying for cultivation notoriety. However, one operator’s experience serves as a reminder for those operating in the nascent market. Read more here.

Survey: Cannabis-Based Medicine Epidiolex Works ‘Across Age Groups’

Ireland-based Jazz Pharmaceuticals (Nasdaq: JAZZ) announced that its anti-epileptic over-the-counter cannabis drug, Epidiolex, has been found to be effective “across age groups,” not just young children, according to a survey of caregivers presented recently at a gathering of the American Epilepsy Society. Read more here.

IN OTHER NEWS

Grown Rogue International Inc.

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a craft cannabis company operating in Oregon and Michigan, closed a non-brokered private placement of convertible debentures with an aggregate principal amount of $2 million. The convertible debentures bear an interest of 9% per year, paid quarterly, and mature 36 months from the date of issue. The principal use of funds will be to accelerate expansion efforts and for general corporate purposes. Read more here.

Halo Collective Inc. 

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) (FSE: A9KN) reported year-to-date revenue of just over $11.7 million for 2022. Halo continues to strengthen its market share by penetrating the Eastern Oregon region and increasing territory sales. The company currently sells to over 450 dispensaries and wholesalers statewide, with a majority of accounts ordering on a monthly basis. Read more here.

Icanic Brands Company Inc.

Icanic Brands Company Inc. (CSE: ICAN) (OTCQB: ICNAF), a California-based extraction and manufacturing cannabis company, will change its corporate name to Leef Brands Inc., now that it received approval for the move from the Canadian Securities Exchange. In connection with the name change, the company’s common shares will trade under the new trading symbol, LEEF, as of Dec. 7. Read more here.

CONTINUE READING
Adam JacksonOctober 21, 2022
verilifeamherst.jpg
Business

Verilife Cleared To Sell First Cannabis Home Grow Kits In New York

4min16050

Verilife, a private Buffalo, New York dispensary owned by PharmaCann, Inc. will become the first location in the state to sell immature plant clones to certified medical cannabis patients and caregivers to grow in their home.

“New York’s certified patients have waited for this opportunity, and we could not be more excited for Verilife to lead New York’s medical cannabis industry into this new era,” said Jeremy Unruh, senior vice president of public and regulatory affairs for Verilife.

Verilife said in a news release that the company had spent months working with the Office of Cannabis Management (OCM) to provide home grow starter stock. The company added that ability to grow at home will make it more affordable for patients to have access to long-term treatment and relief.

The news comes a month after the New York Cannabis Control Board issued regulations to govern medical cannabis home cultivation allowing registered patients to grow as many as six plants of their own and for caregivers to grow up to 12 plants.

New York’s MMJ program had previously prohibited home cultivation.

New York regulations allow patients 21 years of age or older, with proper designation, to grow up to three mature and three immature cannabis plants at a given time. The state will also allow a designated caregiver for multiple patients to grow up to twice that amount of both immature and mature cannabis plants.

Verilife home cultivation clone strains include Lavender, Pineapple Super Silver Haze and Pink Lemonade. The company said that clones are available on a first-come, first-served basis at Verilife’s Amherst location while supplies last. All sales of medical plant matter are final.

Clones will eventually be available in more locations throughout the state.

“Verilife has been leading the charge in New York since day one,” said Unruh. “We were the first regulated cannabis operator licensed in the Empire State. We were the first to deliver regulated medical cannabis products to homebound medical patients. We were the first to wholesale our products to other medical dispensaries. Our patients know they can count on Verilife for best-in-class, safe and reliable products.”

It is one of the few aspects of the New York cannabis program that seems to be showing signs of progress. The adult-use program remains undefined by any established rules or regulations and the illicit market continues to be become more entrenched every day.

CONTINUE READING

Older Posts

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

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

READ MORE
Recent Tweets
Company
Back to Top

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.