SAFE Banking Act Archives - Green Market Report

StaffMay 16, 2023
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5min6530

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.


StaffMay 11, 2023
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5min8590

The Daily Hit is a recap of the top financial news stories for May 11, 2023.

On the Site

Cannabis Industry Reacts to Senate Banking Committee Taking Up SAFE

The latest iteration of the Secure and Fair Enforcement (SAFE) Banking Act, a bill aimed at resolving financial challenges faced by the marijuana industry, took center stage at a U.S. Senate Banking Committee meeting on Thursday. Read more here.

New York Awards More Retail Licenses, Hears Farmers Cry for Aid

New York cannabis regulators held one of their most sweeping meetings of 2023 on Thursday, a three-hour long hearing in which they added more retail permits and a new testing lab license, debated highlights of newly tweaked industry rules, approved a broad new social equity plan, and heard from several marijuana farmers who warned their businesses are on the brink of collapse. Read more here.

TerrAscend Continues Losing Streak Despite Revenue Increase

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) continued to post hefty losses to its bottom line in the first quarter of 2023, despite increasing revenue by nearly 43% year-over-year, the sixth sequential quarter in which revenues went up. The Ontario-based multistate operator, which has a footprint in five states, lost $19.2 million in the quarter ending March 31, following a total loss of just under $300 million last year. Read more here.

Leafly Loses Last Year’s Profits in Single Quarter, Despite Layoffs

Leafly Holdings Inc. (Nasdaq: LFLY) reported a $5.4 million loss for the first quarter this year, effectively wiping out the $5.1 million in profit the company turned for all of 2022, despite a 21% reduction in staff and other cost-saving measures. Read more here.

More Earnings:

Lowell Farms Loses Another $4 Million, CFO Steps Down
Nova Cannabis’ Private Label Strategy Fuels Positive Q1 Growth, Reduces Net Loss
Urban-Gro Maintains Rosy Outlook Despite Q1 Revenue Dip

In Other News

Safe Harbor Financial

SHF Holdings, Inc., which operates as Safe Harbor Financial, (Nasdaq: SHFS), financial services and credit facility provider to the regulated cannabis industry, and Five Star Bank, a New York-based subsidiary of Financial Institutions Inc. (Nasdaq: FISI), are partnering to expand crucial access to cannabis banking nationwide. Read more here.

New Hampshire

The New Hampshire Senate has rejected a House-passed bill to legalize marijuana. Just two days after receiving an unfavorable recommendation from the Senate Judiciary Committee, the full chamber defeated the measure in a 14-10 vote on Thursday. Read more here.

VerifyMe

VerifyMe Inc. (Nasdaq: VRME), reported quarterly consolidated revenue of $5.7 million for the three months ended March 31, an increase of 3,416% compared to the same period a year ago, primarily attributable to the acquisition of the PeriShip Global business in April 2022. Read more here.


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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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