Debra BorchardtOctober 26, 2023
The quarterly loss was a year-over-year improvement of $5.6 million.
SOL Global Investments Corp. Archives - Green Market Report
Debra BorchardtOctober 26, 2023
StaffJuly 26, 2023
The Daily Hit is a recap of the top financial news stories for July 26, 2023.
On the Site
Tilray Brands Stock Jumps on $30M Revenue Beat
Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) stock was up more than 20% after the cannabis CPG giant surprised investors with boosts in revenue and adjusted EBIDTA, while lowering its net loss for the fourth quarter ending May 31. The company posted net revenue of $184 million for the fourth quarter, notching 20% year-over-year growth. Read more here.
Sol Global’s Cannabis Holdings Get Haircuts in Valuations
SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) reported unaudited financial results for the second quarter ended May 31, 2023. The company has become more diversified and its cannabis holdings now account for only about 20% of its business. Read more here.
22nd Century Group Names New CEO, Initiates Cost Reduction
Tobacco and cannabis company 22nd Century Group, Inc. (Nasdaq: XXII) reported that John Miller, who leads the tobacco business unit, has been appointed as interim Chief Executive Officer. In addition, the company secured an additional $11.7 million in gross proceeds from registered direct financing and announced the start of an estimated $15 million annualized cost reduction initiative. Read more here.
Chris Webber Scales Back $175 Million Detroit Cannabis Plan as Market Sours
Chris Webber’s planned $175 million marijuana development in Detroit remains unfinished in southwest Detroit nearly two years since it was announced. Market conditions that sank marijuana prices by more than 56% between breaking ground and now kept Webber from advancing on the project. He said the company still has plans but is scaling them back. Read more here.
Craft 1861 to Sell Plant-Touching Operations in New Mexico
Craft 1861 Global Inc., a wholly owned subsidiary of Craft 1861 Global Holdings Inc. (Cboe Canada/NEO: HUMN), has entered into a binding letter of intent to divest its plant-touching operations in New Mexico to RKA LLC. Read more here.
In Other News
Gold Flora Corp.
Gold Flora Corp. (NEO: GRAM) launched a new sales and distribution company, Stately Distribution to provide service and support to the California cannabis market. Stately will operate comprehensive sales and management for the Gold Flora’s rapidly growing first-party brands, which with the recent merger with The Parent Co., includes nine brands, as well as a select group of strategically curated third-party partner brands. Read more here.
Ohio Recreational Marijuana
A proposal to legalize adult use of cannabis in Ohio narrowly fell short Tuesday of the signatures it needed to make the fall statewide ballot. Backers will have 10 days, or until Aug. 4, to gather at least 679 more signatures. Read more here.
Gold Leaf Acres
The Oklahoma Medical Marijuana Authority made an arrest after an anonymous complaint about a licensed grow facility led to an inspection where thousands of untagged cannabis plants and over 600 pounds of untagged cannabis were discovered. Read more here.
Debra BorchardtJuly 26, 2023
The value of the company's U.S. cannabis investments fell 7% from last year.
William SumnerJuly 25, 2019
It’s time for your Daily Hit of cannabis financial news for July 25, 2019.
On the Site
Leafwire
Leafwire, the largest cannabis business network worldwide, announced today the closing of a Seed Round for $1 Million. Since its launch, Leafwire has grown rapidly, often with over 1,000 members visiting the platform daily. Leafwire currently boasts more than 16,000 members currently and is projected to surpass 25,000 members by the end of the year.
Executive Spotlight: Jessica Velazquez, Managing Partner of Indiva Advisors LLP
Jessica Velazquez is a Certified Public Accountant (CPA) licensed in Illinois & Nevada and Partner of Indiva Advisors LLP, a full-service accounting firm for cannabis and hemp businesses.
Heavenly Rx
The hemp-CBD company Heavenly Rx Ltd. announced today that it has closed its acquisition of Tru Brands Inc. Tru Brands is a health and wellness company focused on developing a suite of all-natural food products. Under the agreement, Heavenly Rx will acquire a 51% stake in Tru Brands for $3.5 million in cash and $2.57 million in company stock. Through a series of working capital injections, the company will eventually increase its stake in Tru Brands to 62%.
Auxly Cannabis
The tobacco industry is betting big on cannabis. Today, Auxly Cannabis Group Inc. (TSX.V: XLY) (OTCQX: CBWTF) announced that the international tobacco company Imperial Brands PLC will make a $123 investment in the company through a convertible debenture.
In Other News
Namaste Technologies
Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) announced that it has settled a series of class action lawsuits filed against the company in both the United States and Canada. The suits were filed in response to a report published by Citron Research alleging securities violations. Without admitting guilt or liability, Namaste will pay $2.15 million to settle claims in Canada and $2.75 million to settle claims in $2.75. Much of the payout will be funded through the company’s insurance, Namaste itself will only contribute $500,000. In a statement, interim CEO Meni Morim said that the settlement was a “win-win for Namaste Shareholders and business partners alike.”
Cannara Biotech
Cannara Biotech Inc. (CSE: LOVE) (FRA: 8CB) (OTCQB: LOVFF) announced the release of its financial results for the third quarter, ending on May 31, 2019. Lease revenue was $506,785 and lease operating costs were $221,157. The company’s operating expenses for the quarter was $150,429, amortization expenses were $150,429, and the net loss was $2.8 million. As of May 31, 2019, Cannara had a net working capital amount of $28.43 million, which should be sufficient to fund its planned construction and operating expenses for at least the next year. “Given the size of our facility and the self-evident need for greater supply in the marketplace, we are as committed and confident as ever in our mission to be an integral cannabis producer in the Canadian landscape, combining scale with premium quality,” said said Zohar Krivorot, President and CEO of Cannara.
SOL Global Investments Corp.
SOL Global Investments Corp. (CSE:SOL (OTCPK:SOLCF) ) (Frankfurt:9SB) announced a $2 million capital infusion its portfolio company CannCure Investments Inc. The capital infusion is aimed at accelerating expansion initiatives of companies owned, or soon to be owned, by CannaCure; including Northern Emerald and One Plant Dispensaries.
William SumnerApril 25, 2019It’s time for your Daily Hit of cannabis financial news for April 25, 2019.
On The Site
Bank of America Merrill Lynch Initiates Coverage On Cannabis Industry
It was a significant move for the financial industry and the cannabis industry when Bank of America Merrill Lynch (BAML) released a 62-page report entitled “A cannabis world… and more people are living in it.” Green Market Report combed through this detailed report to find some poignant highlights brought forth by Bank of America Merrill Lynch in their analysis of the growing global cannabis market.
SOL Global
SOL Global Investments Corp. (CSE: SOL) (OTCQB: SOLCF), the owner of 3 Boys Farms, which holds one of Florida’s original 14 operating and vertically integrated medical marijuana treatment center licenses, has entered into a binding letter of intent with cannabis-focused private equity firm Merida Capital Partners to acquire Merida’s Michigan subsidiary, MCP Wellness, Inc. in a deal valued at $150 million.
In Other News
Vireo Health
Vireo Health International, Inc. (CSE: VREO) announced that its patent application titled, “Tobacco Products with Cannabinoid Additives and Methods for Reducing the Harm Associated with Tobacco Use” has been approved by the United States Patent and Trademark Office (USPTO). The patent application covers the use of cannabinoids as a “harm reduction agent” in certain tobacco products such as cigarettes, pipe tobacco, or smokeless tobacco products.
MariMed
MariMed Inc. (OTCQB: MRMD) announced that its subsidiary MariMed Hemp will acquire a 70% of MediTaurus, which owns the CBD health and wellness brand Florance, which has an established retail presence in both the United States and the European Union. The acquisition is part of MariMed’s strategy to optimize its investment in the Kentucky-based CBD producer GenCanna Global Inc. Terms of the transaction were not disclosed. “We at MediTaurus are extremely pleased to be joining the MariMed family and combining our expertise to further develop innovative products and processes and creating world-class brands with fully compliant and transparent supply and production,” said MediTaurus CEO and co-Founder Dr. Jokūbas Žiburkus. “The current dynamic growth of hemp and medical cannabis presents unprecedented opportunities for synergies among scientists, medical practitioners, consumers, and the financial marketplace.”
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