SNDL Archives - Green Market Report

StaffJune 1, 2023
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BusinessDaily Hit

Daily Hit: June 1, 2023

4min6200

The Daily Hit is a recap of the top financial news stories for June 1, 2023.

On the Site

Trulieve to Shutter Operations in Massachusetts, California

Florida-based giant Trulieve Cannabis Corp. is bowing out of two mature cannabis markets – California and Massachusetts – citing turbulent conditions for legal cannabis businesses. The company said in a press release that the decision is part of a wider plan to save money and improve financial health. Read more here.

Tilray’s Withdrawal from Bob Marley Licensing Deal Triggers Lawsuit

Docklight Brands Inc. filed a complaint against cannabis giant Tilray Inc., accusing the company of backing out of a deal to sell Bob Marley-branded cannabis products in Canada. Docklight alleges that the move cost it licensing fees, royalties, and eventually the Bob Marley license itself, according to an amended complaint filed on May 3. Read more here.

Last-Minute Lifeline for New York Cannabis Supply Chain

The New York Legislature and Gov. Kathy Hochul swooped in at the last minute – quite literally – to give the state’s nascent marijuana supply chain a critical deadline extension. Lawmakers approved the bills late Wednesday, which pushes back a midnight expiration for conditional processor and distribution permits by a year, to June 1, 2024, and Gov. Kathy Hochul signed both bills into law early on Thursday. Read more here.

Illinois Cannabis Legislation Fizzles at Finish Line

Hopes for wide-ranging legislation that would fix a bunch of nagging issues in the Illinois marijuana industry fizzled at the last minute. Instead, the state General Assembly made just a few changes. Read more here.

SNDL Hints at Plans for Skymint

SNDL (Nasdaq: SNDL) has deployed capital into a portfolio of six cannabis-related investments of approximately $579.9 million, including $535.9 million for the SunStream joint venture. Now, two of those properties, Skymint in Michigan and Florida-based Parallel Cannabis, are both experiencing extreme financial stress. Read more here.

In Other News

The Lexi Hotel

The Lexi Hotel, which has billed itself as the first “cannabis-inclusive property” in Las Vegas, is set to open its doors on Friday, June 2. The small, 65-room boutique hotel will allow any guests staying on its fourth floor to consume cannabis inside their rooms. Read more here.

Smart & Safe Florida

Florida’s Department of State reported that the proposed ballot measure to legalize recreational marijuana gathered enough signatures to put it on the ballot in 2024. The constitutional amendment, proposed by Smart & Safe Florida, gathered 967,528 valid signatures — more than 70,000 above the requirement to reach the ballot. Read more here.

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StaffApril 24, 2023
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BusinessDaily Hit

Daily Hit: April 24, 2023

5min6830

The Daily Hit is a recap of the top financial news stories for April 24, 2023.

On the Site

SNDL Delivers Uneven Earnings: Big Revenue Gain, Big Losses

SNDL Inc. (Nasdaq: SNDL) reported its earnings in Canadian dollars for the full year and fourth quarter ended Dec. 31, 2022. Net revenue for the quarter was $240.4 million, an increase of 4% over the third quarter of 2022, with sequential growth in liquor retail, cannabis retail, and cannabis operations segments. Read more here.

Detroit Businessman Pleads Guilty to Bribing Marijuana Regulator

A Detroit-area businessman who pleaded guilty Friday to bribing a top medical marijuana regulator in exchange for approval of state dispensary licenses said the payments included $4,000 a month for the official’s wife, who was paid as a “consultant” during the process. Read more here.

TILT Holdings Sees More C-Suite Shuffle, Gary Santo Departs CEO Role

Phoenix-based TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) announced a change in its top leadership. Gary Santo has resigned as the chief executive officer and board member, effective immediately. Tim Conder, a board member, has been appointed as the interim CEO. Read more here.

SC Labs Snaps Up C4 Labs Arizona

SC Labs, a U.S. cannabis and hemp testing company, has acquired Arizona-based C4 Laboratories for an undisclosed price. In a Monday statement, SC Labs said that the acquisition allows the company to expand its reach to the Arizona market, bringing the total number of states where the company is licensed and accredited to five: Arizona, California, Colorado, Michigan, and Oregon. Read more here.

Cannara Biotech Revenues Rise as Expansion Brings in More Profit

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) posted meaningful rises in net revenues for its fiscal second quarter results ending Feb. 28. The vertically integrated Canadian producer reported a 76% revenue increase, reaching $13 million, compared to the same period last year. The increase is attributed to the company’s expanding workforce and increased growing capacity. Read more here.

In Other News

Blueberries Medical Corp.

Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA), the Canadian parent of Blueberries S.A.S., reported revenue for the year ended Dec. 31, 2022, of $235,449, an increase of $96,702 (or 70%) from comparative period. The increase is primarily due to the introduction of the new product CBD isolate. Read more here.

NuProject

Colorado Gov. Jared Polis and the Cannabis Business Office within the Colorado Office of Economic Development & International Trade announced the Cannabis Business Loan Program for social equity licensed cannabis businesses in Colorado. The CBO has partnered with mission-based lender NuProject to provide financing that is not otherwise available to cannabis businesses through traditional lenders. Read more here.

Aurora Cannabis

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) repurchased an aggregate of approximately $22.3 million (US$16.6 million) principal amount of its convertible senior notes in multiple transactions since the start of April 2023 at a total cash cost, including accrued interest, of $16.7 million and $5.3 million (US$4.0 million), including accrued interest, satisfied by the issuance of an aggregate ~6.35 million common shares of Aurora. Read more here.

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StaffMarch 29, 2023
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BusinessDaily Hit

Daily Hit: March 29, 2023

4min7620

The Daily Hit is a recap of the top financial news stories for March 29, 2023.

On the Site

Columbia Care Sales Fall in Fourth Quarter as Company Exits Markets

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) saw its net loss for the fourth quarter ballooned to an eye-popping $300 million, compared with last year’s net loss of $53 million for the same quarter. Read more here.

Schwazze Loses $18.5 Million Despite ‘Record’ Revenue

Denver-based Medicine Man Technologies Inc., which does business as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), posted an $18.5 million loss for the full year of 2022, due to various acquisitions and its entrance into New Mexico. Read more here.

Unrivaled Brands Posts Profits, Reduces Liabilities 40% Following Restructure

On the heels of a turbulent year of restructuring, Unrivaled Brands (OTCQB: UNRV) posted positive preliminary financial results for the fourth quarter of 2022, with operating profit for the period reaching $8.8 million. Read more here.

CV Sciences Runs Low on Cash as Sales Fall from Last Year

CV Sciences Inc. (OTCQB: CVSI) saw fourth-quarter sales fall 22% compared to a year ago, due to strong competition and continued supply chain challenges. Sales increased 3% sequentially in the fourth quarter to $3.9 million versus $3.8 million in the third quarter of 2022. Read more here.

Nova Cannabis Sees Record 2022 Revenue, Driven by Flexible Pricing, SNDL Partnership

Nova Cannabis Inc. (TSX: NOVC) posted impressive growth in its fiscal 2022, driven by record sales, more stores, and key partnerships. The Canadian cannabis retail company posted its financial and operating results for the fourth quarter and full-year 2022 ending Dec. 31, 2022. Read more here.

In Other News

Curaleaf Holdings

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) entered into a definitive agreement to acquire Deseret Wellness, the largest cannabis retail operator in Utah, in a cash and stock transaction valued at approximately $20 million. The transaction is expected to close imminently, subject to customary closing conditions. Read more here.

CEA Industries

CEA Industries Inc. (Nasdaq: CEAD, CEADW) posted revenue for the fourth quarter of 2022 of $1.5 million, compared to $3.1 million for the same period in 2021. The decrease was primarily attributed to supply chain and project delays as well as a reduction in the size and number of signed contracts during 2022. Read more here.

CONTINUE READING
StaffMarch 28, 2023
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BusinessDaily Hit

Daily Hit: March 28, 2023

5min6640

The Daily Hit is a recap of the top financial news stories for March 28, 2023.

On the Site

Judge Narrows New York Retail Licensing Injunction to One Region

An injunction issued by a federal judge in November that has stalled retail cannabis licensing in five of New York’s regions has been narrowed now to just one – the Finger Lakes. That means marijuana retail licenses can now be awarded by the state Office of Cannabis Management in the other four regions, which include Brooklyn, Central New York, Western New York and the Mid-Hudson areas. Read more here.

Eight Cannabis Companies Sue Georgia, Allege Fraud, Corruption in Licensing

A coalition of eight companies that submitted bids for medical marijuana licenses in Georgia have filed suit against the state, alleging that the permitting process was corrupt and fraudulent and asking a judge to set aside the license awards. Read more here.

Massachusetts’ MCR Labs Accuses Control Board of Harassment

The CEO and founder of Massachusetts cannabis testing company MCR Labs is accusing the state’s Cannabis Control Board of harassing and intimidating employees, disregarding safety protocols, and compromising their facility’s testing integrity during an unannounced inspection last week. Read more here.

Canopy Growth Fined C$15 Million for Breach of Contract

Canada’s Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) has been ordered by an arbitration tribunal to fork over C$15 million to an unnamed counterparty for breach of contract, the company disclosed this week in a regulatory filing. Read more here.

Leaf Trade, Sweed to Merge Into ‘B2B2C’ Cannabis Tech Platform

Nevada-based cannabis tech companies Leaf Trade and Sweed will merge into a new yet-to-be-named business entity, with Leaf Trade CEO James Yi at the helm. The combined company, Yi said, will result in a new “B2B2C” tech platform that is unique to-date in cannabis. Read more here.

Grown Rogue Gets Boost from Michigan Sales

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), reported its fiscal first quarter 2023 results for the three months ended Jan. 31, 2023. Grown Rogue‘s revenue grew 21% to $4.5 million versus last year’s $3.7 million in the same time period. The company also reported a net income of $592,000. Read more here.

SNDL to Buy Dutch Love, Delays Earnings

SNDL Inc. (Nasdaq: SNDL) reported that it has entered into an agreement with Lightbox Enterprises Ltd. to buy four cannabis retail stores operating under the Dutch Love Cannabis banner in a deal valued at $7.8 million. the deal is expected to close by the end of May 2023. Read more here.

In Other News

Texas

Last week, the Texas House Committee on Public Health unanimously approved a bill to increase the THC limits in medical cannabis and expand who is eligible to use it. On Tuesday, goodblend — a state-licensed medical marijuana operator — opened its first dispensary location in Austin. It’s only the third medical marijuana retail location to open in the Lone Star State. Read more here.

Wu-Tang Clan

Newark, New Jersey’s Central Planning Board stomped on a lot of buzzes Monday night, denying an application by Wu-Tang Clan’s Raekwon to open a cannabis lounge a block from the Prudential Center arena after church elders protested and one board member complained that the rendering was offensive. 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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