Snoop Dogg Archives - Green Market Report

StaffMarch 7, 2023
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BusinessDaily Hit

Daily Hit: March 7, 2023

4min00

The Daily Hit is a recap of the top financial news stories for March 7, 2023.

On the Site

Illinois Out-of-State Cannabis Sales Drop as New Missouri Market Proves Itself

Illinois saw its lowest number of out-of-state cannabis purchases since February 2021 – and Missouri’s new adult-use program could be behind the drop. Total recreational cannabis products sales by legal retailers also fell, hitting $120.5 million in February, the lowest since the same month in 2022. Read more here.

Illinois Craft Cannabis Growers Get Major Deadline Extension

The 88 social equity craft cannabis growers awarded permits by Illinois last year were granted a reprieve this past week, when the state Department of Agriculture pushed back a March 1 deadline to be operational by more than a year for many of those licensees. Read more here.

AFC Gamma Credit Losses Increase More Than 300% in 2022

AFC Gamma Inc. (Nasdaq: AFCG) reported an interest income of $21 million and a net income of $2.9 million for the fourth quarter ended Dec. 31, 2022. The company reported $0.14 per basic weighted average common share and distributable earnings of $12.6 million or 62 cents per basic weighted average common share for the fourth quarter of 2022. This beat the Yahoo Finance average analyst estimate for earnings of 58 cents and income of $18.3 million. Read more here.

Atlas Global Expands Retail in Middle East, Inks International Snoop Dogg Brand Deal

Atlas Global Brands Inc. (CSE: ATL) is rapidly moving to acquire valuable cannabis assets for its recent international venture after snapping up two pharmacies in Israel and inking an exclusive licensing agreement for Snoop Dogg’s brands. Read more here.

In Other News

Colorado Cannabis Recall

The Colorado Department of Revenue alongside the Colorado Department of Public Health and Environment issued a health and safety advisory for marijuana sold at several stores in Colorado. DOR identified harvest batches produced by Green Street LLC that passed initial contaminant testing but failed retesting. Read more here.

Scotts Miracle-Gro

Scotts Miracle-Gro (NYSE: SMG) CFO Matthew Garth said the company still sees promise in the struggling $100 billion cannabis market to which it sells indoor growing and hydroponic equipment. In the wake of “shifting tectonic plates” and oversupply issues, Garth said Monday that Scotts is rightsizing its Hawthorne segment that serves the cannabis market. Read more here.

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StaffJanuary 3, 2023
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BusinessDaily Hit

The Daily Hit: January 3, 2023

4min00

The Daily Hit is a recap of cannabis business news for Jan. 3, 2023.

ON THE SITE

MMJ License Holders will have Missouri Rec Market to Themselves for a Year

Though adult-use cannabis sales are expected to launch next month in Missouri, some hopeful market entrants aren’t thrilled that medical permit holders will have the state to themselves for a year before more retailers are allowed to apply for licensure. Read more here.

Virginia Lawmaker Introduces Bill to Launch Recreational Cannabis Market

A Republican lawmaker in the Virginia House of Delegates has introduced a bill to finally stand up the state’s adult-use cannabis market, more than 18 months after the legislature legalized recreational marijuana. But many advocates are unhappy with social equity changes made by the bill’s author, adding more uncertainty to the mix. Read more here.

Snoop Dogg Launches Death Row Cannabis

For more than 30 years, through countless chart-topping hits and landmark artists, Death Row Records has stood as one of the music industry’s most iconic and culturally significant platforms. On Thursday, the company announced its first cannabis drop, using an animation of their globally recognized logo and reveal of their branded pre-roll tube. Read more here.

Cannabis Industry Faces Sobering 2023

Without much meaningful development concerning legalization efforts in 2022, many sobering themes likely will carry over into 2023. Read more about the 2023 outlook for the cannabis industry here.

IN OTHER NEWS

Glass House Brands

Glass House Brands Inc. (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) closed on a non-brokered private placement of Series C Preferred Stock, face value $1,000 per share, of GH Group, Inc., a subsidiary of the company. The financing raised $4.7 million of new capital on top of the approximately $26.5 million of incremental capital raised from the company’s Series B Preferred Stock offering that closed on Dec. 6, 2022. Read more here.

Flower One Holdings

Flower One Holdings Inc., together with its Canadian subsidiaries Flower One Corp. and FO Labour Management Ltd., announced the implementation of its previously announced reorganization plan and the closing of the transactions contemplated by the plan, including a Canadian restructuring transaction pursuant to which the Canadian Company has ceased to own any U.S. operating subsidiaries. Read more here.

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Anne-Marie FischerOctober 29, 2018
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BusinessTechnology

Snoop Dogg’s Casa Verde, Tiger Global Invests Millions into Seed-to-Sale Software

3min00

As everyone who owns a cannabis retail store knows, compliance is key to running a successful legal cannabis business, and tech companies have seriously stepped up to make compliance a seamless process.

Metrc, is a well-known seed-to-sale traceability platform that helps cannabis companies manage their inventory and the movement of cannabis products through the supply chain. Operating in Colorado, Oregon, Alaska, Maryland, Michigan, Ohio, Massachusetts, Montana, Nevada and Louisiana, and Washington, D.C., Metrc helps fulfill state reporting requirements and has become known as the “de facto track-and-trace system” for government entities that regulate the legal cannabis markets.

Metrc announced its first outside round of funding in the form of $50 million from Tiger Global Management and Casa Verde Ventures, the 3-year-old, cannabis-focused venture firm co-founded by notorious cannabis enthusiast and investor Snoop Dogg, but managed largely by Goldman Sachs and Nomura Securities alum Karan Wadhera.

The partnership between Tiger Global Management and Casa Verde Ventures, where each entity “shares deal flow quite regularly”, funded Point of Sale software company GreenBits, which is designed to integrate into seed-to-sale systems like Metrc.

Metrc was formerly part of Franwell, focusing on cold chain management and fresh foods, which helped gain the supply chain management knowledge and expertise needed to transition into seed-to-sale traceability for cannabis.

Metrc CEO Jeff Wells says that the over 100-employee company plans to “look to expand our regulatory focus,” with the $50 million investment, including potential expansion into “other regulated markets and products that need the type of tools that Metrc has created.”

“Compliance is the backbone of the cannabis industry. If a license holder isn’t compliant, their business will cease to exist,” said Karan Wadhera.

 

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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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