Adam JacksonAugust 10, 2023
Management previously suggested that 2023 could be a breakthrough year.
TerrAscend Corp Archives - Green Market Report
Adam JacksonAugust 10, 2023Adam JacksonAugust 1, 2023The company suggested that 2023 could be a breakthrough year.
StaffJune 30, 2023
Herbiculture has a net revenue run rate of approximately $4.3 million.
StaffJune 28, 2023
The Daily Hit is a recap of the top financial news stories for June 28, 2023.
On the Site
Canopy Growth Continues to Crater, Auditors Resign Over Operational Concerns
Canadian cannabis giant Canopy Growth Corp. (Nasdaq: CGC) is feeling the heat as its stock price continues to slump and its principal accountants flee the wreckage, according to recent reports and regulatory filings. Read more here.
New York Continues Illicit Cannabis Crackdown, But Some Shops Defiantly Remain Open
A sweeping crackdown by New York state authorities and city-level officials is still very much underway, as exemplified by a dozen shops in the city of Syracuse that have been shuttered in recent months. But it’s still an open question as to whether civil approaches such as code violations will work broadly with a majority of illicit dealers. Read more here.
New York Marijuana Coalition Demands ‘Course Correction’ from Governor
A small but vocal group of activists representing a loose coalition of marijuana companies and community activists – including the mother of Eric Garner – held a rally Wednesday outside the Manhattan office of New York Gov. Kathy Hochul, chanting “Open up the program!” and demanding the state move quicker on issuing more cannabis business permits. Read more here.
Arizona Marijuana Monthly Sales Pass $100M for First Time in March
Arizona recreational marijuana sales passed the nine-figure mark for the first time in March since the adult-use market launched in January 2021, according to data from the state Department of Revenue. That month, recreational cannabis sales inched past the threshold for a final tally of $100.7 million, in addition to $32 million in medical marijuana sales. Read more here.
TerrAscend Completes $20.5M Private Placement
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) closed on a second round of private placements this week worth $20.5 million, the company said Wednesday. The second tranche involved selling 2,292,434 units of the company at $1.50 each, generating around $3.4 million. Read more here.
In Other News
New Hampshire
Medical marijuana dispensaries in New Hampshire can now sell their products to cannabis patients from other states and Canada. But starting Wednesday, New Hampshire visitors who can show a medical marijuana card with matching identification can make purchases at Granite State dispensaries. Read more here.
Acreage Holdings
Acreage Holdings Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) appointed Carl Nesbitt as chief financial officer, effective July 3. Read more here.
StaffJune 27, 2023The Daily Hit is a recap of the top financial news stories for June 27, 2023.
On the Site
Florida Governor Signs Medical Marijuana Bill Despite Opposition to Federal Reform
In the span of just four days, Florida Gov. Ron DeSantis both nixed the possibility of federal marijuana decriminalization if he wins the U.S. presidency and also gave a significant boost to his home state’s medical marijuana market by signing a pro-cannabis legislative bill into law. Read more here.
New Jersey to Expand Cannabis Retail Ownership, Licensing
A sweeping expansion in the New Jersey’s cannabis retail ownership has been given a nod by the state’s legislature. The move, following the passage of A4151, will allow individuals, including current licensees, to possess up to a 35% equity stake in a maximum of seven different class 5 retail licenses. Read more here.
TerrAscend Obtains $25 Million Loan, Buys Third Maryland Dispensary
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced Tuesday that it had both closed on a $25 million commercial loan in its home nation of Canada and also acquired its third Maryland dispensary in a $6.75 million deal. Read more here.
FDA Issues Draft Guidance on Clinical Trials for Psychedelic Drugs
The U.S. Food and Drug Administration released draft guidelines to aid scientists studying the therapeutic potential of psychedelic drugs, marking an updated direction in the regulation of clinical trials for these substances. The new guidelines, intended for industries researching medical applications of psychedelics, underscored the unique challenges presented by these compounds in terms of safety and efficacy. Read more here.
From $0 to $100M: How Two Cannabis Entrepreneurs Grew Without Outside Funding
Deciding whether to fundraise for a start-up company is a big decision. On one hand, having money to support the initial growth can alleviate some of the growing pains; on the other, raising funds can be a job unto itself – and that money often comes with strings attached. Read more here.
In Other News
RECALL ALERT: Oregon
Multiple batches of cannabis flower have been recalled after testing positive for aspergillus (mold) and heavy metals (cadmium and mercury), the Oregon Liquor and Cannabis Commission announced Monday. Read more here.
New York
Licensed cannabis growers in New York would be temporarily allowed to sell their product to dispensaries with Tribal Nation licenses operating in the state under pending legislation that will soon head to Gov. Kathy Hochul. Read more here.
The Parent Co./Gold Flora
TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF) received the final order from the Supreme Court of British Columbia approving the previously announced proposed business combination with Gold Flora. Conditional approval has also been received from the NEO Exchange in connection with the agreement and the listing of the common shares and warrants to purchase common shares of Gold Flora Corp., the entity resulting from the business combination, subject to customary listing conditions. Read more here.
John SchroyerJune 27, 2023The company is looking for another acquisition in Maryland.
StaffJune 21, 2023The Daily Hit is a recap of the top financial news stories for June 21, 2023.
On the Site
TerrAscend Gets Green Light for TSX Listing, $15M Offering
A top North American cannabis operator, TerrAscend Corp., has received conditional approval to list its common shares on the Toronto Stock Exchange (TSX), the company said Wednesday. The move, which is still subject to meeting certain customary conditions, marks a significant milestone for the cannabis industry. Read more here.
Viola Entering the Chicago Cannabis Market
A familiar name in the cannabis world is coming to Chicago, where a Viola retail store is set to open in the next week. It’s the latest among the roughly two dozen new pot shops to open since the state of Illinois awarded 192 licenses last year after lengthy legal delays. Read more here.
Body and Mind Stays Bullish on Expansion Despite Revenue Slump
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) posted $7.3 million in revenue for the third quarter of fiscal year 2023, which ended on April 30, 2023. The results represented a slight slump from the company’s previous quarter revenues of $7.7 million. Read more here.
Oregon’s Cannabis Retailers Must Comply with New Tax Rules or Forfeit Licenses, State Says
Oregon is now mandating marijuana retailers to establish good standing with state tax collectors before renewing their business licenses — or risk losing the permit altogether. The rule is a temporary measure set to last until December 12, but will be revisited later this year for permanent rulemaking, the Oregon Liquor and Cannabis Commission’s Recreational Marijuana Program said in a June 16 statement. Read more here.
Maryland Cannabis Company Headed to Auction Block
Maryland-based Temescal Wellness Maryland, better known as Evermore Cannabis is headed to the auction block on Monday June 26, 2023. The company apparently defaulted on a loan from the lenders Ascend Maryland 2 LLC. The assets are being sold as they were used to secure the loan. Read more here.
In Other News
Statehouse Holdings Corp.
StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF), a California-focused, vertically integrated cannabis enterprise, continues to engage in discussions related to potential future financing options. In addition, the company’s Series A debtholders have granted StateHouse a further extension to July 3, on repayment of the company’s outstanding debt obligations owing to the Series A Debtholders. Read more here.
New York
The Coalition for Access to Regulated & Safe Cannabis (CARSC), which represents licensed registered medical cannabis operators and equity applicants excluded from New York’s nascent adult-use market, released a report detailing the severe degree to which the State’s adult-use cannabis program is failing to meet tax revenue targets. Coming into 2023, NYS projected it would generate $56 million in state cannabis tax revenues in the first year of legal adult-use sales with most of the money — $40 million — coming from licensing fees paid by growers and sellers. Read more here.
New Jersey
The New Jersey Cannabis Regulatory Commission approved several additional legal marijuana stores to open while underscoring sales from both recreational and medical cannabis has brought in roughly $180 million. Read more here.
Adam JacksonJune 21, 2023The company will provide more information once the TSX confirms the commencement date for trading.
StaffJune 8, 2023The Daily Hit is a recap of the top financial news stories for June 8, 2023.
On the Site
TerrAscend to Acquire Maryland Dispensary For $22 Million in Mostly Stock Deal
Toronto-based TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced Thursday that it will acquire a Maryland medical marijuana dispensary for $22.1 million in a mostly stock deal, less than a month before adult-use cannabis sales are set to launch in the state on July 1. Read more here.
New York Launches Enforcement Crackdown on Unlicensed Marijuana Shops
New York state authorities have begun what they say will be a sweeping crackdown on the 1,500 or more unlicensed marijuana businesses that have sprouted up over the past year, with surprise inspections and cease-and-desist orders issued at seven retail shops in New York City on Wednesday. Read more here.
Sunderstorm Acquires Abide Brands
California-based Sunderstorm has purchased the vape company Nevada-based Abide Brands, the maker of Bounti Vapes, for an undisclosed amount. It is the first acquisition by Sunderstorm with the intent to expand the company’s product offering line. Read more here.
Exclusive Interview: MariMed Leadership Talks Path to Profitability
Massachusetts-based MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) posted a profit in 2022, an anomaly among U.S. publicly traded cannabis companies which combined for billions in losses. CEO Jon Levine and CFO Susan Villare recently sat down with Green Market Report to talk about how the business positioned itself to weather the headwinds under which the national marijuana industry labors and what they think it will take for the broader sector to reach sustainable profitability. Read more here.
In Other News
Colorado
Colorado’s marijuana businesses could soon see higher licensing fees as state regulators deal with their first cannabis cash shortage. The majority of the Colorado Marijuana Enforcement Division’s funding comes from licensing fees and fines on dispensaries, growing operations, and other legal pot businesses. As Colorado’s marijuana industry suffers through a recession and more businesses shut down or leave the state, however, the MED is running out of money. Read more here.
John SchroyerJune 8, 2023The acquisition will give TerrAscend its second retail shop in Maryland, which will launch adult-use sales in July.
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