Red White & Bloom Archives - Green Market Report

StaffMay 31, 2023


The Daily Hit is a recap of the top financial news stories for May 31, 2023.

On The Site

Cronos Exiting U.S. Hemp CBD Market

Toronto-based global cannabis company Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) on Wednesday announced its departure from the United States hemp CBD industry, saying it plans to refocus on the Canadian marijuana market until cannabis is federally legalized in the U.S. Read more here.

Skymint to Hit Auction Block with Lender as Stalking Horse Bidder

The assets of embattled Michigan marijuana cultivator and retailer Skymint will be auctioned off. After three months under a court-appointed receiver, saving the company under current leadership appears to be not possible, according to a motion filed by Gene Kohut. Read more here.

MedMen Trims Losses, But Still a Going Concern

Despite its financially precarious position, MedMen Enterprises Inc. (OTCQX: MMNFF) (CSE: MMEN) trimmed its annual losses and opened another store in Illinois this year. Still, the California-based multistate operator is facing major headwinds and remains a going concern, according to its latest quarterly earnings report for its fiscal 2023 third quarter. Read more here.

Other Earnings:

Cansortium Sees Revenue Uptick as Fluent Expansion Continues
Red White & Bloom Makes Headway in U.S. Cannabis Market
StateHouse Revenues Rise As Debt Bill Looms

Green Cross Colorado Founder Sues CEO, Alleges Embezzlement, Tax Fraud

The founder of a successful cannabis beverage company in Denver filed suit against his business’s CEO and two associates, alleging that the executive and his collaborators stole millions from the company over a years-long span. Daniel Griffin, the founder of Green Cross Colorado LLC, filed a lengthy 12-count lawsuit in Denver District Court. Read more here.

Minnesota Expands Medical Market, Legalizes Adult Use

The long-awaited bill legalizing recreational marijuana in Minnesota has been signed into law by Gov. Tim Walz, following approval from the state Senate in a narrow 34-32 vote. Minnesota becomes the 23rd state in the U.S. to legalize adult-use cannabis. Read more here.

In Other News

Zelira Therapeutics

Shares in Perth-based medical cannabinoid developer Zelira Therapeutics’ (ASX: ZLD) rocketed by 256% today after the company revealed its diabetic nerve pain drug had delivered what it says are superior results to Lyrica, Pfizer’s global market-leading neurology product. Read more here.


Medicine Man Technologies Inc. (OTCQX: SHWZ) (NEO: SHWZ), which operates as Schwazze,  promoted its president, Nirup Krishnamurthy, to the role of chief executive officer. Justin Dye, now former CEO and executive chairman, will continue to lead the board of directors as its nonexecutive chairman. Read more here.

CuraScientific Corp.

California-based CuraScientific Corp. (OTC PINK: CSTF) purchased the microbusiness cannabis license held by Chad Enterprises LLC for $600,000. CuraScientific plans to expand its customer acquisition, delivery routes, and territories with the new license. Read more here.

StaffMay 16, 2023


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


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.


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.

StaffNovember 29, 2022


The Daily Hit is a recap of cannabis business news for Nov. 29, 2022.


Flowr Corp. Throws in Towel, Looks for Buyers

Toronto-based The Flowr Corp., (TSX.V: FLWR) (OTC: FLWPF) is officially on the market after it reported that it does not have enough of a runway to make it to the end of the third quarter. According to regulatory filings, potential bidders submitted binding offers last Friday, with financial firm Ernst & Young Inc. acting as a monitor. Read more here.

RIV Capital Closing in on New York Acquisition, Loses $142 Million in Q2

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) posted a $142.3 million loss for its second quarter of fiscal 2023, but most of the losses were chalked up to a “goodwill impairment charge” as part of the upcoming acquisition of New York-based Etain – a deal that RIV Capital leadership said would give the firm a national foundation for future growth. Read more here.

Pritzker Names New Cannabis Chief

Erin Johnson, a lawyer for Amazon and state government veteran, has been named the state’s top cannabis regulator. Johnson is an associate general counsel for Amazon Web Services but was chief of staff at the Illinois Department of Juvenile Justice in the Pritzker administration from 2019 to mid-2021. Previously she was associate general counsel and chief diversity officer from 2016 to 2018 for then-Gov. Bruce Rauner. Read more here.

More Financial Reports:


High Times

The owners of High Times magazine have dropped their lawsuit against a former majority shareholder of the publication’s parent company, according to a joint stipulation entered Monday in California federal court. The stipulation notes that the action has been dismissed with prejudice and holds that each party bears their own costs. It makes no mention of a settlement, and counsel for the parties did not immediately respond to requests for comment on Monday. Read more here.

The Valens Company Inc.

Shareholders of the Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS)  voted in favor of the resolution approving the plan for SNDL Inc. to acquire all of the issued and outstanding common shares of Valens on the basis of 0.3334 of a SNDL common share for each outstanding Valens common share. More than 96% of votes cast at the company’s special meeting of shareholders held on Nov. 29 were in favor of the resolution. Read more here.

Rhode Island

As Rhode Island is set to begin recreational marijuana sales Thursday, state regulators are ramping up their staff as they oversee the industry. The state legalized adult recreational cannabis in May, with the planned start of sales on Dec. 1. Read more here.

StaffSeptember 20, 2022


The Daily Hit is a recap of cannabis business news for Sept. 20, 2022.


Aurora Cannabis Focuses On Long-Term Value Despite 4Q Loss

Canadian cannabis company Aurora Cannabis (Nasdaq: ACB) (TSX: ACB) reveled in its “long-term value” despite the company stock being at one of its lowest points in the past 12 months after releasing its fourth quarter and fiscal year-end results as of June 30, 2022, on Tuesday. According to a news release, Aurora saw fourth-quarter net revenue for medical cannabis increase 4% year-over-year to $36.6 million, while adult-use cannabis revenue fell 35% year-over-year to $12.6 million. Read more here.

New York Issues More Cannabis Business Licenses, Rules

According to, the New York Cannabis Control Board awarded conditional business licenses to 19 cultivators and 10 processors, which brings the total number of licensed growers to 261 and the total number of processors to 25. The window for retail license applications opened last month, but thus far no store permits have been granted. Read more here.

Delay for SPAC-Safe Harbor Deal No Reason To Worry, Expert Says

On Monday, Northern Lights Acquisition Corp. revealed that it will need a few extra weeks to deliver the $70 million that it owes Safe Harbor Financial under the terms of a deal signed back in February, with the cash now due on Sept. 28 instead of Aug. 31. But the delay is only due to both parties waiting on approval from the Nasdaq, which is relatively common and doesn’t mean the deal is in danger, Matt Karnes, principal at New York-based GreenWave Advisors, told Green Market Report. Read more here.

Michigan Taps Industry For Suggestions Amid Market Saturation

Michigan cannabis operators’ face shrinking margins amid falling wholesale flower prices and a glut of supply – and the state’s regulatory agency wants to figure out how to help. Between July 2021 and July 2022, the number of active grower licenses has surged by 65%, and the number of active retail licenses has risen 34%. The average retail price for an ounce of flower has fallen 48% in the medical market (from $213.89 to $110.72) and 44% in the adult-use market (from $217.94 to $121.58) in that same span of time. Read more here.

Red White & Bloom Pushes Out Debt To 2024

Red White & Bloom Brands (CSE: RWB)(OTC: RWBYF) is pushing out its debt obligations to get some breathing room and making changes at the top of the company. The most pressing problem is the company’s debt payments, which is has kicked to 2024. RWB restructured the terms of certain outstanding debentures issued by the company $70,040,000 and C$2,120,000 and issued a new convertible debenture in the principal amount of C$17 million. Read more here.

Meet Kim James, The Lawyer Behind Detroit’s Cannabis Regulations

When the Detroit City Council finally codified its recreational marijuana codes, it was Kim James who drafted the language. She’s worked in code enforcement for the city most of her career. Now as the director of the office of marijuana ventures and entrepreneurship, James must stand up those codes and get recreational dispensaries licensed. But the city itself is behind, as most of the state’s industry has been selling weed for nearly three years. Read more here.

Zentrela Honored For Most Innovative Tech At Green Market Report Tech Awards

In 2016, Israel Gasperin and Dr. Dan Bosnyak, a neuroscientist at McMaster University, established the foundations of Zentrela, a neurotechnology company using artificial intelligence to analyze EEG data, to eventually compile the world’s largest database of cannabis psychoactive effects. The Green Market Report Tech Awards were presented following the first-ever Green Market Report Tech Summit on Sept. 8 at The Pearl event space in San Francisco. This week, we’ll be providing a closer look at the honorees. Read more here.


Momentum Building For Legalization Of Recreational Marijuana In Hawaii

There’s a huge push underway to allow the recreational use of marijuana, even though the drug is still illegal under federal law. And more lawmakers are supporting legalization than ever before as a way to diversify the economy and bring in more revenue for Hawaii. Read more here.

Medical Marijuana Maker Sues Minnesota Over New THC Edibles Legalization

Vireo Health of Minnesota, one of just two distributors of medical marijuana in Minnesota, is suing the state and local governments over the state’s sudden legalization of hemp-derived THC edibles, arguing that it’s facing unfair regulation over essentially the same product. Read more here.

Aura Risk Management Launches New Cannabis Program

Aura Risk Management, a member of The Liberty Company network of insurance brokers, launched of Indisure, a new insurance program created exclusively for cannabis companies in all 38 legalized U.S. states. Aura’s program offers a complete coverage solution, including general liability, property, products liability and cargo. Read more here.

Debra BorchardtSeptember 20, 2022


Red White & Bloom Brands Inc. (CSE: RWB)(OTC: RWBYF) is pushing out its debt obligations to get some breathing room and making changes at the top of the company. The most pressing problem is the company’s debt payments, which is has kicked to 2024. RWB has restructured the terms of certain outstanding debentures issued by the company $70,040,000 and C$2,120,000 and issued a new convertible debenture in the principal amount of C$17 million.

The stock jumped on the news that RWB had gained some breathing room and popped 46% in trading on Monday as the news was released midday.

Marc Hauser wrote on his website Hauser Advisory Cannabis Musings, “This is a good example of a standard, out-of-court (bankruptcy) restructuring – a borrower giving up a fair amount of equity and control in exchange for the creditors not foreclosing on their debt and taking over the company. The existing shareholders are diluted, but not wiped out – with about 400 RWB million shares outstanding (per their June 30 financials), these convertible rights represent a fair amount of potential dilution to the existing shareholders.”

The company outlined the debt changes as follows:

  • A secured debenture in the principal amount of USD $25,885,000 (“Note 1“). Note 1 matures on September 12, 2024.
  • A series of secured debentures (“Notes 2A, 2B and 2C“), with an aggregate principal amount of USD $9,505,000. Notes 2A, 2B and 2C mature on September 12, 2024.
  • A secured debenture in the principal amount of CDN $2,120,000 (“Note 3“). Note 3 matures on September 12, 2024.
  • A secured promissory note in the principal amount of USD $5,850,000 (“Note 4“). Note 4 matures on September 12, 2024.

CEO and Chairman Brad Rogers said, “After close consultation with various debt holders, we are pleased to have successfully restructured over CAD $100 million of our short-term debt. Today’s announcement is validation that our debtholders share our enthusiasm for long-term opportunities for growth at RWB. By extending the maturity to 2024, we have a significant runway to realize the operational changes we have made and to growth the company is dedicated to achieving.”

Management Changes

In addition to restructuring the debt, RWB appointed Colby De Zen as President and Director of the company effective immediately and appointed Gabriel Bianchi to the Board of Directors. Mr. William (Bill) Dawson resigned from the company’s Board of Directors.

Rogers added, “The addition of Colby to the management team will further allow us to focus on margin growth, operational efficiencies, and balance sheet improvements. I want to welcome Colby to the management team and Board. Gabriel has extensive experience in lease negotiations, optimizing real estate portfolios, and foreseeing market trends. We look forward to Gabriel joining the Board of the Company upon completion of regulatory clearances; his assistance will be invaluable as we move to optimize and expand the significant footprint of locations currently held by the company in Michigan and Florida.”

Mr. De Zen stated, “I am very excited to join the management team at RWB as President. In my new role, I will streamline operations to gain efficiencies across each state, while extensively monitoring and implementing internal controls on financial reporting/planning, direct and indirect expenses and capital expenditures. By Q4, I intend to implement significant balance sheet improvements aggressively. I believe that RWB will be EBITDA positive by no later than Q4 2022 as we scale the Platinum Vape brand and its purchasing power throughout the markets we serve today and through further expansion. As a significant investor in RWB, I am committed to unlocking both current and future value for the Company. As RWB enters its next phase of evolution, I look forward to being part of a profitable growth story that all stakeholders will be proud of. ”
RWB recently reported its earnings noting that sales jumped to $27.4 million in the second quarter over last year’s $12.1 million. The net losses were $17 million, which was also higher than the previous year’s net loss of $11.4 million for the same time period. All figures are in Canadian dollars.
However, the company also stated in its filing that its statements were prepared on a ‘going concern’ basis. The company wrote that it has accumulated losses of $144,443,890 since inception, and for the three and six months ended June 30, 2022, the company has incurred a net loss of $ 17,646,210 and $ 29,403,398 , respectively, (June 30, 2021 – $11,448,650 and $ 68,336,512 , respectively), and had a working capital deficiency of $158,137,863. RWB said it has relied on debt and equity financing to keep it going and might not have enough cash to fund acquisitions and development of assets. The company had just $2.9 million in cash and cash equivalents at the end of June.



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


Recent Tweets

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.