The Daily Hit Archives - Green Market Report

StaffJuly 1, 2021
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4min9000

It’s time for your Daily Hit of cannabis financial news for July 1, 2021.

On the Site

Exactus

Hemp CBD company Exactus, Inc. (OTCQB:EXDI) acquired Panacea Life Sciences, Inc., but the amount of the transaction was not disclosed. Panacea Life Sciences is a woman-owned and woman-led company, dedicated to developing and producing legal, hemp-derived cannabinoid products for consumers and pets. Beginning at PANA Organic Botanicals located at Needle Rock and throughout its 51,000 square foot, state-of-the-art, cGMP, extraction, manufacturing, testing and fulfillment center located in Golden, Colorado, Panacea operates in every segment of the CBD product value chain.

Empower

Empower Clinics Inc. (CSE: CBDT)(OTC PINK: EPWCF) released its audited consolidated financial statements in United States dollars. Empower Clinics reported total revenues grew 58% to $3,209,196 for the fiscal year 2020 versus revenues of $2,031,581 for the fiscal year 2021. The company had a net loss of $17,066,311 or $0.09 per share compared to $4,301,663 or $0.04 per share for the fiscal year 2019. the company said this was primarily driven by a non-cash loss on the fair value adjustment related to its warrants outstanding that were impacted by the significant appreciation of the company’s share price (a key input in determining the fair value). 

In Other News

Nabis, California’s largest licensed cannabis wholesale marketplace platform, announced today the company raised $23 million in a Series B funding round. The infusion of capital will support the expansion of Nabis’s online wholesaling business that already distributes more than $350 million worth of cannabis products per year. Prominent Series B investors include FJ Labs, Artemis Growth Partners, Silverleaf Venture Partners, Liquid 2 Ventures and Stanley Tang (Co-Founder, DoorDash). Investors in the company’s $5 million Series A raise, which closed less than a year ago, include Y Combinator and Babel Ventures.

Kadenwood, a leading plant-based wellness company dedicated to fostering consumer trust and transparency, has raised $50 million of cash and media value in a Series B fundraising round with global purpose-led investment house The Craftory and Arcadian Capital Management, and follow-on investments from existing investors. Already the largest U.S. supplier of vertically integrated CBD consumer packaged goods, this latest funding round further accelerates the brand’s mission to normalize CBD in health and wellness products through scale, strategic partnerships, and acquisitions.

 

Truth Enterprises, the parent corporation behind Sacramento-based lbs. Distribution, today announced the oversubscription of a $10M round via private placement offering and priced round to make it over a $11,500,000 raise. The funding will help Truth Enterprises accelerate growth. Truth Enterprises operates several licensed B2B cannabis verticals including a distribution arm (lbs. DistributionTM), cannabis manufacturing, and cultivation. The company operates throughout California and is currently in an aggressive sales push in the Southern California market.


Kaitlin DomangueJune 10, 2021
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3min8290

It’s time for your Daily Hit of cannabis financial news for June 10th, 2021. 

 

On the Site

Executive Spotlight: Meg Sanders

Canna Provisions CEO Meg Sanders is a powerhouse and a connector of people and talents. She took $5mil+ business and turned it into a thriving and growing $100mil+ company in US cannabis. Canna Provisions’ home base is Lee, MA – a small Berkshires rural town. Next on her deck is finding thoughtful new investors that support the vision of what Canna Provisions has successfully built.

 

Terra Tech Announces Pending Acquisition of SilverStreak

Terra Tech Corp. (OTCQX:TRTC) announced their plan to acquire SilverStreak Solutions Inc. The two companies have executed an agreement for the acquisition to take place. The close is expected to occur within 90 to 120 days. After the close, SilverStreak’s CEO, Sterling Harlan, is expected to consult with the company for a period of six months. 

 

In Other News

Washington Cannabis Stores Taking Part in “Joints for Jabs”

Washington cannabis retailers are now able to partake in a program encouraging people to get vaccinated against the coronavirus. Anyone over 21 who gets a shot at an on-site vaccine clinic will get a free pre-rolled joint. Breweries have been offering a similar incentive program. 

 

Ohio Adds Three Conditions to The List of Approved Conditions

The Ohio State Medical Board added three approved conditions for people to seek medical marijuana in the state: 

  • Huntington’s disease.
  • Terminal illness.
  • Spasticity.

The board rejected additional conditions, including: autism spectrum disorder, restless leg disorder, panic disorder with agoraphobia, and spasms. 


StaffJune 1, 2021
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7min8922

It’s time for your Daily Hit of cannabis financial news for June 1, 2021.

On The Site

Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC)  announced its financial results for the fourth quarter and fiscal year 2021 ending March 31, 2021. Canopy Growth’s revenue increased 38% to $148 million. The net losses for the quarter were $617 million, an improvement over 2020’s net losses of $710 million. The company blamed the bloated net losses on non-cash fair value changes of $292 million and impairment and restructuring charges of $75 million primarily related to changes to its Canadian operations that were announced on December 9, 2020.

For the full year, net revenue increased 37% to $546 million over the prior year driven by double-digit growth across Canadian cannabis, international cannabis and other consumer products businesses. Total net cannabis revenue of $379 million in the fiscal year 2021, represented an increase of 28% over the prior year.

The reported fiscal year 2021 net loss of $1.7 billion, a $283 million wider loss than fiscal year 2020, was driven primarily by the year-over-year change in other income (expense), net, the reduction in the income tax recovery, and expected credit losses on financial assets and related charges, and partially offset by the year-over-year improvement in gross margin and reductions in selling, general and administrative expenses, share-based compensation expense, and asset impairment and restructuring charges.

Harborside

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) reported its financial results for the first quarter ending March 31, 2021, after the market close on Monday. Harborside reported that its net revenues fell 9% to $12.4 million versus last year’s $13.7 million for the same time period. This missed the Yahoo Finance average analyst estimate for revenues of $13.65 million. The company blamed the decline on decreased store traffic due to COVID-19 restrictions, however, there were also declines in the wholesale business related to lower yields. The net losses for the quarter grew 21.9% to $2.9 million from last year’s $2.3 million.

Following the earnings announcement, Harborside said it was buying California-based Sublimation Inc. also known as Sublime for $43.8 million. The acquisition is expected to close in July 2021. Founded in 2016, Sublime is best known for its expansive line of high-potency, high-quality and affordable, Fuzzies branded pre-rolls, a leading brand of pre-rolls in the state of California, as well as vapes and roll-your-own flower kits.

Hollister Biosciences

Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF)  reported its financial and operating results for the first quarter of 2021 with total revenue in the first quarter of $23.1 million versus $0.95 million in the first quarter of 2020 and up 97% sequentially from $11.7 million in the fourth quarter of 2020. The net income for Hollister in the first quarter was $2.0 million versus a net loss of $2.2 million in the first quarter of 2020. The adjusted EBITDA was $2.80 million in the first quarter compared to a loss of $1.1 million in the first quarter of 2020. Investors seemed pleased with the results as the stock was moving higher by almost 20%. U.S. markets were closed on Monday for the Memorial Day holiday.

In Other News

Scotts

The Scotts Miracle-Gro Company (NYSE: SMG) announced increased sales and earnings guidance for fiscal 2021 based on the continued strength of both its U.S. Consumer and Hawthorne segments. For the fiscal year ending September 30, 2021, ScottsMiracle-Gro now expects company-wide sales growth of 17% to 19%. The revision is due mainly to stronger growth in the U.S. Consumer segment, where the Company now expects sales growth of 7 to 9%, compared with its previous range of 4 to 6%. Hawthorne sales also continue to exceed expectations as the Company now expects sales growth of 40 to 45% for the full year, compared with previous guidance of 30 to 40% growth.

As a result, adjusted non-GAAP earnings are expected to be in a range of $9.00 to $9.30 per share. This compares to the previous guidance of $8.60 to $9.00 per share. Adjusted non-GAAP results exclude impairment, restructuring and other one-time expenses.

Emerald

Emerald Health Therapeutics, Inc. (CSE: EMH) (OTCQX: EMHTF) has released its financial results for the three months ended March 31, 2021. Net sales of $2.3M decreased 22% compared to net sales of $2.9M in 1Q20 and decreased 25% from net sales of $3.0M in 4Q20. Volumes sold in 1Q21 were in line with 1Q20, while the average selling price per gram decreased from $4.32 to $3.65 in the adult-use channel. Total SG&A expense of $3.5M, which includes $0.6M of non-cash expenses, decreased $2.4M from $6.0M in 1Q20 and decreased $10.6M from $14.1M in 4Q20. Net loss of $2.9M improved by $2.0M from $4.9M in 1Q20 and improved by $5.2M from $8.1M in 4Q20.


StaffMay 11, 2021
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7min13230

It’s time for your Daily Hit of cannabis financial news for May 11, 2021.

On The Site

Charlotte’s Web

Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) reported financial results for the first quarter ended March 31, 2021, as revenue increased 9.1% to $23.4 million. This missed the average analyst estimate for $27 million from Yahoo Finance. Charlotte’s Web said DTC eCommerce net sales increased 14.5% reflecting increased marketing, targeted promotions as well as incremental demand for the company’s new topical and THC-free ingestible products. The net losses increased to $13.9 million over last year’s $11.5 million for the same time period. The net loss per share was $0.10, which was also higher than the average analyst estimate for an net loss per share of ($0.05).

MedMen

MedMen Enterprises Inc. (OTCQX: MMNFF) reported its consolidated financial results for the third-quarter fiscal 2021 ending March 27, 2021. Net revenue across MedMen’s operations was $32 million, which dropped from last year’s $44.1 million. This also missed the average analyst estimates by Yahoo Finance for revenue of $37.3 million. The earnings per share for the quarter were ($0.04), which beat the estimate for ($0.05). The company said the revenues increased 3.8% from the previous quarter adjusting for removal of MedMen NY Inc. from continuing operations. Net losses were trimmed to $13.7 million from last year’s $24.9 million for the same time period.

Aleafia

Aleafia Health Inc. (OTCQX: ALEAF) reported its financial results for the three months ended March 31, 2021. Revenue fell 55% from last year’s $13.7 million to this year’s $6.2 million. most of the decline was due to an 84% drop in bulk wholesale cannabis sales. Aleafia also reported that its net losses increased from last year’s $6.1 million to this year’s $11.2 million.

Verano

Verano Holdings Corp. (OTCQX: VRNOF) amended its credit agreement for its senior secured term loan of $130 million. The Restated Credit Agreement which has a maturity date of May 30, 2023, now provides for additional, non-dilutive funding of $100 million, with an annual interest rate of 9.75% for the incremental amount.

Flora

Flora Growth Corp. (NASDAQ: FLGC) priced its initial public offering of 3,333,333 shares of its common stock, at the high end of the proposed price range of $5.00 per share to the public for a total of US$16,666,665 of gross proceeds to the company. The common stock is expected to begin trading on the Nasdaq Capital Market today under the symbol “FLGC.” 

True Leaf

True Leaf Brands Inc.  (OTC Pink: TRLFF) (FSE: TLAA) has launched both a traditional private placement and an equity crowdfunding offering. The company plans to use the proceeds from both offerings to execute its strategic plan to become the industry’s leading provider of seed-to-shelf solutions for micro-cultivators. 

Holistic

Privately-owned Holistic Industries raised $55 million in the form of a convertible note. The company said that the proceeds from the oversubscribed offering, would be used to drive expansion into newly licensed markets, including Missouri and West Virginia, expansion into additional markets, M&A activity the company is currently pursuing, as well as launches of new brands and product innovations.

In Other News

Hexo

HEXO Corp. (TSX: HEXO; NYSE: HEXO) is pleased to announce that it has established an at-the-market equity program that allows the Company to issue and sell up to C$150,000,000 of common shares in the capital of the Company from the treasury to the public, from time to time, at the Company’s discretion. 

urban-gro

urban-gro, Inc. (Nasdaq: UGRO) a horticulture company that engineers and designs commercial Controlled Environment Agriculture (“CEA”) facilities and integrates complex environmental equipment systems, today reported its revenue of $12.0 million compared to $4.2 million in 2020, an increase of $7.8 million, or 182%.for its first quarter ended March 31, 2021


Kaitlin DomangueFebruary 25, 2021
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7min8510

It’s time for your Daily Hit of cannabis financial news for February 25th, 2021. 

On the Site

Should You Use CBD Gummies to Help Mental Health? 

There is plenty of evidence to show that CBD can have a profound impact on mental health. This article dives into some of the research and studies that exist include: 

  • Anti-inflammatory
  • Anxiety relief from CBD 
  • CBD’s interaction with serotonin receptors in the brain
  • And other additional pieces of research 

 

Innovative Industrial Stock Sells Off Despite Solid Earnings

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) released results for the fourth quarter and year ending December 31, 2020, after the market closed on Wednesday. The stock was pulling back in pre-market trading by over 6% to sell near $206 as investors were disappointed with the earnings. Innovative Industrial delivered a fourth-quarter FFO of $1.36 missed by $0.07 and the revenue of $37.09 million missed by $1.41 million despite increasing by 110%.

 

Valens Reiterate Guidance Despite Slight Drop in Sales

The Valens Company Inc. (OTCQX: VLNCF) reported its fourth quarter and fiscal year financial results for the period ended November 30, 2020. Valens reported gross revenue for the fourth fiscal quarter fell to $17.9 million from $18.5 million in the third quarter of 2020. The net loss increased to $16.6 million sequentially over the third quarter’s net loss of $3 million.

 

PharmaDrug Files For DMT To Be Used for Kidney Transplants

PharmaDrug Inc. (CSE: BUZZ) (OTC Pink: LMLLF) has filed for an application with the U.S. Food and Drug Administration to receive Orphan Drug Designation (“ODD”) for N,N-Dimethyltryptamine or DMT in the prevention of ischemia-reperfusion injury in patients undergoing kidney transplantation.

 

Indus Holdings Buys Lowell Herb for $39 Million

California-based Indus Holdings, Inc. (OTCQX: INDXF) is buying Lowell Herb Co. and Lowell Smokes in a deal valued at $39 million. The acquisition includes trademark brands, product portfolio, and production assets of Lowell from The Hacienda Group effective immediately. The company will change its name to Lowell Farms Inc.

 

Acreage Holdings Sells Florida Property for $60 Million

Acreage Holdings, Inc. (OTCQX: ACRDF, ACRHF) announced its subsidiary, High Street Capital Partners was selling Acreage Florida, Inc. to Red White and Bloom Brands, Inc.  (OTCQX: RWBYF) for $60 million. The deal also includes the sale of property in Sanderson, Florida. The stock was dropping over 6% to lately sell at $7.39.

In Other News

MJ Holdings, Inc. to Acquire Medical and Recreational Cultivation Licenses 

MJ Holdings, Inc. (OTC PINK: MJNE) has reached a point of being ready to purchase two cultivation licenses (recreational and medical) and two production licenses (recreational and medical) and transfer the appropriate license to proprietary land. 

“In consideration of $1.250M and 200,000 shares of our common stock (Purchase Price), we will soon fully control our own destiny as we have applied to transfer the cultivation licenses to our proprietary land: The Farm. We have arranged an amicable separation under our existing management agreement with Curaleaf/Acres and are developing our cultivation facility on The Farm for our own use. With the enormous Las Vegas tourism industry soon to be on the rebound, we are well positioned to meet or exceed our fair share of demand,” said Paris Balaouras, Founder and Chief Cultivation Officer of MJ Holdings, Inc. 

 

Cronos Group Earnings Preview for Q4 2020 

Cronos Group (OTC:CRON), is set to announce their earnings for the fourth quarter of 2020. The consensus EPS estimate is -$0.08, and the revenue estimate at $13.23 million. The company has beat estimates 75% of the time over the last year, and has beaten revenue estimates 25% of the time. 

 

Kalamazoo Mayor to Attend Ribbon Cutting Ceremony of Cookies Store 

Kalamazoo’s mayor, David Anderson, has confirmed his participation in a ribbon cutting ceremony for a Cookies retail location on February 26th. The event was announced by the company in a press release. 

Cookies is owned by California rapper and entrepreneur, Berner. 

“The Midwest is an important part of Cookies’ overall expansion plan, and our partnership with Gage Cannabis has been integral,” Cookies CEO Berner said in a news release. “We’ve seen tremendous demand from cannabis consumers in Michigan and the surrounding areas and look forward to continuing to serve them as our partnership grows with this second location.”


StaffFebruary 23, 2021
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4min6700

It’s time for your Daily Hit of cannabis financial news for February 23, 2021.

On the Site

GrowGen

GrowGeneration Corp . (NASDAQ: GRWG) is buying San Diego Hydroponics & Organics, a four-store chain of organic, hydroponic and aquaponics garden centers in San Diego, California. The company said that San Diego Hydroponics & Organics is San Diego County’s premier hydroponic equipment supplier, with annual revenues approaching $10 million. GrowGen did not say what it paid for the company. This latest acquisition brings the total number of GrowGen hydroponic garden centers to 50 stores.  In California, the country’s largest legal cannabis market, GrowGen now has 17 stores,  with eight of those stores located in Southern California.

GTI

Green Thumb Industries Inc. (OTCQX: GTBIF) announced it has raised approximately $56 million by selling 10 million of its subordinate voting shares, that was declared effective by the U.S. Securities and Exchange Commission (SEC) as of February 8, 2021.  Green Thumb said it had received and accepted offers from investors to purchase 1.6 million registered subordinate voting shares at $35.50 per share for a total of approximately $56 million.  The stock closed at $35.35 on Monday.

Psychedelics

Massachusetts lawmakers are moving forward to decriminalize psychedelic drugs. The effort began at the city level when Somerville and Cambridge adopted measures that would make possession of psychedelics a low law enforcement priority. Now it has moved to a state-wide initiative.

In Other News

Subversive Acquisition LP (NEO: SVX.U) (OTCQX: SBVRF) announced today that InterCure Ltd. (dba Canndoc) (TASE: INCR), Israel’s leading cannabis company and SVX’s intended target for its “Qualifying Transaction” has released its estimated unaudited fourth-quarter results for the year ended December 31, 2020. Highlights include:

  • NIS ₪27 million in fourth-quarter revenue, establishing a new quarterly revenue record for InterCure
  • Revenue growth of more than 13 times compared to Q4 2019 and more than 3 times compared to InterCure’s annual revenue in 2019
  • Continued increase in profitability, operating profit and net profit

 


Debra BorchardtJanuary 21, 2021
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3min7511

It’s time for your Daily Hit of financial cannabis news for January 21, 2021.

On The Site

Revive Therapeutics

No sooner had Revive Therapeutics Ltd. (OTC: RVVTF) announce it had raised $10, then it stopped trading to say the deal was upsized to $20 million. Revive is a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders. The company entered into an agreement with Canaccord Genuity Corp. and Leede Jones Gable Inc. to pay $0.50 per Equity Unit. Under the amended terms, the Underwriters have agreed to purchase, on a bought deal basis, 40 million Equity Units for gross proceeds to the Company of $20 million. The stock was lately selling at $0.47. The closing of the offering is expected to occur on or about the week of February 8, 2021.

The company said that the net proceeds would be used for Phase 3 ‎clinical costs for Bucillamine for COVID-19, Phase 1 clinical ‎costs for Psilocybin for methamphetamine use disorder ‎study, and other Psychedelic formulation development work as well as working capital and general corporate purposes. ‎

Auxly

Auxly Cannabis Group Inc. (OTCQX: CBWTF) has raised $15 million with a deal in which ATB Capital Markets Inc. and Cantor Fitzgerald Canada Corporation, as co-lead underwriters and joint book-runners, together with a syndicate of underwriters will buy 40,550,000 Units of the Company at a price per unit of $0.37. The stock was lately selling at $0.33. The offering is expected to occur on or about February 10, 2021.

Auxly said each Unit shall be made up of one common share of the company and one-half of one Common Share purchase warrant of the Company. Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.46 at any time up to 36 months from the closing of the Offering.

In Other News

Aurora Cannabis Inc. (ACB) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and ATB Capital Markets, under which the underwriters have agreed to buy on bought deal basis 12,000,000 units of the company, at a price of US$10.45 per Unit for gross proceeds of approximately US$125 million. Each Unit will be comprised of one common share of the Company and one half of one common share purchase warrant of the Company. Each Warrant will be exercisable to acquire one common share of the Company for a period of 36 months following the closing date of the Offering at an exercise price of US$12.60 per Warrant Share, subject to adjustment in certain events.


Kaitlin DomangueDecember 2, 2020
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4min7190

It’s time for your Daily Hit of cannabis financial news for December 2nd, 2020. 

On the Site

Hydrofarm Plans IPO to Pay off Debt

The independent branded hydroponics company with a comprehensive distribution platform, Hydrofarm Holdings Group, Inc. said it was launching an initial public offering of 8,666,667 shares of its common stock. The initial public offering price is expected to be priced between $14.00 and $16.00 per share. The company is hoping to raise $118 million, but the over-allotment option could bring that to $136 million.

 

2020 Holiday Gift Guide: Cannabis Gift Sets

Green Market Report launched our holiday gift guide this morning, kicking off the series with something easy – gift sets! The guide featured mainly hemp-derived CBD products so you can buy them for your friends anywhere, plus a local-to-California holiday box set for a friend in eligible counties.

Look at products from Nugg Club, Charlotte’s Web, Level Select, Caliva, and the Martha Stewart CBD line. 

 

Executive Spotlight: Michael Beaudry 

Mike Beaudry is the founder and CEO of HERBL, which has quietly become California’s largest distributor – with dozens of popular brands (Raw Garden, Select, and Garden Society, etc.) and 850+ dispensary customers. 

“I’d love to look back and feel we have lived up to our core principles of demonstrated passion, unrelenting integrity, flawless execution, and to have honored the legacy of California cannabis while helping create its future,” says Beaudry of HERBL. 

 

SprinJene And Zelira Deliver CBD Oral Care Line

SprinJene and its partner Zelira Therapeutics (ASX: ZLD, OTCQB: ZLDAF) today officially launched their new CBD oral care line. In September, we reported on their partnership announcement and the future launch of their new hemp-derived CBD oral care line.

In Other News

Columbia Care Officially Acquires Project Cannabis

Leading cannabis product developer and retailer, Columbia Care (CCHWF) has officially completed the acquisition of Project Cannabis, LA-based dispensary and cannabis delivery service. The total transaction includes roughly $52.5 million in Columbia Care stock, as well as an additional $16.5 million expected to come from selling some of Project Cannabis’ real estate assets. 

“The transaction is immediately accretive to adj. EBITDA and cash flow, and California is now one of our top five markets by both revenue and profitability. We look forward to driving additional operational and financial synergies with Project Cannabis as we leverage their adult-use and wholesaling expertise across the rest of our U.S. markets,” CEO Nicholas Vita commented.


Kaitlin DomangueNovember 23, 2020
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It’s time for your Daily Hit of cannabis financial news for November 23rd, 2020. 

On the Site

Dispensaries Pivot As Regions In Ontario Start New Lockdown Orders

The number of cases of COVID-19 has spiked in the province of Ontario causing new lockdown orders. On Sunday, Ontario Regulation 654/20 was made allowing cannabis retail stores located in the lockdown regions to operate through e-commerce, curbside pickup, and home delivery services causing cannabis stores to once again pivot to online orders.

 

Jushi Plans $50 Million Expansion In Scranton, PA

Jushi Holdings Inc.  (OTCMKTS: JUSHF) said it is planning a $50 million expansion project in Scranton, Pennsylvania which is expected to create more than 100 more new jobs in the Scranton area

 

Cansortium Says Revenue Rose 94% In Third Quarter

Cansortium Inc. (OTCQB: CNTMF) delivered revenue of $14.3 million for its third-quarter ending September 30, 2020. This was a 94% increase over last year’s $6.9 million for the same time period

 

KIND Creates Closed-Loop Payment System 

Tech company KindPay has created a closed-loop payment system, which means that it is able to be used only with specific merchants. The mobile app will be able to be used by specific people in the cannabis industry, including dispensaries, growers, and consumers.

In Other News 

Ayr Strategies Announces Short-Term Incentive for Shareholders 

The company announced today incentive exercise rights available on a short-term basis to the company’s shareholders. The company will be offering a C$0.50 incentive for the purchase of up to 3 million warrants, purchases being made in cash only. If all 3 million warrants are exercised, the proceeds will result in US$25 million. 

We are pleased to be able to offer our warrant holders this opportunity at a very exciting time for both our Company and our industry. Ayr has incredible growth ahead driven by the great progress our team has made operationally in Massachusetts and Nevada, as well as our exciting expansions into Pennsylvania, Arizona and Ohio. The continued mainstreaming of cannabis is expected to provide new opportunities for growth, and we expect our business to continue to expand, solidly funded based on projected cash proceeds from our warrant holders and the anticipated debt financing we have previously mentioned in our investor calls. We appreciate the support of all our stakeholders immensely,” said Jonathan Sandelman, Ayr Chairman and CEO.

 

4Front Ventures Announces Closing of C$17.25 million Offerings 

Vertically integrated MSO, 4Front Ventures, announced today their closing of a bought deal public offering. The units sold total an aggregate amount of C$17,251,150. The company issued 24,644,500 units at a price of C$0.70 per unit. 4Front Ventures plans to use the proceeds from this deal to fund a state of the art, 185,000 sq ft, highly automated facility located in Commerce, California. They anticipate the construction to be completed in April 2021, with the first sales taking place in May. 


StaffNovember 2, 2020
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5min7790

It’s time for your Daily Hit of cannabis financial news for November 2, 2020.

On the Site

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced preliminary financial results for its third-quarter ending September 30, 2020, with net sales of $51.0 million, representing 8% sequential and 90% year over year growth. All amounts are in Canadian dollars. TerrAscend did not say whether there were any net profits or losses. The company also delivered an adjusted EBITDA of $17.8 million, an increase of 56% sequentially, and adjusted EBITDA margin expanded to 35% in the third quarter from 24% in the second quarter and 14% in the first quarter. TerrAscend will host a scheduled conference call to discuss the results for its third quarter on Thursday, November 19th, 2020 at 8:30 a.m. Eastern Time.

Fire & Flower

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) is buying Friendly Stranger Holdings Corp. in a deal valued at over $17 million. The deal is expected to close in the fourth quarter of 2020. An additional $4.6 million (approximately) will be set aside subject to authorizations for additional stores. Friendly Stranger owns and operates 11 licensed cannabis retail stores across the province of Ontario with 4 additional cannabis stores in the pipeline to be licensed and operational by the end of the fourth quarter of 2020. The stores are called the “Friendly Stranger”, “Hotbox” and “Happy Dayz” and will continue to operate under those brand names.

GrowGen

GrowGeneration Corp. (NASDAQ: GRWG) continues to add to its stable of hydroponic stores with the latest acquisition being The GrowBizGrowGen did not disclose how much it paid for the chain, which is the country’s third-largest, but did note that it is expected to deliver $50 million in annual revenues. The deal is expected to close before fiscal year-end 2020. The GrowBiz was founded in 2010 by Ross and Ryan Haley and has five stores across California and Oregon. It brings a team of experienced executives and more than 60 full and part-time employees. Prior to founding The GrowBiz, Ross Haley served as CEO of Hawthorne Gardening Company, a division of Scotts Miracle-Gro, and General Hydroponics, two recognized leaders in the hydroponics industry. Ross Haley will become a senior strategic advisor to the Company.

Cann

With over 2 million cans sold, Cann THC-infused beverages are the fastest-selling in the category to date, with more than a few celebrities putting their endorsement and investment power behind these wildly popular products. Billed as “cannabis-infused social tonics”, Cann beverages are alcohol-free and microdosed with THC, offering better-for-you alternatives to alcohol and other intoxicants. These tonics are also free of artificial sweeteners, flavors, or sugar substitutes and contain only 35 calories per serving.

In Other News

MedMen

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced the financing commitment previously announced on September 16, 2020, was increased from US$20,700,000 to US$25,705,279 as a result of an upsizing of the senior secured term loan led by Stable Road. The total commitments include: (1) US$10,000,000 in gross proceeds under an unsecured convertible facility, (2) US$10,705,279 in gross proceeds under the Senior Secured Term Loan and (3) US$5,000,000 in additional gross proceeds under its senior secured convertible facility led by Gotham Green Partners. To date, the Company has closed on US$17,705,279 of total gross proceeds under these commitments. The remaining US$8,000,000 is related to the unsecured convertible facility, with additional tranches expected to close in the coming months.

Vext

Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) closed its previously announced public offering of 17,777,165 units of the Company at a price of $0.36 per Unit for aggregate gross proceeds of approximately $6,400,000, including the partial exercise of the Agents’ over-allotment option.


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