TerrAscend Archives - Green Market Report

Lydia KibetLydia KibetAugust 20, 2020
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5min3220

TerrAscend Corp. (OTCQX: TRSSF) reported that its total revenue increased 36% sequentially and 169% year over year to $47.2 million for its second quarter ending June 30, 2020. The net loss for TerrAscend in the quarter was $13.6 million, which was down from last year’s net loss of $19.1 million for the same time period.

The company also reported an adjusted EBITDA of $11 million, a  131% increase from the last quarter. The gross margin expanded sequentially to 56% from 45%, which shows its solid momentum.

With cash and cash equivalents of $75 million, the strikingly impressive revenue was contributed by the US operations, which generated 90% of consolidated net sales compared to the prior quarter.

The CEO and Executive Chairman of TerrAscend, Jason Ackerman, believes that the top performance is as a result of their unwavering commitment to achieving best-in-class results from their operations. “We have been thoughtful in our approach to expanding our business, primarily focused on the areas of the U.S. market, where we see the highest probability of sustained, long-term growth. With cultivation at our New Jersey production facility underway and our Pennsylvania operations continuing to track ahead of plan, I am confident we can continue this solid momentum into the second half of the year.”

Prices Increase, But Write-Offs Happened

Terrascend did state that its dry bud prices increased from $8.51 per gram in December 2019 to $9.14 in June 2020. The trim prices increased from $2.42 in December to $6.01 in June 2020.

Still, during the quarter ending in March, management assessed that the net book value of inventory held at its Canadian facility relating to raw materials and Cannabis 1.0 products (finished goods) exceeded the net realizable
value and thus recorded an impairment of $1,772 (December 31, 2019- $9,184). Management also determined net realizable value as the estimated selling price in the ordinary course of business less the estimated costs of
completion and the estimated costs necessary to make the sale. In addition, during the three months ended March 31, 2020, management wrote off $135 (December 31, 2019 – $5,078) of inventory that it deemed unsaleable.

Since The Quarter Ended

On July 6, 2020, the Company opened its third Apothecarium dispensary in Pennsylvania and sixth overall. On July 31, 2020, the Company opened its fourth Apothecarium dispensary in California, in Berkeley. This is the
Company’s seventh Apothecarium dispensary overall. The stores will carry a wide variety of medical cannabis products, including dried flower, vaporizable and activated oils, concentrates, capsules, tinctures, topicals, and ancillary products.
On August 4, 2020, the Company’s greenhouse located at its Boonton facility has been approved by the New Jersey Department of Health (“NJ DOH”) to begin cultivating cannabis. Concurrently, TerrAscend has commenced initial
planting of this facility with the first harvest anticipated occurring during the fourth quarter of this year.
On August 5, 2020, the company announced the appointment of Jason Marks as Chief Legal Officer.

Looking Ahead

TerrAscend is forecasting that its full-year net sales should be at least $192 million driven by second half 2020 net sales growth of at least 34% versus the first half of 2020 and 109% year over year.  The company also said that the adjusted EBITDA for the year is expected to be at least $45 million.  TerrAscend noted that the outlook is driven by the company’s continued emphasis on further expansion of its most profitable business in Pennsylvania and ramp-up and further expansion of its retail footprint in PennsylvaniaNew Jersey, and California while maintaining a tight overall focus on costs.


StaffStaffAugust 6, 2020
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4min6480

TerrAscend Corp. (CSE:TER) (OTCQX: TRSSF)  stock popped over 10% to lately trade at $3.84 after the company announced preliminary financial results for its second-quarter. TerrAscend’s net sales increased 36% sequentially and 169% year over year to $47.2 million. The quarter ended June 30, 2020, and all amounts are in Canadian dollars.

“Our strong top and bottom-line performance reflects our unwavering commitment to achieve best-in-class results from our operations,” said Jason Ackerman, CEO and Executive Chairman of TerrAscend. “We have been thoughtful in our approach to expanding our business, primarily focused on the areas of the U.S. market where we see the highest probability of sustained, long-term growth. With cultivation at our New Jersey production facility underway and our Pennsylvania operations continuing to track ahead of plan, I am confident we can continue this solid momentum into the second half of the year.”

In addition to the sale figures, TerrAscend also delivered the following news in a statement:

  • US operations generated 90% of consolidated Net Sales
  • Adjusted EBITDA of $11.4 million, increasing 131% sequentially
  • Adjusted Gross Margin of 56% (before gain on fair value of biological assets)
  • Cash and Cash equivalents of $75 million as of June 30th, 2020

Management Changes

Just a couple of days ago, TerrAscend announced the appointment of Jason Marks as Chief Legal Officer. Recently, Marks served as the Chief Legal Officer, General Counsel & Corporate Secretary of InflaRx N.V., a publicly-traded biotechnology company. In this role, he was a member of the executive management team responsible for all aspects of legal, compliance, and corporate governance, as well as driving key business and strategic initiatives. Mr. Marks was also responsible for the operations of the company’s U.S. subsidiary.

The company also announced today the departure of Brian Feldman, formerly General Counsel and Heather Molloy, formerly Executive Vice President, Business Development and Chief Strategy Officer. Mr. Ackerman added, “On behalf of the whole team, I want to extend my heartfelt appreciation to both Heather and Brian for their contributions and tireless efforts during their tenure with TerrAscend.”

Later today, TerrAscend is scheduled to host an Investor and Analyst Day.

DATE: Thursday, August 6th, 2020
TIME: 10:00 a.m. Eastern Time
REGISTRATION: Click to Access
REPLAY: A replay will be posted to TerrAscend’s Investor Relations website and will be available until 12:00 midnight Eastern Time Thursday, August 20th, 2020

TerrAscend will publish its Q2 2020 results and host a conference call on August 20, 2020


Debra BorchardtDebra BorchardtMay 19, 2020
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4min3470

Despite the long-running bear market in the cannabis industry, TerrAscend Corp. (OTCQX: TRSSF) announced a non-brokered private placement for gross proceeds of approximately $30 million. TerrAscend also said that it could supersize the offering to between $35 and $40 million. The company said it plans to use the proceeds for its U.S. expansion and other general purposes.

The company said it has received initial investor commitments totaling $28 million, including a $20 million lead order from JW Asset Management LLC  which is expected to close on or about May 21, 2020.

“This planned funding positions TerrAscend with a strong balance sheet that enables us to continue to build depth in the high-quality markets where we operate,” said Jason Ackerman, CEO and Executive Chairman of TerrAscend. “We are now fully funded to complete all of our CAPEX projects, which will fuel the growth of both the cultivation and dispensary sides of our business. We’re fortunate to have developed a strong partnership with JW Asset Management and appreciate their support, and the support of the other investors, as we capitalize on the opportunities ahead.”

In March, TerrAscend Canada Inc. has entered into a loan financing arrangement with Canopy Growth Corporation (NYSE:CGC) in the amount of C$80.5 million in the form of a secured debenture.  In connection with the funding of the Loan, TerrAscend has issued 17,808,975 common share purchase warrants to Canopy Growth.

The company though couldn’t use those funds for investment in the U.S. Canopy Growth initially invested in TerrAscend way back in November 2017. TerrAscend has achieved considerable milestones since Canopy Growth initially invested, including becoming the first cannabis company licensed for sales in Canadathe United States, and Europe.

Fourth Quarter Results

Last month, TerrAscend reported that its sales increased by 414% to $25.9 million in the fourth quarter of 2019 versus $5.0 million in the fourth quarter of 2018. Sales in the U.S. were $24 million in the quarter representing 93% of the net revenue, while Canadian sales dropped to $1.9 million a decline of 62% for the same time period in 2018. The said it was due to the ongoing challenges facing the Canadian cannabis markets.

The fourth-quarter net loss was a staggering $171 million. The fourth-quarter adjusted EBITDA loss was $5.7 million versus last year’s fourth-quarter loss of $4.5 million. The company said that the change in adjusted EBITDA compared to the prior-year period was primarily driven by a decline in Canadian cannabis revenues as a result of ongoing demand issues which persisted through December 2019, as well as an increase in G&A expenses and an increase in the cost of goods sold as the company scaled up the organization through investments in additional headcount as it continues its U.S. expansion.

 


Debra BorchardtDebra BorchardtApril 24, 2020
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5min8640

TerrAscend Corp.  (OTCQX: TRSSF) reported fourth-quarter and full-year results for 2019 ending in December.  Sales in the U.S. moved higher, while Canadian sales continued to struggle. The stock popped over 5% in early trading to lately sell at $1.92.

Executive Chairman and CEO of TerrAscend Jason Ackerman said, “We made substantial progress in 2019 developing our U.S. infrastructure and building our production capacity with a focus on profitable revenue opportunities, all the while continuing to streamline our Canadian operations.”

Fourth Quarter

Sales increased by 414% to $25.9 million in the fourth quarter of 2019 versus $5.0 million in fourth quarter of 2018. Sales in the U.S. were $24 million in the quarter representing 93% of the net revenue, while Canadian sales dropped to $1.9 million a decline of 62% for the same time period in 2018. The said it was due to the ongoing challenges facing the Canadian cannabis markets.

The fourth-quarter net loss was a staggering $171 million. The fourth-quarter adjusted EBITDA loss was $5.7 million versus last year’s fourth-quarter loss of $4.5 million. The company said that the change in adjusted EBITDA compared to the prior year period was primarily driven by a decline in Canadian cannabis revenues as a result of ongoing demand issues which persisted through December 2019, as well as an increase in G&A expenses and an increase in the cost of goods sold as the Company scaled up the organization through investments in additional headcount as it continues its U.S. expansion.

Full Year Results

TerrAscend reported that net sales increased 1,149% to $84.9 million for 2019 versus $6.8 million in 2018. Sales in the U.S. accounted for 68% of total revenue in 2019. The adjusted EBITDA loss for 2019 was $26.6 million, versus $16.4 million for 2018. The net loss for the year was an eye-popping $218 million.

Looking Ahead

The company said that based on a preliminary (unaudited) review, it is estimating that the first-quarter 2020 net sales will be roughly $35 million, compared to $25.9 million in Q4 2019. This would be a sequential increase of 35%. The company said it continues to make progress in improving its margins and has completed the construction of its Pennsylvania production facility, tripling its cultivation capacity.

Production output from the expansion was realized towards the end of Q1 2020 and will be fully realized in Q2 2020. The preliminary estimated Q1 2020 financial results set forth above are subject to the completion of the Company’s financial closing procedures.

Also in January, TerrAscend completed the first earnout payment to the former owners of Ilera Healthcare, a vertically-integrated cannabis cultivator, processor and dispensary operator in Pennsylvania. Additionally, TerrAscend NJ, LLC received a permit to cultivate medical marijuana by the New Jersey Department of Health.

Chairman Jason Wild added, “Despite the short-term challenges facing the global economy, we remain on track, both operationally and financially, to continue to execute on our goals of driving strong revenue growth in 2020 and achieving adjusted EBITDA positive results. We are committed to driving shareholder value and will continue to pursue accretive and strategic opportunities.”

Cash On Hand

The company reported that its cash and cash equivalents were $11.9 million as of December 31, 2019, compared to $21.8 million as of December 31, 2018. Subsequent to the quarter-end, the company raised gross proceeds in excess of $120 million, including the previously announced loan financing agreement with Canopy Growth in the amount of $80.5 million. A portion of the proceeds received from Canopy Growth was used to fully pay off the outstanding principal and interest amounts under the Credit Facility with JW Asset Management.


Debra BorchardtDebra BorchardtMarch 11, 2020
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4min6480

 TerrAscend Corp. (CSE:TER)(OTCQX: TRSSF) announced that its wholly-owned subsidiary  TerrAscend Canada Inc. has entered into a loan financing arrangement with Canopy Growth Corporation (TSX:WEED)(NYSE:CGC) in the amount of C$80.5 million in the form of a secured debenture.  In connection with the funding of the Loan, TerrAscend has issued 17,808,975 common share purchase warrants to Canopy Growth.

The net proceeds are expected to be used by TerrAscend Canada for general corporate purposes and the funding of its Canadian operations, its Arise Bioscience U.S. hemp division, international expansion and the repayment of indebtedness. The company can’t use any of the money in the U.S.

TerrAscend has proven its ability to thrive in the global cannabis industry and this loan is a strong signal that Canopy Growth is confident in their ability to execute over the long term,” said David Klein, CEO, Canopy Growth. “We are encouraged by TerrAscend’s strong performance and we view the team’s experience as an important contributor to its continued success.”

Canopy Growth initially invested in TerrAscend way back in November 2017. TerrAscend has achieved considerable milestones since Canopy Growth initially invested, including becoming the first cannabis company licensed for sales in Canadathe United States, and Europe.  Additionally, TerrAscend has expanded its capabilities and portfolio to include domestic and international cultivation, processing and distribution facilities; a growing retail footprint; and best-in-class brands, such as The Apothecarium and Ilera.

“We are pleased to receive this loan from Canopy Growth as we enter the next stage of TerrAscend’s growth and expansion,” said Jason Ackerman, Executive Chairman, and Interim CEO. “The Canopy Growth team recognizes our operational and management expertise, and this financing allows us to continue to fund and execute on our Canadian, U.S. hemp and international businesses while remaining focused on operations with high barriers to entry. We look forward to continuing to work with Canopy Growth as new opportunities emerge and the regulatory landscape evolves.”

Transaction Overview

The Debenture will bear interest at a rate of 6.10% per annum and will mature on March 10, 2030 or such earlier date in accordance with the terms of the Debenture and all interest payments made pursuant to the Debenture are payable in cash by TerrAscend Canada. The Debenture is secured by the assets of TerrAscend Canada, is not convertible and is not guaranteed by TerrAscend.


Debra BorchardtDebra BorchardtJanuary 28, 2020
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4min9650

TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF) has named the company’s Executive Chairman Jason Ackerman as the interim CEO, replacing the current CEO Michael Nashat. Nashat will continue to serve as a member of the Board of Directors and act as a strategic advisor to the company.

Gravitas Acquisition Is Over

Just yesterday, TerrAscend terminated its decision to acquire Gravitas Nevada Ltd. which operates a retail cannabis dispensary in Las Vegas, Nevada under the trade name “The Apothecarium.”  The transaction, for $33.5 million in cash and 625 proportionate voting shares in the equity of TerrAscend equivalent to 625,000 common shares of the Company, was originally announced on February 11, 2019. TerrAscend has paid a $3mm reverse termination fee to the sellers, which had been placed in escrow in June of 2019.

As part of the termination, the Company is no longer liable for the remaining $30.5 million and proportionate voting shares in the equity of TerrAscend equivalent to 625,000 common shares of the Company. TerrAscend has agreed to continue licensing The Apothecarium, State Flower and Valhalla names and related intellectual property to Gravitas and its related operations in Nevada, pursuant to such final terms as will be mutually agreed by the parties.

Comments

“While it was a difficult decision, I believe given TerrAscend’s premier operating assets in the United States, it is now time for me to step into an advisory role and let new U.S.-based management guide TerrAscend as they expand and scale,” said Michael Nashat. “Jason’s experience in omnichannel retail, distribution, and operations are skills that TerrAscend will lean on as it enters this new growth phase. In my time working alongside Jason, it is clear that he is the right person to take on this role, and as a large shareholder, I believe this is what is best for securing TerrAscend’s future. I look forward to continuing to advise the Company in my board position and as a strategic advisor.”

“We are grateful for the hard work and perseverance that Michael Nashat has demonstrated during his tenure as CEO and Co-Founder of TerrAscend,” said Jason Ackerman. “We will continue to value Michael’s technical expertise, commitment to research and pharmaceutical knowledge, as he shifts to a strategic advisory role. We remain committed to driving shareholder value and focusing on the areas of our business that are generating rapid growth and greater margins, particularly in our valuable CaliforniaPennsylvania, and New Jersey markets. I look forward to building upon the foundation that Michael has laid, and leading the TerrAscend team forward in this next exciting phase.”


Debra BorchardtDebra BorchardtDecember 31, 2019
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4min8430

Cannabis stocks may have had a tough year in 2019, but it seems there is still plenty of money that wants into the space. Evidence of this was TerrAscend Corp.’s (CSE: TER) upsizing of its private placement from $24 million to $30 million. The deal is expected to close on January 7.

The previously announced private placement was said to have generated strong investor interest and oversubscribed demand. The company said that $30 million has been fully allocated and is anticipated to close in two tranches.

TerrAscend said it will use the proceeds from the Private Placement to accelerate the completion of its New Jersey cultivation and processing facilities, to satisfy the previously announced January 2020 contingent purchase price payment related to the acquisition of Ilera Healthcare, and for working capital and general corporate purposes.

Terms

The company closed the first tranche of the Private Placement, issuing 12,968,325 Units at an issue price of CAD$2.45 per Unit resulting in proceeds to the Company of CAD$31,772,412.   Each Unit consists of one common share in the capital of the company and one common share purchase warrant. Each Warrant will be exercisable to acquire one Common Share prior to January 14, 2022 at an exercise price of CAD$3.25 per Warrant Share.

The company has received subscriptions for the entire $30 million, including significant participation from Chairman Jason Wild, Executive Chairman Jason Ackerman, and all of the Company’s additional directors.

Ilera Healthcare

Ilera currently operates a retail dispensary in Plymouth Meeting, PA, with plans to open two additional dispensary sites in the Philadelphia area within the next six months. The operations include a 67,000 square foot site for cultivation and processing in Waterfall, PA with planned expansion to over 120,000 square feet in 2020. In addition to selling its products in its own dispensary, Ilera distributes its dried flower, concentrates, tinctures, and topicals to over 60 dispensaries throughout Pennsylvania. Ilera’s current revenue run-rate is over US$43 million, up from total sales in 2018 of less than US$8 million.

Currently, the Pennsylvania medical marijuana program has more than 180,000 registered patients and 20,000 registered caregivers as of August 2019 and covers 23 qualifying medical conditions including anxiety disorders, cancer, and opioid use disorder.

 


William SumnerWilliam SumnerDecember 11, 2019
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3min4900

It’s time for your Daily Hit of cannabis financial news for December 11, 2019.

On the Site

The Green Lining In The Cannabis Layoff Cloud

Considering the fact that the cannabis industry is still in its infancy on the grand scale, it comes as no surprise that this industry is still facing a variety of challenges and setbacks. One of the many challenges that the cannabis industry is currently facing is appropriate levels of workforce and dealing with potential layoffs. Let’s take a look at California as an example.

Cannabis Exchange Traded Note Launched By REX Shares

REX Shares (REX) has launched the MJO, the first leveraged exchange-traded product in the U.S. linked to the cannabis industry. MJO is an Exchange-Traded Note (ETN), is linked to MSMJ, the Indxx MicroSectors™ North American Cannabis Index, and will seek to provide 2x leveraged exposure to the Index. In a statement, REX announced that the MJJ, a 1x version of the Exchange Traded Notes is linked to the Index.

Study: Individuals with Depression More Likely to Use Cannabis

Cannabis is on the rise in the United States, especially among those suffering from depression. According to a study published in the journal Addiction, individuals with depression were more likely than those without depression to use cannabis.

In Other News

TerrAscend

TerrAscend Corp. (CSE: TER) announced its intention to complete a private placement offering. The company plans to offer approximately 10.77 million units of the company at a price of CAD$2.45 per share,  which will generate gross proceeds of US$20 million. Each unit consists of one common share of the company and one common share purchase warrant. Assuming its completion, the company will use the proceeds of the offering to speed up the completion of its New Jersey cultivation and processing facility and to make a purchase price payment for the acquisition of Ilera Healthcare. So far, the company has received indicative lead orders totaling approximately US$15 million from Executive Chairman Jason Ackerman, Entourage Effect Capital, funds advised by JW Asset Management, LLC and/or other affiliated entities of Chairman Jason Wild, and others.


Debra BorchardtDebra BorchardtNovember 20, 2019
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3min7070

TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF)  reported that its third-quarter for 2019 increased 53% sequentially to $26.8 million from $17.6 million in the second quarter. It was a large increase over the $1.8 million delivered in the third quarter of 2018.  All figures are reported in Canadian dollars. The company attributed the increase to higher overall sales in Canada as well as strong sales in the U.S.

The net loss for the quarter was $17 million. Total operating expenses were $25 million, which also increased from $18 million in the second quarter.

“Two weeks into my new role, I continue to be impressed with TerrAscend’s unique assets and competitive positioning in both the United States and Canada,” said Jason Ackerman, TerrAscend’s Executive Chairman. “I see even greater potential for our business as we sharpen our focus on the U.S., where we are extremely well-positioned to become a leader in the markets we serve. My top priority now is to operationalize the company’s strategy while driving continued growth, improving profitability and fortifying our financial strength.”

As of September 30, 2019, TerrAscend said it had $6.9 million in cash and cash equivalents. Subsequent to quarter-end, the company said it closed on two tranches of the previously announced non-brokered private placement for total proceeds of approximately $18.0 million

Michael Nashat, CEO of TerrAscend added, “We are on track to deliver a year of tremendous progress for the overall company both operationally and financially. This has been especially evident in recent months, where we expanded our portfolio of U.S. assets with the addition of Ilera Healthcare in Pennsylvania, booked our first international shipment of medical cannabis to Europe, and received Health Canada approvals which tripled the licensed space at our Mississauga facility enabling future sales of new product formats and extracts for the Canadian Cannabis 2.0 market. Meanwhile, we have grown total sales in the third quarter to nearly $27 million from less than $2 million a year ago with improving margins.”

Ilera Healthcare

Late in the third quarter, TerrAscend acquired Ilera Healthcare, the owner of one of five fully vertically integrated licenses in the State of Pennsylvania. Ilera operates a retail dispensary in Plymouth Meeting, PA, with plans to open two additional dispensary sites in the Philadelphia area. The operations include a 67,000 sq. ft. site for cultivation and processing in Waterfall, PA with planned expansion to over 120,000 sq. ft. in 2020. In addition to selling its cannabis products in its own dispensary, Ilera distributes to 70 dispensaries throughout Pennsylvania.

 


William SumnerWilliam SumnerOctober 7, 2019
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4min6550

It’s time for your Daily Hit of cannabis financial news for October 7, 2019.

On the Site

NBA Veteran Al Harrington’s Viola Closes on $16m Financing Round

NBA veteran Al Harrington’s Viola closed on a $16 million funding round led by Gotham Green Partners. This is the first institutional investment in the company. The company said that this latest round of funding will assist with the acquisition of a 34,500 sq. ft cultivation, processing and distribution facility in Adelanto, California as well as the completion of Viola’s 48,000 sq. ft facility in Detroit, Michigan. The funds will also enable Viola to continue to advance the growth of the company’s personnel with key new hires that will continue to establish Viola as a leader in the cannabis marketplace.

Surterra Wellness

Surterra Wellness today announced that it has changed its corporate name to Parallel effective today. In June, Private cannabis company Surterra Wellness closed on the initial $100 million Series D funding round and expanded its Board of Directors.  The company noted back then that the participants in the round included existing and new investors including former Patrón Spirits Company CEO, Ed Brown.

The Power That Data Has On Brand

Knowledge is power and the more data you have the better choices you can make for your brands. Akerna has been gathering data through its MJ Platform and will demonstrate how this data can be used for success with your brand. This panel was taped at the green Market Summit on September 11 in Los Angeles.

In Other News

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced that Health Canada has approved the company’s plan to expand its facility in Mississauga, Ontario from from 17,800 sq. ft. to 51,800 sq. ft. The expansion will include additional cultivation capacity, a commercial kitchen, formulation rooms and increased primary and secondary packaging capacity. “Achieving this approval milestone is a crucial step in our plan to cultivate premium grade cannabis at scale for distribution to the EU and other international markets,” said Michael Nashat, CEO of TerrAscend.

Emerald Health Therapeutics

Emerald Health Therapeutics (TSXV: EMH) (OTCQX: EMHTF) announced that its subsidiary, Verdélite, has a received a license amendment from Health Canada for the complete growing and processing area in its 88,000 square foot indoor facility. This will allow the company to increase its production space from 4 to 21 highly-controlled-environment grow rooms and to a total of 16 processing rooms. “This new license amendment allows Verdélite to transition into its full commercial phase and positions Verdélite as a key growth contributor to Emerald’s financial results in 2020,” said Riaz Bandali, CEO of Emerald Health.



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