SNDL Archives - Green Market Report

StaffNovember 20, 2023
Daily-Hit-Header.png
BusinessDaily Hit

The Daily Hit: November 20, 2023

3min00

The Daily Hit is a recap of the top financial news stories for Nov. 20, 2023.

On the Site

4Front Revenue Slips as Legal Woes Mount

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported pro forma revenue from continuing operations for the third quarter of $28 million versus $31.38 million for the second quarter. The company attributed the revenue decrease to lower pricing coupled with transitory pressures from competitors liquidating inventory before leaving the market. Read more here.

SNDL, Nova Cannabis Scrap Planned Merger, Maintain Ties

SNDL (Nasdaq: SNDL) and Nova Cannabis Inc. (OTC: NVACF) announced they have mutually agreed to terminate their strategic partnership agreement, ending a year-long quest to fuse the Canadian operators. Read more here.

Ohio Cannabis Companies Anxiously Await Clarity on Adult-Use Regulations

With the Ohio state legislature considering edits to the adult-use law approved by voters and an unclear outlook for how program rules may be shaped by regulators, industry stakeholders are grappling with a host of uncertainties that could impact them and the nascent rec market as a whole. Read more here.

Inside the Mind of Storz & Bickel’s Jürgen Bickel

Jürgen Bickel, alongside Markus Storz, has been instrumental in establishing Storz & Bickel as a leader in high-end vaporizers. But that quality and reputation comes with a hefty price tag. Even so, the products continue to attract a loyal customer base. Read more here.

In Other News

Cronos Group

A New York federal judge has thrown out a consolidated investor suit alleging Canadian cannabis company Cronos Group Inc. misled investors about its revenue, saying the consolidated complaint fails to indicate that the company’s officers were making deliberate misstatements. Read more here.

Canopy Growth Corp. 

Canopy Growth Corp. (TSX: WEED) (NASDAQ: CGC) received approval from the Ontario Superior Court to sell all or substantially all of the assets of BioSteel Canada and BioSteel Manufacturing LLC. Read more here.

CONTINUE READING
StaffNovember 13, 2023
Daily-Hit-Header.png
BusinessDaily Hit

The Daily Hit: November 13, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Nov. 13, 2023.

On the Site

New York Judge Says Marijuana Regulators Erred in Hemp Enforcement

A New York state judge delivered a setback to state marijuana regulators over an emergency hemp rule enacted over the summer. Justice Thomas Marcelle found that officials erred procedurally, delivering a legal victory to hemp drink makers who contended the rule could drive them out of business. Read more here.

Connecticut Marijuana Sales Near $25 Million in October

Medical and recreational marijuana sales in Connecticut combined to hit just over $24.8 million in the month of October, according to state data. The numbers reflect a trend that’s been building since the adult-use market in January, with recreational sales growing each month, the state Department of Consumer Protection reported. Read more here.

Glass House Wholesale Revenue Up, Nears Break-Even for Quarter

California-based Glass House Brands (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) appears to be on the right financial path. The company posted a Q3 loss of just $210,000, an enormous improvement over its Q2 loss of almost $25 million. Read more here.

TILT Holdings Q3 Gross Margin Dips Despite Revenue Growth

Tilt’s revenue climbed by 10% to $44.6 million, up from $40.5 million in the same period last year. The uptick was primarily fueled by a surge in sales volume of Jupiter, the company’s vape line, attracting both legacy and new customers. Read more here.

More Earnings

• Auxly Cannabis Group Reports Growth, Lowered Costs in Q3

• IM Cannabis Sales Slip Despite Improved Margins in Q3

• SNDL Revenue Grows as Losses Drop in Q3

• SpringBig Loses $2.7M After Leaving Nasdaq

In Other News

IGC Pharma

IGC Pharma (NYSE American: IGC) reported revenue for its fiscal second quarter ended Sept. 30 of $291,000, an increase of 44% over the same period a year ago. The company’s flagship formulation, IGC-AD1, continues to makes strides in clinical trials to address agitation in dementia due to Alzheimer’s. Read more here.

The Cannabis Place

The first service-disabled veteran and Latino-owned dispensary in New Jersey is open for business. After launching The Cannabis Place as New York’s first licensed home delivery cannabis service earlier this year, retired U.S. Marine Osbert Orduna’s venture made its New Jersey debut, unveiling a flagship storefront Nov. 9 in Jersey City. Read more here.

CONTINUE READING
StaffOctober 19, 2023
Daily-Hit-Header.png
BusinessDaily Hit

The Daily Hit: October 19, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Oct. 19, 2023.

On the Site

Cresco Labs Latest Cannabis Company to Leave Arizona

Cresco Labs (CSE: CL) (OTC: CRLBF) has sold its sole Arizona business, Encanto, to an affiliate of Mint Cannabis for $6.5 million. The move comes as Cresco seeks to sharpen its focus on core markets and products after its mega-merger with MSO counterpart Columbia Care fell apart this past summer. Read more here.

• Related: Arizona Cannabis Sales Decline in June, July

SNDL Consolidates Cultivation, Eyes $10M in Annual Savings

Canadian firm SNDL Inc. (NASDAQ: SNDL) announced operational changes aimed at growing its marijuana segment’s bottom line. Central to the strategy, the company will consolidate its cultivation at its Atholville, New Brunswick, facility and the closer of its Olds, Alberta, facility. Read more here.

Fraction of Craft Growers Operational in Illinois, Despite Dedicated Fund

Just 10 out of 87 craft cultivation marijuana business permits issued in 2021 by Illinois are operational thus far, despite millions in state capital that’s been doled out to support the ventures. Read more here.

Altria Sues 34 Vape Companies, Contends Competitors are Illegal

Marlboro cigarette maker Altria Group Inc. (NYSE: MO) and one of its electronic cigarette-maker subsidiaries have filed a lawsuit against nearly three dozen competitors that it contends are routinely breaking both state and federal laws, in an attempt to drive the vape companies out of business. Read more here.

Marijuana Lobbyists Sentenced for Bribery Scheme in Michigan

Two lobbyists for marijuana companies were sentenced to federal prison Wednesday for their roles in a scheme in which a top regulator was paid bribes to facilitate licenses to enter Michigan’s lucrative medical marijuana market. Read more here.

In Other News

Affinity Federal Credit Union

Affinity Federal Credit Union has announced its strategic partnership with Green Check, a leading FinTech connector and technology provider in the burgeoning cannabis banking sector. This collaboration aims to extend Affinity’s services to the legal cannabis-related business segment within the communities it serves. Read more here.

Alabama

A circuit judge in Alabama who is hearing a variety of lawsuits related to the stalled issuance of medical marijuana production and distribution licenses on Wednesday said he may allow companies with non-contested permits to move forward. Read more here.

Ohio Adult-Use Legalization

Companies in the cannabis industry, such as Scotts Miracle-Gro, are hoping for help from Ohioans when they vote on Issue 2, which would legalize recreational marijuana for adults. Early voting is underway across the state for the Nov. 7 election. Read more here.

CONTINUE READING

Older Posts

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

READ MORE
Recent Tweets
Company

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.