Adam JacksonSeptember 1, 2023
Wall Street's getting back on the bull after a few years of faded optimism.
StateHouse Holdings Archives - Green Market Report
Adam JacksonSeptember 1, 2023
StaffAugust 30, 2023
The Daily Hit is a recap of the top financial news stories for Aug. 30, 2023.
On the Site
Biden Administration Calls on DEA to Move Marijuana to Schedule 3
Marijuana rescheduling just got real. On Monday, the U.S. Department of Health and Human Services under the Joe Biden administration formally recommended to its peers at the Department of Justice that marijuana be moved lower on the list of federally controlled substances, from Schedule 1 to Schedule 3. Read more here.
StateHouse Shows Resilience Despite Revenue Dip in Q2
The California-based company’s net revenues for the period were $25.3 million, down versus the $34.6 million in the same period last year. However, gross margins improved to 49.9% in the second quarter from 46.6% in the prior year’s period. Read more here.
Entourage Health’s Revenue Slips in Second Quarter
Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced its financial results for the second quarter ending June 30, 2023. Entourage reported total revenue increased 1% to $13.37 million over last year’s revenue of $13.18 million. However, revenue fell sequentially from the first quarter’s $15 million. Read more here.
Simply Better Brands Q2 Revenue Soars 40% Despite Net Loss
Simply Better Brands Corp. (TSX: SBBC) (OTCQB: PKANF) reported its second quarter financials ending June 30, showing a 40% increase in revenue, reaching $23.6 million, as the company tries to invests in growing its brands and expanding its reach. Read more here.
RIV Capital Details New York Adult-Use Strategy – and it’s Not Retail
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF), one of the few “registered organizations” in New York licensed to sell medical marijuana through its Etain subsidiary, made clear that its approach to the Empire State’s recreational cannabis market is to compete on wholesaling and brand-building, not retail. Read more here.
In Other News
California Cannabis Administrative Prosecutor Program
The California Department of Justice has launched a cooperative program to help cities combat the prolific illicit market in the state. Through the program, the state plans to provide resources and education to build localized enforcement programs. Fresno is the first city in the state to participate. Read more here.
Delta Extraction
A Missouri judge denied on Wednesday Delta Extraction’s effort to stop the recall of 62,000 products containing the company’s THC concentrate that the state deemed a “potential threat to health and safety.” Read more here.
Pelorus Capital Group
Pelorus Capital Group entered into a managed service agreement with StateHouse Holdings Inc. to construct and manage operations at Pelorus’ cannabis cultivation asset located in Humboldt County, California. Read more here.
Adam JacksonAugust 30, 2023
The company expects positive adjusted EBITDA and cash flow before the end of the year.
StaffAugust 22, 2023The Daily Hit is a recap of the top financial news stories for Aug. 22, 2023.
On the Site
Verano Sues Alabama Marijuana Commission Over License Loss
Chicago-based Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) on Monday followed through with its threat to sue Alabama marijuana regulators, after a state commission voided a medical cannabis business license that had been granted to the multistate operator in June. Read more here.
Lawsuit Between Scotts’ Hawthorne, Luxx Lighting Heats Up
The battle between hydroponic heavyweight Hawthorne, a subsidiary of Scotts Miracle-Gro (NYSE: SMG), and Luxx Lighting is heating up. The relationship between the two companies began in 2021 when Hawthorne agreed to buy Luxx Lighting in a deal valued at $215 million. Read more here.
StateHouse, Pelorus Ink Major Service Agreement for Humboldt Facilities
California-based cannabis company StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF) has announced an 18-month managed service agreement with Pelorus Capital Group. Under the deal, StateHouse will be taking over operations at the Willow Creek facility in Humboldt County, commonly referred to as the “Humboldt Facilities.” Read more here.
Leef Brands Sees 14.6% Sales Boost in Q2
California-based Leef Brands Inc. (CSE: LEEF) (OTC: LEEEF) reported Q2 net sales of $9.3 million, a rise of 14.6% versus the previous year. Profit figures also rose, with a gross profit of $2.9 million, a year-over-year growth rate of 8.2% for the quarter. Read more here.
In Other News
Humble & Fume
Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) bolstered its expansion plans with an additional $4 million investment by Green Acre Capital Distribution Corp. into HC Solutions Holdings Inc., a joint venture company established by Humble and Green Acre. The focus of this venture continues to be the strategic distribution of cannabis products across the United States, with a primary focus on California. Read more here.
CuraScientific Corp.
CuraScientific Corp. (OTCPINK: CSTF) reported revenue of $441,000 for the three months ended June 30, up significantly from the $9,000 reported a year ago. The company also reduced convertible notes from $1.2 million in the period ended June 30, 2022, to $335,000 for the latest period. Read more here.
John SchroyerJune 28, 2023
Debt management strategies likely to become more common.
StaffMay 30, 2023
The Daily Hit is a recap of the top financial news stories for May 30, 2023.
On The Site
Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year
Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.
New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing
New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.
Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins
Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.
Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana
Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.
YourWay Cannabis Can’t Find An Auditor For Filings
YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.
In Other News
Minnesota
Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.
Ohio
Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.
North Carolina
A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.
Adam JacksonApril 20, 2023
Pot's unofficial holiday brings heightened attention, but also challenges as the industry grapples with falling employment.
Adam JacksonApril 19, 2023
The simple mantra, "If you know better, do better," has stuck with her throughout her career.
Adam JacksonApril 19, 2023
Rachel Edwards heads research and development for Statehouse Holdings.
Adam JacksonDecember 5, 2022
Tighter capital management and budgeting come as cash becomes more expensive and harder to grab.
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