Rhode Island Archives - Green Market Report

StaffMay 25, 2022
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The Daily Hit is a recap of the top cannabis business stories for May 25, 2022.

ON THE SITE

Live Blog from WEF 2022 in Davos Switzerland

Green Market Report editor-in-chief Debra Borchardt blogs live from the Medical Psychedelics Series, at the World Economic Forum being held in Davos Switzerland. Read more here.

Ayr Wellness Inc. Approved in New Jersey

Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) announced that the New Jersey Cannabis Regulatory Commission approved the Company for adult-use cannabis sales in the Garden State. “We are thrilled to be approved for adult-use sales in New Jersey and to have all three dispensaries cleared simultaneously to open for adult-use,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “To date, Central Jersey has the lowest number of dispensaries per capita, leaving its population under-served compared with the rest of the state. Read more here.

Verano Holdings Corp.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its financial results for the first quarter ending March 31, 2022, with revenue increasing 67% to $202 million versus last year. Revenue for Verano fell  from the fourth quarter’s $211 million. The net loss in the first quarter 2022 was $7 million, compared to a loss of $2 million in the first quarter 2021. Read more here.

Jushi Holdings Inc.

Jushi Holdings Inc.  (CSE: JUSH) (OTCQX: JUSHF) released its financial results for the first quarter of 2022 ending March 31, 2022, with revenue increasing 48% over last year to $61.9 million. Jushi said sales fell 6% from the fourth quarter’s revenue of $65.9 million. The company delivered a net loss of $14.3 million, which was trimmed from last year’s net loss of $26 million. Read more here.

IN OTHER NEWS

Rhode Island Legislature Approves Marijuana Legalization Proposal

Following floor debates in both chambers of the General Assembly earlier today, a majority of Rhode Island legislators have approved legislation to legalize, regulate, and tax cannabis for adults. The bill will be transmitted to Gov. Dan McKee who has previously indicated he will likely sign the measure. With the governor’s approval, Rhode Island will become the 19th state to end marijuana prohibition. Read more here.

The Valens Company Inc.

The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS), a manufacturer of branded cannabis products, provided an update on its recent recreational market share in Canada. Tyler Robson, Chief Executive Officer of The Valens Company, said, “We continue to expand our recreational market share as we develop strength within our brand portfolio through products that continue to resonate with consumers.” Read more here.

Item 9 Labs Corp.

Item 9 Labs Corp. (OTCQX: INLB), a vertically integrated cannabis dispensary franchisor and operator announced today that it has signed a definitive agreement to acquire Sessions Cannabis, one of Canada’s largest cannabis retail franchisors. “This is a transformative acquisition that fast-tracks our entry into the Canadian market and brings tremendous value to our shareholders,” said Item 9 Labs Corp. CEO Andrew Bowden. Read more here.

Lowell Farms Inc.

Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF), a California cannabis cultivation company and maker of brand Lowell Smokes, is announcing the acquisition of advanced pre-roll production equipment and capabilities from Canadian cannabis brand All Good Collective. The acquisition will accelerate Lowell Farms’ ability to offer end-to-end automation of large-scale pre-roll production. Read more here.

Ayr Wellness Inc., Herbal Remedies Dispensaries, LLC

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a vertically integrated U.S. multi-state cannabis operator, today announced it has closed the definitive agreement to acquire Herbal Remedies Dispensaries, LLC, an operator of two licensed retail dispensaries in Quincy, Illinois. Read more here.

Decibel Cannabis Company Inc.

Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF), a cannabis producer, announced its first quarter financial results for the three month period ending March 31, 2022. “Decibel remains on track to achieve its previously communicated targets, which is a testament to the focus on our strategic plan, and particularly our New, Unique and Innovative products and dedication to our customers”, said Paul Wilson, CEO of Decibel. Read more here.

TILT Holdings Inc., Innovative Industrial Properties, 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, has signed an amendment to its previously announced definitive agreement to sell its White Haven, Pennsylvania facility. The Amendment allows TILT and Innovative Industrial Properties, Inc. to extend the end of the investigational period of the transaction contemplated to a date that is on or before June 17, 2022. Read more here.


Debra BorchardtJune 23, 2021
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It’s been a busy week for cannabis activists in the northeast. Connecticut’s Governor signed legislation legalizing adult-use cannabis and now Rhode Island seems to be falling in line as well. With time running out on the state’s regular legislative session, the Senate has approved a bill to legalize the possession, purchase, and cultivation of cannabis for personal use for adults 21 and older. The law was originally introduced in March and amended last week by the Rhode Island Senate Judiciary Committee.

“This is a significant milestone. After roughly a decade of public discussion and debate in Rhode Island, this is the first time a legislative chamber in the General Assembly has voted on a bill to legalize cannabis for adults,” said Jared Moffat, state campaigns manager for the Marijuana Policy Project. “Polls have long shown that a majority of Rhode Islanders support ending marijuana prohibition, and now we’re closer than ever to getting the job done. Senate leaders deserve tremendous credit for their work on this important issue. Now it is time for the House to act and ensure that a cannabis legalization bill is sent to Gov. McKee’s desk before the clock runs out in the regular legislative session.”

Similar to surrounding states, the amended version of S 568 will allow adults 21 and older to possess up to one ounce of marijuana and to grow up to six marijuana plants for personal use. The measure would also facilitate the expungement of past convictions involving up to two ounces of marijuana possession. In addition to that, the law will create a Cannabis Control Commission to regulate the legal cannabis market, tax adult-use cannabis sales at 20%, and establish a social equity program to support communities disproportionately impacted by cannabis criminalization.

“Rhode Island is an island of prohibition in a sea of legalization,” said NORML State Policies Manager Carly Wolf. “As one of the two remaining New England states that have yet to pass legalization, the time is now to stop ceding the control and revenue of the marijuana market to surrounding states and unregulated enterprises. Passage of this legislation is also essential in beginning to repair the decades of damage disproportionately done to communities of color as a result of the war on drugs.”

NORML noted that S568 was approved by the Senate with a 29 to 9 vote, and that it will now head to the House for further consideration. House leadership has previously indicated that the issue could be considered in the lower chamber later this year.

“The momentum behind the nationwide movement to end our failed prohibition continues to grow at an accelerated pace,” commented NORML Executive Director Erik Altieri, “Just this year five states have already approved legislation to legalize marijuana for adults, including Rhode Island’s neighbor Connecticut. The American people are sick and tired of our failed prohibitionist policies and finally their elected officials are enacting the will of their constituents. We call upon the Rhode Island General Assembly to follow the Senate’s lead and quickly approve this bill.”

The potential tax revenue for Rhode Island cannabis sales is $35 million.


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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


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