Q2 Archives - Green Market Report

StaffAugust 22, 2022

The Daily Hit is a recap of cannabis business news for August 22, 2022.

ON THE SITE

SNDL Buys Valens in C$138 Billion Deal

SNDL Inc. formerly known as Sundial (Nasdaq: SNDL) is buying The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) in a deal valued at C$138 million. That’s an implied value of $1.26 per Valens share, which is currently selling at XX. SNDL has secured a non-revolving term loan that has been refinanced and upsized with an additional C$14.3 million of incremental capital, increasing the term loan to C$60 million. There is an $8 million termination fee attached to the transaction and Valens shareholders will own approximately 9.5% of the combined company. Read more here.

Pennsylvania Health Department Drops Appeal to Ban Vapes

The Pennsylvania Department of Health withdrew its appeal to the Supreme Court of Pennsylvania to recall various vaporized medical cannabis products after a half-year pushback from advocacy network Medical Marijuana Access and Patient Safety. Read more here.

Colorado Loses Cannabis Crown as New Markets Rise

Water isn’t the only thing drying up in the West. Legacy cannabis markets, such as Colorado, face increased headwinds from a crowded supply side and new markets, according to a report from cannabis data firm Headset, all of which points to a market correction. Read more here.

Potential Winners in Germany’s Cannabis Market

As markets mature in the U.S., some companies are turning their focus to Germany. Canadian companies have faced tremendous competition causing many business models to break down. Too many licenses and plunging prices have forced several companies to merge or restructure. In the U.S., the California market is in disarray over outrageous taxes and a resurgent illicit market, while Colorado learns that having a first market advantage doesn’t mean it’s lasting. Read more here.

Greenrose Reports Earnings

The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) posted increasing losses for the consecutive quarter as its cultivators navigate demand headwinds. The multi-state cannabis SPAC (special purpose acquisition company) reported its second-quarter financials ending June 30, 2022. While Greenrose reported approximately $9.2 million in rising revenue during the period, the company’s second-quarter net losses totaled $10.3 million, down 132% sequentially; versus a net income of $3.3 million in the same period last year. The earnings were a loss of $0.63 cent per share versus a loss of $0.92 cents in the first quarter. Read more here.

IN OTHER NEWS

MedMen Enterprises Inc., Green Sentry Holdings LLC

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF), a cannabis retailer with operations across the United States, today announced the close of a $67 million deal with Florida-based private company Green Sentry Holdings LLC for the company’s Florida-based operations, including its license, dispensaries, inventory, and cultivation operations. The deal is comprised of $63 million in cash and approximately $4 million in liabilities to be assumed by Green Sentry. The deal also includes the license of MedMen’s trademarks in the state. Read more here.

ETF Mangers Group LLC

ETF Mangers Group LLC (ETFMG®), a thematic ETF issuer, announced today that ETFMG Alternative Harvest ETF (NYSE Arca: MJ), the world’s first cannabis ETF, will complete its global portfolio by offering exposure to cannabis companies operating in the United States which include multi-state operators (MSOs) directly involved in the cultivation, production, marketing and distribution of cannabis or cannabis-related products. Read more here.

Bright Green Corporation

Bright Green Corporation (Nasdaq: BGXX), a company selected by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today reported financial results for the quarter ended June 30, 2022. Read more here.

Resonate Blends, Inc.

Resonate Blends, Inc. (OTCQB:KOAN), a cannabis holding company, today provided a corporate update covering its recently filed Q2 2022 financial report and the advancement of overall operations. Read more here.

22nd Century Group, Inc.

22nd Century Group, Inc. (Nasdaq: XXII), an agricultural biotechnology company developing reduced nicotine tobacco, hemp/cannabis, and hops advanced plant technologies, today announced that it will ring the Nasdaq closing bell on Friday, August 26, 2022, celebrating the launch of VLN®, the only combustible cigarette authorized by the U.S. Food and Drug Administration that “Helps You Smoke Less.” Read more here.

Cannbit-Tikun Olam Israel

Cannbit-Tikun Olam Israel (TASE: TKUN) today reported that the company’s production facility in the north of Israel and cultivation farm at the Dead Sea were received the EU-GMP certification which, required for the commercial export of medical cannabis to Europe. Read more here.

StaffAugust 18, 2022

The Daily Hit is a recap of cannabis business news for August 18, 2022.

ON THE SITE

Ayr Wellness Raises Guidance Despite Headwinds

Ayr Wellness Inc. (OTCQX: AYRWF) hiked its outlook for the year on Thursday despite posting results that missed expectations — as sales slip and losses rise. The multi-state operator reported financial results for the first quarter ending June 30, 2022. Read more here.

Decibel Sees Record Revenue, Preps for Exports to Israel

Decibel Cannabis Company Inc. (TSX-V: DB) (OTCQB: DBCCF) posted promising results as it continues to find gains in the Canadian market and overseas. The Alberta-based company delivered its financial report card using Canadian dollars in the period ending June 30, 2022. Read more here.

Medical Marijuana Sales Slip in the Second Quarter

Medical Marijuana Inc. (OTC: MJNA) reported $7.8 million in net revenue in the second quarter of 2022. This fell from last year’s revenue of $9.6 million for the same time period in 2021. The company also reported a net loss of $11 million versus last year’s net income of $7 million. Read more here.

JuicyFields Ponzi Scheme Highlights Many Points of Failure

Like the plot of an improbable fintech thriller, cannabis e-investment conglomerate JuicyFields has imploded into an apparent Ponzi scheme of massive proportions, leaving tens of thousands of online investors wondering who is responsible for the biggest swindle in cannabis. Read more here.

Americans Perception of Psychedelics is Shifting

The science of psychedelics continues to validate what clinicians have known for years about the benefits in treating mental health. Over the last 30 years, the science of psychedelics has accelerated and continues to validate what clinicians have known for years about the benefits of psychedelics in treating mental health and wellness. Read more here.

IN OTHER NEWS

High Tide Inc.

High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that it has entered into a binding commitment letter with Connect First Credit Union Ltd. for a $19 million credit facility with an initial 5-year term, at connectFirst’s floor interest rate. Read more here.

PuraVerde, Inc.

PuraVerde, Inc., a cannabis company and operator, today announced the launch of its streamlined Regulation A, Tier 2 public offering for both un-accredited and accredited investors. Driving innovative research and development, PuraVerde is formulating products for the future of commercial cannabis. Read more here.

TYSON 2.0, Verano Holdings Corp.

TYSON 2.0, legendary boxer, entrepreneur, and cannabis advocate Mike Tyson’s cannabis company today announced the launch of its Ric Flair Drip Cannabis line in partnership with Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), a multi-state cannabis company. Read more here.

Zen Leaf Dispensary

Workers at the Verano/Zen Leaf Dispensary in the neighborhood of Pilsen have voted by a margin of more than 90% to join Teamsters Local 777. The vote in favor of unionization comes in spite of the fact that the company fired union supporters during the campaign. Read more here.

Small Pharma Inc.

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that the TSX Venture Exchange has accepted the company’s application for its normal course issuer bid for up to five million common shares in the capital of the company, representing 1.55% of the issued and outstanding shares, over a 12-month period. Read more here.

Bright Minds Biosciences

Bright Minds Biosciences (Nasdaq: DRUG) (CSE: DRUG), a biotechnology company focused on developing novel drugs for targeted treatment of neuropsychiatric disorders, epilepsy and pain, issued this news release in response to a request by the Investment Industry Regulatory Organization of Canada (IIROC) to comment on recent trading activity of its stock. Read more here.

StaffAugust 16, 2022

The Daily Hit is a recap of cannabis business news for August 16, 2022.

ON THE SITE

Verano Revenue Rises But Misses Estimates

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its unaudited financial results for the second quarter ended June 30, 2022, with revenue increasing 12% to $224 million versus the same time period in 2021. The company also trimmed its net losses to $10 million from last year’s net loss of $30 million. Read more here.

Greenlane Revenue Drops, Looks to Sell KushCo

Greenlane Holdings, Inc. (NASDAQ: GNLN) slumped in trading Tuesday morning with company revenue dropping, as it moves to offload its packaging division — KushCo — in order to reinvest in its brand houses and find more profits. The smoking accessory e-commerce platform reported financial results for the first quarter ending June 30, 2022. Read more here.

InterCure Beats on Earnings, Revenues Rise Amid Global Expansion

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) posted positive results despite barely missing revenue expectations, as the company looks to further its international reach and shore up its new-found partnerships. The Israeli-based cannabis company — also known as Canndoc — reported its financial report card for the second quarter ending June 30, 2022. Read more here.

Halo Shores Up Losses as Revenue Rises

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) posted mostly positive results with revenues ticking up over the quarter — illustrating the west-coast operator’s pursuit to shave losses and pay down debt. The company announced its financial results for the first quarter ending June 30, 2022. Read more here.

The Parent Company Revenues Fall as Losses Persist

After the market closed on Monday, TPCO Holding Corp. (OTCQX: GRAMF) posted results that missed expectations as the company restructures and recovers from record losses. The west-coast cannabis company delivered its financial results for the second quarter ending June 30, 2022. Read more here.

Fieldtrip Health is Now Reunion Neuroscience

Field Trip Health has changed its name to Reunion Neuroscience Inc. (TSX: FTRP) (Nasdaq: FTRP) and reported its fiscal first quarter 2023 results for the period ending June 30, 2022. Reunion reported expenses of $5 million and a net loss of $13 million. The increase in net loss from the prior year primarily reflected the company’s focus on investing in RE104 which recently began its Phase 1 clinical trial, as well as increased public company costs. Read more here.

Psychedelic Companies Grapple With Next Steps

The emerging psychedelics industry is stuck with a sort of default business model that goes something like this: build a team of entrepreneurial-minded C-suite people, add a few qualified medical people, get a patented psychedelic molecule or compound to test and develop, build a research and development operation, then begin the clinical trials as quickly as possible while keeping antsy investors believing in the long-term value of the tenuous business journey that you and they have all embarked on. Read more here.

IN OTHER NEWS

Indiva Limited

Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF), a Canadian producer of cannabis edibles and other cannabis products, is pleased to announce its financial and operating results for the second fiscal quarter ended June 30, 2022. Read more here.

Item 9 Labs Corp.

Item 9 Labs Corp. (OTCQX: INLB) —a vertically integrated cannabis dispensary franchisor and operator that produces award-winning products—today reported its fiscal third quarter operating and financial results for the nine months ended June 30, 2022. Read more here.

AmeriCann Inc.

AmeriCann Inc. (OTCMKTS: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, announced the release of financial and operational results for its fiscal quarter ending June 30, 2022. The company achieved a significant increase in year-over-year quarterly net income and revenue, with both being records for the company for the quarter ending June 2022. Revenue increased over 36% for the quarter ended June 2022 relative to the quarter ended June 2021, an increase of $213,188. Quarterly gross margins were 98.5%. Read more here.

Puration, Inc.

Puration, Inc. (OTC Pink: PURA) today announced an agreement remains in the works that is anticipated to result in a cash infusion within the next 90 days. Management expects the cash infusion to fuel a transition of the company’s overall cannabis market strategy. The marijuana cultivation license recently announced by PURA’s sister company, North American Cannabis Holding’s Inc. (OTC Pink: USMJ) has triggered an overall initiative for PURA and USMJ to evolve their respective cannabis market strategies to take advantage of the license and to adapt to the latest market conditions. Read more here.

Optimi Health Corp.

Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce natural, scalable, and accessible psychedelic and functional mushrooms for transformational human experiences, has received permission from Health Canada to manufacture and distribute additional psychedelic substances, most notably MDMA, under the amended terms outlined in its June 20, 2022 application to Health Canada. Read more here.

Psycheceutical Bioscience, Inc., Vici Health Sciences

Psycheceutical Bioscience, Inc. (OTC: BWVI), a bioscience company developing cutting-edge technologies for the next generation of mental health treatment, announced that it has entered into an exclusive option that provides Psycheceutical an opportunity to acquire a majority equity stake in Vici Health Sciences. The total exercise price under the option would be approximately $10.5 million, which would be paid part in cash and part in equity. Read more here.

N2 Packaging Systems LLC

N2 Packaging Systems LLC, a sustainable packaging company which uses engineering and proprietary packaging technologies to protect and preserve CBD and cannabis products, today announced 44.5% year-over-year growth in the first half of 2022. N2’s growth was driven by 16 new business accounts across the United States and around the world, including Israel and Jamaica. Read more here.

The National Association of Cannabis Businesses

The National Association of Cannabis Businesses (NACB), a cannabis industry self-regulatory organization (SRO), has announced that it will convert from a for-profit corporation to a not-for- profit organization later this year. Originally launched in June 2017, as a for-profit corporation, the mission of the NACB has been to support the compliance, transparency, and growth of cannabis businesses in the U.S. Read more here.

International Brotherhood of Teamsters

Teamsters Joint Council 25 and the International Brotherhood of Teamsters announced today that they have entered into a joint agreement that will give Teamsters Local 777 exclusive jurisdiction for organizing cannabis workers in the state of Illinois. The agreement is a huge step forward towards the union’s efforts to organize the rapidly expanding industry. Read more here.

Metrc

Metrc, a provider of cannabis regulatory systems in the U.S., announced a new contract with the State of Alabama to support the regulation of its medical cannabis market. This marks Metrc’s 23rd government contract to date and sixth so far in 2022. Read more here.

StaffAugust 15, 2022

The Daily Hit is a recap of cannabis business news for August 15, 2022.

ON THE SITE

Auxly Revenues Improve, Tries to Cut Costs

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF) released its financial results for the three months ending June 30, 2022. Total net revenues from the sale of adult-use cannabis in Canada were $27.3 million for the quarter, a 31% increase from the same period last year. The net losses for Auxly in the quarter almost doubled from last year’s $8.6 million to this year’s $14.2 million. Read more here.

Columbia Care Gets Boost From New Jersey Sales

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported financial results for the second quarter ending June 30, 2022, with revenue rising 18% to $129 million over last year’s $109 million. Revenue grew 5% sequentially from the first quarter. The company reported a net loss of $54 million versus last year’s net loss of $18 million, higher than the previous quarter’s net loss of $27 million. This is also expected to be the last quarterly earnings report before the company combines with Cresco Labs. Read more here.

Agrify Reports Losses, Lowers Guidance

Agrify Corporation (Nasdaq: AGFY) up-ticked in early trading Monday despite the company posting results far below analysts’ expectations — showing the waning demand for hydroponics amid the economic slowdown. Red more here.

4Front M&A Strategy Pays Off, Plans for Bloom Farms Bought Deal

After the market closed on Monday, 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) posted positive results — buoyed by growth from lucrative M&A deals over the past year. The vertical multi-state operator announced its financial results for the second quarter ended June 30, 2022. Read more here.

IM Cannabis Revenues Rise as Company Burns Through Cash

IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) reported financial results for its second quarter ended June 30, 2022. IMCC said that revenues rose 114% in the second quarter and were $23.8 million versus the same quarter last year. Total dried flower sold was 3,210 kilograms at an average selling price of $5.72 per gram, compared to 1,842 kilograms for the same period in 2021 at an average selling price of $3.92 per gram. Read more here.

Atai Life Cuts Expenses, Extends Cash Runway

Atai Life Sciences (NASDAQ: ATAI) announced fiscal second-quarter results today for the quarter ending June 30, 2022 with no revenue, but an update on expenses and cash levels. Read more here.

Rubicon Organics Sales Rise as Premium Brand Grows

Rubicon Organics Inc. (OTCQX: ROMJF) delivered mostly positive results on Monday as the company begins to post profits — buoyed by its premium flower and pre-roll line. The Vancouver cultivator released its financial results for the second quarter ending June 30, 2022. Rubicon reported approximately $8.8 million in net revenue during the period, a 92% gain versus the same period last year. Read more here.

Planet 13 Misses on Revenue Despite Quarter Uptick

Planet 13 Holdings (OTC: PLNHF) posted results that missed expectations — showing how waning demand and slimming margins are affecting even the largest operators. The Nevada-based cannabis superstore delivered its financial results for the second quarter ending June 30, 2021. Read more here.

Sundial Sees Record Revenue as Expansion Bid Pays Off

SNDL Inc. (NASDAQ: SNDL) posted positive results as the company reaps record revenue from this year’s M&A bets. The Canadian vice operator — formerly known as Sundial Growers Inc. — delivered its second-quarter results ending June 30, 2022. Read more here.

CV Sciences Misses Expectations as Hemp Demand Stutters

CV Sciences, Inc. (OTCQB: CVSI) sales fell in the quarter as demand for hemp-derived products continues to fade. The hemp operator announced its financial results for the quarter ending June 30, 2022. Read more here.

Psychedelics Aren’t for Everyone

Before any clinical trials for psychedelics are begun, there is a standard but critical vetting process. A hopeful participant can get excluded from a trial because of uncontrolled hypertension; a history of additional risk factors such as heart failure; evidence or history of significant medical disorders; symptomatic liver disease; or because they are abusing illegal drugs. Read more here.

IN OTHER NEWS

Avicanna Inc.

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of cannabinoid-based products, announced the filing of its interim financial statements for the three-month period ending June 30, 2022. Read more here.

TPCO Holding Corp.

TPCO Holding Corp. (NEO: GRAM.U) (OTCQX: GRAMF), a consumer-focused California cannabis company, today announced its financial results for the quarter ended June 30, 2022. All amounts are expressed in U.S. dollars. Read more here.

Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a vertically integrated multi-state cannabis operator, today reported its financial results for the three months ended June 30, 2022. Financial results are reported in accordance with U.S. generally accepted accounting principles and all currency is in U.S. dollars. Read more here.

Flora Growth Corp.

Flora Growth Corp. (NASDAQ: FLGC), a manufacturer and distributor of global cannabis products and brands, reported today its financial and operating results for the six months ended June 30, 2022. All financial information is provided in U.S. dollars unless indicated otherwise. Read more here.

The Flowr Corporation

The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) announced the closing of the previously announced sale of the Flowr Forest property to an arm’s length third party for aggregate proceeds of $3.4 million. The company used a portion of the proceeds from the sale of this non-core asset to repay the outstanding balance of its ATB-led credit facility in full. The company, now bank debt free, intends to the use the remaining proceeds for working capital. Read more here.

InterCure Ltd.

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) announced its financial results for the second quarter of 2022 and provided shareholders with a business update. All amounts are expressed in Canadian dollars or New Israeli Shekels (NIS), unless otherwise noted. Read more here.

Neptune Wellness Solutions Inc.

Neptune Wellness Solutions Inc., (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced its financial and operating results for the three-month period ending June 30, 2022. Read more here.

SpringBig Holdings, Inc.

SpringBig Holdings, Inc. (NASDAQ: SBIG), a provider of SaaS-based marketing solutions, consumer mobile app experiences and omnichannel loyalty programs to the cannabis industry, today announced its financial results for the second quarter ended June 30, 2022. Read more here.

TILT Holdings Inc.

TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, is reporting its financial and operating results for the three months and six months ended June 30, 2022. Read more here.

LiveWire Ergogenics Inc.

LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring, leasing, licensing, and managing special purpose real estate properties conducive to producing sun-grown cannabis products for medical and recreational adult-use in California, reported financial results for the second quarter 2022. Read more here.

urban-gro, Inc.

urban-gro, Inc. (Nasdaq: UGRO), an integrated professional services and design-build firm offering solutions to the controlled environment agriculture (CEA) and commercial sectors, today reported second quarter financial results. Read more here.

Field Trip Health & Wellness Ltd.

Field Trip Health & Wellness Ltd. announced that it has filed a listing application in connection with the previously announced intention to list its common shares on the TSX Venture Exchange (TSXV). It is anticipated that the shares will commence trading on the TSXV under the ticker symbol “FTHW” at the opening of the market on August 17, 2021. Read more here.

Small Pharma Inc.

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that it has received approval from the U.K. Medicines and Healthcare products Regulatory Authority (MHRA) and the Regional Ethics Committee to initiate a drug interaction clinical trial in the U.K. The study will assess the interaction between serotonin reuptake inhibitors (SSRIs) and SPL026, the company’s lead N, N-dimethyltryptamine (DMT) candidate, in patients with major depressive disorder. Read more here.

StaffAugust 11, 2022

The Daily Hit is a recap of cannabis business news for August 11, 2022.

ON THE SITE

Cannabis Consumption on Track to Beat Alcohol

As talks revolving around the federal legalization of cannabis splinter in Congress, the question of whether cannabis can eat beverage alcohol’s margins remains a growing one. In a report, titled, “Is Cannabis a Threat to Alcohol Sales?” BDSA Consumer Insights contends that while the crop is as popular as ever, any real breakthrough of consumer participation in adult-use and medical markets remains stymied in D.C. – casualties of political animosity and procedural acrobatics aimed at slowing progress. Read more here.

Akerna Misses on Revenue, Bookings Down

Akerna Corp. (Nasdaq: KERN) posted less than positive results as it missed expectations — showing that mixed demand and weaker sales are rippling through the sector. The cannabis tech firm released its second-quarter financial report card ending June 30, 2022. Read more here.

Aleafia Watches Revenues Rise in Canada, Looks Across the Pond

Aleafia Health Inc. (OTCQX: ALEAF) delivered positive results on Thursday as it continues to cut costs and find more profit in the Canadian legal market and overseas. The Canadian cannabis company reported its financial results for the three months ending June 30, 2021. Aleafia Health releases its financial report card on a 15-month fiscal year with five quarters versus a standard 12-month year with four quarters. Read more here.

Goodness Growth Beats on Revenue, Sees Sales in Emerging States

Goodness Growth Holdings, Inc. (CSE: GDNS) (OTCQX: GDNSF) posted positive results on Thursday — driven by new retail store sales and new regulatory changes in nascent state markets. The multi-state cannabis company reported financial results for its second quarter ended June 30, 2022. Read more here.

Why Psychedelic Cannabis is a Thing Now

The idea of a cannabis product creating a sort of psychedelic experience is not a new one. There was a prevailing, fictional description back in the early part of the last century—encouraged by the 1936 film “Reefer Madness”—where people feared that was what all cannabis did. It freaked you out. Caused you to do unspeakable things. Run amok. Destroy property. Read more here.

IN OTHER NEWS

Leafly Holdings, Inc.

Leafly Holdings, Inc. (NASDAQ: LFLY), an online cannabis discovery marketplace and resource for cannabis consumers, today announced financial results for its second quarter ended June 30, 2022. “Revenue in the quarter was $12.1 million, up 13.8% over Q2 last year, and up 5.5% over Q1 as we continue to build on the investments we’ve made in the first half of this year.” Read more here.

Clever Leaves Holdings Inc.

Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW), a multinational operator and licensed producer of pharmaceutical-grade cannabinoids, is reporting financial and operating results for the second quarter ended June 30, 2022. All financial information is provided in US dollars unless otherwise indicated. Read more here.

Forian Inc.

Forian Inc. (Nasdaq: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, today announced results for the quarter ended June 30, 2022. Read more here.

Schwazze

Schwazze, (OTCQX: SHWZ) (NEO: SHWZ), today announced financial results for the second quarter ended June 30, 2022. Revenues of $44.3 million increased 44% compared to $30.7 million in second quarter ended June 30, 2021. Read more here.

CEA Industries Inc.

CEA Industries Inc. (NASDAQ: CEAD, CEADW) a company in controlled environment agriculture (CEA) systems engineering and technologies, is reporting results for the three months ended June 30, 2022. Read more here.

Agra Ventures Ltd.

Agra Ventures Ltd. (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF), a growth-oriented and diversified company focused on the international cannabis industry, announced that its Board of Directors has approved the Company’s issuance of 240,420 common shares at a deemed price of approximately $0.12 per Share as payment of the portion of the quarterly amount of interest due in Shares on a loan entered into in December of 2020. Read more here.

Ayr Wellness Inc.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a vertically integrated U.S. multi-state cannabis operator, announced that the Massachusetts Cannabis Control Commission (CCC) has granted a final license for adult-use cannabis at its Sira Naturals dispensary in Somerville. The company also received approval to open the first phase of its cultivation expansion in Milford, Massachusetts. The CCC voted to approve both measures during its meeting on August 11, 2022. Read more here.

Cookies

Cookies today announced its in Florida’s medical cannabis market with the opening of Cookies Miami, the brand’s 52nd dispensary, in a location convenient to the airport and downtown. The new 3,100 square-foot location will host a unique menu featuring Cookies’ highly sought-after genetics and custom Cookies SF local reserve merchandise. Read more here.

Christina Lake Cannabis Corp.

Christina Lake Cannabis Corp. (CSE: CLC) recapped its second quarter financial results for the six-month period ended May 31, 2022. All amounts are expressed in Canadian dollars unless otherwise noted. Read more here.

Allied Corp.

Allied Corp. (OTCQB: ALID), as a part of the previously announced export approval of 7100kgs of Colombia-grown cannabis, Allied has today shipped 1728kgs to Switzerland. This will be followed by 1500kgs weekly until the 7100kg threshold is met. Read more here.

Pyxus International, Inc.

Pyxus International, Inc. (OTC Pink: PYYX), a global value-added agricultural company, today announced results for its fiscal quarter ended June 30, 2022. Read more here.

Reunion Neuroscience Inc.

Reunion Neuroscience Inc., (formerly, Field Trip Health Ltd.) (TSX: FTRP, Nasdaq: FTRP) and Field Trip Health & Wellness Ltd. announced the closing of the plan of arrangement spinout transaction, including the corporate reorganization effected thereby, effective August 11, 2022. Pursuant to the arrangement, holders of common shares of the company exchanged their company shares for one new common share of the company and received 0.85983356 of a Field Trip H&W common share. Read more here.

StaffAugust 10, 2022

The Daily Hit is a recap of cannabis business news for August 10, 2022.

ON THE SITE

Trulieve Reports Rising Revenue, But Gives Cautious Outlook

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) delivered its results for the quarter ending June 30, 2022, with revenue increasing 49% year over year to $320.3 million from $215.1 million and 1% sequentially. This was in line with the Yahoo Finance average analyst estimates for revenues of $320 million. Read more here.

New Lake Capital Meets Expectations, Looks for ‘Quality Over Quantity’

Cannabis REIT NewLake Capital Partners, Inc. (OCTQX: NLCP) posted positive results on Wednesday as it continues to inject capital into the cannabis real estate landscape. The real estate trust released results for the second quarter ending June 30, 2022. Read more here.

Zynerba Nets Positive Second-Quarter Results, Fortifies Research Goal

Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) posted positive results as the company continues to further its research and development goals — with signs of a FDA approval looming in the distance. The cannabis biotech company reported financial results for the second quarter ending June 30, 2021. Read more here.

Lowell Farms Misses on Revenue, as it Moves Into Eastern Markets

Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF) second-quarter results missed expectations — showing how producers have been eating their own margins by lowering prices, as many have pivoted toward crisis mode amid a lack of regulatory action and a tightening economic landscape. The company released its financial results for the second quarter ending June 30, 2022. Read more here.

Parallel’s Investors Argue Wrigley Doesn’t Have Get Out of Jail Card

Parallel Cannabis, also known as Surterra Wellness, had hoped to get its investor lawsuit dismissed, but the investors say not so fast. The latest chapter in the ongoing case has the defendants TradeInvest Asset Management Company (BVI) Ltd., First Ocean Enterprises SA, and Techview Investments Ltd. understandably opposing the request to dismiss the case. Read more here.

IN OTHER NEWS

Akerna

Akerna (Nasdaq: KERN), an enterprise software company and developer of technology infrastructures, ecosystems, and compliance engines powering the global cannabis industry, today reported its unaudited financial results for the quarter ended June 30, 2022. Read more here.

WM Technology, Inc.

WM Technology, Inc. (Nasdaq: MAPS), a marketplace and technology solutions provider to the cannabis industry, today announced the launch of Weedmaps for Business. Formerly WM Business, the company’s reconfiguration and renaming of its SaaS offerings better reflects the comprehensive B2B and B2C suite of products that affords cannabis retailers and brands of all sizes with fully integrated tools to run their businesses. Read more here.

Auxly Cannabis Group Inc.

Auxly Cannabis Group Inc. (TSX: XLY), a consumer packaged goods company in the cannabis products market, announced today that the company has closed the sale of its Auxly Annapolis OG Inc. outdoor cultivation facility located in Hortonville, Nova Scotia to a private purchaser for total proceeds to the company of $4.1 million. As previously announced by the company, Auxly closed both its cultivation facilities located in Nova Scotia in February 2022 and sold its Auxly Annapolis indoor cultivation facility in July 2022 for total proceeds to the company of $6 million. The company intends to apply the proceeds from both sales to support Auxly’s ongoing operations. Read more here.

Puration, Inc.

Puration, Inc. (OTC Pink: PURA) today announced a new development that creates new opportunity for the company and could alter the course of the company in a new direction. The new development announced today is a provisional cannabis cultivation license in the State of New York announced yesterday by PURA’s sister company, North American Cannabis Holdings, Inc. (OTC Pink: USMJ). Read more here.

Optimi Health Corp.

Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce natural, scalable, and accessible psychedelic and functional mushrooms, as well as synthetic formulations, for transformational human experiences, announced the launch of Blue Serenity, Canada’s first natural therapeutic psilocybin product, in collaboration with psilocybin patient advocate Thomas Hartle. Read more here.

Toronto’s Center for Addiction and Mental Health

Toronto’s Center for Addiction and Mental Health (CAMH) just received the first-ever federal grant to study whether the active component of “magic” mushrooms can be used to treat depression. Researchers will explore whether the psychoactive effects are necessary to relieve treatment-resistant depression in adults. According to CAMH’s lead investigator, clinical trials suggest that psilocybin, combined with psychotherapy, can produce “sustained antidepressant effects” in individuals living with severe depression. Read more here.

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Body and Mind Reports Slumping Sales as New Dispensaries Come Online

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