Adam JacksonSeptember 7, 2023
Average basket sizes are trending downward, though.
springbig Archives - Green Market Report
Adam JacksonSeptember 7, 2023
StaffSeptember 6, 2023
The Daily Hit is a recap of the top financial news stories for Sept. 6, 2023.
On the Site
Dutchie Countersues ScanSource Over $17.1M Unpaid Goods Claim
E-commerce cannabis company Dutchie filed a countersuit against tech distributor ScanSource amid an ongoing $24.7 million legal dispute. Dutchie’s parry move accuses ScanSource of not only breaching its contract but also of delaying the placement of orders for 35,000 tech products. Read more here.
Maryland Cannabis Regulators Outline Social Equity Requirements
Maryland regulators have unveiled guidelines to determine eligibility for social equity applicants in the upcoming cannabis licensing application period. The state’s Office of Social Equity is tasked with outlining who qualifies as a social equity applicant, while the newly established Maryland Cannabis Administration will oversee the verification and license application processes. Read more here.
Anti-Marijuana Group Files Second Lawsuit Against New York
An anti-marijuana group has filed its second lawsuit against the state of New York, this time alleging that the $200 million state fund established to help justice-involved retail licensees obtain real estate for their shops is tantamount to “money laundering.” Read more here.
Third Minnesota Tribe to Enter Recreational Marijuana Market
The recreational marijuana business in the Land of 10,000 Lakes is picking up, with a third Minnesota-based Native American tribe announcing plans to enter the trade. Recreational possession and use became legal in the state on Aug. 1, but the state has yet to create a framework for businesses to operate under. Read more here.
Springbig to Delist From Nasdaq, Trade on OTC Markets
Cannabis marketing company SpringBig Holdings Inc. (OTC: SBIG) announced late last week that it will be removed from the Nasdaq, but it will continue trading on over-the-counter markets. Read more here.
In Other News
Keego Harbor, Michigan
A Michigan appellate panel has ruled the city of Keego Harbor wrongly excluded a proposed charter amendment from the November ballot that would establish regulations for two adult-use marijuana retail facilities, saying petitions pushing charter amendments are not subject to approval by the city clerk before being circulated for signatures. Read more here.
BDSA
Cannabis sales increased 0.8% sequentially in July after increasing 0.3% in June, according to cannabis data analytics firm BDSA. Looking at a per-day basis, sales decreased 2.4% sequentially. Read more here.
Aurora Cannabis
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) has expanded its hemp-derived CBD portfolio into Brazil. In partnership with Herbarium, the leading Brazilian company in herbal medicine, Aurora will launch the company’s full-spectrum, single-source 3% CBD oil, under the Herbarium brand. Read more here.
Adam JacksonAugust 31, 2023
Certain dosage forms like eighths of flower, pre-rolls, vapes, and edibles have gained popularity lately.
Adam JacksonAugust 11, 2023
The company lowered its losses during the period.
Adam JacksonJuly 21, 2023
Overall, people are showing up to shop more frequently, but buy less these days.
StaffJuly 11, 2023
The Daily Hit is a recap of the top financial news stories for July 11, 2023.
On the Site
Rhode Island Dispensary Sues State Over Labor Peace Agreement Rule
Greenleaf Compassionate Care Center Inc. filed suit on Monday in federal court against five Rhode Island state officials, as well as the United Food and Commercial Workers Union Local 328, in a bid to invalidate both the labor peace agreement rule and also a collective bargaining agreement between the shop and its UFCW-organized workforce. Read more here.
New York Judge Dismisses Suit Over Proposed Harlem Cannabis Dispensary
A lawsuit by a Harlem business group against a proposed cannabis dispensary was dismissed Monday by a New York state court judge, who found that the business group was not yet harmed since the dispensary can’t operate until its license is finalized. Read more here.
Related: The Bronx Gets Its First Licensed Cannabis Shop
Maryland Devotes $40 Million to Social Equity in Marijuana
The state of Maryland announced a $40 million grant that will be doled out to a handful of social equity marijuana companies – an effort to ease their entrance into the newly launched recreational cannabis market. Read more here.
InterCure Decides to Leave Toronto Stock Exchange
Israeli-based InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR), also known as Canndoc, plans delist its common shares from the Toronto Stock Exchange on August 14. It concluded that maintaining the listing does not offer substantial benefits to the company and its shareholders. Read more here.
SpringBig Predicts Path to Profitability Amid Q2 Growth
Florida-based cannabis software solutions provider SpringBig Holdings Inc. (Nasdaq: SBIG) saw notable growth and a path toward profitability in its preliminary financial results for the second quarter ended June 30 and updated its outlook for the second half of the fiscal year. Read more here.
In Other News
Pineapple Express Cannabis Co.
Pineapple Express Cannabis Co. (OTC: PNXP) announced the corporate action consent of its name change to Pineapple Express Cannabis Company (formerly Minaro Corp.) and also a revised ticker symbol of PNXP (formerly MNAO). Read more here.
Detroit
The city of Detroit will begin accepting applications for the second round of limited marijuana business licenses, which include dispensaries, microbusinesses and consumption lounges, on Aug. 1. Read more here.
Alabama
The Alabama Medical Cannabis Commission plans to award business licenses at a meeting on August 10, officials with the AMCC said at a court hearing Thursday afternoon, replacing the selections it announced last month. Read more here.
Adam JacksonJuly 11, 2023
SpringBig projects a revenue in the range of $31 million to $32.5 million for the full year.
StaffJune 6, 2023The Daily Hit is a recap of the top financial news stories for June 6, 2023.
On the Site
Cannabis Retailer Fire & Flower Files for Bankruptcy Protection
Canadian cannabis retailer Fire & Flower Holdings Corp. (OTCQX: FFLWF) is seeking creditor protection under the Creditors Arrangement Act, the company said Tuesday. The company and a string of its subsidiaries received an order from the Ontario Superior Court of Justice for creditor protection, marking a notable – yet foreseen – shift in its financial circumstances. Read more here.
New Cannabis Coalition Aims to Influence Federal Rescheduling Process
A broad group of marijuana companies, cannabis trade organizations, nonprofits, law firms, doctors, ancillary companies, and activists has joined forces in the hopes of influencing a review by the Biden administration which could result in federal marijuana legalization. Read more here.
NY CAURD Applicant Wants Waiver for Location Near MedMen
Three Dominican-born, Queens-raised brothers want to open a dispensary and consumption lounge in the old Nat Sherman cigar lounge located in a prime spot in the city – on 42nd street near Grand Central Terminal in the heart of midtown Manhattan. Unfortunately, the city believes that’s within 1,000 feet of the financially troubled medical-only MedMen (OTC: MMNFF) store on Fifth Ave. Read more here.
SpringBig Sued by Kind+ for Alleged Copycat Subscription Service
Florida-based cannabis marketing company, SpringBig Inc. (Nasdaq: SBIG), is being sued by Kind+ Inc., a Massachusetts-based cannabis subscription service, for allegedly using their partnership to create a competing business. The complaint alleges SpringBig used its access to Kind’s proprietary technology and business data to introduce a rival service last month. Read more here.
ICYMI: LGBTQ+ Pride’s Crucial Role in the Modern Cannabis Industry
Since June is Pride Month – a 30-day show of support for the LGBTQ+ community – Green Market Report thought it was worth a few hundred words to note that the modern U.S. marijuana industry likely wouldn’t exist if it hadn’t been for the courage of that same community of activists who have been willing to push back against societal norms for decades. Read more here.
In Other News
Schwazze
Medicine Man Technologies Inc. (OTCQX: SHWZ) (NEO: SHWZ), which operates as Schwazze, acquired certain assets of Sucellus LLC, pursuant to which the Schwazze will manage Everest Apothecary Inc., a New Mexico not-for-profit corporation. The transaction includes retail dispensaries, cultivation, and manufacturing facilities. Read more here.
Green Check Verified
Green Check Verified, a fintech provider of compliant cannabis banking solutions and business services, acquired Komplyd, a purpose-built compliance-as-a-service platform designed for business applications targeting the cannabis industry. The acquisition will enable Green Check Verified to further integrate with seed-to-sale technologies and more seamlessly connect the supply chain of the plant to the supply chain of commerce. Read more here.
Adam JacksonJune 6, 2023The news comes weeks after the company issued a $4 million public offering.
Adam JacksonMay 5, 2023The cannabis business software provider said it is still bullish on the industry despite widespread headwinds.
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