The Daily Hit Archives - Green Market Report

StaffMay 19, 2022
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5min5690

The Daily Hit is a recap of the top cannabis business stories for May 19, 2022.

ON THE SITE

Harborside Owns Urbn Leaf Seaside Store

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) now fully owns the Seaside, California store also known as Urbn Leaf. Harborside had initially purchased a 50% ownership in the dispensary, but with the new transaction, it will own all of the issued and outstanding securities of 680 Broadway Master, LLC which owns the Seaside Store, bringing the company’s interest in the Seaside Store to 100%. Read more here.

Psychedelics and Institutional Investors

When looking at the data coming out of psychedelics research, there is tantalizing evidence that the promise of psychedelics is becoming more of a reality every day. Companies and organizations such as Compass Pathways NASDAQ: (CMPS) the Multidisciplinary Association for Psychedelic Studies (MAPS) and Awakn Life Sciences are either planning or working on phase 3 clinical trials, one of the last steps before U.S. Food and Drug Administration (FDA) approval. Read more here.

IN OTHER NEWS

Medical Marijuana, Inc.

Medical Marijuana, Inc. (OTC: MJNA), a publicly traded cannabis company in the United States, announced today its financial results for the quarter ending March 31, 2022, and provided an overview of recent operational highlights. Generated $7.8 million in net revenue in the first quarter of 2022, a 24% increase when compared to the previous quarter. Read more here.

New Frontier Partners with Treez

New Frontier Data, a data, analytics and technology firm specializing in the global cannabis industry, announces a broad, sophisticated data partnership with Treez,  an enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market. The partnership provides new solutions designed to bring speed, accuracy and transparency to cannabis retail, brand and product performance. Read more here.

ADC Partners with Alt Magic

ADC, a cannabis distribution company, announced a partnership with Alt Magic to present the first ever WebXR cannabis store. The store allows users to talk with like-minded people in the Metaverse using their VR headset even if they don’t have a VR headset they can use their smartphone, tablet or computer to enjoy the WebXR experience. It’s the first time that people on all major devices will be able to enter a cannabis store, pick up products, review ingredients and make purchases from the Metaverse. Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a cannabis company in the United States, today announced the grand opening of its third and fourth medical dispensaries in West Virginia. Located at 4701 MacCorkle Ave. SW in South Charleston and 152 Park Shopping Center in Parkersburg, both dispensaries will open at 10 a.m. on Saturday, May 21, 2022. Read more here.

Isracann Biosciences

Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) a multi-faceted organization with a natural health medicine division in Canada and holdings in Israel, is pleased to announce that its wholly owned subsidiary Praesidio Health has completed the natural product number (NPN) submissions to Health Canada for its first formulations. Read more here.

Indiva Limited

Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF), a Canadian producer of cannabis edibles and other cannabis products, announced its financial and operating results for the first fiscal quarter ended March 31, 2022. “We are pleased to report very strong year-over-year revenue growth in the first quarter of 2022, and continued gross margin improvement compared to fiscal 2021. According to data from Hifyre Inc., Indiva continues as the dominant national market share leader in edibles,” said Niel Marotta, President and Chief Executive Officer of Indiva. Read more here.


StaffMay 18, 2022
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9min6710

The Daily Hit is a recap of the top cannabis business stories for May 18, 2022.

ON THE SITE

Canopy Growth Acquires Jetty Extracts for $69 Million

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) is buying Lemurian, Inc. better known as Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, contingent upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty. Read more here.

Bright Green Listed on NASDAQ

Bright Green (NASDAQ: BGXX) is a cannabis company with no revenue that just began trading on the NASDAQ, despite the exchange’s insistence that it won’t list U.S. cannabis companies due to the product being federally illegal. Bright Green plans to produce cannabis for research purposes with the Drug Enforcement Agency‘s (DEA) blessing, which seems to be the reason why the NASDAQ has allowed the company to trade. It would be considered federally legal cannabis. The stock is trading at $26. Read more here.

Cresco Revenues Fall

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF)  released its financial results for the three months ended March 31, 2022, as revenue fell from the fourth quarter’s $217 million to the first quarter’s $214 million. Cresco Labs did note that the revenue increased 20% over last year’s $178 million for the same time period. This also beat the Yahoo Finance average analyst estimate for sales of $213 million. Read more here.

GMR Women’s Leadership Awards: Ralina Shaw

Ralina is the founder of House of Tyne and on the leadership team of 4thMVMT,  a leading social impact organization based in Los Angeles with a mission to support those who have been adversely affected by onerous Cannabis laws. They do this by educating, empowering, and training those adversely affected to run/operate their BIPOC-led “Sixty Four & Hope” retail dispensaries in Los Angeles (2 recently opened locations and counting). Read more here.

 Psychedelics on the World Stage

Every year world leaders come together to discuss the global economy at the World Economic Forum’s annual gathering in Davos Switzerland. This small town in the Alps has become the place where the smartest people on the planet come together to discuss solutions to the world’s economic problems and issues. It is not uncommon for various industries to establish a meeting place for people to come together for conversations. In 2019, the Canada Cannabis House hosted a three-day event for people in the cannabis industry to introduce themselves and talk about business with people who were unfamiliar with the industry. Read more here.

 Women Creating Cannabis Brands (VIDEO)

On April 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Women Creating Cannabis Brands.” These savvy and accomplished women have created truly unique and original products and companies. Their products are unlike others in their categories. This panel explores what it takes to create a company and product that stands out in a sea of sameness. Read more here.

IN OTHER NEWS

Ayr Wellness Inc.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a leading vertically integrated U.S. multi-state cannabis operator (MSO), today announced that it has launched first sales from its Phoenix, Arizona cultivation facility. Concurrently, the company announced the launch of its national pre-roll brand, STiX Pre-Roll Co. in Arizona. Read more here.

American Green, Inc.

American Green, Inc. (ERBB:OTC) has purchased the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. Phoenix, AZ. 85009.  The building sits on a 62,000 square foot site and was previously leased by ERBB in August 2021 with an option to buy. American Green has exercised its option to buy the building and now owns it. The purchase price was set at $3.75 million at the time of the signing of the lease last year. Recently, the building was professionally appraised for $5.3 million, giving American Green $1.55 million of additional equity, at the time of closing. When added to the down payment of $1.123 million, there is now a total of $2.673 million of equity in the new “Cypress Chill” cannabis grow building. Read more here.

MariMed Inc.

MariMed Inc. (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, announced today it had been awarded a provisional dispensary license by the Ohio Board of Pharmacy. MariMed won this license in the Ohio lottery process. The license allows the Company to develop a medical dispensary in Tiffin, Ohio, located south of Toledo and home to the University of Bucharest and Tiffin University. Read more here.

Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, is pleased to announce that it has closed on $36.5M of additional funding under the increase option of its existing term loan credit facility. In August 2021, the Company announced it had closed on a US$210 million Senior Secured Term Loan credit facility with Seaport Global Securities LLC as lead manager.

Steep Hill Michigan

Steep Hill is pleased to announce that the Company’s licensee partner, Steep Hill Michigan, a Cannabis Regulatory Agency (CRA) licensed medical and adult-use/recreational cannabis safety compliance testing facility, has earned ISO/IEC 17025:2017 accreditation, an International Standard recognized by governments and industry participants as the standard of excellence for the technical requirements and operational competence of a quality laboratory management system. The accreditation was validated by Perry Johnson Laboratory Accreditation (PJLA), the Michigan-based world-wide leader in ISO assessment and validation. Read more here.

First Columbia Gold Corp., Green Diamond Farm

First Columbia Gold Corp (FCGD), operating as FineCannabisGoods.com, is pleased to announce an agreement to acquire Green Diamond Farms LLC of southwest Michigan. Green Diamond Farms is currently working on licensing and setting up growing facilities in different areas of the state where permitted in partnership with FCGD. Each location should gross up to $2.5 mil year 1 and $6 mil by year 2. Read more here.


StaffMay 12, 2022
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9min6560

The Daily Hit is a recap of the top cannabis business stories for May 12, 2022.

ON THE SITE

Trulieve Cannabis Corp. on Track to do a Billion

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced its results for the first quarter ending March 31, 2022, with revenue increasing 64% year over year to $318.3 million from $193.8 million and 4% sequentially. This beat the Yahoo Finance average analyst estimates for revenues of $307 million. It was also a nice increase sequentially from the fourth quarter’s revenue of $305 million, especially at a time when many cannabis companies have seen sales in the first quarter of 2022 struggle to top the fourth. Read more here.

Talladega, Parallel Lawsuit

Talladega wants out of the Parallel cannabis lawsuit. This is the lawsuit that disgruntled Surterra Wellness (now known as Parallel) investors filed against the company’s leader beau Wrigley and Surterra Holdings, along with a family office and Talladega LP and Talladega Inc. The company filed a motion earlier this week to dismiss its involvement and outlined why it should not be a part of the lawsuit. Talladega was not initially named in the case, instead, it was Canadian hedge fund SAF Group, but they were replaced by Talladega. Read more here.

Glass House Brands, Inc. Expands Retail

Glass House Brands Inc. (OTCQX: GLASF) (OTCQX: GHBWF) has announced it will buy three retail assets: two operating retail dispensaries and one retail dispensary slated to open in the third quarter of 2022. Glass House also said that with these acquisitions and its other moves, it could do over $200 million in revenue in the next year. Read more here.

GMR Women’s Leadership Awards: Chanda Macias

Chanda Macias, PhD, is a true cannabis pioneer: having spent years in biomedical research and developing her knowledge of medical marijuana, in 2015 she became the country’s first Black woman medical cannabis operator as CEO of National Holistic™ Healing Center (NHHC), the leading medical marijuana dispensary in Washington DC. Read more here.

Keeping it Legal (VIDEO)

On April, 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Keeping It Legal” and featured a stellar lineup of successful women including Kristin Jordan Co-founder of Park-Jordan, Rochelle Boas of LeafLink, Nichole West of LB Atlantis and moderated by Longview Strategies Founder Ellie Seigel. More here.

IN OTHER NEWS

Eden Empire Inc., WeCannCA

Eden Empire Inc. (CSE: EDEN) announced signing a strategic consulting agreement partnership with WeCannCA located out of California. WeCannCA is a full-service cannabis consulting firm committed to resourcing, supporting and advancing the cannabis industry in California and other blooming states. WeCannCA strives to provide a solution to the burgeoning and complex cannabis industry by providing services and solving all its major hurdles regarding licensure under one roof. Read more here.

Skye Bioscience, Inc., Emerald Health Therapeutics, Inc.

Skye Bioscience, Inc. (OTCQB: SKYE) and Emerald Health Therapeutics, Inc. (CSE: EMH; OTCQB: EMHTF) announced today that the companies have entered into a definitive agreement with respect to a transaction to be completed by way of a Plan of Arrangement whereby Skye would acquire all of the issued and outstanding shares of Emerald in a share-for-share-transaction. Skye is a San Diego-based pharmaceutical company developing proprietary, synthetic cannabinoid derivatives to treat glaucoma and other diseases with significant unmet needs. Emerald possesses cash and non-cash assets that Skye would acquire. Read more here.

Ketamine Wellness Centers, Veterans Administration

Ketamine Wellness Centers (KWC), the largest ketamine therapy provider in the U.S. and a subsidiary of Delic Holdings Corp (CSE: DELC) (OTCQB: DELCF) (FRA: 6X0), today announced a new partnership with the Veterans Administration (VA) in Arizona. Veterans suffering from treatment-resistant depression, PTSD and anxiety will have access to ketamine therapy at the KWC Arizona clinics in Phoenix, Tucson and Mesa-Gilbert at no out-of-pocket cost with prior authorization from the VA. This new VA partnership is in addition to the one established with the KWC located in Burnsville, Minnesota. Read more here.

Green Goddess Supply

Today, Green Goddess Supply announced the launch of their SEC-approved Regulation Crowdfunding raise on the StartEngine.com platform. The Massachusetts-based business empowers anyone to grow their own legal herbs at home. “We are incredibly excited to launch this initiative,” said founder and CEO, Eric Robichaud. “What’s impressive to me is management’s ability to build, ship and deliver almost 600 systems during the global pandemic that has been riddled with supply chain obstacles and seemingly never ending “red tape” including, but not limited to, price gouging for ocean freight, new hidden costs such as ‘port congestion,’ scarce and expensive domestic LTL shipping, supply chain and materials delays, and more.” Read more here.

Segra International Corp., Node Labs, LLC, Compound Genetics

Segra International Corp., an agriculture technology company is pleased to announce a new partnership with the renowned cannabis brand Compound Genetics. Under the agreement Segra will partner with San Francisco-based Node Labs LLC to introduce a variety of forward-thinking cultivars from Compound Genetics, and other top genetics brands, to Canadian and International growers via Segra’s plant tissue culture production nursery. Cultivar menu development is underway with releases anticipated in early 2023. Read more here.

Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI), a commercial real estate finance company, today announced its results for the first quarter ended March 31, 2022. John Mazarakis, Executive Chairman of Chicago Atlantic, noted, “The cannabis industry is one of the few sectors today that presents returns more correlated to regulatory milestones than the overall economic or interest rate environment. With a pipeline of $911 million in potential fundings, we continue to benefit from cannabis operators in our targeted limited-license states that are seeking debt capital to invest in accretive expansion plans to meet accelerating demand.” Read more here.

Aleafia Health Inc.

Aleafia Health Inc. (TSX: AH, OTCQX: ALEAF) announced that it has reached an agreement in principle with the convertible debenture holder-nominated steering committee to amend certain key commercial terms of its unsecured convertible debentures (TSX: AH.DB), set to mature on June 27, 2022. The company has also entered into subscription agreements for units, comprising common shares and warrants, representing aggregate gross proceeds of $5.6 million on a private placement basis. Read more here.


StaffMay 5, 2022
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6min7020

The Daily Hit is a recap of the top cannabis business stories for May 5, 2022.

ON THE SITE

Green Thumb Industries, Inc. 

After the market closed on Wednesday, Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) reported its financial results for the first quarter ending March 31, 2022, with revenue rising 25% year-over-year to $243 million. This was flat compared to Green Thumb’s fourth quarter of 2021, but it beat the Yahoo Finance average estimate for earnings of $236 million. Read more here.

Innovative Industrial Properties, Inc. 

After the market closed on Wednesday, Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) announced results for the first quarter ending March 31, 2022. The cannabis REIT delivered total revenues of approximately $64.5 million in the quarter, representing a 50% increase from the prior year’s quarter. However, it missed the Yahoo Finance Average analyst estimate for revenues of $67 million. Read more here

Cannamom Influencers

“Cannamoms”, or mothers who consume, advocate for, and work in cannabis, are on the rise as a consumer demographic, an influential voice in the legalization debate, and a growing presence across social media platforms. With this rise comes both opportunities and pitfalls, not just for mothers but for all women-identified people who contributed to the increase of cannabis sales to female customers by 55% in the past year. Read more here.

Jazz Pharmaceuticals

Jazz Pharmaceuticals plc (Nasdaq: JAZZ) announced financial results for the first quarter of 2022, raised 2022 financial guidance, and provided business updates. “We’re pleased to raise our top-and bottom-line guidance, driven by our continued execution and significant progress across commercial and R&D in the first quarter, which positions us well for the rest of the year and to achieve Vision 2025,” said Bruce Cozadd, chairman and CEO. Read more here.

GMR Women’s Leadership Awards Winner: Kyra Reed

Kyra Reed is the founder and CEO of  Women Employed in Cannabis (WEIC), the largest association for women working in cannabis, psychedelics, hemp & CBD. She was named a ‘Social Media Pioneer,’ by Entrepreneur Magazine. Kyra’s activism and community work has been featured in The NY Times, TechCrunch, NPR and 20/20. Read more here.

IN OTHER NEWS

Aurora Cannabis Inc., TerraFarma Inc

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), a Canadian cannabis company, today announced it has completed its previously announced acquisition of TerraFarma Inc. (parent company of Thrive Cannabis) for aggregate initial consideration of $38 million paid in cash and Aurora common shares, and up to $30 million in potential earnout amounts, payable in cash, Aurora shares or a combination of both (at the election of Aurora), subject to Thrive achieving certain revenue targets within two years of closing of the transaction. Read more here

Tetra Bio Pharma, Inc., Cannavalate Pty Ltd.

Tetra Bio-Pharma Inc. (TSX: TBP) (OTCQB: TBPMF) (FRA:JAM1) a cannabinoid-derived drug discovery and development company, today announced it has entered into a research and development agreement with Cannvalate Pty Ltd for the initiation of the REBORN®, PLENITUDE® and CAUMZ® clinical trials in Australia, and a subscription agreement contemplating a private placement of common shares in the capital of the company with Cannvalate for aggregate proceeds to the company of up to CAD $7,500,000. Read more here

MariMed Inc., Green Growth Group, Inc

MariMed, Inc. (OTCQX: MRMD), a multi-state cannabis operator, today announced it has closed its acquisition of Green Growth Group, Inc. The close of this transaction enables MariMed to add cultivation, manufacturing, and distribution to its existing retail cannabis operations in Illinois. Read more here


StaffMay 2, 2022
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6min5970

The Daily Hit is a recap of the top cannabis business stories for May 2, 2022.

On The Site

Acreage

A judge decided on Friday that a New York case against Acreage Holdings (OTC: ACRHF) can proceed. Judge Andrea Masley in the New York Supreme Court listened to a week-long case and following closing arguments decided that the case against Acreage would not be dismissed. The case is regarding a New York license whose ownership got muddled through a series of mergers and partnerships. Leading the charge is David Feder, an attorney who is part of a group that is claiming that Acreage Holdings cut them out of a portion of ownership of the converted limited New York cannabis licenses. The lawsuit claimed that Acreage acquired a New York property and this particular investor (EPMMNY) wasn’t included in the sale. A review of the legal document shows that EPMMNY’s equity stake was never finalized and so it wasn’t included in the final application for New York Canna (NY Canna). Read more here.

Khiron

Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) announced its financial results for the year ended and quarter ending on December 31, 2021. In the fourth quarter, Khiron reported revenue of $3.6 million an increase over last year’s $2.5 million for the same time period. The net loss mushroomed to $19.2 million over last year’s net loss of $2.3 million for the same quarter. In 2021, the total revenue increased over 60% YoY to $12.8 million compared to the previous year. the net loss for the full year was $33million versus 2020’s net loss of $24 million. Khiron is forecasting revenue of $4.5 million for the first quarter of 2021. Read more here.

LSD

“Psychedemia” is a mix of “psychedelic” and “academia”—meaning the integration of psychedelics into academia—and is a term coined by LSD research pioneer Humphry Osmond in 1957. It has been used since 2012 as the title for a grassroots collaborative psychedelics conference organized to “foster novel contributions to this burgeoning field,” and to “consider data from new research with an open mind.” Read more here.

In Other News

Cansortium

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced preliminary unaudited financial results for the fourth quarter and full-year ended December 31, 2021. Read more here.

Q4 2021 Preliminary Financial Highlights (vs. Q4 2020)

  • Revenue increased 13% to $16.5 million compared to $14.7 million.
  • The Expected Operating loss decreased to $(1.6) million compared to $(9.7) million.

FY 2021 Preliminary Financial Highlights (vs. FY 2020)

  • Revenue increased 22% to $63.7 million compared to $52.4 million.
  • The Expected Operating loss decreased to $(2.4) million compared to $(8.4) million.

AFC Gamma

AFC Gamma, Inc. (NASDAQ: AFCG) announced that it has entered into a senior secured revolving credit facility (“Credit Facility”) with $60 million of current commitments from two FDIC-insured banks and the ability to increase the facility to $100 million. The two banks have over $70 billion of assets in the aggregate. AFC Gamma intends to use the available capital from the Credit Facility to fund unfunded commitments under loans to its existing borrowers, to originate and participate in commercial loans to cannabis operators that are consistent with its investment strategy, and for working capital and other general corporate purposes. Read more here.


StaffMarch 24, 2022
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9min4930

The Daily Hit is a recap of the top business stories in the cannabis industry for March 24, 2022.

On The Site

Col-Care

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported revenue in the fourth quarter of 2021 rose 70% over last year to $139 million and increased 5% sequentially from the third quarter’s revenue of $132 million. Columbia Care said that whole revenue accounted for 19% of the fourth-quarter sales. The full-year 2021  revenue rose 156% to $460 million from 2020’s revenue of $179 million. The net losses increased in 2021 to $146 million from 2020’s net loss of $119 million. Read more here.

Charlotte’s Web

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) reported that fourth-quarter revenue fell 7.8 % to $24.8 million from $26.9 million for the same time period in 2020. This missed the Yahoo Finance average analyst estimate for revenues of $27 million. The company blamed the drop on sales and channel mixes and competitive DTC pricing. The net loss for the quarter was an eye-popping $118 million or ($0.86) per share. This missed the analyst estimates for a loss of ($0.05) per share. Charlotte’s Web said it recognized impairments of $76 million related to goodwill and $22 million related to customer relationships, trade names, and other long-lived assets. The impairments were primarily triggered as a result of the decrease in the company’s market capitalization in the fourth quarter of 2021. This resulted in impairment charges of $98 million which were factored into the net losses. Read more here.

Jushi

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) announced its financial results for the fourth quarter of 2021 and the full year ended December 31, 2021. Jushi said its total revenue rose 104% to $65.9 million over last year and increased 22% sequentially. The company attributed the sequential growth in revenue to the acquisition of Nature’s Remedy in Massachusetts, strong revenue growth at the company’s BEYOND / HELLO stores in Virginia and Illinois, and increased wholesale activity at the Company’s grower-processor facilities in Pennsylvania and Virginia. The net income was $9.1 million, or $0.05 per basic share with net loss per diluted share of $(0.14). Read more here

Hempacco

Hempacco applied to list its common stock on the Nasdaq Capital Market, under the symbol “HPCO.” In its filing, the company said it is focused on Disrupting Tobacco by manufacturing and selling nicotine-free and tobacco-free alternatives to traditional cigarettes. The company says it is using a proprietary, patented spraying technology for terpene infusion and patent-pending flavored filter infusion technology to manufacture hemp and herb-based smokable alternatives. Read more here.

Mushrooms

Medicinal mushrooms have major potential health benefits and are big business for makers of supplements, beauty products, confections and more. These medicinal fungi are finding their way into many of today’s cannabis product line-ups, such as CBD Tea’s CBD Mushroom Defense and the CBDFx line of CBD and mushroom tinctures that boast a supercharged synergy between CBD and mushrooms. The integration of medicinal mushrooms and cannabis has been seamless overall, without many of regulatory snafus that would plague a product made with “magic mushrooms”, aka fungi with the naturally-occurring hallucinogenic compound psilocybin. But that doesn’t mean such products aren’t finding their way into consumers’ hands at a steadily increasing rate. Read more here.

In Other News

Clever Leaves

Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW) reported financial and operating results for the fourth quarter and full-year ended December 31, 2021. Revenue increased 27% to $15.4 million compared to $12.1 million. Cannabinoid revenue increased 29% to $3.2 million compared to $2.5 million, and non-cannabinoid revenue increased 26% to $12.1 million compared to $9.6 million. Read more here.

Simplifya

Simplifya announced it launched a suite of cannabis compliance solutions for businesses in Connecticut, expanding the reach of the Company’s footprint to 25 states. The suite of services includes Simplifya Standard Operating Procedures (SOPs), Simplifya Smart Cabinet and Simplifya Self Audit, which have been specifically designed to help cannabis businesses stay up to date and remain compliant under Connecticut’s laws, as well as manage risks in a cost-effective way. Read more here.


StaffMarch 22, 2022
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7min5480

This is the Daily Hit recap of the day’s top business stories in the cannabis industry for March 22, 2022.

On The Site

Slang

SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF)  issued a letter to its shareholders from its Interim CEO and Chairman of Slang, Drew McManigle outlining the company’s reduction in operating costs. Four months ago, Slang overhauled its C-suite tossing CEO Chris Driessen and appointing McManigle as interim CEO and Chairman. McManigle also succeeded Peter Miller as Chairman of the Board.  McManigle is the Founder and Chief Executive Officer of MACCO Restructuring Group, LLC and he planned on tapping Macco’s resources for rapid strategic reviews and business plan implementation. Read more here

NY

The Westchester Business Journal reported that the planning board in the Town of Wawarsing in Ulster County has approved plans for Valley Agriceuticals LLC, whose parent company is Cresco Labs (OTC: CRLBF), to build 380,000-square-foot marijuana cultivation, manufacturing and distribution facility. The Business Journal said it was advised that passage of the approval resolution means that the developer can move forward with building the project. Once completed, the facility could end up employing over 300 people and Cresco has said it could be a $50 million investment for them. Read more here.

NeonMind

NeonMind Biosciences Inc. (CSE:NEON)(OTCQB:NMDBF) has filed a new patent application with the United States Patent and Trademark Office (USPTO) related to a novel mechanism of weight loss targeted to specific fat subtypes. The provisional patent application includes data derived from NeonMind’s recent preclinical animal study, incorporating novel findings which indicate, in addition to reiterating weight modulation effects of psilocybin seen in previous studies, that the targeted reduction of specific fat subtypes may have beneficial effects on metabolic and cardiovascular health. Read more here.

In Other News

Miss Grass

Miss Grass, a female-founded and community-driven cannabis brand, announces that it has partnered with Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, to distribute its line of premium THC to Massachusetts and Illinois. The partnership comes on the heels of Miss Grass’ full-scale rebrand launched earlier this month. Through this partnership, Miss Grass products will be produced and initially distributed at Ascend retail locations beginning in Massachusetts today, March 22, with Illinois to follow this year. This partnership advances Miss Grass’ mission to educate, equip and empower consumers with the resources to consume consciously and live vibrantly by expanding access to their carefully curated, effects and terpene-driven Mini pre-rolls to a broader community across the United States. Read more here.

InterCure

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc)and Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, today announced the execution of exclusive multi-year cultivation, marketing and distribution agreement. Over the term of the Agreement, InterCure will have access to Clever Leaves’ high-THC medical cannabis flower to serve several medical cannabis markets, including the Israeli market. As part of the partnership, Clever Leaves will cultivate InterCure’s high-quality strains to launch InterCure’s EU-GMP compliant branded products within the EU, UK and South American markets.

Tilt

TILT Holdings Inc.  (NEO:TILT) (OTCQX: TLLTF) announced the company expanded its leadership team by hiring Lynn Ricci as VP Investor Relations and Corporate Communications. Ms. Ricci joined TILT in March 2022, bringing her deep investor relations and corporate communications expertise and cannabis industry knowledge to the team.  Prior to joining TILT, Ms. Ricci was head of investor relations and communications and led ESG and DEI initiatives at Trulieve Cannabis Corp.  

 


StaffFebruary 16, 2022
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6min6980

The Daily Hit is your rundown of the business stories for the cannabis industry on February 16, 2022.

On The Site

Icanic

Despite numerous other cannabis companies managing to complete their bookkeeping during the pandemic, Icanic Brands (OTC: ICNAF) is now blaming Covid as the reason its financial filings are late. The delay has resulted in a cease trade order by the British Columbia Securities Commission under National Policy 11-207. The financials are related to the fiscal year ending in July 2021 and the quarter ending in October 2021. Icanic has already received one extension from the BC Securities Commission that ended on February 11, 2022. Read more here.

InterCure

Israeli-based cannabis producer InterCure Ltd. (NASDAQ: INCR) also known as Canndoc is buying medical cannabis company Cann Pharmaceutical Ltd. also known as Better in a deal valued at $35 million. It is expected to close at the beginning of the third quarter of 2022. InterCure is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market-leading distribution network, international partnerships, and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America. Read more here.

Field Trip

Field Trip Health Ltd. (NASDAQ: FTRP) reported its third fiscal quarter 2022 results for the three months ending December 31, 2021 and gave a business update. Field Trip reported that it had earned patient services revenues of $1,360,811, an increase of 50% over the prior quarter and 330% year over year. The company also noted that it had approximately $74.5 million in unrestricted cash and cash equivalents and short-term investments at the end of 2021. The company also delivered a net loss for the third fiscal quarter of $14 million, which the company attributed to total operating costs of $15 million of which $2 million was related to non-cash share-based compensation and $1 million was related to non-cash depreciation and amortization and a foreign exchange loss $479,255. Read more here.

In Other News

Decibel

Decibel Cannabis Company Inc. (OTCQB: DBCCF) posted an update on its recent Canadian recreational market share.

Market Share in Decibel’s Major Markets

  • Record 4.3% recreational market share in January over 4.2% in December 2021

National Market Share

  • Decibel’s market share has grown from 3.4% to 3.6% over the same period

Ontario Market Share

  • Decibel’s market share has grown from 3.1% to 3.2% over the same period

Read more here.

Cansativa

Cansativa Group announced that it has closed a $15M Series B investment. The funding round was led by Casa Verde with participation by Argonautic Ventures and Munich-based family office Alluti. This represents Casa Verde’s largest investment in Germany and in Europe to date. Given its exclusive relationship with German regulator, the Federal Institute for Drugs and Medical Devices (BfArM), Cansativa is the only company permitted to distribute domestically-grown medical cannabis. Read more here.


StaffFebruary 15, 2022
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7min6830

On The Site

MedMen

Ascend Wellness (OTC: AAWH) has pulled off the gloves in its latest complaint (filed on February 14, 2022) against MedMen (OTC: MMNFF) calling the company, “A broken and mismanaged cannabis company that has repeatedly reneged on its promises to its employees, suppliers, shareholders, medical marijuana patients, regulators, and now Ascend.” MedMen had agreed to sell its New York assets to Ascend, but the deal was contingent upon New York State giving approval to the deal. The state regulators gave an ambiguous approval in December but tried to clarify that language in the waning hours of 2021. MedMen has since refused to close the deal saying the state hadn’t really given final approval and accusing the state and Ascend of influence peddling. Read more here

Cann

Infused beverage company and celebrity favorite Cann announced a $27 million Series A funding round coming from fresh institutional capital as well as existing investors like  Imaginary Ventures who added to its original investment. Cann was launched in 2019 and raised $5 million in a seed round in 2020. Cann added its newest celebrity investors Nina Dobrev, Julianne Hough, Sara Foster, Paul Scheer, and Adam Devine. They join current investors, Gwyneth Paltrow, Baron Davis, Rebel Wilson, Kate Hudson, Rosario Dawson, Darren Criss, Casey Niestat, Tove Lo, and Bre-Z. Read more here.

iPower

Hydroponic equipment company iPower Inc. (Nasdaq: IPW) reported its financial results for its fiscal second quarter ended December 31, 2021, with total revenue increasing 52% to $17.1 million. iPower said that the increase was driven by greater in-house product sales and strong demand for ventilation products. The company reported that its net income increased 39% to $0.8 million or $0.03 per share. Read more here

Acquisitions

With so many deals never making it to the finish line, two cannabis companies closed on strategic deals today. Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) completed the acquisition of an operational 64,000 sq. ft. cultivation facility in Phoenix, Arizona. Trulieve said it will pay $13.75 million cash at closing, with potential milestone payments subject to earn-out and escrow requirements. Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has closed the acquisition of Cultivauna, LLC, the owner of Levia branded cannabis-infused seltzers and water-soluble tinctures. Read more here.

KetaDASH

Ehave, Inc. (OTC Pink: EHVVF) reported that its wholly-owned subsidiary, KetaDASH has started clinical operations that are offering in-home ketamine therapy to patients suffering from treatment-resistant mental health issues. Ehave said that the treatment will be offered in the San Francisco Bay Area and Greater Sacramento Area first with plans to expand to other markets in the coming months. Read more here.

In Other News

Aleafia Health Inc.

Aleafia Health Inc. (OTCQX: ALEAF) reported its financial results for the three and 12 months ended December 31, 2021, last after the market closed on Monday. Net revenue was $36.1 million for the 12 months ending December versus $44.5 million in the 12 months ending December 2020. For the fourth quarter, net revenue was $8.8 million, compared with $15.2 million in Q4 2020. The company said the decline in net revenue was based on shifting from lower margin, higher volume bulk wholesale commodity cannabis revenue to higher-margin, higher potency and innovative adult-use products, offering a unique value proposition. Read more here.


StaffJanuary 10, 2022
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5min6520

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

On The Site

Tilray

Tilray, Inc.  (Nasdaq: TLRY) stock is popping over 11% in early trading as the company turned in a solid earnings report for the second fiscal quarter ending November 30, 2021. As shares were lately trading at $7.25, Tilray reported revenue increasing approximately 20% to $155 million versus last year’s $129 million for the same time period. However, analysts had estimated Tilray would report revenue of roughly $170 million causing the company to miss expectations for the second quarter in a row.

Tilray outlined the increases with a 7% growth in cannabis revenue to $58.8 million, net beverage alcohol revenue of $13.7 million from SweetWater, and wellness segment revenue of $13.8 million from Manitoba Harvest. The net income increased to $6 million from a net loss of $89 million in the previous year’s quarter. The earnings per share came in flat, which did beat analysts’ estimates that ranged from a loss of ($0.08) to a loss of ($0.13.)

Virginia

Even as cannabis companies are making lots of noise about their social equity actions, Republicans are quickly moving to strip out any efforts to level the playing field. The latest move is by Virginia’s legislation. The state’s SB107 was filed on January 6 and is scheduled to be offered on January 12, 2022. What is notable about the legislation is that 30% of the tax revenue was originally carved out to go to the Cannabis Equity Reinvestment Fund established pursuant to § 2.2-2499.8 and instead is being directed to the general fund. Sources told Green Market Report that legislators were calling the program, “give a felon a license.”

Paul McLean of the Virginia Minority Cannabis Coalition one of the most respected new voices within the Virginian cannabis industry said, “The SB107 appears to be the first move in dismantling social equity in Virginia. Having funding is essential to the success of an equity program, and eliminating that funding is a slap in the face to those who have worked so hard to ensure Virginia has a healthy and equitable cannabis market. Part of what VMCC is doing with our boot camps is providing funding connections to graduates because of the systemic lack of funding opportunities overall and primarily Black and Brown entrepreneurs, especially those impacted by the war on drugs. We know that our elected officials can do better, and Virginians must demand they do what is fair for their constituents.”

In Other News

Jushi

Jushi Holdings Inc.(OTCQX: JUSHF) announced that Chief Executive Officer, Chairman, and Founder, Jim Cacioppo, has purchased 66,800 Class B Subordinate Voting Shares of the company in the open market for an approximate amount of$220,000. Jim holds in the aggregate, approximately 19.2% of the issued and outstanding Subordinate Voting Shares (calculated in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and on a non-diluted basis).

MindMed

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) announced the resignation of Stephen Hurst from his role as a Director of the Company’


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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