The Daily Hit Archives

StaffNovember 23, 2022

The Daily Hit is a recap of cannabis business news for Nov. 23, 2022.

Statehouse

In the wee hours of the morning StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF) released its financial results for the third quarter ending September 30, 2022, and provided additional business updates. Statehouse reported that its revenues increased 77% to $30.8 million versus last year’s revenue of $17.5 million. Statehouse also said in its statement that it is exploring the potential sale of various non-core assets, which could bring in roughly $5-8 million of non-dilutive capital to strengthen the balance sheet and fund its growth objectives. Read more here.

FDA Warning Letters

On Monday, the FDA issued Warning Letters to five companies that produce products with CBD (cannabidiol) and specifically zeroed in on products that would appeal to children. The FDA noted in some of the letters that it was concerned about Delta-8 THC products that may be consumed by children, as some packaging and labeling may appeal to children. 11-11-11 Brands, Naturally Infused LLC, Newhere Inc., Infusionz LLC, and CBD American Shaman LLC were all issued letters. Read more here.

Ascend Board

Cannabis investment veteran Emily Paxhia has resigned from her post as board member of Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH). The company on Wednesday said that Dan Neville, AWH’s interim co-CEO and CFO, as well as longtime investment strategist Joshua Gold, has been tapped to rotate into the board roster. Gold is a general partner of Boston firms Inverness LLC and Blue Flag Partners LLC. He served as a managing director at Jefferies & Co, as well as in various roles at Goldman Sachs and Bear Stearns. Gold was also on the board of the San Diego cannabis boutique chain Urbn Leaf. Read more here.

NY Fights Back

New York’s Office of Cannabis Management on Tuesday asked a federal judge to narrow the scope of a Nov. 10 order limiting the issuance of marijuana retail licenses to just Finger Lakes region rather than several localities, Law360 first reported. The news comes as the OCM had been gearing up to award its first cannabis licenses to New Yorkers who have been incarcerated or arrested for the plant. The injunction prevents the OCM from issuing licenses under the conditional adult-use retail dispensary (CAURD) program. Read more here.

In Other News

Curaleaf

Cannabis company Curaleaf Holdings Inc. (OTC: CURLF) is eliminating “several positions” as it follows through on cost-cutting plans. The company did not provide a specific number of job cuts, but a copy of an internal email was posted on social media. The CEO said the company “must get leaner, reduce overhead and do more with less.”

InterCure

InterCure Ltd. (NASDAQ: INCR) reports there are some fundamental disagreements between itself and Cann Pharmaceutical (including open matters which were not concluded at the time of the signing of the agreement), in addition to a disconnect between the parties, which pose doubts as to whether the signed agreement with Cann Pharmaceutical Ltd. will in fact be completed. Read more here.

StaffJune 6, 2022

It’s time for your Daily Hit of cannabis financial news for June 6, 2022.

On the Site

Blair Wellness

Maryland cannabis dispensary company Blair Wellness Center is firing back at a disgruntled worker’s allegations according to a report on Law360. The court document filed on 6/2/2022 in the United States District Court in the District of Maryland is counter-suing former employee Kamille Jones. Read more here.

Mayor Adams

New York City Mayor Eric Adams appeared at the CWCB Expo in New York City this past weekend. The Mayor spoke briefly at the event and then walked quickly through some of the trade show floor. He stopped at the Women Grow pavilion before answering some questions from a few reporters. Green Market Report was chosen as one of the few to speak to the Mayor. Thank you for watching the Green Market Report! Be sure to subscribe to stay up to date on all our videos. Go to the website to subscribe to our free newsletters. Watch the video here.

In Other News

Jushi

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) is expanding its retail presence with the opening of its 33rd dispensary nationally and the fourth dispensary in the Silver State: NuLeaf Las Vegas The Strip. Following the opening of NuLeaf Las Vegas The Strip, Jushi’s operations in Nevada will consist of three adult-use and medical dispensaries in Las Vegas, an adult-use and medical dispensary in Lake Tahoe, and approximately 47,000 sq. ft. of cultivation and manufacturing space. Read more here.

Flower One

Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) announced the receipt of a $5 million loan from RB Loan Portfolio II, LLC. “This capital infusion will enable us to complete the first phase of capital expenditures and provide working capital to the business. We are grateful for the runway this will provide as we work towards our goal of achieving positive cash flow,” said Kellen O’Keefe, President & CEO of Flower One. Read more here.

StaffJune 2, 2022

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

ON THE SITE

Bright Green Former CEO Claims Valuation Fraud

The back story of the cannabis concept stock Bright Green (NASDAQ: BGXX) involves a burned-down building, a years-long battle with the state of New Mexico, a bankruptcy case, and an angry former CEO who is accusing the company of fraud. Bright Green recently began trading on the NASDAQ (NDAQ) as a direct listing, not as an Initial Public Offering (IPO). The stock shot up almost immediately to $58 and has since sold off and was lately selling at $3.54. Read more here.

TILT Holdings Inc., Ricky Williams’ Highsmanis

Ricky William’s cannabis brand Highsmanis coming to the Northeast in a new deal with TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF). Highsman is a purpose-driven cannabis lifestyle brand founded by former NFL running back, Ricky Williams. TILT is leaning into sports enthusiasts and everyday athletes as it chooses its portfolio of brands. TILT will launch Highsman in both Massachusetts and Pennsylvania in early September to kick off the 2022 football season. Read more here.

Next Gen Psychedelics

The psychedelic experience is intense. As much as it can help someone understand and work through their mental health issues, the hallucinations that come with them are a significant part of the psychedelics experience that is what makes psychedelics the powerful and effective therapy that it is. Read more here.

IN OTHER NEWS

Intercure Ltd., Cookies

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) announced today the grand opening of its flagship Cookies pharmacy in Be’er Sheva, the largest city in Israel’s southern region, known as the capital of the Negev. The pharmacy is located in the center of Be’er Sheva in front of City Hall, in a unique building that covers an area of over 1,000 square meters and is painted entirely in the globally recognized Cookies baby blue. To the company’s knowledge, this is the largest medical cannabis dedicated pharmacy in the world. Read more here.

Clear Cannabis Inc., Bloom Montana

Clear Cannabis Inc. (CCI), national licensor of cannabis brand The Clear™ announces an exclusive partnership with licensed cannabis provider Bloom Montana. “We are ecstatic to establish this partnership and be one of the first nationwide cannabis brands in the great state of Montana,” said Seth Wiggins, President of CCI. “With a newly legalized adult-use market, we know there’s a growing demand for high quality, consistent cannabis products from a reputable brand. As pillars of brand value, The Clear will certainly deliver for the cannabis consumer in Montana.” Read more here.

Heritage Cannabis Holdings

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) today announces that the cease trade order issued on March 2, 2022, by the Ontario Securities Commission has been revoked. As a result, the Company’s common shares have resumed trading on the Canadian Securities Exchange effective immediately. Read more here.

CanPay

Florida has fully adopted CanPay, the largest legitimate payment network for cannabis merchants and consumers. The platform is now accepted at 95% of the state’s medical marijuana treatment centers (MMTCs). Nearly 100% of Florida’s medical cannabis patients can use CanPay to pay for their cannabis purchases. Read more here.

StaffJune 1, 2022

The Daily Hit is a recap of the top cannabis business stories for June 1, 2022.

ON THE SITE

Wesana Said Could Sell Assets, Focus on Studies

Wesana Health Holdings Inc. (CSE: WESA; OTCQB: WSNAF) announced its first-quarter 2022 financial results with no revenues to report. Wesana had a net loss of $4.8 million in the quarter. It has a cash balance of $3.1 million. Wesana said it is reviewing strategic alternatives including, but not limited to, a sale of all the assets under the care delivery division. Read more here.

Novamind Reports Earnings Ahead of Acquisition

Novamind Inc. (CSE: NM)(OTCQB: NVMDF) reported its financial results for the fiscal third quarter ending March 31, 2022. Novamind reported total revenue of $3,227,352, an increase of 32% over the previous quarter. The company had a net loss of $2.4 million. Numinus Wellness will be buying Novamind in an all-share transaction. Read more here.

The Cannabis Crypto Connection

The cannabis industry has tried valiantly to incorporate crypto into its business with little success. It was seen as a great way to work around a banking system that was hostile toward the cannabis industry. However, the uptake has been slow and uneven results have caused many to stay on the sidelines in wait and see mode. That hasn’t kept some in the industry though from jumping in with both feet. Read more here.

Big Pharma and Psychedelics

There are 20,000 drugs in active development globally. More novel drugs made their market debut in 2020 than in any other year, with 82 released onto the market in total, which is way ahead of the previous record of 68 in 2018. The world pharmaceutical market was worth an estimated $1.2 trillion in 2020 and is one of the most profitable industries in the world. Read more here.

IN OTHER NEWS

Aurora Cannabis Inc.

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), the Canadian cannabis company, has announced today the closing of its previously announced bought deal offering of units of the company for gross proceeds of approximately US$172.5 million. The company sold approximately 70.4 million units at a price of US$2.45 per unit, including approximately 9.2 million units sold pursuant to the exercise in full of the underwriters’ over-allotment option. Read more here.

Cannara Biotech Inc.

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of cannabis and derivative products, announced today that it has closed on a $50M credit facility led by BMO Commercial Banking. The credit facility, effective May 31, 2022, includes a three-year term loan for $45 million with an accordion for up to an additional $10 million and a $5 million line of credit. Additional favorable terms attached to the credit facility include a declining interest rate over time as the company hits certain covenant thresholds and the ability to repay the facility without penalty at any time. Read more here.

Verano Holdings Corp., The Weldon Project’s Mission Green

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), a leading multi-state cannabis company, today announced the launch of an exclusive partnership in support of The Weldon Project’s Mission Green, the non-profit organization’s initiative that promotes clemency for cannabis-related offenses. Through this partnership, Verano will initiate a nationwide fundraising campaign on June 3 that will remain active throughout 2022, available exclusively at the Company’s retail locations. Read more here.

TRC Healthcare, University of Colorado Denver

TRC Healthcare (TRC) has launched a new training program to help pharmacists deliver better healthcare for patients who use cannabis products. The online program, known as RxAdvanced: Guide to Cannabis, gives pharmacists a foundational knowledge of cannabis that strengthens their role as stewards of public health. “As more states legalize cannabis products, either for medical use, recreational use, or both, we have seen a need within the healthcare industry for credible information that can help clinicians guide patients toward safe and effective cannabis use,” says Wes Crews, Chief Executive of TRC Healthcare. Read more here.

High Tide Inc., Livonit Foods Inc.

High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis company, announced that further to its press release dated March 30, 2022, the Company has completed its acquisition of 100% of the equity interest of Livonit Foods Inc. operating as Bud Heaven, which operates two retail cannabis stores in Ontario for CAD$2.8 million. Read more here.

Schwazze, Urban Health & Wellness, Inc.

Schwazze, (OTCQX: SHWZ) (NEO: SHWZ), announced today that it closed the transaction to acquire substantially all the assets of Urban Health & Wellness, Inc. The transaction includes the adult use Urban Dispensary, located at West 38th Avenue and Clay Street, in Denver’s Highlands neighborhood as well as a 7,200 square foot indoor cultivation facility (2,700 square feet of canopy) located in Denver, Colorado. This purchase continues Schwazze’s expansion in Colorado and brings the company’s total number of Colorado dispensaries to 23 and grow facilities to four. Read more here.

UC Asset LP

UC Asset LP (OTCQX: UCASU) announced today the company is aggressively seeking cannabis property opportunities in the state of New York, by partnering with licensed local growers, vendors and other cannabis license holders. In the fourth quarter of 2021, UCASU rolled out a new business investment strategy highlighting interest in retaining cannabis properties to duplicate the success of other public companies, such as Power REIT (NYSE: PW). Read more here.

Entourage Health Corp.

Entourage Health Corp. (TSX-V:ENTG) (OTCQX:ETRGF) (FSE:4WE), a Canadian producer and distributor of cannabis products confirmed today it has signed an additional amendment to its senior secured credit facility entered into on March 29. The latest amendments to the credit facility modify the terms under which Entourage secured up to $39 million of debt financing over a three-year term ending in 2022. Read more here.

StaffMay 26, 2022

The Daily Hit is a recap of the top cannabis business stories for May 26, 2022.

ON THE SITE

Cannabis Executives Go On Stock Buying Spree

As the cannabis industry matures, certain patterns are beginning to be established not unlike other retail industries. The one that just occurred is the first-quarter dip in sales. As companies are delivering their first-quarter results, many told investors that sales dipped after the fourth quarter, but that the second quarter was picking up. Read more here.

Ayr Wellness Inc.

Ayr Wellness Inc. (OTCQX: AYRWF) reported financial results for the first quarter ending March 31, 2022 with revenue rising 90% to $111.2 million over last year’s $58 million. Sales did slip a tiny bit from the fourth quarter’s revenue of $111.8 million. Ayr is forecasting $250 million of Adjusted EBITDA, $100 million of operating income, and $800 million of revenue for the fourth quarter of 2022. Read more here.

Decibel Cannabis Company Inc.

Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF) released its first-quarter financial results for the first quarter ending March 31, 2022. Decibel reported $23 million in total sales for the quarter, with strong growth over the fourth quarter and topping last year’s revenue of $14 million in the same time period in 2021. The company said that net revenue growth was driven by the launch of Decibel’s new infused pre-roll lines and continued growth in demand for flower, vape and concentrate products, despite the first quarter historically being a seasonally weak period. Read more here.

Humble & Fume Inc.

Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) reported its third-quarter fiscal 2022 financial results for the fiscal third-quarter ending March 31, 2022. Revenue fell to $16 million in the quarter versus last year’s revenue of $18 million for the same time period. Humble & Fume said that the revenue decreased as a result of management’s focus on selling higher-margin products and moving away from lower-margin sales channels. Read more here.

Biotech Investors are Circling Around Psychedelics

Investment in a biotech company is a tricky move for any seasoned investor. It’s always challenging, with great potential wealth tied up for years while the results of clinical trials get published and the approval process of the Food and Drug Administration (FDA) slogs on. To really understand it, there is complicated medical jargon to figure out amidst starry-eyed promises being promoted of treating a human illness or disease for the first time with a new life-changing drug. Read more here. Read more here.

IN OTHER NEWS

Aurora Cannabis Inc.

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), a Canadian cannabis company, today has announced that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity and BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 51.1 million units of the Company, at a price of US $2.45 per Unit for gross proceeds of approximately US $125.2 million. Each unit will be comprised of one common share of the company and 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 $3.20 per warrant share, subject to adjustment in certain events. Read more here.

Curaleaf Holdings, Inc.

Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), an international provider of consumer products in cannabis, announced the launch of Endless Coast Cannabis-Infused Seltzers, a highly sociable line of low-calorie, low-sugar and low-carb beverages which will be available tomorrow at Curaleaf dispensaries in Massachusetts. Read more here.

The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (OTC: TGODF), a sustainable global cannabis company, reported its financial results for the quarter ended March 31, 2022. “We continued our momentum from Q4 2021 with strong Q1 2022 results, including another record month in March. These results can be attributed to the launch of new products and our existing products gaining further traction, affirming the strategic approach we have taken,” commented Sean Bovingdon, CEO of TGOD. Read more here.

Akerna Corp.

Akerna Corp. (Nasdaq: KERN) announced today the results of its reconvened 2022 annual meeting of stockholders held Wednesday, May 25, 2022, at 9 a.m. Mountain Time with respect to all proposals described in Akerna’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on April 19, 2022. Read more here.

Icanic Brands Company, LEEF Holdings, Inc.

Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), a brand operator of California cannabis brands, provided the following corporate update and revenue forecast for the three-month period ending July 31, 2022 and for the fiscal year ending July 31, 2023. These financial results reflect the first full quarter and fiscal year of Icanic Brands combined with its recent acquisition of LEEF Holdings, Inc., a California based extractions company. Read more here.

Kiaro Holdings Corp.

Kiaro Holdings Corp. (TSXV: KO) (OTC: KIARF), is today pleased to announce its fourth quarter and year-end financial results for fiscal year 2022 ended January 31, 2022. Significantly expanded retail channel, from 7 to 17 stores, and the addition of experienced results-driven leaders to drive new and expanding revenue channels has delivered record results. Read more here.

Rubicon Organics Inc.

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) announces that in accordance with the Company’s equity incentive plan, it has amended the terms of 778,500 incentive stock options and granted 40,000 incentive stock options to employees of Rubicon. Read more here.

StaffMay 23, 2022

The Daily Hit is a recap of the top cannabis business stories for May 23, 2022.

ON THE SITE

Live Blog from WEF 2022 in Davos Switzerland

Green Market Report editor-in-chief Debra Borchardt blogs live from the Medical Psychedelics Series, at the World Economic Forum being held in Davos Switzerland. Read more here.

Medical Psychedelics Series in Davos

Hawthorne and the Hydroponics Market

When we look at what’s happening in the hydroponics market, it’s really not just a Hawthorne issue, it’s across the board. All these companies were saying things had slowed down, but that the market was going to get better at the end of the year. We weren’t getting a whole lot of color on what was happening. Is it that certain states were slow to get going? Is it that there was just truly oversupply? There are so many reasons why this slowdown could have happened. What’s happening here? Read more here.

Decriminalizing Psychedelics

There has been an accelerating movement to decriminalize psychedelics, especially psilocybin, since May 2019, when Denver, Colorado became the first city in the country to decriminalize psilocybin through an initiative, in essence handing a small but significant defeat to the operatives running the War on Drugs. Read more here.

NY Approves 146 Cannabis Farmers

The New York Cannabis Control Board announced on Thursday that an additional 58 farmers for adult-use cannabis have been approved. This brings the total of approved farmers to 146. The NYCCB initially approved 52 farmers in April and then gave the green light to another 36 at the May 5 meeting. People hoping to get these licenses were able to begin applying on March 15 and the opportunity will end on June 30. Read more here.

GMR Women’s Summit (VIDEO)

On April 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This successful sold-out event was the first in-person Summit for GMR since before the pandemic. More here.

IN OTHER NEWS

Boston Beer Company

The Boston Beer Company, Inc. (NYSE: SAM), maker of iconic, high-quality brands such as Samuel Adams, Truly Hard Seltzer and Twisted Tea, today announced the launch of TeaPot, a new line of cannabis-infused iced teas. TeaPot is the company’s first infused beverage offering and will be available in select Canadian provinces beginning in July. Read more here.

4Front Ventures Corp.

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF), a vertically integrated, multi-state cannabis operator and retailer, today announced its financial results for the first quarter ended March 31, 2022. All financial information is presented in U.S. dollars unless otherwise indicated.

“Our business inflected during the first quarter of 2022 as a result of the investments and efficiencies we made over the last 18 months to meet our long-term strategic goals,” said Leo Gontmakher, Chief Executive Officer of 4Front. Read more here.

StaffMay 19, 2022

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

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

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

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

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